Jacob Tag Archive


HMM Could Get First Foreign CEO

first_imgzoom South Korean shipping company Hyundai Merchant Marine (HMM) might get its first foreign Chief Executive Officer (CEO) once the company officially becomes a subsidiary of the state-run Korea Development Bank (KDB) at the beginning of August, The Korea Times reports.KDB and the remaining creditors plan to appoint the new leadership at HMM on August 5, once the Hyundai Group officially hands over the carrier to the new owners.The creditors have already appointed several executive search firms to find a new CEO for HMM, and they are not limiting the search to South Korea.KDB Chairman Lee Dong-geol said that the number one criterion for the appointment of the new CEO will be performance, adding that the new head could be a person which previously had no connections to HMM.The statement has led to speculations that HMM might get its new CEO from Maersk’s or Mediterannean Shipping Company’s executive ranks. HMM last week signed a Memorandum of Understanding to join Maersk and MSC in the 2M vessel-sharing alliance.The company signed the MOU following agreements with bond-holders to adjust debt and shipowners to adjust charter-hire.HMM thus completed all conditions set out in the voluntary agreement with creditors from March 2016. As part of the takeover, the creditors will convert their bonds into equity and thus keep the company afloat until a normalization plan for the company is made.World Maritime News Stafflast_img read more

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WestJet Air Canada post record load factor in January Porter drops

by Ross Marowits, The Canadian Press Posted Feb 5, 2013 4:43 pm MDT WestJet, Air Canada post record load factor in January; Porter drops AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email MONTREAL – Canada’s two largest airlines reported record monthly load factors in January, demonstrating continued momentum as they start what industry observers expect will be a profitable year.Air Canada (TSX:AC.B) flew with 79.4 per cent of its seats filled across its broad network, up from 79.1 per cent a year ago.The load factor increased on a 0.3 per cent increase in traffic and a 0.1 per cent drop in capacity. The traffic gains were led by a three-per-cent growth on Atlantic routes and 2.1 per cent gain in Canada.Latin America and Caribbean traffic was down nearly 10 per cent on a similar reduction in capacity. Transborder capacity growth outpaced traffic, reducing load factor by 0.8 points to 74.5 per cent.“These results underscore the effectiveness of our disciplined capacity management and award-winning product,” stated Air Canada chief executive Calin Rovinescu.Meanwhile, WestJet Airlines also reported a record monthly load factor as the number of their passengers grew 6.4 per cent to 1.5 million.The Calgary-based airline said Tuesday that its planes flew 80.9 per cent full in the first month of the year, up one percentage point from 79.9 per cent a year ago.“Positive momentum continues into 2013 as January marks our seventh consecutive monthly load factor record,” stated WestJet president and CEO Gregg Saretsky.He added that forward bookings remain strong.Analysts monitor load factor as a measure of how much total fleet capacity is used by an airline to carry passengers.Traffic, or revenue per passenger mile, increased 7.7 per cent in January on a 6.4 per cent increase in capacity or available seat miles.WestJet (TSX:WJA) has expanded its offering this winter to sun destinations by adding service to several destinations in the Caribbean and Mexico from Toronto and Calgary.The airline will report its fourth-quarter and year-end results on Wednesday and is expected to soon announce the schedule for its new regional service, WestJet Encore.Cameron Doerksen of National Bank Financial said WestJet’s traffic results are a clear indication of healthy air travel demand.“We also believe that WestJet’s load factor is benefiting from its charter deal with Thomas Cook,” he wrote in a report, adding that strong bookings suggest continued good traffic numbers in the coming months.Analysts expect WestJet will report 42 cents per share in adjusted profits in the fourth quarter on $856 million of revenues.Meanwhile, Porter Airlines said its load factor decreased 2.1 percentage points to 53.6 per cent in January on a 0.8 per cent increase in traffic and a 4.7 per cent growth in capacity.“These results are good for January, which is typically the slowest period of the entire calendar year,” said president and CEO Robert Deluce.He said Porter’s new leisure package division is only beginning to increase the number of passengers with trips to ski destinations in Vermont and Quebec among the most popular options.On the Toronto Stock Exchange, WestJet’s shares closed up 72 cents or 3.3 per cent to $22.55 while Air Canada’s shares were up two cents to $2.45 in Tuesday trading. read more

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Foreign buyers tax could boost Calgary real estate

by Tahirih Foroozan Posted Apr 20, 2017 12:55 pm MDT Calgary|YYC AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Toronto is the latest Canadian city to announce a foreign buyers tax, following in Vancouver’s footsteps.The move is an effort to cool down the real estate markets in Canada’s two major cities and it also means foreign buyers are looking elsewhere.Managing Principal at Urban Analytics, Michael Ferreira, found that when Vancouver implemented their foreign buyers tax there was a spike in interest in Calgary, but it didn’t translate the actual numbers.Now that the tax has been announced in Toronto, he said that could change.“I think they’ll look at Calgary and look at the potential for economic growth, combined with the value they get for purchasing there and really, strongly consider it now,” said Ferreira.He does have some words of wisdom for Calgary, so we don’t repeat the mistakes of Canada’s two major cities.“Start encouraging a little bit more supply in the market. That’s the issue that both Vancouver and Toronto experienced when you get a sudden increase in interest.”Ferreira added foreign investment in Calgary could be good news for the short term and that the city hasn’t seen a major highrise project in the past 18 months. Foreign buyers tax could boost Calgary real estate The park near the Peace Bridge is one of many projects to help prevent flooding like we saw in Calgary in 2013. (Photo by Chelsey Harms/660 NEWS) read more

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