The Indian government is in the market to sell its stake of Air India – and on Monday set a March 17 deadline for initial expressions of interest.
Indian conglomerate Hinduja Group and US-based fund Interups are already reported to be submitting theirs.
It’s not the first attempt at a sale: in 2018 the government failed to divest 76 per cent of the airline, and with it over five billion dollars of debt.
Air India workers protested ….
And potential bidders opted out because of stringent conditions attached – such as retaining all employees.
This time, the government has indicated, it’s open to revising some provisions.
Though bidders must assume liabilities, including debt at just under 3.3 billion dollars.
And substantial ownership and control must remain with an Indian entity.
The sale might face opposition from within prime minister Narendra Modi’s ruling BJP Party – one lawmaker describes the deal as quote ‘anti-national’.
But if successful, the buyer gets over 7,000 landing slots in India and overseas …
Together with the carrier’s low-cost arm and a stake in its cargo and ground-handling operations.
As for staff, Air India currently has around 13,000 permanent and contract personnel on its books …
DUBLIN, Jan 20 (Reuters) – Airlines with the best environmental scores should pay less for leasing aircraft than more polluting competitors, the head of one of the world’s top leasing companies said on Monday.
The radical proposal from Dublin-based Avolon comes as aviation firms face mounting scrutiny over climate policies not only from environmental groups but also investment funds that monitor Environmental, Social and Governance (ESG) performance.
Avolon, one of the top three aircraft lessors, claims to have one of the industry’s youngest and most efficient fleets.
“But that narrative is not good enough for the next 1, 2, 3 or 4 years,” Chief Executive Domhnal Slattery warned.
“More and more of our major bond investors are keen to understand what our ‘E’ strategy is within ‘ESG’. We in turn are keen to understand when underwriting our airline credits what their ‘E’ strategy is,” he told Reuters.
Slattery predicted that lessors, which depend heavily on access to funds to run their capital-intensive businesses, would in future exert more pressure on airlines.
“You could see over time that airlines that have a better environmental score could get lower lease rates,” he said.
The BelugaXL has entered into service, providing Airbus with 30% extra transport capacity in order to support the on-going production ramp-up of commercial aircraft programmes.
The aircraft, which is an integral part of Airbus’ industrial system, made its first operational flight on 9 January. This is the first of six BelugaXL to begin work alongside the BelugaST predecessors, with the additional aircraft being introduced between 2020 and 2023.
Launched just over five years ago, in November 2014, the entry into service milestone marks yet another successful achievement for the internal aircraft programme that was awarded Type Certification by the European Aviation Safety Agency (EASA) in November 2019, following an intensive flight test campaign that saw the BelugaXL complete more than 200 flight tests, clocking over 700 flight hours.
At 63 metres long and 8 metres wide, the BelugaXL has the largest cargo bay cross-section of all existing cargo aircraft worldwide. The BelugaXL can carry two A350 XWB wings compared to the BelugaST, which can only carry one. With a maximum payload of 51 tonnes, the BelugaXL has a range of 4,000 km. (2200nm).
The BelugaXL is based on an A330-200 Freighter, enabling the re-use of existing components and equipment, and is powered by Rolls-Royce Trent 700 engines. The lowered cockpit, the cargo bay structure and the rear-end and tail were newly developed jointly with partners, giving the aircraft its distinctive look.
The BelugaXL is the latest addition to Airbus’ transportation portfolio. While air transport remains the primary method for transporting large aircraft components, Airbus also uses road, rail and sea transport to move parts between its production sites. Like the BelugaST, the aircraft will operate from 11 destinations in Europe, continuing to strengthen industrial capabilities and enabling Airbus to deliver on its commitments.
Volkswagen logo is seen on a Teramont X SUV displayed at the second media day for the Shanghai auto show in Shanghai
HONG KONG/BEIJING (Reuters) – Volkswagen AG <VWAGY> is set to take a 20% stake in Chinese electric vehicle battery maker Guoxuan High-tech Co Ltd, two sources told Reuters, as the German firm accelerates its electric push into the world’s largest auto market.
The deal would mark Volkswagen’s first direct ownership in a Chinese battery maker and comes as the Wolfsburg-based automaker strives to meet a goal of selling 1.5 million new energy vehicles (NEVs) a year in China by 2025, including plug-in hybrid cars.
The top foreign automaker in China plans to acquire the stake in Shenzhen-listed Guoxuan via a discounted private share placement in the coming weeks, the two sources with knowledge of the matter said. Based on Guoxuan’s market capitalization of $2.8 billion, a 20% stake in the company at present is worth about $560 million.
The deal’s details have been mostly finalized and the two firms are waiting for new Chinese regulatory rules on private share placements that will provide a more flexible pricing mechanism and shorter lock-up periods for majority shareholders, said one of the people, speaking on condition of anonymity.
After the stake purchase, Volkswagen will become the battery maker’s second-largest shareholder with a 20% stake, behind Zhuhai Guoxuan Trading Ltd, a firm controlled by Guoxuan’s founder Li Zhen, which currently holds 25%.
Guoxuan is among a swathe of mid-tier Chinese battery makers behind CATL and BYD. It is based in China’s eastern city of Hefei, where Volkswagen is also building electric vehicles with JAC Motor, one of a number of its Chinese joint venture partners.
A third source, who declined to be named due to the sensitivity of the matter, said Volkswagen has long wanted to control a battery maker to better manage its supply chain.
Volkswagen declined to comment. Guoxuan and the China Securities Regulatory Commission did not immediately respond to requests for comment.
To achieve its NEV sales goal in China, Volkswagen has built a new $2.5 billion electric vehicle plant with partner SAIC Motor that will have annual output capacity of 300,000 cars and is also revamping manufacturing facilities in China’s southeastern city of Foshan to build electric cars with partner FAW Group.
Volkswagen has also identified CATL as a strategic supplier and Volkswagen board member Stefan Sommer told Reuters in July last year that it could even build its own battery cell manufacturing plants in China.
“By holding a stake in the top Chinese battery makers, carmakers can gain more bargaining power on battery prices,” said Yale Zhang, managing director of Shanghai-based consultancy AutoForesight. “Foreign carmakers are now catching up with their Chinese counterparts on securing battery supplies in China.”
Volkswagen’s rivals in China include Tesla, which earlier this month began delivering cars from its $2 billion factory in China. The U.S. electric car maker eventually plans to manufacture 250,000 vehicles a year in the plant’s first phase.
China has been a keen supporter of NEV – pure battery electric, hybrid and plug-in hybrids – and has started implementing NEV sales quota requirements for automakers.
However, cuts to subsidies have dealt the market a blow, with NEV sales contracting for the first time last year. Sales this year are likely to be flat or rise only slightly, according to China’s top auto industry association.
(Reporting by Julie Zhu in Hong Kong and Yilei Sun in Beijing; Additional reporting by Zhang Yan and Zhang Xiaochong in Beijing; Editing by Brenda Goh and Richard Pullin)
3D model of the New Arena at Seattle Center from NHL.com
The new Seattle NHL Franchise has picked Alaska Airlines as one of the professional hockey team’s founding Partners, as well as the official airline of the team, the companies announced today.
Under the sponsorship agreement between the SeaTac-based airline and the National Hockey League expansion team, the new Seattle Center arena’s main door and lobby area will be named the Alaska Airlines Atrium, featuring a giant Alaska sign and colors.
The arena atrium is part of the $950 million venue’s south side, and will serve as the main entrance for the facility.
Boeing is recommending 737 MAX simulator training in addition to computer based training for all MAX pilots prior to return to service of the 737 MAX. This recommendation takes into account our unstinting commitment to the safe return of service as well as changes to the airplane and test results. Final determination will be established by the regulators.
“Safety is Boeing’s top priority,” said interim Boeing CEO Greg Smith. “Public, customer and stakeholder confidence in the 737 MAX is critically important to us and with that focus Boeing has decided to recommend MAX simulator training combined with computer-based training for all pilots prior to returning the MAX safely to service.”
Singapore-based lessor BOC Aviation Limited has placed a firm order with Airbus for 20 A320neo aircraft. Up to 12 of the newly-ordered aircraft will be leased to Colombia’s Avianca Airlines.
Featuring the widest single-aisle cabin in the sky, the A320neo Family incorporates the latest technologies, including new generation engines and Sharklets, which together deliver 20% reduced fuel burn as well as 50% less noise compared to previous-generation aircraft.
U.S.-based Spirit Airlines has finalised a purchase agreement with Airbus for 100 A320neo Family aircraft. In October, the two parties had signed and announced a memorandum of understanding (MoU) for the purchase of up to 100 of the aircraft – a mix of A319neo, A320neo, and A321neo – to meet the airline’s future fleet requirements.
Spirit is based in South Florida and is the fastest-growing airline in the United States, with flights throughout the U.S., Latin America and the Caribbean. The airline will announce an engine selection at a later date.
Featuring the widest single-aisle cabin in the sky, the best-selling A320neo Family, comprising the A319neo, A320neo, and A321neo, will deliver a fuel-burn reduction of approximately 20% as well as 50% less noise compared to previous-generation aircraft, thanks to incorporating the very latest technologies including new-generation engines and Sharklets.
Firm orders worldwide for the A320neo Family now have surpassed 7,300 from more than 110 global customers.
FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in Cardiff, California
OSLO (Reuters) – The sale of new electric cars in Norway rose by 30.9% last year amid soaring demand for Tesla Inc’s <TSLA> vehicles, but the pioneering U.S. firm faces rising competition from rival auto makers in 2020.
Fully electric cars made up 42.4% of sales in the Nordic nation last year, a global record, rising from a 31.2% market share in 2018 and just 5.5% in 2013, the Norwegian Road Federation said on Friday.
Seeking to become the first country to end the sale of fossil-fueled cars by 2025, Norway exempts battery-powered vehicles from the taxes imposed on petrol and diesel engines.
This year, as many as six in 10 of all new cars sold in the country could be fully electric, said Volkswagen <VWAPY> distributor Harald A. Moeller AS, which is preparing to launch several models in 2020.
“The electrification of the car market is accelerating … we forecast electric vehicles to hold a 100% market share in 2025,” the importer said of the outlook for Norway.
The country’s best-selling car in 2019 was Tesla’s mid-sized Model 3 sedan, which retails from 384,900 Norwegian crowns ($43,721.74), racking up an 11% market share in the California-based firm’s first attempt at addressing the mass market.
(Reporting by Victoria Klesty and Lefteris Karagiannopoulos, writing by Terje Solsvik, editing by Gwladys Fouche)
SWISS will be adding six attractive new summer destinations to its Geneva-based route network from 22 June. The new services will operate to and from Ponta Delgada (on the Azores), Antalya (Turkey), Menorca (Spain), Djerba (Tunisia), Dubrovnik (Croatia) and Rhodes (Greece).
Swiss International Air Lines (SWISS) will add six new routes to its Geneva-based network next summer, serving destinations in Portugal, Turkey, Spain, Tunisia, Croatia and Greece. The additions will bring to 53 the number of points receiving non-stop SWISS service from and to Geneva.
Ponta DelgadaPonta Delgada on the Azores will be served every Monday from 22 June to 31 August. The new route will make SWISS the only airline offering non-stop flights between Geneva and the Portuguese mid-Atlantic archipelago, which is famed for its unspoilt nature and its spectacular landscapes.
Antalya SWISS will be offering a weekly Friday service between Geneva and Antalya from 26 June to 23 October. A seaside resort on Turkey’s southwest coast, the city is considered one of the country’s finest.
Menorca Menorca will enjoy SWISS services from and to Geneva every Saturday between 4 July and 29 August. A quieter alternative to neighbouring Mallorca and Ibiza, the island in the Spanish Balearics is renowned for its unspoilt natural landscapes and its fine-sand beaches fringed by turquoise waters.
Rhodes In adding the picturesque islands of Rhodes to its network, SWISS will serve no fewer than eight Greek destinations from Geneva in its 2020 summer schedules. Rhodes will receive a weekly Sunday service between 5 July and 30 August.
DjerbaSWISS will be providing a weekly Saturday service between Geneva and Djerbafrom 4 July to 29 August. A highly popular holiday destination, the island off the Tunisian coast is reputed for its beaches and its white desert towns.
DubrovnikDubrovnik will enjoy weekly Saturday SWISS services from and to Geneva between 4 July and 29 August. The Southern Croatian city, which has been designated as a UNESCO World Heritage Site, is one of the most charming in Europe with its stunning architecture and its rich cultural history.
