Debt-laden Air France-KLM inks deal with cargo giant CMA CGM

18/5/2022 6:33:00 PM

Debt-laden Air France-KLM inks deal with cargo giant CMA CGM

for the latest news you need to know.Yong Tai to undertake shares consolidation, bonus issue of warrants and debt settlement Tuesday, 17 May 2022 09:28 PM MYT KUALA LUMPUR, May 17 — Yong Tai Bhd (YTB) is undertaking multiple corporate exercises consisting of shares consolidation, bonus issue of warrants and debt settlement.A (May 18): Treasury Secretary Janet Yellen confirmed that it’s unlikely that the US will extend an exemption that enabled Russia to make bond payments on its foreign-currency debt, with investors now having had time to adjust to Moscow’s being cut off from the global financial system.for the latest news you need to know.

Wednesday, 18 May 2022 6:12 PM MYT PARIS, May 18 — Air France-KLM said today that it had signed a freight alliance with shipping giant CMA CGM, which will take a minority stake in the cash-strapped airline as it emerges from Covid losses.CMA CGM, based in the Mediterranean port city of Marseille, has seen its profits soar during the pandemic as lockdowns wreaked havoc on global supply chains, prompting it to launch its own air freight service last year.It said the proposed share consolidation is expected to enhance the company’s share capital structure.It recorded earnings of US$17.I think it’s reasonably likely that the licence will be allowed to expire.9 billion (RM78 billion) last year thanks to high freight rates while Air France-KLM has racked up losses of €11 billion (RM50 billion) over the past two years.“The proposed share consolidation will result in a reduction in the number of YTB shares available in the market that may potentially reduce the volatility of the trading price for YTB Shares,” it said.The airline has some €7.“We will be able to pay and will pay foreigners in roubles as a last resort option if Western (financial) infrastructure is closed for us.

7 billion of debt despite massive bailouts by the French and Dutch governments, which own minority stakes in the former flag carriers that merged in 2004.Meanwhile, it said the proposed debt settlement would enable the company to strengthen its capital base and preserve its cash for other purposes such as working capital requirements, amongst others.Yellen’s remarks suggest she sees no major dangers in allowing a Russian default on its dollar bonds.Financial details were not disclosed but CMA CGM said it would take up to nine per cent of Air France-KLM’s stock, possibly at an upcoming capital increase round aiming to raise up to four billion euros.“This partnership is fully in line with CMA CGM’s strategy and its ambition to become a leader in integrated logistics,” its chief executive Rodolphe Saade said in a statement.YTB said it had completed and delivered vacant possession of The Apple in December 2021 and is also on track to complete and deliver vacant possession of Amber Cove and Impression U-Thant by the third and fourth quarter of this year.Together the companies will operate 10 freight aircraft and a further 12 are on order, and Air France-KLM also provides cargo shipping as part of its regular passenger flights.Speaking Wednesday in Bonn, Germany, ahead of a gathering of finance chiefs from the Group of Seven advanced economies, Yellen said that the US and its allies and partners share the goal of reducing Russia’s revenues in the wake of its invasion of Ukraine.Freight revenues jumped 40 per cent at the airline last year to reach €3.21 million as at latest practicable date (LPD), the company expected improvements in its earnings in FY22.7 billion) worth of external sovereign bond payments to make before the end of the year.

6 billion, outstripping the recovery for its passenger business, which generated sales of €8.7 billion — though it still posted a net loss of €3.“As for gold mining operation, the production will commence in phases.“If Russia is unable to find a legal way to make these payments and they technically default on their debt, I don’t think that really represents a significant change in Russia’s situation,” Yellen said.3 billion.Air France-KLM chief Benjamin Smith called it a “landmark” deal for stepping up its cargo operations.— Bernama You May Also Like.“I am also extremely pleased that this commercial partnership with CMA CGM has resulted in their decision to invest directly in the Air France-KLM group, demonstrating a strong testimony of their belief in the future success of our group,” he said.“That said, while we’re beginning to look at this, it would not be legal now in the United States for the government to seize” Russian assets, she said.

— AFP Advertisement.

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Yong Tai to undertake shares consolidation, bonus issue of warrants and debt settlement | Malay MailKUALA LUMPUR, May 17 — Yong Tai Bhd (YTB) is undertaking multiple corporate exercises consisting of shares consolidation, bonus issue of warrants and debt settlement. In a filing with Bursa Malaysia today, the company said it proposed a share consolidation of every five shares in YTB into one YTB...

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