Russia’s TMH Group, a supplier of rolling stock, has agreed to buy Norway-based Bergen Engines from Rolls-Royce for a net price of €150 million (US$180 million). The deal is one of a number of sales involving its smaller businesses in an attempt to mitigate the financial hardship the conglomerate is suffering as a result of
The International Air Transport Association (IATA) has released its results for the full-year 2020 global passenger results. Global demand in RPKs (revenue passenger kilometers) fell 65.9% compared to 2019 figures, and international passenger capacity measured in ASKs (available seat kilometers) fell by 75.6% compared to 2019 figures, while load factor fell 19.2% to 62.8% when
Boeing’s 777X program has been hit by another blow as its fourth-quarter 2020 accounting standard assessment has adjusted firm orders from 309 to 191. Firm orders are those which the company feels confident will result in a completed sale and purchase. Only last week the American planemaker was forced to take a US$6.5 billion charge
Rolls-Royce has announced that it has just conducted its first tests on a 100% sustainable aviation fuel (SAF) that is suitable for business jets. The tests are part of Rolls-Royce’s commitment to help areas in which it is involved to operate at net zero carbon by 2050. The tests were performed using the company’s latest
As a result of a petition from an unnamed creditor, the Hainan High People’s Court has initiated bankruptcy reorganisation proceedings against HNA Group. “On January 29, 2021, HNA Group received a formal notice from the Hainan High People’s Court,” the holding said in a statement. “The main content of the notice is: a creditor has
Lilium, an aviation company developing an all-electric, vertical take-off and landing (eVTOL) jet aircraft, and Ferrovial, a global leading infrastructure operator, have signed a framework agreement for the creation of a minimum ten-vertiport network covering locations across Florida. Vertiports provide infrastructure for landing and taking off with passengers, plus recharging as part of an alternative,
Boeing has released its fourth-quarter and full-year 2020 financial results, which do not make good reading. The company reported fourth-quarter revenue of US$15.3 billion, reflecting lower commercial deliveries and services volume primarily due to COVID-19 as well as 787 production issues, partially offset by a lower 737 MAX customer considerations charge in the quarter compared
Boston-based industrial conglomerate General Electric (GE) has predicted free cash flow of US$2.5 billion to US$4.5 billion this year after generating cash flow of US$4.4 billion in the fourth quarter. These figures indicate that GE’s Chief Executive Larry Culp’s 2018 turnaround plans are gathering steam, having helped drive cash savings and rendering GE’s businesses more
Pratt & Whitney and Frontier Airlines have announced the selection of Pratt & Whitney GTF engines to power 134 Airbus A320neo Family aircraft. The engines will power 49 A320neos, 67 A321neos and 18 A321XLR aircraft, with the first of these aircraft currently scheduled for delivery in 2022. Pratt & Whitney will also provide Frontier with
Airbus has been forced to quarantine 500 of its 12,000-strong workforce at its Hamburg-Finkenwerder, Germany site after 21 individuals tested positive for the COVID-19 coronavirus. As of yet it is not known if this is an outbreak of the more virulent variant that has been spreading rapidly throughout Europe from the U.K. These members of
