Tag Archives: air

Air New Zealand has attracted a government loan of $ 72 million | Instant News


FILE PHOTO: A Boeing Dreamliner 787-9 from Air New Zealand takes off from Auckland Airport in New Zealand, 20 September 2017. REUTERS / Nigel Marple

SYDNEY (Reuters) – Air New Zealand Ltd AIR.NZ said on Tuesday it had withdrawn NZ $ 110 million ($ 72.20 million) from a NZ $ 900 million government loan facility to date as it shelters liquidity to help contain the coronavirus pandemic.

The airline reiterated that it expects to report a second consecutive annual loss in the financial year ending June 30, 2021, and was unable to provide revenue guidance.

“With the prospect of future passenger demand clearly uncertain, and heavily dependent on removing travel restrictions both here in New Zealand and globally, we know that Air New Zealand will continue to be a smaller business for some time to come,” the Chairman. Therese Walsh told the airline’s annual meeting a webcast from Auckland.

Chief Executive Greg Foran said the airline’s strategic plan included refreshing its loyalty program and enhancing its technology and digital tools.

Air New Zealand said it had about NZ $ 1 billion in liquidity, consisting of NZ $ 215 million in cash on hand and NZ $ 790 million left over from a government loan facility. The airline expects to spend NZ $ 65 million to NZ $ 85 million in cash a month under current conditions.

The airline last week said it had begun attracting government debt, which would give it time to review its capital structure and complete a capital increase by June 2021.

Air New Zealand this month said it would cut up to 385 more cabin crew jobs due to a lack of long-haul international flights, which would take COVID-19-related job losses to about 37% of its workforce, a higher proportion than rival Qantas Airways Ltd. QAN.AX and Singapore Airlines Ltd SHIT.

($ 1 = 1.5235 New Zealand dollars)

Reporting by Jamie Freed; Edited by Gerry Doyle

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Air New Zealand began withdrawing government debt facilities, marking a future increase in capital | Instant News


FILE PHOTO: Taxi Air New Zealand Boeing 787-9 Dreamliner at O’Hare International Airport in Chicago, Illinois, USA, November 30, 2018. REUTERS / Kamil Krzaczynski

SYDNEY (Reuters) – Air New Zealand Ltd AIR.NZ said on Friday it had begun withdrawing a NZ $ 900 million ($ 589.95 million) government debt facility that would give it time to review its capital structure and complete a capital increase by June 2021.

The airline said the New Zealand government had reaffirmed its commitment to retaining majority shareholdings and its board was in constructive talks with the government about its capital structure and funding.

New Zealand will hold national elections on October 17, with polls showing current Prime Minister Jacinda Ardern is on track to win.

The airline last month said it needed to withdraw government loans to help it cope with heavy losses in revenue during the coronavirus pandemic after reporting its first annual loss in nearly two decades.

Together with an interest rate of 7-9%, the loan gives the government the right to seek repayment by raising capital after six months or converting the loan to equity.

The loans also provide security to the government on many Air New Zealand planes, complicating its ability to secure commercial funding until the loans are terminated, Chief Financial Officer Jeff McDowall told Reuters last month.

Air New Zealand this month said it would cut up to 385 more cabin crew jobs due to a lack of long-haul international flights, which would bring COVID-19 job losses to about 37% of its workforce.

In the domestic market, they expect capacity to return to nearly 85% of pre-COVID levels in October after the recent virus outbreak in Auckland was brought under control, leading to lifting of restrictions.

Reporting by Jamie Freed; Edited by Himani Sarkar and Christopher Cushing

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Air Canada assesses order cancellations and blames travel restrictions after second quarter loss | Instant News



(Reuters) – Air Canada said on Friday it would weigh possible cancellations of Boeing and Airbus aircraft orders after COVID-19 crippled air travel and pushed the carrier to a second quarter loss. FILE PHOTO: An Air Canada Boeing 737 MAX 8 from San Francisco approaches to land at Toronto Pearson International Airport over an Air Canada Boeing 737 MAX 8 aircraft parked in Toronto , Ontario, Canada, March 13, 2019. REUTERS / Chris Helgren / File PhotoIt was the airline’s second consecutive quarterly loss as it felt the impact of the pandemic, but said it expected it that cash consumption slowed slightly in the third quarter. Air Canada shares fell 6% in afternoon trading. The carrier blamed Canadian travel restrictions, which it described as among the toughest in the world, even as rising COVID-19 cases in the United States dampen the industry-wide’s hopes of a rapid recovery in air travel. Air Canada cabin crew members echoed the carrier on Friday in urging the Canadian government to bail out the country’s airlines if it did not relax restrictions. “Without the support of government industry and as travel restrictions are extended, we will be looking at other opportunities to further reduce costs and capital, including further road suspensions and possible cancellations.” of Boeing and Airbus planes on order, including the Airbus A220, ”Air Canada chief executive officer Calin Rovinescu told analysts. The A220 is manufactured in the Canadian province of Quebec in a factory previously owned by Bombardier. Canada on Friday extended the ban on foreigners entering the country until August 31. He previously extended restrictions on non-essential travel at U.S. borders until August 21. Canadians entering the country from abroad must self-isolate for two weeks. “We know that the airlines face significant challenges, and we will continue to work with them and closely monitor the situation in the hard-hit aviation sector,” Transport Minister Marc Garneau said in a press release by email. Air Canada expects third quarter capacity to decline by 80%. The airline saw a 96% drop in passengers carried in the second quarter. European airlines have also urged Canada to remove travel restrictions. “So many Canadians write to us and tell us that they want to travel and that the biggest obstacle, and we did our own survey on that, the biggest obstacle (is) quarantine,” Rovinescu said. Air Canada forecasts third quarter net cash consumption of between C $ 15 million ($ 11.18 million) and C $ 17 million per day on average, compared to net cash consumption of approximately C $ 19 million. Canadian dollars per day in the previous quarter. The airline reported a loss of C $ 1.75 billion, or C $ 6.44 per share, in the quarter ended June 30, against profit of C $ 343 million, or C $ 1.26 per share, a year earlier. Reporting by Allison Lampert in Montreal and Sanjana Shivdas in Bangalore. Additional reporting by Julie Gordon in Ottawa; Edited by Aditya Soni, Susan Fenton and Paul Simao Our Standards: Thomson Reuters Trust Principles. .



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Kigali’s Amendment hits ratification of the 100th milestone, increasing climate action | UNEP | Instant News


Nairobi, 14 July 2020 – That Kigali Amendments to the Montreal Protocol, an international agreement to cut the use of climate warming hydrofluorocarbons (HFCs), has reached a major milestone, with Liberia becoming 100 countries.th countries to ratify the Amendments, giving a welcome boost to global climate action.

The Amendment targets a massive reduction in the use of HFCs, which is a substitute for refrigerants that are widely used for ozone-depleting substances that have been eliminated under the Montreal Protocol. HFC is a climate warming gas with significant global warming potential.

Liberia is the latest country to ratify the amendment, part of an acceleration trend of countries that agreed to the agreement and began working to gradually reduce gas; Mali was the first to ratify the Amendment in 2017, followed by the Federated States of Micronesia, Marshall Islands and Rwanda. The European Union – along with most of its member states – is a party block for the Montreal Protocol; together with others, this allows the Amendment to take effect on 1 January 2019. Other new parties to ratify the Amendment include Bangladesh, Sierra Leone, the Holy See and Romania.

“When we deal with the effects of a global pandemic, it is very important not to forget climate action,” said Inger Andersen, Executive Director of the United Nations Environment Program. “Climate change can cause more misery and disruption than COVID-19; we must be firm in our efforts to limit it.

“The Kigali amendment which reached 100 ratifications is therefore good news. Amendments are a powerful tool to keep our planet cool. I thank the countries that have ratified it and encouraged 98 other countries to follow suit and help ensure a safer future for all humanity. “

The 2016 Kigali Amendment requires a HFC phase of high global warming potential of more than 80 percent (in CO2-Ecivalent) for the next 30 years. It is estimated that avoided emissions by 2100 could reach 5.6 to 8.7 gigatons of CO2-Equal per year. In total, this will be worth more than ten years from the current annual CO emissions2 because of human activity. This will avoid global warming of up to 0.4 ° C by the end of the century.

Replacing HFCs also creates opportunities to increase the energy efficiency of refrigeration equipment by 10-50 percent, significantly reducing energy costs for consumers and businesses.

The amendment was built on the success of the Montreal Protocol, which was established in 1987 to protect human health and the environment caused by ozone depletion. With universal support from 198 parties, the Montreal Protocol has led removal of almost 99 percent of ozone-depleting substances.

The ozone layer is now well on its way to recovery. The benefits of the Protocol include up to two million cases of skin cancer prevented each year by 2030, estimated at US $ 1.8 trillion in global health benefits and nearly US $ 460 billion in avoiding damage to agriculture and fisheries until 2060.

Ozone protection efforts also avoid around 135 billion tons TOGETHER2– Equal emissions from 1990 to 2010. In the absence of the Montreal Protocol, global average temperatures could rise by more than 2 ° C in 2070, because heating is only from ozone-depleting substances.

“Every ratification of the Kigali Amendment brings us closer to emulating the success of the Montreal Protocol in dealing with ozone-depleting substances,” said Tina Birmpili, Executive Secretary Ozone Secretariat. “This success is built on countries that work together. I am happy to see 100 ratifications and look forward to many more in the coming months and years. “

NOTE FOR EDITORS

About the UN Environment Ozone Secretariat

That UN Environment Ozone Secretariat is the Secretariat for the Vienna Convention for the Protection of the Ozone Layer and the Montreal Protocol on Substances which Drain the Ozone Layer. The Secretariat facilitates and supports the parties to the Vienna Convention and the Montreal Protocol and other stakeholders in implementing actions to protect and heal the ozone layer and contribute to climate change mitigation.

About the United Nations Environment Program

The United Nations Environment Program (UNEP) is the leading global voice on the environment. It provides leadership and encourages partnerships in caring for the environment by inspiring, informing, and enabling countries and communities to improve their quality of life without reducing the quality of future generations.

For further information please contact:

Keishamaza Rukikaire, Head of News and Media, United Nations Environment Program

Stephanie Haysmith, Communication Officer, Ozone Secretariat

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Delta cuts August flights amid virus resurgence, CEO says | Instant News



CHICAGO (Reuters) – Delta Air Lines (DAL.N) has cut the flights it plans to add in August amid an increase in the number of COVID-19 cases and has warned that it will take more than two years before the industry saw a lasting recovery from the “narcotic” pandemic. FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama , United States, March 25, 2020. REUTERS / Elijah Nouvelage / Archive photo “We are currently at a standstill,” chief executive Ed Bastian told Reuters, adding that demand accumulated in June for traveling to places like Las Vegas, Florida or New York had suffered due to new cases and quarantines, while picking up at certain mountain and international destinations. He reduced the thefts he planned to add in August to 500 from 1,000. Stocks fell 3.1% in early trade. Atlanta-based Delta posted an adjusted net loss of $ 2.8 billion, or $ 4.43 per share, for the second quarter, passenger revenues having fallen 94% in a season that some analysts call it the worst in aviation history. Delta has met its target of stopping daily use of cash, which reached $ 100 million at the start of the pandemic, although Bastian warned that it was demand-driven. “There are a lot of risks because it is difficult to predict what will happen with the virus,” he said. Airline slows daily cash usage to around $ 27 million in June and sees similar rate in July, with improvements as savings open and people feel more comfortable traveling . Delta had $ 15.7 billion in cash at the end of June. He has not decided to take out a $ 4.6 billion guaranteed loan under the CARES law – available until September 30 – because he is considering other options involving similar guarantees, said Bastian. He has already received $ 5.4 billion to cover the wage bill until September as part of the US government’s stimulus package. Major U.S. airlines warned of holidays in October when those funds run out, but Bastian said he hoped to avoid the holidays after more than 17,000 employees opted for buyouts and thousands more for extended unpaid leave. Over 45,000 employees have taken various short-term leaves. Cowen analyst Helane Becker called better control than expected cost control as the highlight of the quarter, but said the revenue outlook “remains challenged due to irregular bookings and the prolonged pandemic”. LIMITED SEATS Delta may continue to block the intermediate seats beyond September thanks to the demand for comfort, but warned that it could not make money by filling only 60% of its planes. “You can’t raise prices high enough, especially when your competitors aren’t blocking the middle seats and have a lot more available,” said Bastian. Southwest Airlines (LUV.N) also limits seat capacity until September, but rivals American Airlines (AAL.O) and United Airlines (UAL.O) have added thousands of flights with all seats on sale in the hope to meet the demand for summer recreation. . Delta, the first American airline company to release quarterly results, is more focused on business travel, which will be slower to recover, but Bastian said its SkyMiles loyalty data shows that business customers are traveling for personal reasons and willing to pay a premium. Delta, which had grown aggressively through international partnerships, depreciated $ 1.1 billion against its recent investment in LATAM Airlines (LTM.SN) and $ 770 million against Grupo AeroMexico (AEROMEX.MX) after their deposits under Chapter 11, and recorded a charge of $ 200 million against its interest in Virgin Atlantic, which is also being restructured. Reporting by Tracy Rucinski, additional reporting by David Shepardson and Rachit Vats; Editing by Himani Sarkar and Steve Orlofsky Our standards: the Thomson Reuters Trust Principles. .



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