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AviLease Buys 167 Standard Chartered Aircraft For $3.6 Billion

AviLease Buys 167 Standard Chartered Aircraft For $3.6 Billion

In order to position itself among the top 10 worldwide lessors by 2030, Aircraft Leasing Company (AviLease) has agreed to pay $3.6 billion for the aircraft leasing operations of UK-based Standard Chartered.

This Saudi Arabian airline may order 80 Boeing 787 planes.(Opens in a new browser tab)

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The jet lessor, based in Riyadh and supported by the Public Investment Fund (PIF), will buy a portfolio of 100 narrow-body aircraft and take on the servicing of an additional 22 aircraft. The integrated platform will manage and supervise 167 aircraft, including a $6 billion owned fleet of 145 aircraft and a $800 million managed fleet of 22 aircraft. According to a statement from AviLease, the corporation leases airplanes to 46 airlines around the world.

The agreement comes as the bank works to meet its 2024 goals by concentrating on business sectors where it distinguishes apart from rivals. The sovereign wealth fund of Saudi Arabia owns the aircraft lessor AviLease, which has its headquarters in Riyadh and is also known as Aircraft Leasing Co. In January, StanChart stated that it was looking into potential changes for its worldwide aviation finance operation.

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Virgin Atlantic takes delivery of its first A330neo(Opens in a new browser tab)

“The sale of our Aviation Finance leasing business allows us to continue focusing our efforts on those areas where we are most differentiated, and to make further progress on our Return on Tangible Equity journey,” stated Simon Cooper, Chief Executive Officer of Standard Chartered. I want to express my gratitude to our Aviation Finance coworkers, whose dedication to developing an excellent franchise over the course of more than 15 years made this transaction successful.

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After the deal closes, Standard Chartered will see a rise in its common equity Tier 1 capital ratio of about 19 basis points and a gain of about US$0.3 billion. The net proceeds from the transaction are expected to be factored into Standard Chartered’s overall management of the capital and liquidity position of Standard Chartered and its subsidiaries.

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United Flight Diverts to Shannon, After Stuck Laptop in Business Class Seat

United Flight Diverts to Shannon, After Stuck Laptop in Business Class Seat

A United Airlines flight from Zurich to Chicago O’Hare was forced to make an emergency diversion to Shannon, Ireland.

On Saturday afternoon after a passenger got their laptop wedged in a Business Class seat aboard the Boeing 767-300. Operating as United Flight 12, the aircraft departed from Flughafen Zürich at 9:46 a.m. local time and took off at 10:08 a.m.

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The captain decided to divert the flight not because the passenger couldn’t access their laptop, but because any device powered by lithium-ion batteries that becomes inaccessible could pose a significant safety risk.

Such devices, if damaged or overheated, could lead to a thermal runaway event, potentially causing a fire on board. The Boeing 767-300, featuring United’s relatively new Polaris business-class cabin, landed safely at Shannon Airport in County Clare at 1:43 p.m. IST (Irish Summer Time) and reached the gate at 1:51 p.m.

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In a statement, United Airlines acknowledged the diversion: “United flight 12 scheduled from Zurich to Chicago landed safely in Shannon to address a potential safety risk caused by a laptop being stuck in an inaccessible location.” This situation led to the cancellation of the flight, and the airline is working to reroute the 157 passengers who found themselves unexpectedly in Ireland.

Frequent flyers are often reminded in airline safety videos not to move their seats if they lose mobile phones or other gadgets powered by lithium-ion batteries within the seats. Attempting to retrieve such items by moving the seat can damage the battery and potentially cause a dangerous situation.

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Air India Flight Collides with Tug Tractor, at Pune Airport

Air India Flight Collides with Tug Tractor, at Pune Airport

An Air India flight bound for Delhi faced an unexpected hurdle during its taxi towards the runway at Pune Airport on Thursday, May 16th.

The aircraft, carrying 180 passengers, encountered a collision with a tug tractor, though fortunately, no injuries were reported among the passengers or crew. The incident, while causing significant damage to the aircraft, triggered swift emergency protocols, ensuring the safety of all individuals involved.

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Upon the mishap, passengers were promptly disembarked from the plane, and alternative arrangements were made for their accommodation as they found themselves stranded at the airport. The Directorate General of Civil Aviation (DGCA) has initiated an inquiry to ascertain the cause of the collision, according to ANI reports.

Preliminary findings suggest that the tug truck, utilized for maneuvering the aircraft on the ground, inadvertently struck the plane during the taxiing process. Despite the incident, airport operations continued with minimal disruption. However, the affected aircraft was temporarily withdrawn from service for comprehensive inspection and necessary repairs.

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Air India, in response to the situation, assured passengers of full refunds and complimentary rescheduling. The airline’s statement conveyed, “There was an incident related to one of our aircraft, which was to operate Pune to Delhi, at the time of its pushback. The aircraft was held back for checks, all passengers were offloaded safely, and the flight was cancelled.”

Passengers affected by the cancellation were provided with refunds and the option for rescheduling their travel plans without additional charges. The damage to the aircraft, primarily located near the belly where the pushback tug made contact, underscores the need for a thorough investigation into the circumstances surrounding the collision.

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After Flight Cancellation, Virgin Atlantic Passengers Told to Arrange Own Hotels

After Flight Cancellation, Virgin Atlantic Passengers Told to Arrange Own Hotels

Ian Field and his partner Jane, both residents of the London area, faced an unexpected and costly ordeal while on a trip to St. Lucia in the Caribbean.

The couple, who had flown out from Heathrow on Virgin Atlantic flight VS221 on May 5, discovered upon arrival that their May 15 return flight was canceled for “operational reasons.” Despite Virgin Atlantic’s explanation, Field suspected the cancellation was due to a lack of passengers, as the airline is set to cease the route after May 19.

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Stranded on the island, Field and Jane were left to fend for themselves for two additional nights. Both Virgin Atlantic and their travel agency, Blue Bay Travel, failed to provide assistance or accommodation, forcing the couple to pay over £400 out of pocket for their hotel stay.

Virgin Atlantic advised those without sufficient funds to seek financial help from family members, which added to the couple’s frustration. “We feel completely abandoned and let down terribly,” Field expressed to The Independent.

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The lack of response from Virgin Atlantic and the unhelpful attitude of the travel agent exacerbated their distress. Although Field and his partner could afford the unexpected expense, he expressed concern for those who might not be in a similar financial position.

In response, a Virgin Atlantic spokesperson stated that all affected customers were rebooked on alternative flights and could amend their bookings through the airline’s “rebook me” function if needed. The spokesperson apologized for the delay and inconvenience, assuring that customers would receive EC261 compensation of £520 per person and be reimbursed for any out-of-pocket expenses incurred.

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