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☆ Companies are betting on a demand rebound in second half of year, DHL says
▼ + stars: | 2023-05-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

That marks the second consecutive month that U.S. imports increased and are higher than 2019 levels, according to data provided to CNBC from Descartes Datamyne, a global trade data platform. The combination of a slow ramp up from "Zero Covid" in China and the reopening of manufacturing plants in the country delayed exports. The top Vietnamese imports in the latest data are wrought iron fencing and plant stands, imported for companies including Home Depot. Black jewelry bags for Zales and men's and boy's t-shirts for Nike rounded out the list of U.S. imports data from China, Vietnam, Thailand, and India reviewed by CNBC. In April, the trade data shows that vitamins and containers of pencils were bound from India to Walmart , and zip polos and t-shirts for Guess .

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate contracts and debt. But if bankruptcy protection is granted, those laws supersede lessors' repossession requests. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Two advisers to some lessors said there were major concerns that the granting of bankruptcy protection for Go First could force the lessors to embark on lengthy litigation to repossess planes. The person added that the development could lead to higher lease rates for Indian airlines in the future.

☆ Pratt & Whitney to oppose India's Go First's push to enforce arbitration
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, May 10 (Reuters) - Pratt & Whitney plans to oppose Go Airlines (India) Ltd's push to enforce an arbitration ruling against the U.S. company for the supply of spare engines, a Delaware court filing showed. The airline, widely known as Go First, approached the Delaware court after it won an arbitration order in Singapore against Pratt & Whitney, which it said failed to supply engines on time. That, the Indian airline argues, has also forced it to file for bankruptcy in New Delhi. Reporting by Mike Scarcella in New York and Aditya Kalra in New Delhi; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: India's Go First seeks revival after court grants bankruptcy protection
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

The airline is owned by the Wadia Group, which also runs bread and biscuits maker Britannia Industries (BRIT.NS) and textile firm Bombay Dyeing and Manufacturing Co (BDYN.NS). Nearly half of the fleet was grounded due to problems with their Pratt & Whitney (P&W) jet engines that are yet to be replaced. The low-cost carrier posted its biggest annual loss in fiscal 2022, local media have reported. The Wadia Group was in talks to sell a part of its stake or completely exit the airline, the Economic Times newspaper reported in April. The grounding and related issues also saw the airline delay plans to go public, local media reported.

India has made it easier for lessors to take back planes if airlines default on payments after joining an international treaty known as the Cape Town Convention. But lack of a proper legislation to enforce the treaty means India's bankruptcy law will supersede lessors' repossession requests, lawyers said. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Bigger rivals IndiGo (INGL.NS) and Tata Group's Air India are charting major expansion plans with hundreds of new planes on order as domestic air travel in India surpasses pre-pandemic levels. Air India did not immediately respond.

☆ India's Go Airlines asks tribunal to urgently pass order on insolvency plea
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of GoAir airline on an A320neo aircraft in Colomiers near Toulouse, France, November 15, 2019. REUTERS/Regis DuvignauBENGALURU, May 8 (Reuters) - Go Airlines (India) on Monday asked the country's company law tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes, per the court hearing. The push comes less than a week after the cash-strapped Indian airline filed for bankruptcy, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet. On Monday, Go First lawyers told the tribunal to urgently pass an order on the airline's insolvency plea, saying its lessors had moved to repossess the planes even as bankruptcy proceedings were ongoing. Meanwhile, Pratt & Whitney told a New Delhi arbitrator hearing its dispute with Go that the Indian airline’s claim of defective engines causing its demise was “astounding” and without evidence.

☆ India's Go First cancels flights until May 12
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

May 5 (Reuters) - Indian airline Go First said on Friday it is cancelling its flights until May 12, days after the cash-strapped company filed for bankruptcy. Earlier on Tuesday, the airline blamed "faulty" Pratt & Whitney GTF engines for the grounding of about half its fleet leading to the bankruptcy filing. read moreThe owner of Go Airlines has no plans to exit the budget carrier, the airline's CEO told Reuters on Wednesday. read moreGo First, formerly known as GoAir, had abruptly cancelled its flights since the bankruptcy filing, earlier cancelling flights scheduled from May 3 to May 5, before announcing on Thursday that flights had been suspended until May 9. Reporting by Rahat Sandhu in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.

☆ Factbox: India's Wadia Group whose Go First is in trouble
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, May 4 (Reuters) - India's Wadia Group has survived British colonial rule and fierce business rivalries to create an empire that spans industries, from aviation and real estate to retail, healthcare, engineering and chemicals. - Founded in 1736 by Loeji Nusserwanjee Wadia, the group began as a marine construction company that built ships for the British empire, according to its website. - Chairman Nusli N. Wadia is the grandson of Pakistan's founder, Muhammad Ali Jinnah. - Go First, India's third-largest airline filed for bankruptcy protection blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet. The Wadia Group said all its transactions had been conducted in compliance with the law.

☆ Disheartened Go First pilots rush to Air India's jobs drive
▼ + stars: | 2023-05-04 | by ( Tanvi Mehta | ) www.reuters.com time to read: +2 min

NEW DELHI, May 4 (Reuters) - Dozens of pilots, many from crisis-hit Go First, flocked to a Tata group hotel near Delhi on Thursday for walk-in interviews with the conglomerate's Air India airline. Air India said on Twitter the hiring drive in Delhi and Mumbai would be extended by a day to Friday. An Air India spokesperson told Reuters it had received more than 700 applications in response to an advert last week for pilots, which it is currently processing. Go First and Vistara - a Tata group joint venture with Singapore Airlines - declined to comment. A planned merger of Air India with Vistara and the launch of Akasa Air have increased competition for staff and planes as the industry recovers.

☆ Go First bankruptcy isn’t the end of the Indian airline, says owner
▼ + stars: | 2023-05-03 | by ( ) edition.cnn.com time to read: +2 min

His comments came a day after the cash-strapped Indian airline filed for bankruptcy, blaming “faulty” Pratt & Whitney (P&W) engines for the grounding of about half its fleet. The airline owed financial creditors 65.21 billion Indian rupees ($797 million), its bankruptcy filing showed. Boon for rivalsGo First’s bankruptcy may boost airfares in India and give other domestic airlines a chance to grab a larger chunk of the market share, analysts said. Share prices of India’s largest airline, IndiGo, were up 5.1% on Wednesday, after rising as much as 8.2% earlier. Lenders to Go First, including Central Bank of India, Bank of Baroda, IDBI Bank and Axis Bank, fell on Wednesday.

☆ Factbox: The engine dispute at the heart of Go First's bankruptcy filing
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +3 min

Here are some details on the U.S. enginemaker's geared turbofan (GTF) engines, which Go First says are at the heart of the crisis. In 2016, Go First received its first A320neo aircraft powered by GTF engines after placing an order for 72 narrow-body jets from Airbus (AIR.PA). Pratt & Whitney is the exclusive engine supplier for the airline's A320neo aircraft fleet. The issues with the GTF engines grounded several A320neo planes in 2017, a year after the engine was launched. In India alone, IndiGo and Go First, among the biggest customers for the A320neo planes, grounded as many as 12 planes at one point, and cancelled dozens of flights.

The cash-strapped carrier, India's third-biggest and best known as Go First, filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its fleet. IndiGo has also had to ground planes because its P&W engines faced problems, but its bigger fleet with diverse engines, and its deeper pockets, meant it could overcome the troubles better than Go First. The airline started operations in 2005 and is owned by bed sheets-to-biscuits Wadia Group, one of India's oldest conglomerates. "The Wadia Group, in particular (chairperson) Nusli Wadia, has always tried to see that the company and the airline operations go on, on a normal basis," Khona said. "There is no question of Wadia Group having any intention to exit or move out."

NEW DELHI, May 3 (Reuters) - India's Wadia Group, the owner of cash-strapped Go Airlines (India) Ltd, is completely committed to the company, and has no plans to exit it, the airline's chief executive said on Wednesday. The news came a day after the airline, recently rebranded as Go First, filed for bankruptcy, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its fleet. The insolvency proceedings were aimed at reviving the airline and not selling it, Chief Executive Kaushik Khona told Reuters in an interview, adding that the company had made all payments to Pratt & Whitney. The airline was also looking to engage with lessors to dissuade them from taking any action, he added. Reporting by Tanvi Mehta and Chris Thomas; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Somebody stole gold and other valuables worth $15 million from Canada's busiest airport, police said
▼ + stars: | 2023-04-21 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Thieves made off from Toronto Pearson airport with gold and valuables worth $15 million, police said. The gold was part of an intra-bank trade involving TD Bank, per a memo seen by the Toronto Sun. Police are investigating a "very rare" heist in which gold and other valuables worth more than C$20 million (about $15 million) were stolen from Canada's busiest airport. This did not involve access to Toronto Pearson itself and did not pose a threat to passengers or GTAA staff." Air Canada, and TD Bank didn't immediately respond to requests for comment from Insider, made outside normal working hours.

[1/2] An Airbus A320neo aircraft is pictured during a news conference tin Colomiers near Toulouse, France, October 17, 2017. Airbus' defense portfolio includes the A400M and the C295, which are respectively larger and smaller than Embraer's KC-390. De La Vela said he sees potential collaborations emerging in areas such as unmanned aircraft and space technologies, including for new products, adding that he would like to hear from Embraer before elaborating. De La Vela said Airbus expects the Brazilian MRTTs to open the Latin American market for the aircraft, noting talks with four other undisclosed countries in the region were underway. Reporting by Gabriel Araujo and Rodrigo Viga Gaier; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Sweden, Colombia interested in Embraer's KC-390, says Brazilian minister
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

RIO DE JANEIRO, April 14 (Reuters) - Brazilian Defense Minister Jose Mucio said late Thursday that countries such as Sweden and Colombia had expressed interest in buying Embraer's (EMBR3.SA) KC-390 military cargo aircraft. But the concept of the KC-390 is very big with all the countries," he told Reuters. "Sweden itself has talked about the KC-390, others have also talked about it and it's a big success. Sweden was expected to give an answer and Colombia is also interested in making an acquisition," he added. Earlier this week, Reuters reported, citing sources, that Austria was looking to advance in talks with Embraer on purchasing four or five KC-390 aircraft.

☆ After 55 years in flight, the US Air Force is planning to keep its biggest plane in action for a few more decades
▼ + stars: | 2023-04-13 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +7 min

The Air Force said the material used to make the parts showed "promising results" and appeared "to be impervious to natural elements." The use of 3D parts could result in faster turnaround times and reduced costs for maintenance on the C-5, the largest aircraft in Air Force's inventory and the workhorse of US Air Force Air Mobility Command. The GalaxyThe C-5A Galaxy lifts off from the Dobbins Air Force Base for its maiden flight on June 30, 1968. The Air Force needed a single plane capable of carrying loads of over 150,000 pounds to distances over 3,000 miles. Development, upgrades, and futureA C-5 and other US Air Force aircraft during an air show at at Andrews Air Force Base in May 2007.

MONTREAL, April 5 (Reuters) - Honeywell International (HON.O) on Wednesday will announce a first deal for its most powerful generator, which would power a European-Canadian startup's hybrid electric cargo airship. Multiple startups are working on electric or hybrid aircraft to meet aviation's long-term climate goals. Flying Whales would use four generators per airship. The French parent company Flying Whales SAS and its Quebec based subsidiary have raised 162 million euros ($177.57 million) over three financing rounds. The first flight of the LCA60T airship in France is expected in late 2025 with entry into service planned for 2027, Flying Whales said.

“The Learjet pilot read back the instructions clearly but began a takeoff roll instead,” the FAA said in a statement. The NTSB says neither airplane was damaged and nobody on board was hurt. The FedEx plane, meanwhile, climbed as its crew aborted their landing to help avoid a collision, the FAA said. Air traffic controllers had “noticed another aircraft crossing the runway in front of the departing jetliner,” the FAA said in a statement. Audio recordings detail swift action by an air traffic controller kept the airplanes from colliding as they drew closer.

☆ The US Navy's struggle to keep ships in fighting shape is leading sailors to 'cannibalize' more parts from other ships
▼ + stars: | 2023-02-15 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

Shortages of spare parts is driving US sailors to take more and more parts from other ships. The spare parts shortage only exacerbates an already dismal Navy maintenance situation, with overburdened and understaffed shipyards unable to perform necessary overhauls on schedule. The study listed a cascade of causes for the shortage of spare parts: "Parts obsolescence, diminishing manufacturing sources, and material shortages are common issues." Likewise, militaries have long cannibalized equipment during operations when spare parts may not be available. Steaming hours have also declined for Navy ships, though by how much isn't clear, as the Department of Defense has classified the data.

☆ Indian shares set for muted start on rate fears, Adani uncertainty
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Analysts said that the selloff in Adani stocks has created panic in Indian markets. Ratings agency Moody's warned that the tumble in Adani group stocks could hit the conglomerate's ability to raise capital. STOCKS TO WATCHState Bank of India (SBI.NS): India's largest lender reports a rise in net profit in the third quarter. read moreITC (ITC.NS): Co reports a higher-than-expected rise in net profit in December-quarter on strong cigarette sales and steady demand for packaged foods. read moreMarico (MRCO.NS): Co reports higher-than-expected rise in net profit in Q3 on higher demand for cooking products and hair oil.

☆ Exclusive: Many airlines will not meet U.S. 5G upgrade deadline -IATA
▼ + stars: | 2023-02-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 6 (Reuters) - The world's biggest airline trade body warned many airlines will be unable to meet looming U.S. deadlines to retrofit airplane altimeters to ensure they are not susceptible to 5G wireless interference and warned it could impact the summer international travel season. The FAA last month said it was proposing a requirement that passenger and cargo aircraft in the United States have 5G C-Band-tolerant radio altimeters or approved filters by early 2024. The Transportation Department did not comment while the FAA said in response to request for comment on the letter "the FAA has made its position clear." The FAA, Verizon and AT&T are now negotiating to reach a new agreement that seeks to extend some voluntary mitigations beyond July 1, sources told Reuters. Reporting by David Shepardson; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon launches air freight service in India
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 23 (Reuters) - Amazon.com Inc (AMZN.O) on Monday launched its own air cargo fleet in India, Amazon Air, as it seeks to expand and speed-up deliveries across one of its key markets. India is the third market, after the United States and Europe, where the company has launched Amazon Air. Quikjet will transport Amazon customer shipments to Hyderabad, Bengaluru, Delhi, and Mumbai, Amazon said in a press release. The books-to-boots online retailer, which competes with Walmart Inc (WMT.N)-owned Flipkart in India, said the launch of Amazon Air would support over 1.1 million sellers in the country. Amazon, which uses its own ground delivery services for shipping, also partners with Deutsche Post DHL Group (DPWGn.DE) controlled Blue Dart Express Ltd (BLDT.NS), one of India's biggest air cargo carriers.

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