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flee

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flee last won the day on August 8 2009

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  1. Another reason for me to criticise Mavcom - they really don't protect consumers much! The least they can do is to ask the airlines to pay interest on these refunds - they are already in breach of contract as the flights were cancelled. Now they have an interest free loan?
  2. Airbus chief: Crisis likely to be ‘a long one’ Airbus is expecting to review its production rates every month after reducing its output by a third in response to the coronavirus impact. Chief executive Guillaume Faury, speaking on 8 April, was unable to estimate when rates would be restored but said he thought the crisis would “probably be a long one” The airframer has already been taking steps to reinforce liquidity and to adjust operations at certain plants as governments put measures in place to contain the outbreak. But Faury says the production rate cuts are intended to provide the “best balance” between the effects of the downturn and the appetite for aircraft. He says the initial cutting of rates for the A320, A330 and A350 provide a definite plan to which the airframer can align its workforce, but adds that it could need adjustment and will probably be reviewed on a monthly basis. See: https://www.flightglobal.com/air-transport/airbus-chief-crisis-likely-to-be-a-long-one/137821.article https://www.airbus.com/newsroom/press-releases/en/2020/04/airbus-provides-update-on-march-commercial-aircraft-orders--deliveries-and-adapts-production-rates-in-covid19-environment.html
  3. Khazanah tells bidders not to count on debt to take over Malaysia Airlines https://www.theedgemarkets.com/article/khazanah-tells-bidders-not-count-debt-take-over-malaysia-airlines
  4. AirAsia needs funding fast https://www.thestar.com.my/business/business-news/2020/04/08/airasia-needs-funding-fast
  5. Malindo Air ceases all flight operations, most employees on unpaid leave this month KUALA LUMPUR: Malindo Airways Sdn Bhd (Malindo Air) is ceasing all flight operations effective this month, and has asked most of its employees to go on unpaid leave from April. Malindo Air chief executive officer Captain Mushafiz Mustafa Bakri said the measures were taken due to continuing nature of the Movement Control Order (MCO) and restrictions across its international markets owing to the Covid-19 pandemic. “I foresee the situation to be the same in early May. We may perhaps review the situation later in the month and in all possibility only operate a very limited number of flights,” he said in an internal memo to employees sighted by the New Straits Times (NST) today. https://www.nst.com.my/business/2020/04/582265/malindo-air-ceases-all-flight-operations-most-employees-unpaid-leave-month
  6. Khazanah quashes Golden Skies' US$2.5bil Malaysia Airlines takeover bid https://www.nst.com.my/business/2020/04/582175/khazanah-quashes-golden-skies-us25bil-malaysia-airlines-takeover-bid
  7. Apparently, this financing was discussed a month ago. Not sure if the European banks will proceed now that Covid-19 is nearing its peak. However, Europe is in a bad state now and good investments are more likely to come from outside Europe.
  8. Malaysian firm bids US$2.5 bil for national carrier Malaysia Airlines, funded by European bank KUALA LUMPUR, April 4 (Reuters) - A Malaysian company has proposed a fresh capital injection and to assume the debts of Malaysia Airlines (MAS), in a formal takeover bid of the ailing national carrier, according to a report by The Edge Malaysia. The Malaysian government has been seeking a strategic partner for its national airline, which has struggled to recover from two tragedies in 2014 - the mysterious disappearance of flight MH370 and the shooting down of flight MH17 over eastern Ukraine. Golden Skies Ventures Sdn Bhd (GSV), a firm set up earlier this year by ex-MAS employees and private individuals, has offered a capital injection of 11 billion ringgit ($2.53 billion) and to assume the airline’s full outstanding Islamic bonds or sukuk, its chief executive Shahril Lamin was quoted as saying by The Edge. See: https://www.reuters.com/article/malaysia-airlines-ma/firm-plans-2-5-bln-capital-boost-in-malaysia-airlines-takeover-bid-report-idUSL4N2BS01E https://www.theedgemarkets.com/article/malaysian-firm-bids-us25-bil-national-carrier-co-funded-european-bank
  9. Typical move from Singapore - in the 1997 and 2008 downturns, they spent lots of money keeping the economy going by building and extending the MRT.
  10. Avolon cancels order for 75 Boeing MAX jets, 4 Airbus A330neo DUBLIN (Reuters) - Aircraft lessor Avolon on Friday announced the cancellation of an order for 75 Boeing (BA.N) 737 MAX planes that were due to be delivered by 2023, saying it was adjusting its order book to the disruption caused by the coronavirus pandemic. More: https://www.reuters.com/article/us-health-coronavirus-avolon/leasing-company-avolon-cancels-order-for-75-boeing-max-jets-4-airbus-a330s-idUSKBN21L1UK
  11. You are 100% right! The experience in the Peninsula is that the NS highway helped open up the less developed states. All along the highway, we see new residential, commercial and industrial development. The highway served as a catalyst to development. The same is now going on with the East Coast highway. I think the Pan Borneo highway will open up the areas where it passes and it will also improve logistics to the smaller and less developed towns, just like the highways on the Peninsula has done.
  12. AirAsia’s Fernandes skeptical about deliveries any time soon https://www.flightglobal.com/orders-and-deliveries/airasias-fernandes-skeptical-about-deliveries-any-time-soon/137692.article
  13. During this Covid-19 airline shutdown period, we get to see a lot more cargo flights - even pax aircraft flying in is carrying mainly cargo, e.g. Xiamen Air upgraded their usual B737 to B787. MAS kept their A330 service to Hong Kong. Good to see YTO in KUL, finally! Too bad we are not able to spot at KLIA now! Here is an old pix of the B757 that I managed to catch at Narita.
  14. Troubled local carriers to get RM10bil help from Khazanah? KUALA LUMPUR: Malaysia’s cash-strapped airlines could get up to RM10 billion financial assistance from Khazanah Nasional Bhd. Sources said the potential RM10 billion would specifically be in the form of loans guaranteed by Khazanah to help the local carriers cope with the Covid-19 pandemic. This was meant as a short-term relief for them to cover operating cost and improve liquidity, a source told the New Straits Times. The pandemic has exacerbated the local carriers’ yields and profitability, which had already been compressed by overcapacity and irrational levels of competition particularly in Asia Pacific. “The assistance depends on how long the Covid-19 crisis will last. Most airlines have cash reserves less than a month to keep their operations, except AirAsia Group,” the source said. He said the government’s intervention via the sovereign wealth fund would be critical at this juncture to assist local airlines such as Malaysia Airlines Bhd, AirAsia, Firefly and Malindo Air as the air transport industry supported about 450,000 jobs in Malaysia in 2018. More: https://www.nst.com.my/business/2020/04/580216/troubled-local-carriers-get-rm10bil-help-khazanah
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