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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

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World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.

Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

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Expression of interests launched for new carrying-capacity studies for La Digue, Mahe and Praslin

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The Seychelles Ministry for Tourism, Civil Aviation, Ports and Marine have recently launched 2 expression of interests for carrying capacity studies to be undertaken on La Digue as well as Mahe and Praslin. The aim of the studies is to determine the current status of the islands and the acceptable amount of tourism development that can occur while still remaining sustainable, and assist the government in taking informed decisions on all future tourism development projects.

The Carrying-Capacity Study for La Digue dates back to 2013 and the results have led to the policy directive of setting a moratorium on the development of tourism accommodation establishments to 5 rooms per developer. This moratorium is supposed to be valid for a period of five years and the time has come to commission a new Carrying-Capacity Study.

Moreover, in 2018 the President announced that La Digue would be a model of sustainability as part of the National Vision 2033.  An eco-tourism strategy specific to the island for the next 15 years has been developed and the Carrying-Capacity Study on La Digue will aim to align with the established vision and provide recommendations to policy makers pertaining to future development on the island in view of assuring its sustainable development.

As for Mahe and Praslin, the Carrying-Capacity Study was commissioned in 2016 and set to be reviewed in 2020.  The results of the Carrying-Capacity Study has led to a number of policy directives and a set moratorium on the number of rooms that can be developed per promoter which is 20 rooms for Northern Mahe and 24 rooms per promoter for  the rest of Mahe and Praslin.

The carrying-capacity analysis will determine the ability of the ecosystem of La Digue, Mahe and Praslin and the various segments thereof to withstand all impacts of additional tourism development activities. The studies will apply the perspectives of Physical carrying capacity, Ecological carrying capacity, Social carrying capacity and Economic carrying capacity in order to develop a balanced overall assessment.

Consultants interested to undertake the study have to submit their expression of interest to the Department of Tourism by Friday, April 26, 2019 by 1500 hours. Results of the two carrying capacity studies will determine whether or not to maintain the moratorium currently in place on La Digue, Mahe and Praslin.

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Destination Florence CVB partners with City of Florence for international tourism promotion

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Destination Florence CVB is the new official partner of the City of Florence to promote the destination and better the quality of tourism.

The Florence Municipality, The Florentine Chamber of Commerce and The University of Florence signed an agreement to outline new and effective strategies in the tourism field, relying on the governence of tourism and the ability to directly foster agreements between institutions and individuals, while defining and clarifying the roles of various on-site actors.

The agreement is dedicated specifically to the MICE tourism and to better the quality of tourism in all the Florenctine territories and it has the aim of choosing a partner to develop activities and strategies.

Thanks to the winning of a competition notice, Destination Florence Convention and Visitors Bureau has been selected as the unique partner of the City of Florence and its partners to promote the destination all over the world and acquire more conferences and events.

To develop the activities, the Municipality of Florence allocated 320.000 Euros per year for a total period of three years, to be renewed for two more years.

Destination Florence Convention and Visitors Bureau has been operating for over 20 years as a destination agency to attract large events, congresses, international marriages, and individual tourists. It represents a comprehensive outlet for tourism thanks to more than 300 partners, a network that makes it possible to have a synchronized bond with the territory and the operators functioning within, strengthened by signed agreements with trade associations of reference.

The Ministry of Tourism of the city of Florence, Cecilia Del Re, said “We are very proud to have selected a unique partner for the promotion of the city. Florence is a unique city to host conferences and events also thanks to the new tramvia, the huge renovation of our congress centre and the future major enlargment of our airport”.

Destination Florence CVB presented a project to better the tourism within the city of Florence thanks to specific activities and with two main goals: acquire more conferences and events and attract a qualified tourism.

OBJECTIVES OF THE PROJECT:

– Increase the number of winning bid and conferences to be held in the city
– Presence at primary Fairs and Events of the sector (ILTM Cannes, ATM Dubai…)
– Augment number of tourists with a qualified profile and high spending capacity
– Increase the average duration of stay within the territory
– Expand and diversify the range of services, products, and experiences
– Qualitatively enhance the image of Florence worldwide
– Promote qualified and certified tourist services in the city, including the greater metropolitan area, to include lesser-known concepts of great touristic value

Carlotta Ferrari, Director of Destination Florence CVB said: “Florence is one of the most attractive destination of the world in fact it is in the top five cities to host conferences and events. We will continue to promote Florence to acquire more conferences and events each year.”

“Also, thanks to the Destination Florence project, we will develop and promote tourism offerings, proposing a benchmark for a single, potential national model. We are working with the most innovative technology as our new chat bot that we will presented in the next months and we are also opening our official account on WeChat to promote Florence in the Chinese market.”

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Machu Picchu Pueblo: First 100% sustainable Latin America city

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Machu Picchu Pueblo is the first city in Latin America to sustainably manage 100% of its solid waste.

Through the process of pyrolysis, in which the waste is decomposed at high temperatures without oxygen, 7 tons of trash is processed per day, generating bio-coal, a natural fertilizer that will be used to restore the Andean cloud forest and contribute to the agricultural productivity of Machu Picchu. Continuing initiatives for the conservation and environmental care of Machu Picchu, AJE Group and Inkaterra presented this first Organic Waste Treatment Plant to the city.

Alongside the Organic Waste Treatment Plant, a Plastic Compactor Plant to SERNANP will be used to recycle trash found along the Inca Trail, the most famous trekking route in South America. The plant was donated in 2017 and prevented the ruins of Machu Picchu from entering UNESCO’s list of Heritage at Risk. Currently, 14 tons of polyester plastic are processed daily in this plant.

In 2018, a Biodiesel and Glycerin Plant was inaugurated at Inkaterra Machu Picchu Pueblo Hotel. By processing used vegetable oil from Machu Picchu’s homes, lodges, hotels, and restaurants, 20 gallons of biodiesel are produced daily from nearly 6,000 liters of used oil a month. The glycerin obtained in the process of making biodiesel is also used by the municipality to clean the stone floors, thus replacing chemical products.

These cumulative efforts to turn the city of Machu Picchu into a model of global sustainability won the Peruvian “Líderes + 1” prize and, in Germany, the prestigious “Die Goldene Palme” award in the category for Responsible Tourism.

For more information on Inkaterra Machu Picchu Pueblo Hotel, click here.

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Airbus to attend Turkey’s IDEF 2019

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Airbus will attend Turkey’s IDEF 2019, 14th International Defense Industry Fair, held at TÜYAP Fair and Congress Center in Büyükçekmece, Istanbul from April 30th to May 3rd.

At the exhibition Hall 2, Stand 234, Airbus will display a range of innovative defence and security products and services, including military aircraft and helicopters, perfectly in line with the aspirations of the Turkish Armed Forces in regard with the recently launched modernization programs.

Airbus will showcase a scale model of the A330 MRTT – the only new generation strategic tanker/transport aircraft combat proven and available today. The large 111 tonnes basic fuel capacity of the successful A330-200 airliner enables the A330 MRTT to excel in air-to-air refuelling missions without the need for any additional fuel tank.

Also on display, the scale mock up of the C295 in Maritime Patrol Aircraft configuration – a very robust and reliable, highly versatile tactical airlifter able to carry up to 9 tonnes of payload, at a maximum cruise speed of 480 km/h. Fitted with a retractable landing gear and a pressurised cabin, it can cruise at altitudes up to 25,000 ft, while retaining remarkable short take-off & landing (STOL) performance from unprepared, short, or soft airstrips, as well as excellent low level flight characteristics.

A scale mock up of the Astrobus S Earth observation satellite will be on show. The latest generation of Earth Observation Satellites for Very High Resolution (VHR) applications, it combines the advantages of a low-mass system (around 400 kg only) with the strong performance of a larger Earth observation satellite platform.

Turkey is a key partner for Airbus. With nearly 30 years of successful collaboration in civil and military aviation, Airbus is committed to long-term, mutually-beneficial industrial cooperation, working closer with its partners and customers as flag carrier Turkish Airlines, the Ministry of Defense and Presidency of Defense Industries, as well as Turkey’s air force, navy and coast guard.

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New team member at The Pod Hotels

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The Pod Hotels is striving to address the rapidly-increasing demand for affordable lifestyle hotels targeted at progressive-minded and budget-conscious travelers who are creative and ambitious and who maintain high expectations when it comes to authentic experiences, smart design and intuitive technology.

As part of this progress, BD Hotels today announced the appointment of Rani Gharbie as the Head of Acquisitions & Development for The Pod Hotels, BD Hotel’s highly profitable micro-hotel concept to replicate this successful business model in even more key markets including Miami, San Francisco, Chicago, Austin, Boston, Nashville, Seattle, Montreal, Toronto, and Mexico City, amongst others.

Gharbie formerly oversaw development and acquisitions for North America at Virgin Hotels where he actively contributed to grow the brand’s footprint in key markets.

As Head of Acquisitions & Development working closely with BD Hotels owners Richard Born and Ira Drukier, Gharbie will be responsible for identifying potential investment opportunities and bringing together strategic partners and investors to fund future projects in numerous markets. He will leverage BD Hotels’ expertise in hotel development, investment and operations to expand The Pod Hotels brand across the country and eventually globally.

“Rani joins us at a pivotal time as we scale The Pod Hotels portfolio exponentially in North America” said Richard Born, Owner of BD Hotels. “He will undoubtedly be a tremendous asset as he brings over 20 years of experience in hotel acquisitions, development and operation.”

“I’m looking forward to expanding the profitable model Richard and Ira created to key markets nationwide,” said Gharbie. “I see great growth potential for the brand as there is an increased desire from today’s travelers to stay at smart, innovative brands like The Pod Hotels.”

Prior to joining Virgin Hotels, Gharbie was the Managing Director and Founder at Cedar Funds, a New York City based development and investment firm with a focus on progressive hotel and real estate assets, as well as regional Director of Development with InterContinental Hotels Group (IHG). In addition, Gharbie is an Adjunct Professor at Columbia’s Masters in Real Estate Development program, where he teaches the spring course Private Equity Development, Hotel Focus. He holds a Masters Degree from the program, an MBA from the HEC Business School in Montreal, a Bachelor degree in Hotel Management from the Glion Hotel School in Switzerland, and a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University in New York.

The Pod Hotels currently has five properties in the portfolio, three of which opened over the past two years (the brand’s flagship Pod Times Square opened in January 2018; Pod DC and Pod Brooklyn opened in 2017), with the brand recently announcing two more hotels in the direct pipeline (Pod Philly opening in fall 2019 and Pod LA slated for 2020). With its functional guestrooms, vibrant communal space and flexible design, The Pod Hotels presents superior investment returns when compared to legacy hotel brands of similar positioning.

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California-based Surf Air eyes profitability in 2019

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A turbulent year for Surf Air has finally come to an end. Exciting recent updates have already resulted in massive improvements to its scheduled service and membership growth.

A recent lawsuit against Encompass Aviation, its former flight operating partner, has been settled. Under the terms of the settlement, Surf Air has regained full access to its entire fleet of branded Pilatus PC-12s, an unfortunate consequence of negotiations that caused severe disruptions to the company.

“By doubling down on our most popular routes and eliminating non-core flying we have proven route profitability and that the fundamental business model works. Our plan for 2019 is to continue to invest further into these core markets and expand access to Surf Air through new, more flexible membership product offerings,” says Surf Air Chairman & CEO Sudhin Shahani.

Recent Club Updates:

A Robust Core Schedule

Surf Air has rebuilt a core schedule and added more flights across its most important routes: Los Angeles, San Francisco, Santa Barbara, and Lake Tahoe. The company will continue to add flights as it continues to acquire more members.

The company will also add back leisure weekend destinations as it makes sense (Las Vegas, Napa, Monterey, and Palm Springs).

Best-in-Class Reliability

With the help of Advanced Air, the company’s current third-party flight operator and long-time partner, they’ve restored operational reliability to its former best-in-industry levels of over 90% completion factor.

“Advanced Air has been a critical partner during this transitional period. With their proven professional and safety record, they’re the perfect, value-aligned partner to continue to scale our business,” says Sudhin Shahani.

Flexible, Per-Seat Membership

Perhaps Surf Air’s most promising opportunities for scaling membership growth is the new Express membership, allowing flyers to buy and fly on a per-seat basis. Meaning, for the first time, less frequent flyers can enjoy the time-savings benefits of zero hassle air travel.

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IGLTA honors ITB Berlin for its commitment to LGBT+ travel segment

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The reward for promoting awareness and acceptance of the LGBT+ Community in the global tourism industry: at the Annual Global Convention, which will take place from 24 to 27 April at the Hilton Midtown New York City, the International LGBT+ Travel Association (IGLTA) will present ITB Berlin with the Vanguard Award.

Every year, together with the IGLTA Foundation (www.iglta.org/The-IGLTA-Foundation), the public charity subsidiary of the IGLTA, the directors’ board presents the IGLTA Honors. The recipients are individuals, companies or organizations who have improved relations within the tourism community and raised awareness of LGBT+ travel around the world. The LGBT Travel Pavilion of ITB Berlin celebrated its debut back in 2010, and since then has become a highly-regarded role model for the presentation of the gay and lesbian travel segment at an international travel show. In addition to the extensive display area with its own conference venue, supporting events such as the LGBT+ Media Brunch, networking events, informative lectures, the LGBT+ ITB Convention Seminar – which since 2 years also includes the bestowal of an ITB Pioneer Award -, and, as of this year the International LGBT+ Leadership Summit, attract many visitors.

ITB’s commitment has made it possible to also position this segment at ITB Asia in Singapore and organize international ITB Academies on this topic as recently in Malta and Japan.

”ITB Berlin is proud to occupy a pioneering role in this important subject, and to be the recipient of such a prestigious award for its continuing efforts to promote international recognition of LGBT+ travel“, said Rika Jean-François, CSR officer of ITB Berlin and responsible for this segment. ”What began as a few community pioneers exhibiting here and there around ITB Berlin has over the years become a recognized platform. Together with our partner Diversity Tourism we have created a globally unique forum.“

”We have got to the point now where at ITB Berlin we have created one of the liveliest and most diverse LGBT+ Travel Pavilions possible, with exhibitors and people taking part in discussion rounds from around the world“, is how Thomas Bömkes, LGBT+ consultant for ITB Berlin and Managing Director of Diversity Tourism GmbH described this market’s rising prospects. Rika Jean-François added: ”This award will give us the strength to continue defending LGBT+ travelers against discrimination in every country in the world and to ensure that they, just like any other travelers, can visit places where also local people are respected regardless of their sexual orientation.” Thomas Bömkes pointed out, that the economic potential of this travel market cannot be underestimated: “Studies have shown that accepting diversity can contribute significantly to a destination’s economic success.“

LGBT tourism has been represented at ITB Berlin since the Nineties. As a result of ITB Berlin’s CSR policy which promotes diversity and defends human rights in tourism and due to the keen interest expressed by exhibitors and visitors, Gay & Lesbian Travel was officially declared a segment in its own right at ITB Berlin 2010. Openness, creativity and lively interaction are the dominant features of this segment that has become one of the most wide-ranging at ITB Berlin. The LGBT Travel Pavilion currently boasts the world’s largest display of products for the gay and lesbian travel market of any trade show in the world.

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SriLankan Airlines’ new plan to be like Emirates

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In a bid to turn the loss making airline into a profitable venture, SriLankan Airlines has come up with a five-year strategic plan. Part of the plan will see them emulating industry leader Emirates, with a new hub and spoke network model.

In a statement SriLankan Airlines said:

“SriLankan Airlines has formulated a new five-year Strategic Business Plan for the period 2019-24 with the objective of transforming itself into a financially viable organization airline group with high brand visibility and a global reputation for excellence,”

They went on to say that the national carrier had an ‘enormous contribution’ to make to the GDP of Sri Lanka, including import, export and tourism.

What is SriLankan Airlines planning?

Their latest five year strategic business plan includes major development of the Colombo hub to make it a key connecting point for a variety of markets. SriLankan are targeting passengers connecting through Africa, Asia and the Middle East, in a bid to grow as big as rival airline Emirates.

As a member of Oneworld, SriLankan are hoping to leverage their membership to develop their network for the future. In contrast to their current point to point model, they plan to work on more of a hub and spoke model to develop new opportunities.

The plan is to be presented to the Government of Sri Lanka for approval shortly.

New routes and fleet

Currently, SriLankan Airlines operate with a fleet of 27 Airbus aircraft. Specifically, these are 13 A320 family aircraft and 14 A330s. As part of the five year plan, the carrier intends to select new fleet inclusions which match the requirement of their developing route network. They have also said they want to reconfigure their existing fleet to offer an enhanced business class service.

Already, the airline has announced a fifth weekly service between Colombo and Tokyo from July onwards, using its Airbus A330-300s. If the plan is formalized by the government, we expect to see many more new route announcements over the coming weeks.

As well as routes and fleet, the plan specifies that it will:

  • Enhance the customer experience by improving customer-centricity throughout the airline
  • Adopt best practices to improve productivity
  • Grow online sales to reach a wider market in a more cost effective manner
  • Improve employee engagement
  • Implement a competitive cost structure through a greater cost consciousness throughout the company

The plan is being headed up by Group Chief Executive Officer Vipula Gunatilleka, who was appointed to the airline in mid-2018. Prior to joining SriLankan, Gunatilleka was a board member and CFO of TAAG Angola. There, he worked closely with Emirates while they were managing TAAG, so no doubt knows his hub and spoke business very well already.

A loss-making airline

The airline is undergoing a major shakeup with a view to turning a profit. Over the last nine months, the carrier’s net loss more than doubled to a total loss of $135m. It is hoped that the five year strategic plan being tabled today will transform the airline by 2024.

 

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‘Stable genius’ Trump to Boeing: Add ‘some great features’ & rebrand 737 MAX

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President Trump offered some unsolicited advice to aviation giant Boeing on how to tackle the problems with its Boeing 737 MAX model after worldwide grounding. The presidential wisdom fit into a single tweet.

The self-declared “very stable genius” bragged on Monday that his knowledge of branding helped him become president, and revealed what he would do if he “were Boeing.”

“I would FIX the Boeing 737 MAX, add some additional great features, & REBRAND the plane with a new name,” Trump said. “No product has suffered like this one. But again, what the hell do I know?”

Boeing is struggling to turn the tide for the popular model which was universally grounded after two crashes left a total 346 people dead and were apparently caused by the same faulty anti-stall system. The producer is accused of cutting corners to fast-track the passenger jet to the market and failing to properly train pilots on how to deal with malfunctions.

Trump complained last month about the level of automation on modern aircraft, saying the planes require “scientists from MIT” to pilot.

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