iDnipro

Avianca Brasil Airline Declares Bankruptcy

Cash-strapped Avianca Brasil, the country’s fourth-largest airline, on Tuesday sought bankruptcy protection from creditors but reassured passengers that flights will continue.

“Due to resistance from the lessors (of their aircraft) to reaching a friendly settlement, we have filed seeking protection from creditors, to protect clients and passengers,” a company statement said.

Operations are not expected to be affected and “passengers can have complete peace of mind to make reservations and buy tickets, since all sales will be honored and flights will be operating,” it said.

The airline has debts of almost 493 million reais ($127 million) with multiple creditors, the business daily Valor reported.

Avianca Brasil, a brand of Oceanair Linhas Aereas SA (Oceanair), is not part of the group Avianca Holdings S.A, based in Colombia.

But both are parts of a holding company led by the same investor, German Efromovich.

Brazilian media said the carrier is in debt to creditors including state oil giant Petrobras and Sao Paulo’s Guarulhos Airport.

Avianca Brasil serves domestic and international routes with 60 jets. The company is facing lawsuits for the return of 26 planes and 52 engines, Valor said.

The airline recorded net losses in the first half of the year of 175.6 million reais, up 24.4 percent from the same period last year.

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iDnipro

Avianca Brasil Airline Declares Bankruptcy

Cash-strapped Avianca Brasil, the country’s fourth-largest airline, on Tuesday sought bankruptcy protection from creditors but reassured passengers that flights will continue.

“Due to resistance from the lessors (of their aircraft) to reaching a friendly settlement, we have filed seeking protection from creditors, to protect clients and passengers,” a company statement said.

Operations are not expected to be affected and “passengers can have complete peace of mind to make reservations and buy tickets, since all sales will be honored and flights will be operating,” it said.

The airline has debts of almost 493 million reais ($127 million) with multiple creditors, the business daily Valor reported.

Avianca Brasil, a brand of Oceanair Linhas Aereas SA (Oceanair), is not part of the group Avianca Holdings S.A, based in Colombia.

But both are parts of a holding company led by the same investor, German Efromovich.

Brazilian media said the carrier is in debt to creditors including state oil giant Petrobras and Sao Paulo’s Guarulhos Airport.

Avianca Brasil serves domestic and international routes with 60 jets. The company is facing lawsuits for the return of 26 planes and 52 engines, Valor said.

The airline recorded net losses in the first half of the year of 175.6 million reais, up 24.4 percent from the same period last year.

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iDnipro

Experts: Millions Invested But Gold Mining ‘Under-Exploited’ in W. Africa

Mining companies have invested at least $5 billion towards gold exploration in West Africa in the last decade but significant reserves are under-exploited, mineral industry experts said on Tuesday.

Delegates at the Ecomof mining and petroleum forum in the Ivory Coast commercial capital Abidjan were told that more must be done to attract international investors to develop mining potential.

“Throughout West Africa there are interesting minerals, gold, iron, nickel, manganese among others,” said Kadjo Kouame, managing director of Sodemi, the Ivory Coast mining development company.

Ivory Coast and Ghana are among the world’s top cocoa producers but are now seeking to diversify their economies by mining precious metals and newly discovered reserves of oil.

“But there is a real job to do to attract investors and diversify projects, too focused on gold,” Kouame added.

Gold is currently attracting the most investment, according to figures shared at the forum, with West Africa now the world’s fourth-largest gold region.

Ghana is Africa’s second largest gold producer after South Africa.

Some 8 million ounces of gold were mined in West Africa 2016, according to figures from the World Trade Council supplied by Endeavour Mining. 

Between 2006 and 2019, new gold deposits of 79 million ounces were discovered in West Africa — the highest in the world. A third was located in Burkina Faso, followed by Ghana, Mali and Ivory Coast, the forum was told.

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iDnipro

Experts: Millions Invested But Gold Mining ‘Under-Exploited’ in W. Africa

Mining companies have invested at least $5 billion towards gold exploration in West Africa in the last decade but significant reserves are under-exploited, mineral industry experts said on Tuesday.

Delegates at the Ecomof mining and petroleum forum in the Ivory Coast commercial capital Abidjan were told that more must be done to attract international investors to develop mining potential.

“Throughout West Africa there are interesting minerals, gold, iron, nickel, manganese among others,” said Kadjo Kouame, managing director of Sodemi, the Ivory Coast mining development company.

Ivory Coast and Ghana are among the world’s top cocoa producers but are now seeking to diversify their economies by mining precious metals and newly discovered reserves of oil.

“But there is a real job to do to attract investors and diversify projects, too focused on gold,” Kouame added.

Gold is currently attracting the most investment, according to figures shared at the forum, with West Africa now the world’s fourth-largest gold region.

Ghana is Africa’s second largest gold producer after South Africa.

Some 8 million ounces of gold were mined in West Africa 2016, according to figures from the World Trade Council supplied by Endeavour Mining. 

Between 2006 and 2019, new gold deposits of 79 million ounces were discovered in West Africa — the highest in the world. A third was located in Burkina Faso, followed by Ghana, Mali and Ivory Coast, the forum was told.

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EU Will ‘Follow Closely’ French Deficit after Macron Measures

EU economics affairs commissioner Pierre Moscovici on Tuesday said Brussels will keep close watch over France’s new spending plans, a day after President Emmanuel Macron unveiled new measures to quell violent protests.

“The European Commission will closely monitor the impact of the announcements made by President Macron on the French deficit and any financing arrangements,” Moscovici told AFP.

“We are in constant contact with the French authorities,” added Moscovici, who was attending a plenary session of European Parliament in Strasbourg.

Meeting the EU’s three percent deficit limit has been a centrepiece of Macron’s European strategy in order to win the trust of powerful Berlin and its backing for EU reforms.

Before the “yellow vests” protests, the 2019 public deficit was expected to reach 2.8 percent of gross domestic product (GDP), just below the threshold.

Among the potentially costly measures Macron announced on Monday was a 100 euro ($113) monthly increase in the minimum wage as of next year paid for by the government, not employers.

The 40-year-old centrist also announced he would roll back most of an unpopular increase in taxes on pensioners introduced by his government.

And he called on all businesses “that can afford it” to give employees a one-off “end of year bonus” which would be tax free.

The EU rules on public spending are “binding for everybody that is clear,” said senior German MEP Manfred Weber, when asked by reporters about France’s new expenditure.

But he added that “what we should not do as the European Union is intervene in domestic policies so when a government in Italy is presenting its budget it is an Italian budget and in France it is the same.”

Italy’s budget for 2019 was the first in history to be rejected by Brussels for breaking bloc rules on spending.

 

 

 

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iDnipro

EU Will ‘Follow Closely’ French Deficit after Macron Measures

EU economics affairs commissioner Pierre Moscovici on Tuesday said Brussels will keep close watch over France’s new spending plans, a day after President Emmanuel Macron unveiled new measures to quell violent protests.

“The European Commission will closely monitor the impact of the announcements made by President Macron on the French deficit and any financing arrangements,” Moscovici told AFP.

“We are in constant contact with the French authorities,” added Moscovici, who was attending a plenary session of European Parliament in Strasbourg.

Meeting the EU’s three percent deficit limit has been a centrepiece of Macron’s European strategy in order to win the trust of powerful Berlin and its backing for EU reforms.

Before the “yellow vests” protests, the 2019 public deficit was expected to reach 2.8 percent of gross domestic product (GDP), just below the threshold.

Among the potentially costly measures Macron announced on Monday was a 100 euro ($113) monthly increase in the minimum wage as of next year paid for by the government, not employers.

The 40-year-old centrist also announced he would roll back most of an unpopular increase in taxes on pensioners introduced by his government.

And he called on all businesses “that can afford it” to give employees a one-off “end of year bonus” which would be tax free.

The EU rules on public spending are “binding for everybody that is clear,” said senior German MEP Manfred Weber, when asked by reporters about France’s new expenditure.

But he added that “what we should not do as the European Union is intervene in domestic policies so when a government in Italy is presenting its budget it is an Italian budget and in France it is the same.”

Italy’s budget for 2019 was the first in history to be rejected by Brussels for breaking bloc rules on spending.

 

 

 

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Taiwan Reinforces Ban on Huawei Network Equipment

Taiwan is reinforcing its five-year-old ban on network equipment produced by Chinese companies Huawei Technologies and ZTE Corp. amid security concerns.

Officials sought over the weekend to reassure lawmakers and the public that such measures have been effective and the threat to the communications sector is minimal.

 

Huawei has established a presence in Taiwan, with its handsets among the top sellers. The company also sponsors a Christmas extravaganza in a Taipei suburb that features a giant Santa emblazoned with Huawei’s logo.

 

While several countries have similar bans in place, the risk for Taiwan is potentially greater since China claims the island as its own territory and threatens to use military force to bring it under its control. Back-doors that some allege Huawei has built into its products could give Beijing access to military and economic secrets or even to disable crucial infrastructure in the event of a conflict.

 

Taiwan has already accused China of meddling in last month’s local elections by spreading false news online.

 

On Monday, legislators called for extending a ban on Huawei to the financial industry, where it reportedly has sought business providing digital finance services.

 

Financial Supervisory Commission Chairman Wellington Koo was quoted by local media as saying the government would have to look into the legality of such a move.

 

Huawei, based in southern China’s Shenzhen, near Hong Kong, is the world’s largest supplier of network gear. ZTE is one of its rivals.

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iDnipro

Taiwan Reinforces Ban on Huawei Network Equipment

Taiwan is reinforcing its five-year-old ban on network equipment produced by Chinese companies Huawei Technologies and ZTE Corp. amid security concerns.

Officials sought over the weekend to reassure lawmakers and the public that such measures have been effective and the threat to the communications sector is minimal.

 

Huawei has established a presence in Taiwan, with its handsets among the top sellers. The company also sponsors a Christmas extravaganza in a Taipei suburb that features a giant Santa emblazoned with Huawei’s logo.

 

While several countries have similar bans in place, the risk for Taiwan is potentially greater since China claims the island as its own territory and threatens to use military force to bring it under its control. Back-doors that some allege Huawei has built into its products could give Beijing access to military and economic secrets or even to disable crucial infrastructure in the event of a conflict.

 

Taiwan has already accused China of meddling in last month’s local elections by spreading false news online.

 

On Monday, legislators called for extending a ban on Huawei to the financial industry, where it reportedly has sought business providing digital finance services.

 

Financial Supervisory Commission Chairman Wellington Koo was quoted by local media as saying the government would have to look into the legality of such a move.

 

Huawei, based in southern China’s Shenzhen, near Hong Kong, is the world’s largest supplier of network gear. ZTE is one of its rivals.

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