Aviation

New Delhi / Bloomberg India retained restrictions that prevent overseas airlines from raising stakes in local carriers even as it unveiled new rules to attract foreign investors into the world’s fastest growing major aviation market. The government will allow foreign entities such as funds and portfolio investors to fully own local airlines, removing an earlier cap of 49 percent, it ...

  Tehran / Bloomberg Iran Air, the Islamic Republic’s state carrier, signed a memorandum of understanding with Boeing Co. for narrow- and wide-body aircraft in the first transaction by the US planemaker since sanctions were lifted in January. The purchase includes a mix of 737 and 777 models, Iran Air said in a statement on its website. The carrier will ...

  RIYADH / Tribune News Service The SaudiGulf (Saudia Khalijiyah) airline will begin its domestic flights in the Kingdom this coming September, and is expecting to launch international flights to Dubai by the end of the year. Sources reveal the company is preparing on Wednesday to receive its airline operating license in the presence of Minister of Transportation Sulaiman Al-Hamdan, ...

  Kuala Lumpur / Bloomberg AirAsia Bhd. is considering hiring BNP Paribas SA, Credit Suisse Group AG and RHB Capital Bhd. to help sell its aircraft leasing unit as part of plans to raise funds and strengthen its finances, the group’s Chief Executive Officer Tony Fernandes said. Asia’s biggest discount carrier also plans to garner between $75 million and $100 ...

  New Delhi / Bloomberg India will allow foreign entities such as funds and portfolio investors to fully own local airlines, raising from an earlier cap of 49 percent, in a bid to lure investment into Asia’s third-biggest economy. Shares of InterGlobe Aviation Ltd., Jet Airways India Ltd. and SpiceJet Ltd. rallied. Foreign investment limits in commercial airlines will be ...

  Washington / Bloomberg Boeing Co. is nearing a $4 billion deal with Russia’s largest air-freight company that would help extend the life of the iconic, hump-nosed 747 jumbo jet amid waning demand for four-engine aircraft, people close to the transaction said. The US planemaker is in advanced talks with AirBridgeCargo Airlines and its Moscow-based parent, Volga-Dnepr Group, to convert ...

  New York / AFP The sun-powered Solar Impulse 2 aircraft set off from New York’s JFK airport early on Monday, embarking on the transatlantic leg of its record-breaking flight around the world to promote renewable energy. The flight, piloted by Swiss adventurer Bertrand Piccard, is expected to take about 90 hours — during which Piccard will only take short naps ...

  Tehran / AFP Iran and US aerospace giant Boeing have reached an agreement for the purchase of 100 aircraft to renew the country’s ageing fleet, the head of Tehran’s civil aviation authority announced on Sunday. “We have 250 planes in the country, 230 need to be replaced,” said Ali Abedzadeh, the head of the civil aviation body, adding that the ...

  New Delhi / Tribune News Service Air India has prohibited its cabin crew from taking leave during Haj season when the national carrier flies passengers for their pilgrimage to holy cities in Saudi Arabia. A circular sent to employees on June 9 said that cabin crew should not apply for leave between August 4 and October 16. “Strict compliance ...

  Berlin / Bloomberg Avianca Holdings SA dropped the most in seven months, paring a rally that was sparked by speculation other airlines may seek to acquire a stake in the company, after Chairman German Efromovich said he’s currently seeking a partner rather than a buyer for the company. The stock dropped 7 percent to 2,475 pesos at 1:15 p.m. ...