Only days after TUI, the Anglo-German multinational travel and tourism company headquartered in Hanover, Germany secured a third round of emergency funding for €1. 8 billion, it has posted an annual loss of €3.0 billion as a result of the effect of the COVID-19 pandemic on the holiday industry sector. TUI had previously secured state
With the U.K. leaving Europe on January 1, 2021, Liz Truss, the U.K. Trade Secretary, is looking to negotiate an independent deal with the U.S over trade tariffs the U.S. imposed on Europe (including the U.K.) after the World Trade Organization (WTO) gave the go ahead for penalties to be applied after it was revealed
Veritas Capital and Northrop Grumman Corporation have announced that Peraton, an affiliate of Veritas Capital, has signed a definitive agreement to acquire Northrop Grumman’s federal IT and mission support services business for US$3.4 billion in cash. The transaction is expected to close in the first half of 2021, subject to regulatory approvals and customary closing
The International Air Transport Association (IATA) has released data for the month of October which reveals that demand for air freight cargo continues, though at a slower rate of recovery than was seen in September. Figures remain appreciably below those for October 2019. Global demand, measured in cargo tonne-kilometers (CTKs*), was 6.2% below previous-year levels
According to German newspaper Bild am Sonntag, Lufthansa, along with its subsidiaries Eurowings, Swiss, Austrian and Brussels Airlines will have cut its workforce by 27,000 by the end of 2020 to help mitigate the catastrophic effect of the COVID-19 pandemic on air travel. 20,000 of those jobs will employees based outside Germany, while approximately 7,500
Ryanair, Europe’s largest low-cost carrier, is to increase its fleet of 737 MAX jets after placing a new order for 75 of the beleaguered jets at what has been described as a “modest discount” from the list price of US$22 billion. At a news conference in Washington to announce the deal, Ryanair chief executive Michael
TUI, the world’s largest holiday company, has secured a third major financial bailout to help it cope with the knock-on effects of the COVID-19 pandemic on the travel industry. Having already secured €3 billion in state loans this year, the company has announced that it has struck a deal with the German government, banks and
While remaining an asset of the now defunct Thomas Cook Group, Condor Flugdienst GmbH (Condor) the German charter airline, has announced that it is once again a healthy company. On September 25, 2019 Condor obtained credit facilities of €380 million (US$460 million) while on December 19, 2019 “Schutzschirmverfahren” (protective shield proceedings) began under the Frankfurt
Thales and Standard Aero StandardAero have announced the successful first flight test of a revolutionary compact autopilot system for the Airbus AS350 and H125 helicopter. This is a key milestone which lays the groundwork for this critical phase of the Supplemental Type Certification (STC) process and the launch of this unique autopilot solution to the
In a tone which now underlines the country’s wariness of the relationship between Boeing and the U.S. Federal Aviation Administration, Transport Canada has announced its intention to play a far greater part in the validation process of aircraft. We “have to look at the interaction that different authorities have with their manufacturers,” Nicholas Robinson, Transport
