UAC AND ANTONOV AIM FOR 50-50 JOINT VENTURE
Ukrainian and Russian representatives appear to have reached a compromise on a new formula for handling integration of their countries' aircraft industries. An earlier draft agreement that would have seen Russia's United Aircraft take a controlling interest in a merged entity has been replaced by a straight 50-50 tie-up with Ukraine's Antonov.
PORTER SHELVES IPO PLANS
Canadian Bombardier Q400 turboprop operator Porter Airlines has suspended plans set out on 16 April for an initial public offering, citing volatility in equity markets. Porter, which lost C$6 million ($5.7 million) in its first quarter, following a full fiscal year 2009 loss of C$4.6 million, operates 20 Bombardier Q400s and expects to acquire seven more over the next 12 months. "We can wait until markets stabilise before deciding whether to proceed with a new public offering," says chief executive Robert Deluce.
BOEING FORMS NEW CONSORTIUM IN CANADA
Boeing, the Composites Innovation Centre in Winnipeg, the National Research Council Canada's Institute for Aerospace Research in Ottawa and a group of Canadian industry partners have launched the Canadian Composites Manufacturing Research and Development consortium in a bid to strengthen Canada's competitive position in the manufacturing of advanced composite materials.
FINMECCANICA HITS BACK AT 'SLUSH FUND' CLAIMS
Finmeccanica is understood to be considering legal action after its share price tumbled following Italian newspaper reports - subsequently denied by Italian prosecutors - which said the company was under investigation for using slush-fund bribes to win contracts. Finmeccanica says the group and its companies "have adopted organisations and ethical codes in line with regulations and best practices, aimed at preventing and banning any conducts not responding to proper management standards".
KOREAN AIR TO SUPPLY A320 SHARKLET WINGTIPS
Airbus has chosen Korean Air's aerospace division to be the sole supplier of the sharklet wingtip devices for Airbus A320s. The first A320 with the sharklets will be delivered from the end of 2012, says Airbus. KAL Aerospace will manufacture the devices and supply them to the A320-family final assembly lines in Toulouse, Hamburg and Tianjin. The 2.5m (8.2ft)-tall devices will result in a 3.5% reduced fuel burn over longer sectors, says Airbus.
TWO CARRIERS FINED FOR PRICE ADVERTISEMENTS
The US Department of Transportation has fined AirTran Airways $20,000 and rival Delta Air Lines $40,000 for false advertising. AirTran's website offered special fares as low as $39 one way, but no seats were available at that price. Delta failed to adequately disclose taxes and fees on base fares.
RYANAIR TO PAY €500M DIVIDEND AS PROFITS SURGE
Irish budget carrier Ryanair is to pay shareholders €500 million ($610 million) in a one-off dividend in October, after trebling its full-year profit to €319 million, and believes it could return another €500 million by the end of March 2013. Ryanair's revenues over the year to 31 March 2010 rose slightly to just below the €3 billion mark. Ancillary sales were up 11% to €664 million.
Source: Flight International
