Kenya Airways shares suspended for yet another year | Aviation News

Shares within the indebted airline haven’t been traded since 2020, and the president says he desires to promote the federal government’s stake.

Buying and selling in Kenya Airways shares has been suspended for an additional 12 months, the native inventory change says, because the troubled nationwide provider battles to return to profitability.

The airline’s shares have been suspended since July 2020 within the midst of the COVID-19 pandemic, which devastated world air journey.

“The extension of suspension seeks to allow the corporate [to] full its operational and company restructure course of,” the Nairobi Securities Alternate mentioned in a press release on Wednesday.

Final month, Kenyan President William Ruto mentioned the federal government was able to promote its total stake within the airline, which has been deep in debt for years.

The federal government owns a 48.9 p.c stake in Kenya Airways whereas Air France-KLM has 7.8 p.c. The remaining is owned by non-public house owners and banks.

“I’m keen to promote the entire of Kenya Airways,” Ruto advised Bloomberg Information throughout his first go to to the US as Kenya’s president.

“I’m not within the enterprise of operating an airline that simply has a Kenyan flag – that’s not my enterprise,” mentioned Ruto, who reportedly met executives from US provider Delta Air Strains throughout the journey.

Kenya Airways’ woes worsened in November when pilots staged a days-long strike, which led to a whole lot of flight cancellations and stranded hundreds of passengers. It additionally defaulted on a $525 million mortgage from the US Export-Import Financial institution final 12 months.

The shares have been first suspended two and a half years in the past as lawmakers have been contemplating a plan – since dropped – for the state to take full possession of the provider.

The airline, whose slogan is “The Delight of Africa”, was based in 1977 after the demise of East African Airways and now flies greater than 4 million passengers to 42 locations yearly.

However it has not made a revenue since 2012, and the federal government has pumped in thousands and thousands of {dollars} to maintain it afloat.

Final month, the Worldwide Financial Fund referred to as for progress on structural reforms in Kenya whereas asserting a $447 million mortgage for Kenya beneath a 38-month help programme

The IMF mentioned “addressing vulnerabilities” at Kenya Airways in addition to the bulk state-owned utility Kenya Energy was “pressing”.

In August, the airline reported an $81.5 million half-year loss, citing excessive gasoline prices. It was a marked enchancment on the $94.6 million loss within the interval the 12 months earlier than.

Native media experiences cited a letter from Treasury Cupboard Secretary Njuguna Ndung’u to the IMF on the finish of December as saying Kenya Airways would get a further state bailout of about $280 million quickly.

Power outages at Philippine airports disrupt travel for thousands | Aviation News

Lots of of flights out and in of Manila are halted resulting from air visitors management malfuntion, stranding passengers at airports.

Tens of 1000’s of travellers have been stranded at airports within the Philippines after an influence outage brought about a malfunction of air visitors management on the nation’s busiest hub in Manila.

The communication and radar tools failure on Sunday, January 1 compelled a whole bunch of flights to be cancelled, delayed or diverted, affecting some 56,000 passengers at Manila’s Ninoy Aquino Worldwide Airport, in accordance with the airport operator. It was unclear what number of overflights have been affected.

Transportation Secretary Jaime Bautista apologised to folks for the halted flights, blaming the ability outage for the breakdown that additionally affected operations at different airports within the nation.

He stated the outdated present facility needs to be upgraded instantly and {that a} backup system was additionally wanted.

“That is [an] air visitors administration system challenge,” he instructed reporters. “If you’ll evaluate us with Singapore, for one, there’s a massive distinction, they’re not less than 10 years forward of us.”

Passengers look at a screen showing flight information at terminal 3 of Ninoy Aquino International Airport in Pasay, Metro Manila on January 1, 2023. - Thousands of travellers were stranded at Philippine airports on January 1 after a "loss of communication" at the country's busiest hub in Manila forced hundreds of flights to be cancelled, delayed or diverted. (Photo by KEVIN TRISTAN ESPIRITU / AFP)
Passengers have a look at a display exhibiting flight data at Terminal 3 of Ninoy Aquino Worldwide Airport in Pasay, Metro Manila, the Philippines [Kevin Tristan Espiritu/AFP]

The Manila Worldwide Airport Authority stated in an announcement that “the system has been partially restored thereby permitting restricted flight operations” as of 08:00 GMT. By late night, eight flight arrivals and eight departures had been allowed, in accordance with the operator.

“The flight delays and diversions are solely precautionary measures to make sure the security of passengers, crew, and plane,” the Civil Aviation Authority of the Philippines stated.

The outage hit as many individuals have been planning to journey after the Christmas and New Yr break.

Pictures and movies circulating on social media confirmed lengthy queues on the airport and airline personnel distributing meals packs and drinks to stranded passengers.

There have been chaotic scenes at check-in counters throughout the nation as 1000’s of individuals tried to rebook tickets or discover out when their flights would possibly take off.

Others who had boarded their plane earlier than the glitch was introduced waited for hours, then needed to disembark.

Tycoon Manny Pangilinan, chairman of Philippine telecommunications conglomerate PLDT Inc, tweeted that he had been flying from Tokyo to Manila when the aircraft was diverted to Haneda  Airport in Japan resulting from “radar and navigation services” happening.

“6 hours of ineffective flying however inconvenience to vacationers and losses to tourism and enterprise are horrendous. Solely within the PH. Sigh,” Pangilinan wrote.

Philippine Airways and funds provider Cebu Pacific each stated they have been providing passengers resulting from fly on Sunday free rebooking or the choice to transform tickets into vouchers.