Like most professionals of advancing years, I get fairly inundated with offers of newsletters from financial advisors and stock pickers. One of them is Stephen Leeb’s The Cash Cow.
Singapore Technologies Engineering’s (ST Engineering) Vision Technologies Aerospace (VT Aerospace) has made a successful bid for Pemco World Air Services and certain assets including the Boeing 737 freighter conversion supplemental type certificates. The company paid $49.7 million at a bankruptcy auction, a price that includes VT Aerospace’s assuming liabilities estimated at $6.2 million. A spokesman for the company declined to detail the specifics of the liabilities.
German airline TUIfly and CFM International have achieved a new first-run time-on-wing world record set by a CFM56-7B engine powering one of the airline’s Boeing 737-800s originally delivered in 1999. The engine logged more than 50,000 hours without a shop visit. “This record is a remarkable achievement,” said Friedrich Keppler, TUIfly managing director. “To put this in perspective it is equivalent to driving your car for 16 years with nothing more than oil changes and tune ups; or flying 20 million miles with no engine removals.”
Last week, JPMorgan economists lowered their global GDP growth forecast for the second half of this year by 0.5 percentage points, to 2.1 percent. “If it persists,” JPMorgan Equity Research said in its just-issued business jet monthly report, “the disappointing economic data should pressure new bizjet demand, further postponing a recovery in a market in which 2011 deliveries were still about 40 percent below the 2008 peak.”
The FAA released Advisory Circular 120-76B late last week, updating the “Guidelines for the Certification, Airworthiness and Operational Use of Portable Electronic Flight Bags.” Naturally, much of the interest surrounding the updated AC involves how it applies to tablet computers such as the Apple iPad, which has gained a huge following among pilots in all segments of aviation.
London Stansted Airport is set to get a fourth FBO, with The Diamond Hangar scheduled to open in time for the start of the 2012 Olympic Games on July 27. The main shareholder in the new venture, which is trading on the Aero Toy Store brand, is Ben Shirazi, son of the U.S. aircraft sales and completions group’s founder, Morris Shirazi.
NBAA Air Traffic Services is warning business aircraft operators that the G20 Summit, which starts tomorrow in Los Cabos, Mexico, is resulting in “some significant impacts to air traffic” at Los Cabos International, Cabo San Lucas International and Gen. Manuel Marquez Airports. A five-mile TFR is expected around the as-yet unannounced hotel, possibly near Los Cabos International Airport, where head-of-state VIPs will be staying. Additionally, a second-tier TFR might be implemented that would cover a 10- to 30-mile radius.
Business aircraft sales, acquisitions, trading and brokerage services firm Jetcraft promoted David Dixon to president of Jetcraft Asia. He helped the company establish its formal presence in Asia earlier this year. In his expanded role, Dixon will manage overall operations and lead sales initiatives for Jetcraft Asia, spanning a territory from Beijing to Sydney. Dixon has been based in Asia for more than 30 years and previously was Bombardier Business Aircraft’s regional vice president for the Asia Pacific region.
Scope clause revisions at Delta Air Lines and elsewhere in the U.S. could spell relief for regional jet manufacturers such as Bombardier and Embraer, both of whose commercial aircraft businesses have suffered through a long period of sluggish sales in North America and now face the likely prospect of an extended slump in recession-plagued Europe.
Launching the A320 New Engine Option (A320neo) has given Airbus time in which to develop new technologies before having to invest in all-new designs, say senior executives. The move could save perhaps $10 billion in short-term expenditure, while keeping A320 operating costs a step ahead of aspiring market entrants.