July 1 (Reuters) – Canada’s Brookfield Asset Management Inc and Singaporean sovereign wealth fund GIC on Monday agreed to buy U.S. freight railroad owner Genesee & Wyoming Inc for about $6.4 billion in cash.
Brookfield and GIC’s offer of $112 per share represents a premium of 12 percent to Genesee’s closing price on Friday. Genesee shares were up about 8 percent in trading before the bell.
Including debt, the deal is valued at about 8.4 billion, the companies said in a statement.
Genesee & Wyoming’s revenue have increased at a compound annual growth rate of 16.8% since it floated in the stock market in 1996, rising to $2.3 billion in 2018 from $77.8 million, according to Genesee & Wyoming’s latest annual report.
The company owns a portfolio of 120 short-line railroads, predominantly in North America, with operations in Europe and Australia.
Reuters had reported on the deal on Sunday, citing sources.
The deal, which is expected to close by year end or early 2020, would be the latest big leveraged buyout by Brookfield, which agreed last year to buy Johnson Controls International Plc’s power solutions business for about $13 billion.
Citigroup Global Markets Inc served as the financial adviser to Brookfield and GIC, while BofA Merrill Lynch and Morgan Stanley & Co LLC advised Genesee.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)
SINGAPORE (Reuters) – Australia’s Qantas Airways Ltd said on Wednesday it would order 10 Airbus SE A321XLR jets and convert another 26 from a prior order to the new long-range model.
That will take its total A320neo family order to 109 planes, from 99 previously.
The A321XLR jets, to be delivered from mid-2024, have a 4,700 nautical mile range that will allow Qantas or its low-cost arm Jetstar to perform longer-range flights in narrow body jets.
“It can fly routes like Cairns-Tokyo or Melbourne-Singapore, which existing narrow-bodies can’t, and that changes the economics of lots of potential routes into Asia to make them not just physically possible but financially attractive,” Qantas Chief Executive Alan Joyce said in a statement.
Jetstar operates an A320 narrow body fleet, but Qantas uses the rival Boeing 737. Joyce said the A321XLR had plenty of potential uses across both airlines and it would decide closer to the date on where they would be deployed and if they would be used for growth or to replace older jets.
Jetstar is due to receive 18 A321LR jets from 2020 to 2022 and plans to deploy them on domestic and international routes.
The additional 10 jets are valued at more than $1 billion at Airbus list prices, although airlines typically receive substantial discounts.
Qantas said it retained flexibility around the timing and structure of the deliveries depending on market conditions.
“All fleet decisions we make are ultimately guided by our financial framework, which balances our capital expenditure and need to invest for the future with our debt levels and ongoing returns to shareholders,” Joyce said.
Qantas is expected to decide next year on a replacement for its 75 737 jets, which comprise the backbone of its domestic fleet, Joyce said in February.
Contenders include the A320neo family, the 737 MAX and Boeing’s proposed new mid-sized airplane.
(Reporting by Jamie Freed; Editing by Himani Sarkar)
Airline could place an order for A350 or 777X by year end
21-hour flight would be the world’s longest
Qantas plans economy class section, including stretching zone (Adds details on aircraft configuration)
SEOUL, June 3 (Reuters) – Qantas Airways Ltd has asked Airbus SE and Boeing Co to present their “best and final offer” for planes capable of flying 21-hours non-stop from Sydney to London by August, the airline’s chief executive said on Monday.
“Hopefully by the end of the year … we will come to a conclusion one way or another,” Qantas CEO Alan Joyce told reporters on the sidelines of an airline industry conference in Seoul. “If the business case works we will put in an order.”
Qantas is aiming for the planes to be delivered from late 2022, with the first Sydney-London flights likely in 2023, he said. The route would be the world’s longest commercial flight and Qantas is examining A350 and 777X models.
The airline is in talks with pilots about changing a labour contract to increase productivity to help support the business case for an order, Joyce said.
Qantas plans to have four service classes on the airplane, including first, business, premium economy and economy, with a zone for economy and premium economy-class passengers to stretch and hydrate, he said.
Singapore Airlines Ltd has only business class and premium economy on the world’s current longest route, from Singapore to New York.
Joyce said Qantas’ success in selling around 90% of economy-class seats on its Perth-London flights showed there was demand for economy class on the even longer Sydney-London route.
“There still will be a large economy,” he said.
Qantas also planned other routes with the new jets such as Melbourne-London, Sydney-New York and possibly flights from the east coast of Australia to other cities in Europe, the U.S. east coast and Brazil, he said.
(Reporting by Jamie Freed; Editing by Stephen Coates)
David Coleal, President, Bombardier Aviation and HK Bellawings’ President, Mr. YJ Zhang
May 21, 2019 • Geneva Business Aircraft Press Release
• Two Global 7500 business jet options exercised are part of initial agreement signed in May 2018 at the European Business Aviation Convention & Exhibition (EBACE) in Geneva
• Letter of intent for five new Global 7500 aircraft reinforces flagship status as the largest and longest range business jet, ideally suited for the Greater China region
• HK Bellawings Jet Limited becomes operator managing China’s largest fleet of Global 7500 aircraft
Bombardier is pleased to announce that Hong Kong aircraft management company HK Bellawings Jet Limited has signed a letter of intent (LOI) for five new Global 7500 business jets and has also exercised options for two Global 7500 business jets, as part of the initial agreement signed in May last year. This news comes as the industry flagship Global 7500 aircraft is showcased for the first time at the European Business Aviation Conference & Exhibition (EBACE) in Geneva.
“The Global 7500 aircraft continues to demonstrate its unrivalled performance and smooth ride, all the while delivering uncompromising value to customers under any conditions, at any time, without the need for tailwinds,” said David Coleal, President, Bombardier Aviation. “HK Bellawings’ experienced and professional team is a perfect fit for the Global 7500 aircraft’s superior performance and we are thrilled that they have chosen our flagship to expand their growing fleet of business jets.”
“Today marks a step forward towards our goal of becoming the premier Asian private jet operator. We are very impressed with Bombardier’s Global 7500 aircraft since its entry into service less than six months ago,” said HK Bellawings’ President Mr. YJ Zhang. “Its unmatched performance and range is ideally suited for our customers in the Greater China region. As the operator that will manage one of the world’s largest fleet of Global 7500 aircraft, HK Bellawings Jet will further expand its business scope and continuously pursue higher goals.”
Winner of the 2019 Aviation Week Grand Laureate Award and a Red Dot award for design, the Global 7500 jet offers Bombardier’s signature smooth ride and a spaciousness that is unique among business jets. Featuring a full-size kitchen and four true living spaces, the aircraft sets the benchmark for the most exceptional cabin interior. The Global 7500 aircraft’s range of 7,700 nautical miles is the longest in business aviation. This business jet can connect the cities of Beijing, Shanghai and Hong Kong non-stop to the cities of New York, London or Milan, and also fly nonstop from Singapore to Vancouver.*
Established in 2014, HK Bellawings Jet Limited is a distinguished business jet management company dedicated to providing a diverse array of professional, highly efficient and comprehensive business aviation services and solutions, which include business jet management, aircraft maintenance, travel concierge service, aircraft acquisition service, and business aviation consultancy. They operate a fleet of Challenger and Global business aircraft.
A four co-primes consortium formed by Airbus and Thales Alenia Space (both in Spain and France) has been selected by Hisdesat Servicios Estratégicos S.A. (Spanish Governmental Satellite Operator) to build two SpainSAT NG satellites. Used for governmental communications, these new generation satellites will replace the existing Spainsat and Xtar-EUR satellites. Airbus will act as “lead partner” of the consortium.
The SPAINSAT NG programme includes two satellites, SPAINSAT NG I and II which will be situated in different geostationary orbital slots to operate in X, military Ka and UHF bands.
The first of these New Generation Spainsat satellites will be launched in 2023 guaranteeing the continuity of the secure communications services to the Spanish Ministry of Defense and Governmental Agencies using the current fleet.
SPAINSAT NG will provide coverage on a wide area of the world ranging from the United States and South America to the Middle East, including Africa and Europe and till Singapore in Asia. Both satellites will allow to:
• Ensure effective command and control for beyond line-of-sight operations in 2/3 of the Earth.
• Guarantee communication capability in theatres of operation lacking communications infrastructure.
• Develop more satcom on the move, higher capacity, better secured and assured communications.
• Unlock the potential of the network centric battlespace-netcentric warfare and operations.
The communication payloads of both satellites will be provided by the Spanish industry, including the integration of the Communications Module in Spain, a major step forward for the Spanish industry. Airbus in Spain will be responsible for the X band payload, while Thales Alenia Space in Spain will be responsible for the UHF and mil-Ka band payloads. Other companies from the Spanish space industry will also be involved.
UHF is a new capability that was not available on the previous Spainsat fleet. Both satellites will offer redundancy in the zones of interest for the Spanish Armed Forces and will also incorporate advanced protection technologies for anti-jamming and anti-spoofing, plus hardened protection against nuclear phenomena at high altitude.
The satellites will be based on the Eurostar Neo platform, Airbus’ new geostationary telecommunications satellite product, a significant evolution of the highly reliable and successful Eurostar series with an entire range of major innovations. These include an X band fully flexible payload, employing active antennas with in orbit reconfiguration capability, an onboard digital processor that will interconnect the X and mil-Ka band payloads for cross-banding, and a dedicated high speed service link enabling fast re-configuration. This will result in a greater capacity, and increased flexibility allowing for electronic reorientation of the beams depending on the coverage needs.
Hisdesat is the owner and operator of the new generation of communication satellites, SPAINSAT NG. The main customer is the Spanish Ministry of Defence having a Public Private Partnership with Hisdesat and, among others, the new satellites will also contribute to other Spanish governmental bodies, allies and friendly countries with bilateral agreements, the EU governmental Communications programme, “Govsatcom” and hopefully to the future NATO CP130 capabilities package for satellite communications. In addition, SPAINSAT NG will continue providing services to the existing and future customer base of XTAR LLc.
The development of SPAINSAT NG is supported by the Spanish Ministry of Industry, Trade and Tourism, as well as the Spanish Centre for the Development of Industrial Technology (CDTI) in the framework of a public-private partnership between the European Space Agency (ESA) and the satellite operator Hisdesat.
The SpainSAT NG satellites will have an operational lifetime of 15 years being in service up to 2037.
About Airbus
Airbus is a global leader in aeronautics, space and related services. In 2018 it generated revenues of € 64 billion and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world’s leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.
Safdie Architects has revealed its plans to extend its Marina Bay Sands hotel in Singapore by adding a fourth tower.
The new stand-alone tower will contain more hotel rooms and take cues from the existing glass buildings, which were completed by Safdie Architects on Marina Bay in 2011.
Alongside the tower, the studio will also design a new entertainment district with a state of the art 15,000-seat music arena.
“Building on a long-term partnership with Las Vegas Sands corporation, we are delighted to embark upon a design for a major new addition to the iconic Marina Bay Sands in Singapore,” said the architecture studio in an Instagram post revealing the news.
(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)
HANOI (Reuters) – Vietnamese carrier Bamboo Airways has signed a firm
deal to buy 50 Airbus A321Neo planes, its chairman Trinh Van Quyet said
on Thursday.
The first of the planes will be delivered in 2022, Quyet told Reuters.
He said Bamboo Airways will conduct its first international flights late next month, to Japan, Singapore and South Korea.
(Reporting by Khanh Vu; editing by David Evans)
FILE PHOTO: An Airbus A321 aircraft of Bamboo Airways taxis at Noi Bai airport in Hanoi, Vietnam January 16, 2019. REUTERS/Kham
SINGAPORE/ADDIS ABABA (Reuters) – Boeing Co said it invited more than 200 airline pilots, technical leaders and regulators for an information session on Wednesday as it looks to return the 737 MAX to commercial service.
The meeting is a sign that Boeing’s planned software patch is nearing completion, though it will still need regulatory approval.
Over the weekend, Ethiopian Airlines executives had questioned whether Boeing had told pilots enough about “aggressive” software that pushes the plane’s nose down, a focus of investigation into a deadly crash in Ethiopia this month that led to the global grounding of 737 MAX jets.
The informational session in Renton, Washington on Wednesday is part of a plan to reach all current and many future 737 MAX operators and their home regulators to discuss software and training updates to the jet, Boeing said in a statement.
Garuda Indonesia, which on Friday said it planned to cancel its order for 49 737 MAX jets citing a loss of passenger trust after the crashes, was invited to the briefing, CEO Ari Askhara told Reuters on Monday.
“We were informed on Friday, but because it is short notice we can’t send a pilot there,” he said, adding the airline had requested a webinar with Boeing but that idea had been rejected.
A Boeing spokeswoman said the Wednesday event was one of a series of in-person information sessions.
“We have been scheduling and will continue to arrange additional meetings to communicate with all current and many future MAX customers and operators,” she said.
Garuda has only one 737 MAX and had been reconsidering its order before the Ethiopian crash, as has fellow Indonesian carrier Lion Air, which experienced a deadly crash in October.
Singapore Airlines Ltd said on Monday its offshoot SilkAir, which operates the 737 MAX, had received the invitation to the Wednesday event and would send representatives.
Korean Air Lines Co Ltd, which before the grounding had been due to receive its first 737 MAX in April, said it planned to send pilots to Renton.
The 737 MAX is Boeing’s best-selling plane, with orders worth more than $500 billion at list prices.
Teams from the three U.S. airlines that own 737 MAX jets participated in a session in Renton reviewing a planned software upgrade on Saturday.
A U.S. official briefed on the matter Saturday said the Federal Aviation Administration (FAA) has not yet signed off on the software upgrade and training but the goal is to review them in coming weeks and approve them by April.
It remained unclear whether the software upgrade, called “design changes” by the FAA, will resolve concerns stemming from the ongoing investigation into the March 10 Ethiopian Airlines crash, which killed all 157 on board.
“After the crash it came to our attention that the system is aggressive,” Yohannes Hailemariam, vice president for flight operations at Ethiopian, told local reporters speaking in the Amharic language.
“It gives a message of stalling and it takes immediate action which is faster than the action which pilots were briefed to take by Boeing,” said Yohannes, himself a pilot with over 30 years of experience, including flying Boeing’s 777 and 787.
The U.S. official said planned changes included 15 minutes of training to help pilots deactivate the anti-stall system known as MCAS in the event of faulty sensor data or other issues. It also included some self-guided instruction, the official added.
American Airlines said Sunday it will extend flight cancellations through April 24 because of the grounding of the 737 MAX and cut some additional flights.
(Reporting by Jamie Freed in Singapore and Jason Neely in Addis Ababa; additional reporting by Cindy Silviana in Jakarta, Heekyong Yang in Seoul, Tracy Rucinski in Chicago and David Shepardson in Washington; Editing by Chris Reese and Michael Perry)
Airbus has begun shore-to-ship trials in
Singapore with its Skyways parcel delivery drone. This marks the first
time drone technology has been deployed in real port conditions to
deliver a variety of small, time-critical maritime essentials to working
vessels at anchorage.
The maiden shore-to-ship delivery flight was made to the Swire
Pacific Offshore’s Anchor Handling Tug Supply vessel “M/V Pacific
Centurion,” 1.5 km from the shoreline of Singapore’s Marina South Pier,
carrying 1.5 kg of 3D printed consumables. Landing safely on the ship
deck and depositing its cargo to the shipmaster, the Skyways unmanned
air vehicle swiftly returned to its base, with the entire flight taking
within 10 minutes.
The trials are being undertaken in conjunction with partner
Wilhelmsen Ships Services, one of the world’s leading maritime logistics
and port services company. During the trials, Airbus’ Skyways drone
will lift off from the pier with a payload capability of up to 4 kg, and
navigate autonomously along pre-determined ‘aerial corridors’ to
vessels as far as 3 km from the coast.
Airbus’ Skyways lead, Leo Jeoh, shared his excitement at the
milestone flight: “We are thrilled to launch the first trial of its kind
in the maritime world. Today’s accomplishment is a culmination of
months of intense preparation by our dedicated team, and the strong
collaboration with our partner, as we pursue a new terrain in the
maritime industry.”
“We are also happy to be taking a step forward for Airbus’ urban air
mobility endeavour, as we continue to explore and seek better
understanding of what it takes to fly safe and reliable autonomous
flying vehicles safely,” he added.
“The now proven, seamless operation of drone deliveries from shore to ship, in one of the world’s busiest ports proves the hard work, investment and faith we, and indeed our partners, placed in the Agency by Air project over the past two years was not misplaced,” said Marius Johansen, Vice President Commercial, Ships Agency at Wilhelmsen Ships Services.
“Delivery of essential spares, medical supplies and cash to master via launch boat, is an established part of our portfolio of husbandry services, which we provide day in and day out, in ports all over the world. Modern technology such as the unmanned aircraft systems, are just a new tool, albeit a very cool one, with which we can push our industry ever forward and improve how we serve our customers,” he added.
The use of unmanned aircraft systems in the maritime industry paves the way for possible enlargement of existing ship agency services’ portfolio, speeding up deliveries by up to six times, lowering delivery costs by up to 90%, reducing carbon footprint, and significantly mitigating risks of accidents associated with launch-boat deliveries
Airbus and Wilhelmsen Ships Services signed an agreement in June 2018 to drive the development of an end-to-end unmanned aircraft system for safe shore-to-ship deliveries. The collaboration marries Airbus’ extensive expertise in aeronautical vertical lift solutions and Wilhelmsen’s wealth of experience in ship agency services. A landing platform and control centre were set up at the Marina South Pier in November 2018, through the facilitation of the Maritime and Port Authority of Singapore. The maritime agency also designated anchorages for vessels to anchor off the pier for the trials, while the Civil Aviation Authority of Singapore worked with Airbus and Wilhelmsen to ensure safety of the trials.
Skyways is an experimental project aimed at establishing seamless
multi-modal transportation networks in smart cities. Through Skyways,
Airbus aims to develop an unmanned airborne infrastructure solution and
address the sustainability and efficiency of unmanned aircraft in large
urban and maritime environments.
Having demonstrated the ability to deliver parcels safely and
reliably to vessels anchored off the coast of Singapore, Skyways will
soon be commencing another trial phase delivering air parcels
autonomously in an urban environment, at the National University of
Singapore.
About Airbus Airbus is a global leader in aeronautics, space and related services. In 2018 it generated revenues of €64 and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world’s leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.
