Tag: kingdom (Page 7 of 7)

Air Lease Announces First of Eight New Airbus A321-200neo LR to Aer Lingus

July 29, 2019 / WIL BALDWIN

LOS ANGELES, July 26, 2019 – Today Air Lease Corporation (NYSE: AL) announced the delivery of one new Airbus A321-200neo LR aircraft on long-term lease to Aer Lingus (Dublin, Ireland). This Airbus aircraft, featuring CFM International LEAP-1A33 engines, is the first of eight A321-200neo LRs scheduled to deliver to the airline through 2020 from ALC’s order book with Airbus.

“ALC is pleased to announce this first of eight A321-200neo LR aircraft delivery today to our long-time customer, Aer Lingus, and introduce the A321neo to the airline,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “The new ALC A321neo LR will enable Aer Lingus to substantially increase the number of flights, frequencies and new destinations between Ireland and the USA and Canada. We are honored to be a part of Aer Lingus’ ongoing fleet transition to the A321neo LR to enhance the airline’s expanding route network with the most modern, fuel-efficient aircraft.”

“This significant delivery to our good friends at Aer Lingus strengthens our close relationship and we are confident that the A321-200neo LR will advance the airline’s fleet operations and overall growth goals,” added Grant Levy, Executive Vice President of Air Lease Corporation.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC’s website at www.airleasecorp.com.

About Aer Lingus

Aer Lingus, part of International Airlines Group, operates as a leading Irish airline primarily providing passenger and cargo transportation services from Ireland to the United Kingdom and Europe and also to the United States and Canada.

Airbus Signs Amended A400M Deal With Buyer Countries

June 14, 2019 / WIL BALDWIN

FILE PHOTO: An Airbus A400M aircraft flies during a display on the first day of the 52nd Paris Air Show at Le Bourget airport near Paris

PARIS (Reuters) – Airbus said on Friday it had signed an agreement with European buyer countries for a revised contract for its delayed A400M military transporter plane.

Reuters reported on Thursday that the parties had reached an agreement on a new contract.

Airbus said the agreement with OCCAR, which represents Germany, France, United Kingdom, Spain, Turkey, Belgium and Luxembourg, included key points such as new capabilities development plan, a new production delivery schedule and new financial terms.

Under the new financial terms, it said the partners agreed on the implementation of a revised financial retention mechanism which is the amount of cash that buyer countries can hold back while waiting for delayed deliveries.

“On the basis of this contract amendment signature, Airbus is fully committed to continue on this positive path and to providing its A400M current and future customers with the most powerful and technologically advanced military transport aircraft available on the market,” said Dirk Hoke, Chief Executive Officer of Airbus Defense and Space.

(Reporting by Tim Hepher; Writing by Bate Felix. Editing by Jane Merriman)

Hitachi & Bombardier to Supply Very High-Speed Trains to Italy

June 4, 2019 / WIL BALDWIN

Partnership between Bombardier and Hitachi to manufacture and deliver additional new trains for Trenitalia’s high-speed train fleet
The contract includes delivery of 14 Frecciarossa 1000 very high-speed trains and maintenance services

Hitachi Rail SpA and Bombardier Transportation, in a partnership expected to involve company participation of 60% and 40% respectively, will supply 14 Frecciarossa 1000 (also known as ETR 1000) very high-speed trains to Trenitalia (Italian Railways), as well as a ten years maintenance service agreement for the new trains. The contract overall value is around 575 million euros ($ 643 million US) with the Bombardier share valued at 233 million euros ($261 million US) and the Hitachi share valued at 342 million euros ($382 million US).

Maurizio Manfellotto, CEO at Hitachi Rail SpA and Group COO Service and Maintenance Hitachi Rail said: “We worked closely with Trenitalia to deliver a train which has dramatically enhanced the performance and customer experience of the Italian high-speed rail network. The Frecciarossa 1000 is a perfect example of how suppliers and customers working together towards a common goal can deliver for passengers. This order for 14 new trains and the related maintenance services are proof of the success we have achieved.”

Luigi Corradi, Managing Director, Italy, Bombardier Transportation, said: “As a full solution provider, Bombardier is looking forward to demonstrating continued excellence in the Italian rail market, supporting Italian customers in the realization of their long-term mobility plans, across a range of speeds and vehicle sectors, strengthened by our partnership approach.”

Giuseppe Marino, Corporate Officer Hitachi Ltd and Group COO Rolling Stock Hitachi Rail said: “Expanding the Italian high-speed train fleet is an achievement we are proud of. Developing new and innovative rolling stock is a challenge but this order for 14 new Frecciarossa 1000s shows we have realised a highly successful and competitive train. We are pleased to also be working on a new generation of modern regional trains for Italy and on our ground-breaking trams.”

Marco Biffoni, Head of Sales Italy for Bombardier Transportation, said, “With this order for 14 high-speed trains deriving from the V300ZEFIRO platform plus maintenance services, we are delighted that Trenitalia has put its confidence in Bombardier and Hitachi once again, a proven partnership now also bidding for projects in the United Kingdom. These high-comfort, high-technology and high-speed trains have already proven to be very popular with Italian passengers and this order highlights our continuing leadership in the exciting high-speed market segment.”

As with the current Frecciarossa 1000 fleet, all 14 of the new very high-speed trains will be built in Italy. The Frecciarossa 1000 has set new standards in performance, operating efficiency and passenger comfort.

Each train has a total length of around 200 meters, capacity for around 460 passengers and is capable of commercial speeds of up to 360 km/h. State-of-the-art aerodynamics and energy saving technologies give the train unmatched operating efficiency. There is WiFi onboard a meeting room and bistro area.

Not only is the Frecciarossa 1000 the fastest ever service high speed train in Europe, but it is also the quietest, with minimal vibration. The trains are designed and built in Italy, and operable on high-speed rail networks equipped with multi-voltage technology fulfilling all TSI requirements.

All 14 of the new very high-speed trains will be built in Italy.

Airbus Seeks Resolution To German Arms Export Row

May 21, 2019 / WIL BALDWIN

PARIS (Reuters) – Airbus is in discussions to try to find solutions to a row with the German government over a ban on arms exports to Saudi Arabia that threatens a border security contract, Chief Executive Guillaume Faury said on Tuesday.

The planemaker has warned of legal action against Germany after taking financial charges over the long-delayed border contract between Airbus’s defence unit and the Gulf kingdom.

“We are not yet there,” Faury told reporters when asked about possible legal action.

“We are very much impacted by the situation which is now being extended and trying to find different solutions,” Faury said, adding that Airbus had been forced into a corner by the unexpected national export embargo.

Germany acted alone with a ban in October after the murder of Saudi journalist Jamal Khashoggi in Istanbul, irritating other European arms exporters including France, where Airbus is based. The measure was extended in March.

The row comes as France and Germany study a new combat jet, in which Airbus is the industrial partner on the German side.

Faury said Airbus remained committed to the manned and unmanned system, adding it could be eventually opened to other nations including Britain “as a more united Europe”.

The arms row also coincides with a separate spat with Germany over 600 million euros of development loans for the A380 passenger jet, which Airbus has said it will stop producing.

The Berlin government said in March it was in talks with Airbus about the outstanding loans, which also feature in a separate trade dispute about mutual claims of illegal aircraft subsidies between the European Union and the United States.

Faury said Airbus “would not be where it is” without its project to build the world’s largest airliner.

Asked at a media event whether the separate disputes with Germany could be settled in a single negotiation, Faury said “We just want to execute the contracts as they are and I will not say more.”

Airbus continues to have good relations with Germany and other founder Airbus nations, Faury said at the event, taking place as Airbus celebrates its 50th anniversary as a planemaker.

(Reporting by Tim Hepher; Editing by Susan Thomas)

Bombardier Wins Eurotunnel Shuttle Renovation Contract

March 20, 2019 / WIL BALDWIN

As part of the 2018-2026 mid-life programme, Eurotunnel signed a contract with Bombardier Transportation to renovate nine “PAX” Shuttles. Composed in total of 254 wagons, each 800-meter long shuttle is made up for passengers’ vehicles with passengers remaining in their vehicles during for the 35-minute Channel crossing. In the 25-year period since the opening of the Channel Tunnel, these Shuttles have each travelled an average of 300 round trips per month and have enabled over 236 million passengers to travel very comfortably between France and Great-Britain.

The contract is valued at €150 million ($171 million) over a period of seven years. Deliveries of the newly refurbished Shuttles will start in mid-2022 and continue until mid-2026.

Teams from Bombardier France and Belgium originally designed and built these unique vehicles in the 90’s and launched Bombardier’s activities in France. This year, the company celebrates 30 years since its establishment at the Crespin facility in the Hauts-de-France Region.

“Mobility technology leader Bombardier brings its expertise and experience to Eurotunnel to renovate the shuttles it uses in the Channel Tunnel. This project, the largest in Europe in terms of scope and ambition, marks a milestone in the development of our refurbishment activities and places Bombardier as the leader of this market in France. As well as their own know-how, our French teams will be able to tap into the overall engineering expertise and processes across the Bombardier group to make a success of this unique project” said Laurent Bouyer, President of Bombardier Transportation France.

“Eurotunnel has chosen to put its trust in Bombardier Transportation for the renovation of its Passenger Shuttles. We are celebrating 25 years of operation of these unique Shuttles that were built 30 years ago. This strategic investment, our most important in 25 years, allows Eurotunnel to maintain the highest level of quality service and to affirm trust in its long-term perspectives”, said François Gauthey, Deputy Chief Executive Officer of the Group.

Bombardier will be responsible for the renovation of 26 wagons on each of the nine Shuttles, including 12 single-deck carriages for coaches, minibuses, caravans and vehicles over 1.85 meters high, 12 double-deck carriages for cars and motorcycles, and 2 double-deck loader wagons, in addition to two spare loader wagons. As project technical advisor, Bombardier will lead the integration and renovation operations except for the single-deck loaders and will lead on engineering design and procurement for onboard equipment.

Eurotunnel will undertake design and procurement of key equipment such as brakes, doors, fire doors, fire detection, HVAC and the double-deck loaders. Eurotunnel will manage the homologation process of the renovated Shuttles with the appropriate authorities. Bombardier will provide the technical support to prepare the required documentation.

About Eurotunnel

Eurotunnel, a subsidiary of Getlink SE, manages the Channel Tunnel infrastructure and operations Truck and Passenger Le Shuttle services (cars and coaches) between Folkestone, UK and Calais, France. Eurotunnel holds the Channel Tunnel concession until 2086 and remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. In 25 years, more than 430 million people and 86 million vehicles have travelled through the Tunnel. This unique land link has become a vital link between the United-Kingdom and continental Europe.

About Bombardier Transportation

Bombardier Transportation is a global mobility solution provider leading the way with the rail industry’s broadest portfolio. It covers the full spectrum of solutions, ranging from trains to sub-systems and signalling to complete turnkey transport systems, e-mobility technology and data-driven maintenance services. Combining technology and performance with empathy, Bombardier Transportation continuously breaks new ground in sustainable mobility by providing integrated solutions that create substantial benefits for operators, passengers and the environment. Headquartered in Berlin, Germany, Bombardier Transportation employs around 40,650 people and its products and services operate in over 60 countries.

BA Owner IAG Expects No Earnings Growth in 2019

February 28, 2019 / WIL BALDWIN

LONDON, Feb 28 (Reuters) – British Airways owner IAG said it expected earnings in 2019 to be flat after it weathered the impact of rising fuel costs and air traffic control disruption to meet expectations for its 2018 results on Thursday.

IAG reported a 9.5 percent rise in operating profit before exceptional items for the year to December 31 to 3.23 billion euros, but said there would be no growth in 2019 as earnings would be in line with the previous year’s results.

“This was a very good performance despite three significant challenges: fuel prices increasing 30 percent, considerable Air Traffic Control disruption and an adverse foreign exchange impact of 129 million euros,” Chief Executive Willie Walsh said.

IAG said that passenger revenue rose 6.2 percent across the group, with passenger unit revenue up 2.4 percent.

In a separate statement, IAG said it would order 18 Boeing 777-9s and options for 24 more for British Airways to replace 14 747-400s and four 777-200s between 2022 and 2025.

(Reporting by Alistair Smout, editing by James Davey)

International Consolidated Airlines Group, S.A., together with its subsidiaries, engages in the provision of passenger and cargo transportation services in the United Kingdom, Spain, Ireland, the United States, and rest of the world. The company operates under the British Airways, Iberia, Vueling, LEVEL, IAG Cargo, Avios, and Aer Lingus brands.

Saudi Private Jet Industry Stalls After Corruption Crackdown

January 9, 2019 / WIL BALDWIN

DUBAI (Reuters) – A crackdown on corruption in Saudi Arabia has severely dented the kingdom’s private jet industry in a sign of the impact the campaign has had on private enterprise and the wealthy elite.

Dozens of planes, owned by individuals and charter companies and worth hundreds of millions of dollars, are stranded at airports across the kingdom including Riyadh and Jeddah, four people familiar with the matter told Reuters.

Some were handed over to the state in settlements reached after the crackdown was launched in late 2017, when dozens of princes, businessmen and government officials were detained, they said.

Others belong to Saudis who either face travel bans or are reluctant to fly the planes because they are wary of displays of wealth that might be seen as taunting the government over the anti-corruption campaign, two of the sources said.

The government media office did not respond to requests for comment. The General Authority of Civil Aviation said questions on the impact of the anti-corruption drive on the private jet industry were outside its mandate, adding that its relationship with private aviation covers operations, safety and regulations.

The crackdown’s impact on the business community and private enterprise, which are already reeling from low oil prices and weakened consumer confidence, has shattered investor confidence and contributed to a sense of uncertainty around the policies of Crown Prince Mohammed bin Salman.

The idle aircraft, which one of the sources estimated at up to about 70, include Bombardier (BBDb.TO) and Gulfstream jets, the sources said. There are also larger Airbus (AIR.PA) and Boeing (BA.N) aircraft that are more commonly associated with commercial airlines but are often used in the Middle East as private jets.

A Boeing 737 MAX or Airbus A320neo can cost up to $130 million (£102.1 million), though the final cost depends on how the jet is fitted out with technology and amenities, including private bedrooms, meeting rooms, and even gym equipment.

The number of registered private jets in Saudi Arabia stood at 129 as of December 2018 compared with 136 a year earlier, according to FlightAscend Consultancy data.

Private jets offer users flexibility as, unlike commercial airliners, they are not constrained by arrival and departure time slots. They also enable users to travel more discreetly.

UNDER THE RADAR

Saudi Arabia’s finance minister, Mohammed al-Jadaan, said last month the state had collected more than 50 billion riyals (£10.4 billion) from settlements reached under the crackdown.

Most of the detainees held at Riyadh’s Ritz-Carlton Hotel last November were released after being exonerated or reaching financial settlements with the government, which said it aims to seize more than $100 billion in total in either cash or assets.

It is unclear how the government would transfer ownership of the jets grounded across Saudi Arabia as many are owned through offshore firms or are mortgaged, two of the sources familiar with the matter said.

Three of the sources said it was likely that the jets were still registered in the kingdom.

Two of the sources said the government could absorb the aircraft into existing fleets used by ministries and state-owned corporations. A third source said the government had been looking to set up its own private jet company made up entirely of seized aircraft.

The anti-corruption campaign launched by Prince Mohammed has won widespread approval among ordinary Saudis, partly because the government has said it will use some of the funds to finance social benefits.

Critics have said the purge was a power play by the prince as he moved to consolidate power in his hands.

There have been few private jet flights in Saudi Arabia over the past year, largely because there are fewer planes readily available, including for charter, three of the sources familiar with the matter said.

VistaJet Chief Commercial Officer Ian Moore compared it to the situation in China where an anti-corruption crackdown has also weakened the private jet market.

“It’s not really politically great to be seen flying privately at the moment, particularly owning your own aircraft,” he told Reuters.

Some wealthy Saudi elite are taking commercial airlines to the United Arab Emirates, Bahrain and other destinations and then chartering private jets to avoid government scrutiny, two of the sources said.

Plane manufacturers said the appetite for business jet sales in Saudi Arabia has dropped since the anti-corruption crackdown was launched in November 2017.

“Political instability does not help consumer confidence in any way, shape or form,” Embraer Executive Jets Chief Commercial Officer Stephen Friedrich told Reuters.

By Alexander Cornwell. Additional reporting by Allison Lampert in Montreal; Editing by Saeed Azhar and Timothy Heritage.

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