Korean Air to take over rival Asiana

Korean Air to take over rival Asiana

Korean Air is set to acquire rival Asiana Airlines, with plans to consolidate into a single flag carrier that will dominate the Korean market. The agreement will see Korean Air acquire a majority share in Asiana for 1.8 trillion won ($1.6 billion) following an injection via its parent, Hanjin Kal Corp. Korean Air and Asiana are currently the two largest full-service carriers in Korea, with the merger expected to give Korean Air control of around…

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UK signs post-Brexit air services deal with US

UK signs post-Brexit air services deal with US

The UK and US signed today an aviation agreement to ensure the continuation of flights between the two countries when the Brexit transition period ends this year. British Transport Secretary Grant Shapps and the US’ Secretary of State, Mike Pompeo, signed the bilateral agreement, which will replace the current EU agreement, set to expire on 31 December 2020. In a statement, Shapps said: “The air services agreement will allow us to continue to travel and…

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Boeing in early discussions on new aircraft

Boeing in early discussions on new aircraft

Boeing is reportedly in early discussions about developing a new commercial aircraft.  According to the Wall Street Journal, the aircraft manufacturer has started holding conversations with customers — including leasing companies and suppliers — about potential interest in a single-aisle aircraft with improved engines that could carry between 200 and 250 passengers. That would fall between Boeing’s 737 MAX and twin-aisle 787 Dreamliner.  Discussions are still in the preliminary stages, with no confirmation on Boeing’s front as…

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Prospects for Flybe as administrators agree sale to Cyrus Capital

Prospects for Flybe as administrators agree sale to Cyrus Capital

Collapsed regional airline Flybe will restart operations next year after its administrators agreed for it to be sold to Thyme Opco Ltd, a firm controlled by hedge fund Cyrus Capital. Flybe ceased operations in early March this year and has since been under the administration of accountancy firm EY.  Administrators from EY said they had agreed to a sale of Flybe’s business and assets, including the brand, intellectual property, stock and equipment, to Thyme Opco….

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British Airways fined £20m over data breach

British Airways fined £20m over data breach

The Information Commissioner’s Office (ICO) has fined British Airways (BA) £20 million for a data breach which affected more than 400,000 customers. An investigation by the ICO found the airline failed to implement adequate security measures in the processing of signficiant amounts of personal data. This failure broke data protection law and, subsequently, BA was the subject of a cyber-attack during 2018. It took two months before BA was made aware of the breach by…

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AirAsia Japan confirms closure

AirAsia Japan confirms closure

AirAsia Japan has confirmed that it will be ceasing operations after struggling to cope with the slump in air travel since the start of the COVID-19 pandemic.  ‘Travel restrictions and the uncertainties it created have severely curtailed demand for business and leisure travel resulting in flight reductions, cancellations and grounding of aircraft. These factors have weighed heavily on the Company’s ability to continue operations,’ reads a statement from AirAsia. The airline, which is unit of…

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KLM hands in restructuring plans to Dutch government

KLM hands in restructuring plans to Dutch government

KLM has informed the Dutch government of its plans to cut pay, reduce jobs, and slim down its fleet in order to secure a €3.4 billion government loan. The measures are among proposals submitted to the national finance ministry outlining how the carrier plans to overcome the coronavirus pandemic, which it calls ‘the worst crisis in almost 101 years of operation’.  ‘Substantively, the plan includes elements such as the reassessment of strategy, cost-cutting initiatives, financial…

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TAP defers lease payments and looks to sell up to eight aircraft

TAP defers lease payments and looks to sell up to eight aircraft

TAP Air Portugal has negotiated payment deferrals for some 60% of its leased fleet, and is looking to sell up to eight Airbus narrowbodies as well as returning some aircraft early to lessors. The Portuguese flag carrier made the disclosures in a first-half financial results document in which it revealed that it incurred a net loss of €582 million (£528 million) in the six-month period to 30 June. This compares with a €112 million net…

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Japanese low-cost carrier Peach receives first A320neo

Japanese low-cost carrier Peach receives first A320neo

Japanese budget carrier Peach has taken delivery of its first Airbus A320neo. The aircraft, registered JA201P, is powered by CFM International Leap-1A engines and configured with 188 Recaro-supplied seats in a single class. It is scheduled to enter service on 25 October, marking the start of the winter schedule. Alongside its entry, Peach is also planning to launch two domestic routes – Sapporo and Sendai to Okinawa – in addition to flights to Taipei Taoyuan from…

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Virgin Australia sale set for October completion

Virgin Australia sale set for October completion

The acquisition of Virgin Australia Holdings (VAH) by Bain Capital is on schedule for October completion, administrator Deloitte indicated in a letter to creditors and employees. On 4 September, Creditors had accepted a proposal structured around 10 deeds of company arrangement (DOCAs) for all 41 VAH entities in voluntary administration. “I confirm the DOCAs were executed today, 25 September 2020 and will be lodged shortly with the Australian Securities and Investments Commission (ASIC),” Deloitte said in…

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