Travel – TheNewsHub https://thenewshub.in Wed, 13 Nov 2024 07:15:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.7 12 Things To Keep In Mind For An Ultimate Destination Wedding https://thenewshub.in/2024/11/13/12-things-to-keep-in-mind-for-an-ultimate-destination-wedding/ https://thenewshub.in/2024/11/13/12-things-to-keep-in-mind-for-an-ultimate-destination-wedding/?noamp=mobile#respond Wed, 13 Nov 2024 07:15:52 +0000 https://thenewshub.in/2024/11/13/12-things-to-keep-in-mind-for-an-ultimate-destination-wedding/

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Finally, it is important to create a wedding day itinerary and check out each of the requirements.

Destination weddings are currently the trend worldwide. (Representative Image)

Imagine exchanging vows amidst breathtaking scenery, far away from the chaos of your home cities! Destination weddings are currently the trend worldwide. They offer unparalleled adventure and celebration to the newlyweds and their families. However, planning an ideal destination wedding that matches both your vibe and budget is the most challenging job. With numerous breathtaking locations worldwide, couples can easily get confused.

So, to tailor that the chosen venue ensures seamless logistics, breathtaking ambience, and cherished memories, here is a list of pull-proof things to keep in mind.

Budget

While planning a destination wedding, the first factor that should be completely marked is the budget. A wedding itself has multiple hidden costs, including taxes, service charges, and more, so crafting a well-planned budget for the destination wedding that fits your capacity is essential. For instance, while you’re dreaming of a secluded beach wedding in Goa, the budget exceeds your limits. Then, all you need to do is plan effectively and cut some of the “not so essential” things from the list of itineraries, use the buffer budgets kept for each criterias or use some discounts.

Fix your date and location

The next important step in planning the destination wedding is locking a date. Once done, you can start checking out the array of locations as per your choice – be it mountains, valleys, beaches, or more. Citing the above example, for your matrimonial celebration, you can also go for similar-looking ones at a lower cost if a location goes out of your budget. Moreover, accommodation facilities, restrictions, desired choice of food, transportation to the venue, and other factors are also hugely essential for the ceremony.

Finalise your Wedding Planner

Once you have finalised the kind of set-up you want for your wedding and the maximum budget you can afford, you can also choose your wedding planner. And that clears the most of your worries. However, choosing from local wedding planners can be helpful as they can use their connections with local venues, accommodations, and vendors.

Reccee of the location along with your wedding planner

Days before your wedding, you can visit the location with your planner to check the list of things face-to-face and taste some local cuisine options for catering services.

Check local marriage laws, culture and traditions of the place

When planning a destination wedding, the local customs and traditions should always be respected alongside the legal procedures. If visiting any foreign country, translated documents and other legal documents are major requirements.

Restrictions and accommodations of the place

When planning a destination wedding, common restrictions like large gatherings for celebrations, the ‘no music after 11:00 p.m.’ rule, or the ‘no alcohol’ policy should be checked properly. Moreover, the venue’s guest intake capacity, which is preferable for your guest list, is another important thing that should be checked.

Weather of the place according to indoor and outdoor events

You must want to avoid spoiling your wedding with unfavourable weather. So plan accordingly! Keep your wedding dates in such a schedule that the ceremonies like Haldi is set on a sunny bright morning to mehendi nights in an inside location, for instance.

Transportation to the venue

Although Google Maps can now take you to every corner of the world, choosing an extremely remote location may not always be convenient and easy for your contact agents and locals, apart from the guests, to reach. Moreover, book your flights, trains, or other transport mediums as early as possible.

Check the food selected for the events menu beforehand

Ensure culinary delights by selecting catering options aligned with your and your guests’ expectations. And always taste them beforehand.

Book your suppliers and vendors beforehand

After finalising the venue and the date, book a wedding officiate or priest, hire a photographer, videographer, and makeup artist, and choose the right kind of hampers for your guests.

Finally, it is important to create a wedding day itinerary and check out each of the requirements — from the couple’s attire to food—beforehand, ahead of the main events.

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Boeing machinists end strike after approving labor contract with 38% wage increases https://thenewshub.in/2024/11/05/boeing-machinists-end-strike-after-approving-labor-contract-with-38-wage-increases/ https://thenewshub.in/2024/11/05/boeing-machinists-end-strike-after-approving-labor-contract-with-38-wage-increases/?noamp=mobile#respond Tue, 05 Nov 2024 12:41:06 +0000 https://thenewshub.in/2024/11/05/boeing-machinists-end-strike-after-approving-labor-contract-with-38-wage-increases/

Boeing machinists approved a new labor deal Monday, ending a more than seven-week strike that halted most of the aircraft production at the company that was already struggling with mounting losses.

Machinists voted 59% in favor of the new contract, which includes 38% wage increases over four years and other improvements.

The approval is a relief for Boeing’s new CEO, Kelly Ortberg, who took the top job in August to steer the company through its safety and manufacturing crises. The company raised more than $20 billion in a share sale last week to weather its financial problems after warning it will likely burn cash through 2025.

Boeing will now be able to resume production, key to its recovery since the bulk of the aircraft price is paid when they are handed over to customers.

“While the past few months have been difficult for all of us, we are all part of the same team. We will only move forward by listening and working together,” Ortberg said after the contract passed. “There is much work ahead to return to the excellence that made Boeing an iconic company.”

President Joe Biden congratulated the union and the company — one of the country’s top exporters — on reaching the deal. Acting Labor Secretary Julie Su had gotten involved with the negotiations, meeting with both sides.

“This contract provides a 38% wage increase over four years, improves workers’ ability to retire with dignity, and supports fairness at the workplace,” Biden said in a statement. “This contract is also important for Boeing’s future as a critical part of America’s aerospace sector.”

walked off the job after overwhelmingly rejecting a proposal promising a 25% raise, far short of the 40% the union sought. They voted down another sweetened proposal late last month.

A union member from the International Association of Machinists and Aerospace Workers District 751 counts ballots after a vote on a new contract proposal from Boeing at a union hall during an ongoing strike in Seattle, Washington, U.S. November 4, 2024.

REUTERS/David Ryder

Union urged approval

“This is a victory. We can hold our heads high,” said International Association of Machinists and Aerospace Workers District 751 President Jon Holden as he announced the results late Monday.

The machinists, who build planes such as the bestselling 737 Max, 777 and 767 aircraft must return to their jobs no later than Nov. 12 the union said. They could return as early as Wednesday.

Boeing said machinist pay will average $119,309 at the end of this contract proposal. The first wage increase will be 13%. The contract also increases 401(k) contributions and a signing bonus of up to $12,000 or a combination of a $7,000 bonus and $5,000 401(k) deposit.

Workers had complained about the skyrocketing cost of living in the Seattle area, where most of Boeing’s aircraft are produced.

But the union had warned that the latest deal, which was proposed last week, might be as good as workers can expect to get.

“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the International Association of Machinists and Aerospace Workers District 751 said in a statement then. “We are at that point now and risk a regressive or lesser offer in the future.”

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Foreign buyers eye Japan's empty houses with millions available for cheap — but experts warn of risks https://thenewshub.in/2024/11/04/foreign-buyers-eye-japans-empty-houses-with-millions-available-for-cheap-but-experts-warn-of-risks/ https://thenewshub.in/2024/11/04/foreign-buyers-eye-japans-empty-houses-with-millions-available-for-cheap-but-experts-warn-of-risks/?noamp=mobile#respond Mon, 04 Nov 2024 03:18:14 +0000 https://thenewshub.in/2024/11/04/foreign-buyers-eye-japans-empty-houses-with-millions-available-for-cheap-but-experts-warn-of-risks/

There are 9 million “akiyas” — empty houses — across Japan, according to official government data as of 2023.

You2u | Istock | Getty Images

Buying a home can feel like an impossible feat as large parts of the world face a housing shortage. This is not the case with Japan though, which is dealing with an oversupply of properties.

As of 2023, Japan had more than 9 million “akiyas” — empty houses — according to government data, with some of these properties going for less than $10,000.

These homes, often abandoned and left empty for decades, are scattered across rural areas and big cities, offering a unique opportunity for buyers with creative ideas.

record low of 1.2 births per woman as of 2023. Meanwhile, death rates have surpassed birth rates in Japan, as its elderly population continues to increase.

“The akiya problem has been building for decades, rooted in Japan’s post-war economic boom, which led to a surge in housing construction,” Tetsuya Kaneko, head of research and consultancy at Savills Japan told CNBC Make It.

“The issue became more pronounced in the 1990s with Japan’s economic slowdown, and has worsened with ongoing demographic changes,” said Kaneko.

Urban migration is another big contributing factor to Japan’s abandoned houses. “As younger generations move to cities for work, rural areas are left with aging populations who may pass away or be unable to maintain their homes,” he added.

Among local people, akiyas are often stigmatized, and even seen as a “burden,” said Kaneko. So, even when family homes are inherited by the children of elderly parents who pass away, many times, the heirs are reluctant to personally use or sell the property, adding more abandoned houses to the market.

Notably, a home that is over 30-year-old “is typically considered old,” said Kaneko, and locals tend to be concerned over things like safety issues, high renovation costs and decay, he explained. Some people even associate these homes with superstition, “believing they might be haunted or bring bad luck.”

Ultimately, “many Japanese [people] look at akiya as depreciating items that are more trouble than they’re worth,” Michael, founder of Japan real estate blog Cheap Houses Japan, told CNBC Make It.

“The cheapest properties are that way for a reason,” he said, whether it is because the location is not desirable, or the cost of renovations are expected to exceed the value of the property.

Anton Wormann. He fell in love with Japan after visiting it during a work trip. Born and raised in Sweden, the 32-year-old had traveled all over the world during his 20s working as a model before relocating to the Asian country in 2018.

“I lived in New York for about two years, and then I was basically all over Europe … so I know how expensive all of these metropolitans are,” Wormann told CNBC Make It. “There’s no way that I could buy a house in any of these places that I’ve ever lived in.”

When he discovered that Japan was selling homes for cheap, he decided to purchase one for himself. Six years later, Wormann owns seven akiyas, and works as a full-time content creator and real estate investor in Japan.

He has completed renovations on three of his properties, and is currently working on finishing up the other four renovations. Today, a property that cost him a total of about $110,000 to purchase and renovate, brings in $11,000 in short-term rental revenue per month.

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]]> https://thenewshub.in/2024/11/04/foreign-buyers-eye-japans-empty-houses-with-millions-available-for-cheap-but-experts-warn-of-risks/feed/ 0 Why flights to Europe are the cheapest they've been in years https://thenewshub.in/2024/11/03/why-flights-to-europe-are-the-cheapest-theyve-been-in-years/ https://thenewshub.in/2024/11/03/why-flights-to-europe-are-the-cheapest-theyve-been-in-years/?noamp=mobile#respond Sun, 03 Nov 2024 13:00:01 +0000 https://thenewshub.in/2024/11/03/why-flights-to-europe-are-the-cheapest-theyve-been-in-years/

A tourist takes a photo as the Acropolis’ Propylaea are seen in the background, in Athens, Greece, on June 28, 2024.

Elias Marcou | Reuters

Flights between the U.S. and Europe have not been this cheap in three years, when many countries were just lifting Covid-19 era rules.

Fares are low even for the traditionally slow late-fall and winter months outside of major holidays.

“It is brutal to fill seats during these times of year,” said Brett Snyder, who writes the Cranky Flier travel industry site.

According to flight-tracking company Hopper, “good deal” fares across the Atlantic to Europe are averaging $578 in November, down from $619 a year earlier.

It is the lowest deal fare for this month since 2021, when they were going for $479 and much of international travel was in a slump because of the pandemic, Hopper data shows.

In January, after the year-end holidays, 2025 fares are even lower: $558 compared to $578 for the same month in 2024, though higher than $488 in January 2022, according to Hopper.

U.S. domestic airfare, on the other hand, is more expensive compared with last year in every month from November through March.

Many airlines from financially troubled Spirit Airlines to profitable Southwest Airlines have cut flights or trimmed growth plans into next year, which has helped keep U.S. fares firm. Aircraft scarcity is also limiting airlines from adding many flights.

There are also some periods of weaker demand overall, executives at the largest U.S. carriers, Delta Air Lines, United Airlines and American Airlines have said, calling out the week before and after the U.S. presidential election on Tuesday.

shoulder-season demand to Europe as travelers look to escape scorching summer temperatures and crowds. As a result, they have also added flights outside of peak periods.

Airline capacity between the U.S. and Europe in the fourth quarter is marginally lower than last year, but it is higher than in 2019 and nearly double the amount in the same period of 2021, according to Cirium.

“I expect airfare [to Europe] to be low into next year,” said Hayley Berg, Hopper’s lead economist.

Now, on the heels of two big years for European travel, many customers are fresh off their big trips to popular destinations such as Spain and Italy, which means fewer people to fill seats in the offseason.

“It’s not as though there is so much low-hanging fruit and where airlines could print money hand-over-fist like last year,” said Scott Keyes, founder of travel app Going, which was previously known as Scott’s Cheap Flights.

Airlines traditionally discount flights in the offseason, but they are even cheaper this year.

“That’s the tell,” Keyes said. “When they’re having to go out and discount, they’re having to juice the demand.”

So that travelers do not get bored with European vacation mainstays when next year’s peak warm-weather travel season rolls around, airlines are trying new things. United Airlines has noted many customers have already taken trips to major European cities and the airline plans to expand its schedule next year to more off-the-beaten-path destinations such as Greenland and Mongolia.

“We’re also able to do just as well financially outside of our partner hubs,” United’s Chief Commercial Officer Andrew Nocella said on an earnings call last month. “So we look across the globe, we look for new destinations, we look for hot destinations and destinations, most importantly, we can make money in.”

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Boeing union backs sweetened contract offer that could end strike, sets vote for Monday https://thenewshub.in/2024/11/01/boeing-union-backs-sweetened-contract-offer-that-could-end-strike-sets-vote-for-monday/ https://thenewshub.in/2024/11/01/boeing-union-backs-sweetened-contract-offer-that-could-end-strike-sets-vote-for-monday/?noamp=mobile#respond Fri, 01 Nov 2024 18:41:54 +0000 https://thenewshub.in/2024/11/01/boeing-union-backs-sweetened-contract-offer-that-could-end-strike-sets-vote-for-monday/

Boeing workers from the International Association of Machinists and Aerospace Workers District 751 gather on a picket line near the entrance to a Boeing production facility on the day of a vote on a new contract proposal during an ongoing strike in Renton, Washington, U.S. October 23, 2024. 

David Ryder | Reuters

Boeing and its machinists’ union have agreed on a new negotiated offer to raise worker pay and potentially end a crippling strike that began seven weeks ago with a vote on the new proposal set for Monday.

The union urged workers to approve the contract. Getting workers back into factories is urgent for Boeing as it faces mounting losses.

“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the International Association of Machinists and Aerospace Workers District 751 said Thursday. “We are at that point now and risk a regressive or lesser offer in the future.”

The new proposal includes 38% general wage increases over four years, up from a previous offer for 35%, bringing the compounding pay increases to close to 44%, the union said Thursday. It also gives workers the option of a $12,000 one-time ratification bonus or to choose a previous offer for a $7,000 ratification bonus and a $5,000 401(k) contribution.

The union said that asking its members to stay on strike longer “wouldn’t be right as we have achieved so much success.”

Boeing’s more than 32,000 machinists, mostly based in the Seattle area, walked off the job on Sept. 13 after turning down a tentative agreement. They rejected another proposal earlier this month, extending the strike.

Boeing said Thursday that at the end of the contract, machinist pay will average $119,309.

“It’s time we all come back together and focus on rebuilding the business and delivering the world’s best airplanes,” Boeing’s CEO Kelly Ortberg said in a note to staff on Friday. “There are a lot of people depending on us.”

He urged workers to vote “since the results of the vote will affect all of us.”

The Biden administration has gotten involved in negotiations during the strike, which has halted most aircraft production at Boeing, a top U.S. exporter. Acting Labor Secretary Julie Su met with the company and the union this week.

The Boeing strike took a bite out of U.S. employment numbers in October, according to Friday’s U.S. jobs report, the last before the Nov. 5 presidential election.

President Joe Biden congratulated the union and Boeing for the new contract proposal.

“Machinists at Boeing have sacrificed over the years and deserve a strong contract,” he said in a statement on Friday, shortly after the jobs report was released.

Read more CNBC airline news

Ortberg said on his first earnings call last week since taking the top job in August that the company has been “feverishly working to find a solution that works for the company and meets our employees’ needs.” Hours later, the workers rejected a negotiated proposal.

Boeing machinists have repeatedly pushed for higher compensation as the cost of living in the Seattle area — where technology giants like Microsoft and Amazon have ramped up staffing — has surged in recent years.

Under the new contract proposal, as in previous iterations, Boeing vowed to build whatever its next airplane will be in the Puget Sound area. One sore spot among workers is that Boeing moved 787 Dreamliner production to a non-union factory in South Carolina.

The strike has further pushed back Boeing leaders’ plans to stabilize the aerospace behemoth as it reels from the impact of production flaws and the fallout from safety issues, most recently a door plug that blew out midair from a Boeing 737 Max 9 at the start of the year.

Boeing lost more than $6 billion in the last quarter and warned it would continue to burn cash through 2025.

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Spirit Airlines stock jumps 15% after struggling budget carrier said it will sell planes, cut jobs https://thenewshub.in/2024/10/25/spirit-airlines-stock-jumps-15-after-struggling-budget-carrier-said-it-will-sell-planes-cut-jobs/ https://thenewshub.in/2024/10/25/spirit-airlines-stock-jumps-15-after-struggling-budget-carrier-said-it-will-sell-planes-cut-jobs/?noamp=mobile#respond Fri, 25 Oct 2024 20:07:51 +0000 https://thenewshub.in/2024/10/25/spirit-airlines-stock-jumps-15-after-struggling-budget-carrier-said-it-will-sell-planes-cut-jobs/

Spirit Airlines baggage tags are seen near a check-in counter at the Austin-Bergstrom International Airport on April 10, 2024 in Austin, Texas. 

Brandon Bell | Getty Images

Spirit Airlines shares surged Friday after the struggling budget carrier said it would cut jobs and sell aircraft.

The stock closed the day 16% higher, at $2.79 per share.

The carrier late Thursday laid out a plan to reduce costs and raise cash by selling 23 older Airbus aircraft. That sale will bring in $519 million, Spirit said in a securities filing.

It also said it will reduce costs by about $80 million, mostly through job cuts.

Last week the airline again delayed a deadline to refinance more than $1 billion in debt until late December, giving it breathing room with its credit card processor.

Spirit has struggled to return to profitability in the wake of the pandemic, facing a shift in travel demand and the grounding of dozens of Pratt & Whitney powered aircraft.

Even with Friday’s jump, Spirit’s shares have tumbled more than 80% this year after a judge blocked its planned acquisition by JetBlue Airways.

Spirit Airlines jetliners on the tarmac at Fort Lauderdale Hollywood International Airport. (Joe Cavaretta/South Florida Sun Sentinel/Tribune News Service via Getty Images)

Joe Cavaretta | South Florida Sun-sentinel | Getty Images

Spirit didn’t immediately comment on how many employees it will cut but said its 2025 capacity will be down in the mid-teen percentage point range compared with this year. It started furloughing about 200 pilots in September. Flight attendants “are well-positioned” because so many crew members took voluntary leaves of absence, according to the company.

Earlier this week, The Wall Street Journal reported that Spirit and Frontier Airlines have revived merger discussions, sending shares higher. The airlines didn’t immediately comment. The two budget airlines had a merger agreement that was derailed by JetBlue‘s April 2022 offer to purchase Spirit outright.

Late Thursday, Spirit forecast a third-quarter negative operating margin of 24.5%, better than a previous estimate for as much as a negative 29% margin for the three-month period.

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Safeguarding India’s Fragile Ecosystems Through Sustainable Tourism https://thenewshub.in/2024/10/21/safeguarding-indias-fragile-ecosystems-through-sustainable-tourism/ https://thenewshub.in/2024/10/21/safeguarding-indias-fragile-ecosystems-through-sustainable-tourism/?noamp=mobile#respond Mon, 21 Oct 2024 15:13:43 +0000 https://thenewshub.in/2024/10/21/safeguarding-indias-fragile-ecosystems-through-sustainable-tourism/

As the impacts of climate change intensify and tourism continues to grow, India’s most vulnerable and eco-sensitive destinations are facing unprecedented pressures. From the mangrove forests of the Sundarbans to the pristine coral reefs of Lakshadweep, these unique ecosystems are not only vital for biodiversity but also play a critical role in the country’s economy, culture, and local livelihoods. The rising threat calls for a holistic, coordinated approach to sustainable tourism, emphasizing conservation, community engagement, and low-impact infrastructure. Key industry leaders, including Abhinav, Global COO, OYO; Vivek Adhia, Associate Director, BCG; and Nusrat Pathan, Head of Sustainability, HDFC Bank, share insights into how India can turn these challenges into opportunities for preservation and growth.

The Urgent Need for Protection

Abhinav highlights the fragility of India’s diverse ecosystems and the need for immediate action. “As we face the urgent challenges of climate change and over-tourism, it’s critical to focus on our most vulnerable eco-sensitive destinations. In India, the Sundarbans mangrove forests in West Bengal, the fragile ecosystem of Ladakh, and the coral reefs of Lakshadweep are a few examples of areas at risk.”

These regions are not only at the forefront of biodiversity but also vulnerable to rising sea levels, habitat destruction, and unchecked tourism activities. Protecting these areas requires more than sporadic interventions; it necessitates a multi-pronged approach. “To safeguard these treasures, we need stringent visitor management, community-led conservation efforts, and sustainable infrastructure development. This will help preserve our ecosystems while also benefiting local communities,” adds Abhinav.

The Need for National Coordination

While there have been successes, such as the globally recognized Blue Flag beaches in India, Adhia emphasizes the importance of a nationally coordinated approach. “India’s most fragile ecosystems, right from the Sundarbans and the Western Ghats to Ladakh plains, Goa’s beaches, and Kerala’s backwaters, are facing a perfect storm of climate threats and unsustainable tourism.”

Adhia points out that piecemeal efforts are not enough. Although regions like Goa and Kerala are adopting innovative solutions such as blended finance mechanisms and low-carbon development strategies, the pace of environmental degradation is alarming. “In response, places like Goa have deployed mechanisms to strengthen coastal resilience, while Kerala is actively pursuing climate-resilient development at the policy level. Yet, there’s a growing consensus that we need more than isolated successes.”

India, he suggests, is uniquely positioned to set a global benchmark in sustainable tourism. “We need an integrated, nationally coordinated approach that goes beyond isolated successes. Without this, we risk irreversible damage to ecosystems that are not just vital to biodiversity but to the very fabric of India’s economy and culture.”

Empowering Local Communities

A crucial element of sustainable tourism lies in empowering local communities to become stewards of their environment. Pathan shares how their initiatives under HDFC Bank Parivartan are addressing this aspect. “India’s rich and diverse tourism spots are under threat from climate change and environmental degradation, impacting the lives and livelihoods of local populations, especially in rural regions,” Pathan notes.

One of the key initiatives by HDFC Bank is capacity building through training and green skills, focusing on alternative livelihood development. In regions like Ladakh, Meghalaya, Assam, Arunachal Pradesh, and Sikkim, HDFC Bank has supported the establishment of eco-friendly homestays run by local communities. “In Ladakh, for example, we have helped local women establish 15 carbon-neutral eco-homestays, providing training in hospitality, sustainable practices, and conservation skills,” explains Pathan. These homestays, built with sustainability in mind, have been well-received by tourists and have offered local women a new, eco-conscious livelihood.

The long-term success of such initiatives hinges on community involvement, a sentiment echoed by all stakeholders. For the local population to benefit from tourism while protecting their fragile environments, they need to be equipped with the necessary skills, resources, and decision-making power.

The Path Forward

As tourism continues to evolve in India, the balance between economic growth and environmental sustainability becomes even more crucial. Both private and public sectors must collaborate on creating frameworks that foster responsible tourism. From implementing visitor management systems and promoting eco-friendly infrastructure to empowering local communities with sustainable skills, the path forward requires collective action and integrated solutions.

With India’s diverse ecosystems at risk, sustainable tourism has the potential to transform these vulnerable regions from points of crisis into shining examples of conservation and community-led development. As Abhinav aptly puts it, “Preserving these ecosystems is not just about saving nature, it’s about securing the future for the communities who depend on them and ensuring that future generations inherit the beauty and richness of these extraordinary places.”

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Embraer CEO says jet maker studying possibilities for a new aircraft https://thenewshub.in/2024/10/18/embraer-ceo-says-jet-maker-studying-possibilities-for-a-new-aircraft/ https://thenewshub.in/2024/10/18/embraer-ceo-says-jet-maker-studying-possibilities-for-a-new-aircraft/?noamp=mobile#respond Fri, 18 Oct 2024 21:26:15 +0000 https://thenewshub.in/2024/10/18/embraer-ceo-says-jet-maker-studying-possibilities-for-a-new-aircraft/

Embraer CEO Francisco Gomes Neto speaks during the Embraer Media Day 2022 at the aircraft factory in Sao Jose dos Campos, Brazil, May 30, 2022. 

Carla Carniel | Reuters

Brazilian plane maker Embraer is studying the market and new technology that could warrant it building an all-new jet, CEO Francisco Gomes Neto told CNBC.

A new airplane could help the airplane manufacturer compete with much larger rivals Airbus and Boeing, which deliver hundreds of jets a year compared with Embraer’s dozens of aircraft.

But Gomes Neto noted that no decisions have been made yet.

“At this point in time, we don’t have concrete plans to go to a big narrow body,” he said, adding that the studies for new engine technologies, avionics and potential demand are “to be prepared.”

In the meantime, Gomes Neto said Embraer is focused on improving results and selling its regional planes, which won orders earlier this year from American Airlines, manufacturing its E2 jet, and “delivering what we promise” customers.

Embraer said Friday that it delivered 16 commercial jets in the third quarter, up more than 5% from a year earlier. Including its defense and business jets, the company handed over 57 jets in the period, a third more than last year.

An Embraer E195E2 aircraft

Frederic Stevens | Getty Images

The Federal Aviation Administration approved a freighter version of its E190 passenger-to-freighter converted jet earlier this month, helping clear the way for its commercial introduction.

“This is maybe the advantage we have: We have a great product [that’s] available,” Gomes Neto said.

Both Airbus and Boeing are struggling to ramp up production and deliver aircraft on time in the wake of the pandemic. Boeing has the added challenges of a safety crisis and a machinist strike.

Boeing once had plans to take control of Embraer’s commercial jet business but ended those discussions in early 2020. Last month, Embraer said Boeing would pay it $150 million over the scuttled plan.

Like its competitors, Embraer is facing supply chain strains coming out of the pandemic, and the company is taking a more in-depth look at delivery capabilities.

Engines, hydraulic valves, cabin interiors and components for them are some of the areas where it has been difficult to ramp up production from suppliers, Gomes Neto said. He added that he expects supply chain problems will likely ease in 2026.

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Spirit Airlines extends debt refinancing deadline hours before expiration https://thenewshub.in/2024/10/18/spirit-airlines-extends-debt-refinancing-deadline-hours-before-expiration/ https://thenewshub.in/2024/10/18/spirit-airlines-extends-debt-refinancing-deadline-hours-before-expiration/?noamp=mobile#respond Fri, 18 Oct 2024 20:42:13 +0000 https://thenewshub.in/2024/10/18/spirit-airlines-extends-debt-refinancing-deadline-hours-before-expiration/

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024.

Brandon Bell | Getty Images

Spirit Airlines on Friday said it reached an agreement with its credit card processor to again extended a debt refinancing timeline to December, hours before it was set to hit its deadline.

Spirit said in a filing late Friday that earlier this week it drew down the entirety of its $300 million revolving credit facility and expects to end the year with just over $1 billion in liquidity.

“As previously disclosed, the Company remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities,” Spirit said in a filing late Friday.

The deadline was previously set in September and had been extended until Oct. 21 before the Friday change. The airline’s stock closed at a new low Friday, down roughly 3%, at less than $1.50 per share.

The Miramar, Florida-based airline has furloughed workers, slashed its schedule and deferred aircraft deliveries to save cash over the past year.

Many of its planes have been grounded because of a Pratt & Whitney engine recall. It has also reported weaker-than-expected bookings and its planned acquisition by JetBlue Airways was scuttled after getting blocked by a federal judge on antitrust grounds.

Its shares have tumbled more than 90% so far this year and nearly 40% so far in October alone.

Earlier this month, The Wall Street Journal said the carrier is considering a bankruptcy filing. Spirit and advisor Perella Weinberg Partners did not immediately comment on the matter.

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Spirit AeroSystems to furlough 700 workers as Boeing machinist strike continues https://thenewshub.in/2024/10/18/spirit-aerosystems-to-furlough-700-workers-as-boeing-machinist-strike-continues/ https://thenewshub.in/2024/10/18/spirit-aerosystems-to-furlough-700-workers-as-boeing-machinist-strike-continues/?noamp=mobile#respond Fri, 18 Oct 2024 13:55:11 +0000 https://thenewshub.in/2024/10/18/spirit-aerosystems-to-furlough-700-workers-as-boeing-machinist-strike-continues/

Airplane fuselages bound for Boeing’s 737 Max production facility await shipment on rail sidings at their top supplier, Spirit AeroSystems Holdings Inc., in Wichita, Kansas, on Dec. 17, 2019.

Nick Oxford | Reuters

Boeing supplier Spirit AeroSystems will furlough some 700 workers as a strike by machinists at the plane maker enters its sixth week, a spokesman for the supplier said Friday.

More than 32,000 Boeing workers walked off the job Sept. 13 after overwhelmingly rejecting a tentative labor deal with Boeing, deepening the aircraft producer’s financial strain and handing a new challenge to CEO Kelly Ortberg, who took the reins just over two months ago.

The temporary furloughs account for about 5% of Spirit’s U.S. workforce, according to its latest annual filing.

The temporary furloughs will affect employees at Spirit’s largest facilities, in Wichita, Kansas, and account for about 5% of Spirit’s U.S. workforce, according to its latest annual filing. Meanwhile, Boeing and its machinists’ union remain at an impasse, and Spirit is considering deeper cuts.

“If the strike continues beyond November, we will have to implement layoffs and additional furloughs,” Spirit spokesman Joe Buccino told CNBC on Friday.

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Ortberg, who faces investors in his first earnings call next Wednesday, last week announced a series of drastic measures meant to slash costs as the company’s losses mount, including cutting the workforce by 10%, or about 17,000 people. Boeing is also ending 767 commercial production when orders are fulfilled in 2027 and said its long-delayed 777X wide-body jet won’t debut until 2026, pushing it back yet another year.

Boeing is in the process of raising debt or equity to increase liquidity.

The roughly 700 Spirit workers affected by the 21-day furlough are assigned to the 777 and 767 programs for Boeing, for which Spirit has built up “significant inventory,” Buccino said. Spirit workers on Boeing’s bestselling 737 Max are not affected, he added. Work on all three programs, however, is stalled because of the strike.

Boeing agreed to acquire Spirit this summer, but the companies don’t expect the deal to close until mid-2025. Reuters earlier reported Spirit’s latest furloughs.

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