Tag: virgin (Page 4 of 5)

Boeing Invests in Human Spaceflight Pioneer Virgin Galactic

October 8, 2019 / WIL BALDWIN

– Boeing and Virgin Galactic enter strategic partnership to transform commercial space travel and mobility

– Latest investment to date by Boeing HorizonX Ventures organization

Boeing [NYSE: BA] is investing $20 million in Virgin Galactic, a vertically integrated human spaceflight company. The companies will work together to broaden commercial space access and transform global travel technologies.

“Boeing’s strategic investment facilitates our effort to drive the commercialization of space and broaden consumer access to safe, efficient, and environmentally responsible new forms of transportation,” said Brian Schettler, senior managing director of Boeing HorizonX Ventures. “Our work with Virgin Galactic, and others, will help unlock the future of space travel and high-speed mobility.”

To date, Virgin Galactic has invested $1 billion of capital to build reusable human spaceflight systems designed to enable significantly more people to experience and utilize space. In July, the company announced its intent to become a publicly-listed entity via a business combination with Social Capital Hedosophia Holdings Corp. The Boeing investment will be in return for new shares in Virgin Galactic and is therefore contingent on the closing of that transaction, which is expected to close in the fourth quarter of 2019, and any such investment will be in the post-business combination company.

This investment brings together two companies with extensive experience in the space industry. Virgin Galactic is a pioneer of commercial human space flight and is the first and only company to have put humans into space in a vehicle built for commercial service, having built and flown a Mach 3 passenger vehicle. Through its manufacturing and development capabilities, Virgin Galactic can design, build, test, and operate a fleet of advanced aerospace vehicles. Boeing has unsurpassed experience transporting people to orbit and building and operating large structures in that challenging environment. A part of every U.S. manned space program, Boeing serves as NASA’s prime contractor for the International Space Station (ISS) and is preparing the new, reusable, Starliner space capsule for launch to the ISS.

“This is the beginning of an important collaboration for the future of air and space travel, which are the natural next steps for our human spaceflight program,” said Sir Richard Branson, founder of Virgin Galactic. “Virgin Galactic and Boeing share a vision of opening access to the world and space, to more people, in safe and environmentally responsible ways.”

Boeing Defense, Space & Security President and CEO Leanne Caret, said “the unique expertise of our companies stretches from points all around the world to the deepest reaches of space. Together we will change how people travel on Earth, and among the stars, for generations to come.”

George Whitesides, CEO of Virgin Galactic, noted: “we are excited to partner with Boeing to develop something that can truly change how people move around the planet and connect with one another. As a Virgin company, our focus will be on a safe and unparalleled customer experience, with environmental responsibility to the fore.”

Additional information on specific projects to be pursued will be shared in the future.

Alitalia Rescuers to Ask for Another Delay

September 5, 2019 / WIL BALDWIN

MILAN, Sept 5 (Reuters) – Companies hoping to rescue Italian carrier Alitalia will ask for a deadline for presenting their plan to be extended as they are still negotiating key aspects, two sources familiar with the matter said.

Italian railway group Ferrovie dello Stato, which is leading an effort to take control of Alitalia, is expected to ask administrators running the carrier for a “substantial” delay to the Sept. 15 deadline, one of the sources said.

It would be the sixth delay since Ferrovie expressed its interest in investing in the carrier at the end of last year.

Ferrovie, infrastructure group Atlantia and U.S. carrier Delta Air Lines have been discussing a joint plan for Alitalia for nearly two months, but they are at odds over highly-profitable North American routes, three sources familiar with the matter said.

The Italian partners in the consortium want Alitalia to have more freedom to expand its North American routes compared to what Delta is currently offering under a new cooperation agreement dubbed Blue Skies that it has set up with Air France KLM and Britain’s Virgin Atlantic.

How Alitalia would share the revenue coming from North American routes with Delta and other partners in the Blue Skies alliance is also under negotiation.

“The role of Alitalia in the Blue Skies alliance is a point of contention,” one of the sources said.

Long-haul flights to the United States and Canada account for more than one third of Alitalia’s revenue and are considered key to reviving the Italian carrier, which was put under special administration in 2017 after workers rejected the latest in a long line of rescue plans.

Administrators appointed by Italy’s government have cut costs and renegotiated plane leasing contracts to make Alitalia more efficient, but the carrier still burns cash and had been kept afloat thanks to a 900 million-euro bridging loan granted by Italy’s treasury.

Alitalia had only 410 million euro left in its coffers in July and would need fresh funds by the end of the year when it is expected to post a loss, according to another source.

Delta and Ferrovie declined to comment. (Additional reporting by Tracy Rucinski in Chicago Editing by Alexandra Hudson)

Discount Carrier Sun Country Prepares for IPO

August 29, 2019 / WIL BALDWIN

Sun Country Airlines,a small Minnesota-based, low-cost carrier owned by private-equity firm Apollo Global Management, plans to file for an initial public offering as soon as April, Sun Country’s CEO said Tuesday in an interview.

“Our earnings are supportive,” Jude Bricker told Skift at the International Aviation Forecast Summit in Las Vegas. “I think there’s a market for an airline that is growing.”

If Sun Country were to go public next year, it would be a fast turnaround for Apollo, which acquired the airline in December 2017. The previous owners, Mitch and Marty Davis, who also control Cambria, a maker of stone countertops, had managed Sun Country more like a family business than a medium-sized airline. Apollo has cut costs and changed the model, dropping first class, adding fees and making more it like Frontier Airlines or Spirit Airlines than an undersized competitor to Delta Air Lines or American Airlines.

Click the link for the full story! https://finance.yahoo.com/news/u-discount-carrier-sun-country-180032662.html

Delta, Virgin Atlantic to Boost Summer Flying in 2020

August 18, 2019 / WIL BALDWIN

Delta introduces its first daylight trans-Atlantic flight, and airlines join forces at London’s Gatwick Airport for first time.

Three new flights will see Delta increase capacity between the U.S. and U.K. by 15 percent
New 767-400 and A350 aircraft flying on key JFK, Boston and Los Angeles routes

Delta is boosting its transatlantic schedule between London-Heathrow and its coastal hubs in Boston and New York-JFK next summer, adding 15 percent capacity compared to 2019. Alongside joint venture partner Virgin Atlantic, the two airlines will increase capacity across the Atlantic by nearly 10,000 seats per week compared to this year, offering customers unrivalled customer experience and more choice than ever before.

“Delta and its partners offer an unmatched global network that’s capable of taking Boston and New York customers to more worldwide destinations than ever before,” said Joe Esposito, Delta’s Senior Vice President – Network Planning. “Our investment at these airports and in these communities continues to deepen as we grow our flight offerings and live up to our commitment to connect the world better than any other airline.”

More flights to Heathrow

Beginning March 28, 2020, Delta will increase its JFK-Heathrow services to three daily year-round frequencies, with Virgin Atlantic operating five, maintaining a convenient eight-flights-daily schedule. The new Delta frequency will mark the airline’s first-ever daylight trans-Atlantic flight and will complement the existing daylight service offered by Virgin Atlantic.

Click the link for the full story! https://news.delta.com/delta-virgin-atlantic-boost-summer-flying-between-us-and-uk-2020

Virgin Atlantic Orders 14 Airbus A330neo’s

June 17, 2019 / WIL BALDWIN

PARIS, June 17 (Reuters) – Europe’s Airbus agreed on a deal to sell 14 A330neo wide-body passenger jets to Virgin Atlantic on Monday valued at $4.1 billion, the companies announced at the Paris Airshow on Monday, with an option for the airline to order six more.

The British-based airline based placed firm orders for the upgraded A330 model, which it had been evaluating against the Boeing 787 Dreamliner.

The jets, which will be powered by Rolls-Royce Trent 7000 engines, will replace the airline’s A330ceos from 2021, Virgin Atlantic said.

(Reporting by Alistair Smout, editing by Louise Heavens)

American Airlines & Qantas Win Tentative U.S. Approval

June 3, 2019 / WIL BALDWIN

WASHINGTON (Reuters) – American Airlines Group Inc and Qantas Airways Ltd have been given the U.S. government’s tentative approval to operate a joint venture after a prior effort was rejected in 2016.

The U.S. Department of Transportation on Monday issued an order tentatively approving the joint business agreement and tentatively granting antitrust immunity to the airlines covering international service. An application for a joint venture covering the United States, Australia and New Zealand was rejected by former President Barack Obama’s administration.

The deal would allow the airlines to coordinate their planning, pricing, sales and frequent flyer programs, with new options and customer service improvements. The airlines planned up to three new routes within the first two years and increased capacity on existing routes, the department said.

American Airlines said a final decision is expected in the coming weeks.

“The joint business will also create additional jobs at our respective companies and in the industries we serve,” said American Chairman and Chief Executive Officer Doug Parker.

The department will require the airlines perform a self-assessment of the joint venture’s impact on competition seven years after it takes effect and report their findings to the government, which could subsequently take action.

Regulators in Australia and New Zealand approved the first application for the joint venture before it was initially rejected by the U.S. Transportation Department.

American and Qantas in February 2018 made a second attempt to gain U.S. regulatory permission under President Donald Trump’s administration for a venture that would let them coordinate prices and schedules. They threatened to cancel services if it was rejected and argued it could “unlock” up to $310 million annually in consumer benefits.

The revised application made significant changes, including removing a provision that would have barred either carrier from code-sharing with other carriers. Code-sharing is an arrangement between airlines in which two or more carriers publish and advertise a single flight under their own flight number.

The airlines argued in their 2018 application that the venture would lead to a reduction in fares and higher capacity as a “more viable third competitor” and require other carriers to respond with improvements in quality, schedules and prices.

Qantas said last year the joint venture would allow the two airlines to “significantly improve service” and “stimulate demand.” The airlines said the agreement could generate up to 180,000 new trips between the United States and Australia and New Zealand annually.

U.S. regulators in 2001 approved similar joint venture agreements for United and Air New Zealand Ltd and in 2011 for Delta Air Lines Inc and Virgin Australia.

(Reporting by David Shepardson; Editing by Dan Grebler and Grant McCool)

An American Airlines Boeing 737-800 airplane takes off at Simon Bolivar International Airport in Caracas, Venezuela January 25, 2019. REUTERS/Andres Martinez Casares

Virgin Atlantic In, IAG Out in Race for Thomas Cook Airlines

May 10, 2019 / WIL BALDWIN

LONDON (Reuters) – The chief executive of British Airways owner IAG ruled out bidding for Thomas Cook’s airline unit on Friday, a day after rival Virgin Atlantic was reported to be interested in part of the business.

Lufthansa and private equity fund Indigo Partners are seen among the front-runners for Thomas Cook’s airlines after the firm put it up for sale in February, to raise cash after a string of profit warnings in 2018.

IAG had previously been linked with the business, but on Friday, Chief Executive Willie Walsh said that his firm had not made a bid.

“In relation to Thomas Cook… we’re not putting in any bid,” Walsh told reporters.

He added in an analyst call later in the day that the firm was not actively pursuing M&A at the moment but was in a strong position to do so if something attractive came up.

Virgin Atlantic has put in a preliminary offer for the tour operator’s UK long-haul business, Sky News reported on Thursday. Thomas Cook and Virgin Atlantic both declined to comment on the report.

Lufthansa is a bidder for Thomas Cook’s German airline Condor with an option to acquire the remaining airlines of the British travel group, Lufthansa’s CEO said on Tuesday.

Indigo Partners is also a likely suitor for Thomas Cook’s airline business, sources said last week, adding that the deadline for initial bids was on Tuesday earlier this week.

An unexpectedly warm summer in northern Europe last year deterred holiday makers from booking lucrative last minute getaways, resulting in two major profit warnings for the world’s oldest travel company.

Worries about the firm’s ability to pay its debts pushed the yield on its euro-denominated bonds that mature in 2022 to a record high last Friday, and Thomas Cook said later in the day that it was in talks with its lenders about bolstering its finances.

Thomas Cook’s half-year earnings release for the six months to March 31 is due next Thursday.

(Reporting by Alistair Smout; Editing by Keith Weir)

Virgin Atlantic Posts Annual Loss for Second Year Running

April 10, 2019 / WIL BALDWIN

(Reuters) – Virgin Atlantic on Wednesday reported an annual pretax loss for the second consecutive year, hit by a shaky economy, the higher costs of fuel generated by a weaker British pound and problems with Rolls Royce’s Trent engines.

The airline, the 1980s brainchild of British billionaire Richard Branson, fell back into the red in 2017 after three years of profits, as competition intensified and the weakening of the pound added to already rising fuel costs.

Best known in Europe for the trans-Atlantic planes it flies with Air France-KLM and Delta, Virgin said its loss before tax and exceptional items was 26.1 million pounds ($34.12 million) for the year ended Dec. 31, compared to a loss of 49 million pounds in 2017.

Total revenue rose 5.8 percent to 2.78 billion pounds, as passenger numbers grew just under 5 percent to 5.4 million and revenue per customer rose 1.7 percent.

The company said performance had suffered from economic uncertainty and the weaker pound – which increases costs because fuel is priced in dollars – as well as the well-documented problems of the Trent 1000 engines used on its Boeing 787 jets.

“While a loss is disappointing, our performance has improved in 2018 despite challenging economic conditions and put us on a trajectory for growth and return to profitability,” Chief Executive Officer Shai Weiss said in a statement.

Rolls-Royce on Wednesday agreed to an early inspection of some Trent 1000 TEN engines by regulatory authorities, a week after Singapore Airlines grounded two Boeing 787-10 jets fitted with the units.

British Airways owner IAG in February chose Boeing 777-9s, rather than a competing package from Airbus in part powered by Rolls, underlining the risks to airlines from the engine issues.

Since then the industry has been thrown into chaos by the grounding of Boeing’s new 737 MAX planes after a second fatal crash within six months.

The pound fell 5.6 percent against the U.S. dollar, in 2018 as Britain contended with the political and economic uncertainty generated by its negotiations on leaving the European Union.

Finance chief Tom Mackay said that while economic factors would continue to challenge the carrier in the year ahead, Virgin Atlantic was in a strong cash position.

The results are the company’s first since its acquisition of troubled regional airline Flybe for $2.8 million earlier this year, in a joint bid with Stobart Group and Cyrus Capital.

($1 = 0.7649 pounds)

(Reporting by Noor Zainab Hussain and Pushkala Aripaka in Bengaluru; Editing by Anil D’Silva)

Virgin Galactic Crew Takes Off For Space

December 13, 2018 / WIL BALDWIN

MOJAVE, Calif., Dec 13 (Reuters) – A Virgin Galactic space tourism vehicle took off from California’s Mojave desert under clear skies on Thursday bound for the fringes of space, a mission that if successful would mark the first U.S. human flight beyond the atmosphere since the end of America’s shuttle program in 2011.

The test flight foreshadows a new era of civilian space travel that could kick off as soon as 2019, with British billionaire Richard Branson’s Virgin Galactic battling other billionaire-backed ventures, like Amazon.com founder Jeff Bezos’ Blue Origin, to be the first to offer suborbital flights to fare-paying tourists.

In the first steps before a high-altitude rocket launch, Virgin’s twin-fuselage carrier airplane holding the SpaceShipTwo passenger spacecraft took off soon after 7 a.m. local time (10 a.m. ET) from the Mojave Air and Space Port, about 90 miles (145 km) north of Los Angeles.

Richard Branson, wearing a leather bomber jacket with a fur collar, attended the take-off along with hundreds of spectators on a crisp morning in the California desert.

If all goes according to plan, the carrier airplane will haul the SpaceShipTwo passenger rocket plane to an altitude of about 45,000 feet (13.7 kms) and release it. Seconds later, SpaceShipTwo will fire, catapulting it to at least 50 miles (80.47 km) above Earth, high enough for the pilots to experience weightlessness and see the curvature of the planet.

Virgin’s latest flight test comes four years after the original SpaceShipTwo crashed during a test flight that killed the co-pilot and seriously injured the pilot, dealing a major setback to Virgin Galactic, a U.S. offshoot of the London-based Virgin Group.

“We’ve had our challenges, and to finally get to the point where we are at least within range of space altitude is a major deal for our team,” George Whitesides, Virgin Galactic’s chief executive, told reporters during a facilities tour on Wednesday in Mojave, where workers could be seen making pre-flight inspections of the rocket plane.

While critics point to Branson’s unfulfilled space promises over the past decade, the maverick businessman told a TV interviewer in October that Virgin’s first commercial space trip with him onboard would happen “in months and not years.”

Thursday’s test flight will have two pilots onboard, four NASA research payloads, and a mannequin named Annie as a stand-in passenger. More than 600 people have paid or put down deposits to fly aboard Virgin’s suborbital missions, including actor Leonardo DiCaprio and pop star Justin Bieber. A 90-minute flight costs $250,000.

Short sightseeing trips to space aboard Blue Origin’s New Shepard rocket are likely to cost around $200,000 to $300,000, at least to start, Reuters reported in July. Tickets will be offered ahead of the first commercial launch, and test flights with Blue Origin employees are expected to begin in 2019.

Other firms planning a variety of passenger spacecraft include Boeing Co, Elon Musk’s SpaceX and late Microsoft co-founder Paul Allen’s Stratolaunch.

In September, SpaceX said Japanese billionaire Yusaku Maezawa, founder and chief executive of online fashion retailer Zozo, would be the company’s first passenger on a voyage around the moon on its forthcoming Big Falcon Rocket spaceship, tentatively scheduled for 2023.

Musk, the billionaire CEO of electric carmaker Tesla , said the Big Falcon Rocket could conduct its first orbital flights in two to three years as part of his grand plan to shuttle passengers to the moon and eventually fly humans and cargo to Mars.

According to Virgin, SpaceShipTwo is hauled to an altitude of about 45,000 feet (13.7 kms) by the WhiteKnightTwo carrier airplane and released. The spaceship then fires its rocket motor to catapult it to at least 50 miles (80.47 km) above Earth, high enough for passengers to experience weightlessness and see the curvature of the planet.

Bezos’ New Shepard has already flown to that altitude – an internationally recognized boundary between Earth’s atmosphere and outer space known as the Karman line – though the Blue Origin trip did not carry humans.

Virgin’s Thursday launch likely will not go as high as the Karman line. Virgin’s pilots are aiming to soar 50 miles into the sky – the U.S. military and NASA’s definition of the edge of space and high enough to earn commercial astronaut wings by the U.S. Federal Aviation Administration.

Thursday’s test flight carried two pilots, four NASA research payloads, and a mannequin named Annie as a stand-in passenger.

(Reporting by Eric M. Johnson in Mojave, California Additional reporting by Irene Klotz in Cape Canaveral, Florida Editing by Leslie Adler and Nick Zieminski)

Image from http://www.virgingalactic.com

Boeing Welcomes Virgin Australia as 737 MAX 10 Customer

August 29, 2018 / WIL BALDWIN

Story from PR Newswire August 29, 2018

SEATTLE, Aug. 29, 2018 /PRNewswire/ — Boeing [NYSE:BA] and the Virgin Australia Group [ASX:VAH] announced the airline is adding the largest and most efficient member of the 737 MAX family to its growing single-aisle fleet. The carrier has converted ten orders for the 737 MAX 8 for the larger MAX 10 variant.

The airline, which has a number of 737 MAX 8s on order, said it saw the value of adding the MAX 10 to the mix as the aircraft will provide additional capacity and flexibility.

Virgin Australia Group Chief Financial Officer Geoff Smith said, “We are pleased to be welcoming the 737 MAX 10 aircraft into our expanding fleet in 2022. The addition of the 737 MAX 10 will provide us with additional flexibility and capability to support our network and operations. We are proud to become Australia’s first operator of the 737 MAX and we look forward to the opportunities that operating this type of aircraft will open up to us.”

With its headquarters in Brisbane, Australia, the Virgin Australia Group is the country’s second-largest airline with a fleet of more than 130 aircraft. The Next-Generation 737 has formed the backbone of the Group’s fleet with more than 80 currently in operation and the 737 MAX is expected to bolster the Group’s fleet.

“We are excited to expand our partnership with the Virgin Australia Group as they look to introduce the 737 MAX 10 in to their world-class fleet,” said Ihssane Mounir, senior vice president of Commercial Sales and Marketing, The Boeing Company. “The MAX 10 will provide the airline with added capabilities, especially with the extended range and efficiency, to better support their fleet and network.”

The MAX 10 is the largest member of the 737 MAX aircraft family. The airplane will offer operators the lowest cost per seat mile of any commercial aircraft[1] and fly 200 nautical miles (370.4 km) farther than today’s Next-Generation 737s. This extended range means that the 737 MAX 10 will be able to cover 99 percent of single-aisle routes around the world.

Virgin Australia joins more than 20 customers who have placed over 500 orders and commitments for the MAX 10. In all, the 737 MAX is the fastest-selling airplane family in Boeing history, having attracted more than 100 customers and nearly 4,700 orders. For more information and feature content, visit www.boeing.com/commercial/737max

Virgin Australia also uses Boeing Global Services’ digital portfolio to enhance its operations. It employs products and services such as Airplane Health Management, FliteDeck Pro, Optimized Maintenance Program and Maintenance Performance Toolbox to improve operational efficiency.

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