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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.


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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.

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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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