Euro atlantic airways fleet

Illustrative photo (Source: Bamboo Airways ) Hanoi (VNA) - Bamboo Airways will adjust the path of its flights between Vietnam and Taiwan on August 6 to avoid areas near Taiwan (China), where China plans to hold military exercises, following a directive by the Civil Aviation Authority of Vietnam (CAAV). Two flights are expected to be directly affected. Some flights from Vietnam to Northeast Asia may also be delayed or prolonged. The adjustment made due to force majeure reasons aims to ensure absolute safety in operating flights on routes crossing some areas near Taiwan (China). The airline recommended its passengers regularly check updates on its website, Facebook fanpage or its customer care hotline – 19001166. After China announced military drills from August 4-7 in areas near Taiwan (China), the CAAV held a meeting with airlines to plan detours to ensure safety. Preliminary statistics showed that there are also 36 flights of Vietnam Airlines and 82 of Vietjet … [Read more...] about Bamboo Airways makes changes to flight path to Taiwan

The EU is Vietnam’s second-largest trading partner and an export market that witnessed the euro fall below $1 for the first time in nearly 20 years on July 29. Euro-dollar parity threatens the nation’s exports, source: freepik.com Pham Van Viet, chairman of Viet Thang Jeans, the top 5 leading fashion companies in Indochina, said that the immediate impact on textile and garment export enterprises is a decrease in value. All customers in Europe pay in euros and Vietnamese businesses that receive money back home must exchange it for USD. Now that the euro has fallen to the level of the US dollar, the export value of each shipment will decrease accordingly. “Profits of businesses are low because input costs such as gasoline, input material prices, and labour costs have all increased, now the plunge in euro prices will drag profits down even more,” he told VIR. Viet added that the depreciation of the euro shows that the European market is currently unstable, and … [Read more...] about Euro-dollar parity threatens the nation’s exports

Thai Airways will receive financial support from the goverment to save the carrier from bankruptcy . (Photo: AFP/VNA) Bangkok (VNA) – Thai Airways International Pcl will receive key financial support from the government for its 80 billion (2.2 billion USD) capital-raising and debt-to-equity swap plan which is aimed at helping the carrier come out of bankruptcy, according to Bloomberg News. State-owned banks will lead in funding new loans, converting debt and injecting equity capital into Thai Airways as part of a revised revamp plan the airline gave the court for approval last month, Finance Minister Arkhom Termpittayapaisith was quoted as saying in  an interview with Bloomberg News on August 8. VNA … [Read more...] about Thai government pumps money to save Thai Airways from bankruptcy

Thai Airways plane (Source: AFP/VNA) Bangkok (VNA) – The Central Bankruptcy Court of Thailand on September 14 approved a request for a debt restructuring plan of Thai Airways International Plc, the nation’s flagship carrier, which has been hit hard by the COVID-19. Thai Airways reduced its stake in May and went to the insolvency court to resolve its debt, which totalled 332.2 billion (10.6 billion USD) by the end of June, according to local media. The carrier, which reported a loss of nearly 900 million USD in the first quarter of this year, is seeking a loan worth around 1.78 billion USD in the short term to operate and pay for its employees. It is expected to submit the debt restructuring plan by the end of this year. The global aviation sector has plunged into crisis by the pandemic as countries severely restricted travel, forcing airlines to ground vast numbers of planes and seek government help as they hemorrhaged cash./. VNA … [Read more...] about Thai Airways receives court greenlight for debt restructuring

Planes of some Vietnamese airlines (Photo: VNA) Hanoi (VNA) – Airlines of Vietnam will adjust their flight paths in the next few days to avoid the areas near Taiwan where China plans to hold military exercises, according to the Civil Aviation Authority of Vietnam (CAAV). CAAV Director Dinh Viet Thang told Vietnam News Agency on August 3 that after China had announced military drills in some areas near Taiwan (China) from August 4 noon through August 7, the CAAV held a meeting with airlines to carry out detour plans to ensure safety. He said China ’s exercises near Taiwan will affect the flights from Vietnam to the US, Taiwan , Japan, and the Republic of Korea. Therefore, to ensure safety, carriers will adjust their flight paths in which planes will not fly across or near, or have their reserve airports near the exercise areas. The adjustment may lead to longer flight distance and time, as well as more expenses due to high fuel prices, Thang noted. If … [Read more...] about Flight paths to be adjusted to avoid China’s military drill areas: CAAV

Last week, the Civil Aviation Authority of Vietnam (CAAV) sent a document requesting airlines to comply with the daily flight plan with confirmed slots and issued flight permits. If flights are found to be moving at the wrong time compared to the confirmed slot, the service will be refused and reported to the authority. This is the second time that the CAAV has decided to remind airlines about daily plans, with delays and cancellations of flights forcing initial action earlier in July. Airline delays increase during peak season According to data from the agency, the number of delayed flights in June reached around 5,600, accounting for 18.2 per cent and up 16 per cent over the same period in 2021. Vietnam Airlines and Vietjet are the two airlines with the most late return flights, at nearly 1,500 and 2,300 flights, respectively. On average, these two airlines have 45-70 late flights every day. Among the three largest domestic airlines, Vietnam Airlines has the … [Read more...] about Airline delays increase during peak season

A handful of commercial electric vehicle (EV) startups are burning through cash fast, racing to bring vans or trucks to market before the funds run out or customers choose to buy from legacy automakers like Ford Motor Co or General Motors Co. Boosted by investor hunger to create the next Tesla Inc, a clutch of commercial EV makers on both sides of the Atlantic have gone public via reverse mergers with special-purpose acquisition companies (SPACs), raising hundreds of millions of dollars as they sought to emulate Elon Musk's success. These include Arrival Inc , Canoo Inc, Lordstown Motors Corp, Electric Last Mile Solutions Inc (ELMS) and REE Automotive Holding Inc. But investors have soured on EV startups and their ability to compete with legacy carmakers, sending their shares to a fraction of their peak prices. This has raised the pressure to produce working vehicles fast if they want to raise fresh funds in an industry where launching a single vehicle can cost $1 billion. "It's … [Read more...] about Burning cash, commercial EV startups race to deliver vehicles

Mr. Jerome Powell, Chairman of FED Many readers are now wondering how and why the US Federal Reserve Bank (FED) miscalculated on forecasting the current global inflation. In a talk with Saigon Investment, Prof. Dr. Tran Ngoc Tho discussed this issue further. JOURNALIST: - Sir, you are one person who has studied very carefully the inflation in many countries in general and the United States in particular. Please can you give Saigon Investment readers a basic sketch as to how this situation is prevailing and to its effect on other economies. Dr. Tran Ngoc Tho: - There are many factors explaining the current rising global inflation such as broken global supply chains, warming of the jobs market, loose monetary and fiscal stimulus packages, and the recent Russia-Ukraine conflict. It is not just the FED but almost all investors and financial institutions, not only in the US but also in most economies are wrong in believing that high inflation is a thing of the past. However, if … [Read more...] about US Federal Bank caught off guard by global inflation

Dinh Viet Thang, head of the Civil Aviation Authority of Vietnam, said that it has received an official notice from Chinese authorities, asking airlines operating in Asia to avoid flying near the island of Taiwan from 11 a.m. Thursday until Friday. CAAV has informed Vietnamese airlines to adjust flight routes. "Airlines can still operate normally and decide on their own to postpone or cancel flights if necessary," Thang said. Vietnamese airlines which operate flights from Hanoi, HCMC to Taiwan have not yet announced flight cancelation or delays. China on Wednesday warned airlines operating in Asia to avoid flying in areas around Taiwan, promoting several Asian airlines to start adjusting their flight routes. Chinese Xiamen Airlines announced adjustments to several flights, citing "flow control" in Fujian. Korean Airlines is planning to re-route some routes to South Asia in order to avoid Taiwan's airspace while Cathay Pacific Airways pilots were advised to carry 30 minutes … [Read more...] about Vietnamese carriers advised to avoid areas near Taiwan

As much of Europe bakes in a third heatwave since June, fears are growing that extreme drought driven by climate change in the continent's breadbasket nations will dent stable crop yields and deepen the cost-of-living crisis. The European Commission on Wednesday urged EU member states to re-use treated urban wastewater as irrigation on the continent's parched farms, after France and parts of England saw their driest July on record. In France, where an intense drought has hammered farmers and prompted widespread limits on freshwater use, there was just 9.7 millimetres (0.38 inches) of rain last month, Meteo-France said. That was 84 percent down on the average levels seen for July between 1991 and 2022, making it the driest month since March 1961, the agency added. The southwestern region of Gironde, already devastated by last month's wildfires, saw a maximum temperature of 39.6 degrees Celsius (103 degrees Fahrenheit) on Wednesday, with Meteo-France predicting a peak on … [Read more...] about Driest July in memory imperils Europe’s crops