dagger

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dagger last won the day on August 6

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  1. dagger

    Trump's Space Force

    In the Second World War, you had, you know, a war. The Germans had the Luftwaffe, and they bombed, you know, countries. And the Japanese had an air force - both land based and carrier based - and they bombed, you know, Pearl Harbor and countries. So the clear purpose in having an air force. What exactly, is the clear purpose of having a Space Force? Is there an area in the control or exploration of space where the US doesn't have a huge advantage over any potential adversary? Do the Chinese even have a space shuttle that could scoop up enemy satellites? My experience with military spending suggests a Space Force at this stage of human development is just a Gargantuan waste of money. Just another needly bureaucracy, more bread and circuses to distract the lowest common denominator of US society from their misery.
  2. https://twitter.com/mainichiphoto/status/1036924137950724097 Kansai after the typhoon Scroll down the Twitter feed a bit, there are some great photos of typhoon damage https://twitter.com/mainichiphoto
  3. dagger

    Paging Kip

    Hi Kip Although I don't know you except from this forum, I still want to offer my sincerest condolences on your great loss. It will take time to ease the pain, but you have an extended family to lean on, as they have leaned on you as they grew up.
  4. Okay, av people are wondering what went on with this ANA 787. Any 787 pilots want to take a crack at scenarios? https://twitter.com/jonostrower/status/1033417556806103040
  5. dagger

    AC To Buy Back Aeroplan?

    It was spun off in stages. The first tranche of 12.5% got about $250m and the last 20% about $350, but I can't remember what happened in between. It's possible the 2007 sale of a particular large tranche raised about $480m. Without rooting around for the final $$ figure, let's say it fetched north of $1 bn for ACE shareholders., and that was in 2004-07 dollars.
  6. dagger

    AC To Buy Back Aeroplan?

    Well, it probably depends on the partnership agreement between AC and the two banks/VISA. I assume call centre employees are still with Unifor. Anyone know if they are part of the AC Unifor group, or will they have to petition to be re-integrated with their AC colleagues?
  7. dagger

    AC To Buy Back Aeroplan?

    One would think the Porter and Transat arrangements weren't cast in stone, or would have weakened Aeroplan's appeal to the buyers. The incentive to up the offer probably reflected a deadline from Aimia about signing those contracts. I'd be surprised if AC and the partners are on the hook for those proposed additions.
  8. dagger

    AC To Buy Back Aeroplan?

    Bargaining is bargaining AC and partners get a deal with Aimia for Aeroplan https://www.newswire.ca/news-releases/air-canada-td-cibc-visa-and-aimia-reach-agreement-in-principle-for-acquisition-of-aeroplan-loyalty-business-691341691.html Air Canada, TD, CIBC, Visa and Aimia Reach Agreement in Principle for Acquisition of Aeroplan Loyalty Business Purchase price consists of $450 million in cash and the assumption of approximately $1.9 billion of Aeroplan Miles liability Agreement in principle was unanimously approved by Aimia's Board of Directors and is supported by Mittleman Brothers Transaction would provide value for Aimia and its shareholders and continuity for Aeroplan members and customers of Air Canada, TD, CIBC and Visa Transaction subject to negotiation of definitive agreements and other conditions; completion expected fall 2018 TORONTO, Aug. 21, 2018 /CNW Telbec/ - Air Canada, The Toronto-Dominion Bank ("TD"), Canadian Imperial Bank of Commerce ("CIBC"), Visa Canada Corporation ("Visa") (collectively, "the Consortium") and Aimia Inc. ("Aimia") announced today that they have entered into an agreement in principle for the acquisition of Aimia's Aeroplan loyalty business. "We are pleased to see that an agreement in principle has been reached as Aeroplan members can continue to earn and redeem with confidence. This transaction, if completed, should produce the best outcome for all stakeholders, including Aeroplan Members, as it would allow for a smooth transition to Air Canada's new loyalty program launching in 2020, safeguarding their miles and providing convenience and value for millions of Canadians," said Calin Rovinescu, President and CEO of Air Canada, on behalf of the consortium. The transaction is expected to deliver significant value to Aimia's stakeholders and the agreement in principle was approved unanimously by Aimia's Board of Directors upon recommendation by its Special Committee of independent directors. Mittleman Brothers, LLC, Aimia's largest shareholder who owns approximately 17.6% of Aimia's common shares, has provided a lock-up and support agreement under which it has agreed to vote in favour of the proposed transaction. The aggregate purchase price consists of $450 million in cash and is on a cash-free, debt-free basis and includes the assumption of approximately $1.9 billion of Aeroplan Miles liability.
  9. Not likely. It's still cheaper to import oil by ship from abroad, or from the US. And it's not just Quebec. Ontario gets most of its oil from overseas.
  10. Canada-Saudi trade is small. We buy about 10% of our oil from them, so that is easily replaced from Africa. And of course, they didn't have the cahones to back out of the LAV purchase because they need them for a bunch of roles we shouldn't have sold them the LAVS to perform. It's an empty gesture, as experts on the mid-east have noted, mainly to try to warn the bigger powers of Europe not to criticize this thin skinned autocracy. The European Parliament has already declared its solidarity with Canada. Both the Swedes and Germans have had blowups recently with the Saudis over human rights. Germany hasn't had an ambassador in Riyadh for nine months now. The UAE was quick to throw its support behind the Saudis, but I will bet you they won't dare stop Emirates or Etihad flights to Canada, especially since Canada recently awarded the UAE more seating capacity per week which will mean more flights. Can you imagine them pulling out of Canada. I can't.
  11. dagger

    AC To Buy Back Aeroplan?

    Aimia wants to sell- and other airlines should hope AC is the buyer - because if AC builds up its own plan, it would not have a $2 billion point liability and could throw around points like it did in the bad old bankruptcy days - like super duper bonuses.
  12. There are suggestions by passengers that one wing touched the runway on takeoff. That doesn't suggest a cause - it could have been the rest of an engine event.
  13. dagger

    Westjet Posts Loss

    It will be interesting to see how fast WestJet snaps back, i.e. was all the damage due to the strike threat confined to the second quarter, or did it have a material impact on Q3 bookings. Also, while AC hedges some on fuel, WJA hasn't to my recollection. So far in Q3, WTI spot crude is holding up around $70, with a large spread between WTI and Brent.
  14. dagger

    AC To Buy Back Aeroplan?

    Or maybe just common sense. The Aeroplan agreement with Aimia is expiring in 2020, just as the Jazz CPA with Chorus would have expired around then had the parties not negotiated a mutually agreeable extension. With such agreements, the end of the fixed term does not represent a plot, but an opportunity. It can stay and extend, or leave and do its own thing. If Aimia had a successful business model, it might have been able to absorb an extension that is more favourable to AC, but since the Nectar debacle, it's clear that Aimia doesn't have the sustainable profitability to give AC much better terms. The stock market saw this, and now AC sees benefit in acquiring the points liability. So where is the plot?
  15. dagger

    Airbus now Lists C Series

    If you want to get an idea of the cost savings inherent in switching from an early issue E-190 to an A220-300 (formerly CS300), JetBlue has costed it out. Should be similar for Air Canada. As reported by FlightGlobal. JetBlue estimates that the A220 will lower operating costs by 29% on a per seat basis, comprising a 40% reduction in fuel costs and 22% decline in non-fuel expenses, when compared with its existing Embraer E190 fleet. On a per aircraft basis, the A220 is expected to drive incremental profit of $4-$5 million. When the airline's transition to the A220 is complete by 2025, systemwide unit cost would benefit by a decline of 5.3% and non-fuel unit cost by over 4.5%, says Priest. Earnings per share will also improve by about 65 cents on JetBlue's current share count.