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Latest Finance news

Moody’s lifts Qantas back up to investment grade credit rating

IAG's valuation puts a tag of €110m on the Aer Lingus brand

Willie Walsh's British airline group has placed a value on one of Ireland's most distinctive brands. His International Consolidated Airlines Group (IAG) has valued Aer Lingus' brand and image, one of the most recognisably Irish company brands in the world, at €110m. The Aer Li...

Brazil airline Gol to get $251 mln cash injection, trim routes

Feb 27 Brazil's second biggest airline Gol Linhas Aereas Inteligentes SA said it will get a cash injection of up to 1 billion reais ($251 million) and announced cuts to its routes and aircraft fleet in an effort to trim costs amid weak demand. Takeoffs and landings will be cut by 6 percent th...

Milbank Advises on US$10 Billion in Deals Signed at Singapore Aerospace Airshow in Asia

Milbank, Tweed, Hadley & McCloy LLP partner and head of the firm’s aviation and asset finance practice in Asia, Paul Ng advised on more than US$10 billion in transactions at the Singapore Airshow, Asia’s largest gathering for the global aerospace community. Milbank was counsel on no less than five transactions signed at the Airshow including a over $3 billion jet engin...

Republic Airways Files For Bankruptcy Protection

Regional carrier Republic Airways has filed for Chapter 11 bankruptcy protection, blaming several quarters of falling revenue after grounding aircraft during a pilot shortage. The short-haul carrier, which feeds flights to American, Delta and United airlines, listed assets of USD$3.6 billion and USD$3.0 billion of liabilities, court documents showed. Republic said the bankruptcy process woul...

Zodiac Shares Plunge on Delayed Recovery, Miss on Margin Target

Zodiac Aerospace shares plunged the most in more than 17 years after saying a restructuring meant to halt delays in delivering airliner seats will take longer than estimated, the latest in a series of setbacks that have dented management’s credibility. The stock slumped 21 percent to 15.39 euros at 10:35 a.m. in Paris, giving the company a market value of 4.4 billion euros ($5 billion). T...

Air NZ reports $NZ338 million first half net profit

Air New Zealand has reported a more than doubling of first half net profit amid strong growth in passenger numbers and as the airline benefits from lower fuel prices and a booming New Zealand tourism market. The company said net profit for the six months to December 31 2015 came in at $NZ338 million, up 154 per cent from $NZ133 in the prior corresponding period. Air NZ grew capacity, measure...

Rex posts first half loss due to impairment charges

Regional Express (Rex) has swung to a rare first half loss due to impairment charges relating to the end of a Defence contract. The company reported a statutory net loss of $11.4 million for the six months to December 31 2015, compared with net profit of $3.9 million in the prior corresponding period. Rex said in a statement on Wednesday it was the airline group’s first statutory net loss...

Qantas posts bumper profit as international network soars

Qantas chief executive Alan Joyce has delivered a bumper 2015/16 first half profit, with the Flying Kangaroo’s international operations “going gangbusters” as the lower currency fuels demand for travel into Australia and alliance partners funnel passengers onto a domestic network that is also reporting strong profit growth. The airline group reported statutory net profit after...

Why Boeing's 787-10 Is Critical for Dreamliner Profitability

Shares of Boeing have slumped more than 20% since late December. The primary culprits have been investor concerns around aircraft demand and -- more recently -- reports of a possible SEC investigation into Boeing's accounting for the 747 and 787 widebody jet programs. At an investor conference last week, Boeing CEO Dennis Muilenberg offered a spirited defense of the company's profit and...

Uber of Private Jets Raises Funds From Saudi Royal Family

Private air travel is getting the Uber treatment with some of the industry’s biggest customers -- members of the Saudi Royal family -- investing $26.1 million in a company that lets users book private jets from a smartphone. Most private aircraft aren’t used that much, JetSmarter founder Sergey Petrossov, a Russian-born Florida resident, said in an interview. They either stand idled...

XTI Aircraft Company to Create Liquidity for Its Shareholders

XTI Aircraft Company (XTI) today announced that it will establish an over-the-counter secondary market so current and future shareholders will have the ability to buy and sell XTI shares on a public market. After garnering $20.6 million in non-binding expressions of interest, the excitement around the TriFan 600 and interest by investors in the company's equity crowdfunding...

Virgin Galactic will unveil its new spaceplane

Tomorrow, private spaceflight company Virgin Galactic will unveil the newest version of SpaceShipTwo — the reusable spaceplane that will become the company's primary vehicle. The company has been without a main vehicle since October 2014, when a crash killed one test pilot and seriously injured another. After the accident, many journalists and industry experts expressed skepticism about...

Virgin America posts $340.5 million net profit in 2015

Virgin America reported a 2015 net income of $340.5 million, a more than fivefold increase over a $60.1 million net profit for 2014. Virgin president and CEO David Cush said, “We achieved the highest net income in company history, generated significant operating cash flow, continued to outperform the industry in domestic unit revenue growth, and began growing the airline again.”...

Boeing CEO to Investors: Don’t Worry, Everything’s Under Control

Boeing Co.’s stock price hit a new 52-week low last week following a report that the program accounting method Boeing has been using to account for the 787 Dreamliner was being scrutinized by the U.S. Securities and Exchange Commission (SEC). Other recent issues include a cut to the production rate of the company’s current version of the 777 dual-engine, twin-aisle plane, and the...

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