DOCSLIB.ORG

Airasia Group Ceo, Tony Fernandes, Is Transforming the Airline Group Into “The Amazon of Asian Aviation”

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Airasia Group Ceo, Tony Fernandes, Is Transforming the Airline Group Into “The Amazon of Asian Aviation” Vol. 26 No. 10 December 2019-January 2020 orientaviation.com ORIENT AVIATION PERSON OF THE YEAR 2019 AND LIFETIME ACHIEVEMENT AWARD WINNER TONY FERNANDES Co-founder and CEO AirAsia Group AIRASIA GROUP CEO, TONY FERNANDES, IS TRANSFORMING THE AIRLINE GROUP INTO “THE AMAZON OF ASIAN AVIATION” Crackdown necessary on More profitable days ahead Qantas postpones transport of counterfeit for Asia-Pacific airlines reports Project Sunrise lithium battery cargo global airline body decision to 2020 THERE IS NO COMPARISON. NO EQUAL. THERE IS ONLY ONE. THE COMMERCIAL JET ENGINE IN A LEAGUE OF ITS OWN. Powered by an industry‑first geared architecture — and more than 40 other groundbreaking innovations — the Pratt & Whitney GTF™ is unlike any engine that’s come before it. EXPLORE THE FUTURE OF FLIGHT AT PW.UTC.COM PW_CE_GTF_OrientAviation.indd 1 11/6/19 12:44 PM Client: Pratt & Whitney - Commercial Engines Ad Title: There is no comparison. Publication: Orient Aviation - Dec./Jan. Trim: 202 x 273 mm • Bleed: 212 x 283 mm • Live: 182 x 253 mm CONTENTS Volume 26, Issue 10 COVER STORY 18 Orient Aviation 2019 Person of the Year and ORIENT AVIATION MEDIA GROUP Lifetime achievement 17/F Hang Wai Commercial Building, 231-233 Queen’s Road East, award recipient, Wanchai, Hong Kong Editorial (852) 2865 1013 Tony Fernandes. E-mail: [email protected] Website: www.orientaviation.com The AirAsia Group CEO Mailing address: GPO Box 11435 Hong Kong is transforming the airline company into “the Amazon Publisher & Editor-in-Chief of aviation in Asia” Christine McGee E-mail: [email protected] Associate Editor & Chief Correspondent Tom Ballantyne Tel: (612) 9638 6895 Fax: (612) 9684 2776 E-mail: [email protected] COMMENT 24 Association of Asia Pacific Airlines names SIA’s Asia Editor 5 Increased profits for Asia-Pacific carriers ahead Subhas Menon as new director general Will Horton Tel: (852) 2865 1013 24 Getting to grips with unruly passengers E-mail: [email protected] ADDENDUM 25 Emirates president demands 777X be put 6 Cathay Pacific to cut capacity as civil unrest through “hell on earth” in certification process North Asia Correspondent Geoffrey Tudor continues in its home hub 25 Airbus topped order table at Dubai Airshow, but Tel: (813) 3373 8368 7 Citation for Orient Aviation’s 2019 Person of the Boeing signed new customers for the MAX E-mail: [email protected] Year, AirAsia’s Tony Fernandes Photographers 2019 YEAR IN REVIEW Rob Finlayson, Graham Uden, NEWS BACKGROUNDERS 12 Major leadership shifts at region’s carriers Ryan Peters 8 Air passenger and cargo markets will improve in Chief Designer 2020 forecasts the International Air Transport Chan Ping Kwan Association Printing Printing Station(2008) ADMINISTRATION General Manager 14 Significant Asia-Pacific airline decisions of the Shirley Ho year E-mail: [email protected] 15 Mixed fortunes in Asia’s fastest growing airline 9 Global airline lobby group urges a crackdown markets ADVERTISING on air transport of counterfeit or undeclared 16 Breathtaking changes confront MRO Lithium batteries Asia-Pacific, Europe & Middle East 9 Airline industry’s gender balance campaign INDUSTRY ADDENDUM Christine McGee attracts 59 airline members in three months 26 SITA 2019 China IT Insights reports fast take Tel: (852) 6438 3379 E-mail: [email protected] 10 Qantas selects A350-1000 as preferred Project up of Artificial Intelligence and automation at Sunrise aircraft Mainland airports The Americas / Canada 26 Australia’s Perth Airport extends Amadeus Barnes Media Associates relationship with contract to upgrade automated Ray Barnes Tel: (1 434) 770 4108 passenger processing Fax: (1 434) 927 5101 26 GKN Aerospace invests US$10 million in Pune that E-mail: [email protected] will create 800 jobs in five years [email protected] 26 HAECO unit and GA Telesis forge aircraft teardown partnership Follow us on Twitter @orientaviation 26 Aircraft seat manufacturer MRO, Ipeco, expands 23 Wanted: Asian airport and ATM building binge to Beijing DECEMBER 2019-JANUARY 2020 / ORIENT AVIATION / 3 LEAP-1A LEAP -1B ENGINES AVAILABLE NOW Available for short- or long-term lease and “pooling-like” preferred access. [email protected] www.willislease.com +1 561.349.8950 COMMENT Profits up for 2020 predicts IATA The International Air Transport Association’s (IATA) somewhat of IATA’s almost 300 strong airline members. unexpected prediction, announced at press time, that the “There is a long tail of airlines barely breaking even and a world’s airlines will collectively make more money in 2020 group making significant losses. For this long tail of airlines, than in 2019 was certainly welcome. IATA forecasts a net performance has not improved in the past decade. This is the profit of US$29.3 billion for the global airline industry next reason we have seen a series of airline failures in the last two year, up from $25.9 billion in 2019. years, despite relatively good financial results at the aggregate For the Asia-Pacific specifically, the news was even better. industry level,” said IATA’s chief economist, Brian Pearce. The region’s airlines will report a net profit of $6 billion for the “There is work to be done to move the industry to a more full 2020 year against a profit of $4.9 billion in 2019. Given broadly financially sustainable position.” global economies remain fragile, social unrest is rife in many Pearce is right. The vast majority of the world’s airlines countries, trade disputes abound and severe and extreme need to make their operations financially sustainable. weather events are on the increase, forecasts are extremely Observers of the Asia-Pacific industry would have no problem difficult to make. identifying carriers that are part of that long tail. So the optimism engendered by IATA’s projections for next For some of the region’s airlines, obstacles to greater year should be considered in context and tempered by several profitability will be temporary. A case in point is Cathay Pacific factors. Firstly, the forecast is supported by a belief there will Airways. Its declining passenger demand is a result of civil be a “truce” in the U.S./Sino trade war in the run up to the U.S. unrest in its home hub in Hong Kong, a situation that is out of presidential election next November. its control. Several airlines in China and elsewhere in the region Given the roller-coaster nature of the disagreement, there have been hit by the grounding of the 737 MAX, country-to- is no guarantee of a temporary slowdown in the tit-for-tat tariff country political disputes and foreign currency fluctuations. war. It also is expected the price of oil will be stable and even In the coming year, it is expected the volatile operating drop. Again, hardly a sure bet. conditions for Asia-Pacific airlines will continue, whatever And then there are ramifications to consider following the forecasts may be. Longer-term, the future of the region’s IATA’s news that profits collectively produced by the airline carriers is bright, but they would do well to prepare for another industry in the last ten years were generated by only about 30 tough 12 months despite IATA’s positive predictions. ■ TOM BALLANTYNE Associate editor and chief correspondent Orient Aviation Media Group The most trusted source of Asia-Pacific commercial aviation news and analysis ORIENT AVIATION ORIENT AVIATION CHINA “It has established itself as the primary source of information on industry topics in the Asia-Pacific region” DECEMBER 2019-JANUARY 2020 / ORIENT AVIATION / 5 ADDENDUM Cathay Pacific cuts capacity as passenger traffic tumbles Cathay Pacific Airways has competition, has meant overall revised downwards its planned Looking forward, we continue to see yield has remained under capacity increase for 2020 as a significant shortfall in inbound Hong Kong significant pressure,” he said. passenger numbers declined for advance bookings, particularly from The group’s regional routes, the fourth month in November. mainland China and other regional markets, in particular mainland China and At press time, Hong Kong had compared with the same snapshot last year Northeast Asia, were continuing entered its seventh month of civil to experience weak demand for protests and unrest, a situation Ronald Lam travel into Hong Kong. Travel that particularly has impacted the Cathay Pacific Group chief customer and commercial officer sentiment also “was soft” on travel and hospitality industries of routes to and from the U.S. the Special Administrative Region. company statement. weak. Our inbound Hong Kong before Thanksgiving week, a “In light of the immediate In November, Cathay Pacific traffic dropped 46% compared traditionally strong period for commercial challenges we are and Cathay Dragon carried with the same period in 2018 – a premium class travel, Lam said. facing, we have reluctantly 2,623,764 passengers, 9% fewer further slowdown from the 35% “There were a few bright made the decision to reduce our than in the same month a year drop in October.” spots in the network such as our seat capacity in 2020 by 1.4% ago. Passenger load factor was Outbound traffic was down India routes, which remained year-on-year as opposed to our 80.1% for the month, a drop 8% against the same time last robust and generated good original plan of 3.1% growth, of 3.2 percentage points over year – a slight improvement over demand between India and meaning that for the first time in a November 2018. previous months, Lam said. North America. Europe to long while our airlines will reduce Lam said: “November “Our increasing reliance Southwest Pacific, an important in size,” Cathay Pacific Group continued to be very challenging on transit traffic through Hong transit stream for the airline’s chief customer and commercial for both Cathay Pacific and Hong Kong, which has been less network, also remained healthy,” officer, Ronald Lam, said in a Kong with sentiment for travel still impacted, together with intense he said.
Load more

Recommended publications
  • NBS ASEAN Leaders Series
    NBS ASEAN Leaders Series Tan Sri Dr. Tony Fernandes Non-Independent Executive Director and Group Chief Executive Officer AirAsia Tan Sri Dr. Tony Fernandes CBE, was appointed Group Chief Executive Officer of AirAsia in December 2001 and has been a Non-Independent Non-Executive Director and Group Chief Executive Officer of AirAsia since November 2013. Since launching AirAsia, he has received numerous state awards as well as accolades. Within Malaysia, he has been awarded the title Dato’ by the Sultans of Negeri Sembilan and Pahang; Dato’ Seri by the Sultan of Perak; and the title Tan Sri, one of the country’s highest honours, from a former Yang di-Pertuan Agong. He also received an Honorary Doctorate of Business Innovation from Universiti Teknologi Malaysia (UTM) in March 2010. Internationally, his outstanding contributions to the French aviation industry were recognised with the title Officier of the Legion d’ Honneur in April 2010, followed by the Commander of the Legion d’Honneur in November 2013, the highest rank of honour that the French Government can bestow on non-French citizens. In 2011, he was awarded the Commander of the Order of the British Empire (CBE) by Her Majesty Queen Elizabeth II. In 2010, Tan Sri Tony was awarded the prestigious Nikkei Asia Prize in Tokyo for his contributions to the growth of Asia and the Masterclass Global CEO of the Year award at the 2nd Malaysia Business Leadership Award (MBLA). He was also named Forbes Asia Businessman of the Year 2010, the first Malaysian and Asean citizen to receive the award. In January 2013, Tan Sri Tony was named a Malaysia Brand Ambassador by Prime Minister Dato’ Sri Mohd Najib bin Tun Haji Abdul Razak at the World Economic Forum in Davos, Switzerland.
    [Show full text]
  • Team Lotus Notes Team Lotus Notes Team Lotus Notes
    DYNAMIC SPIRITVIBRANT POTENTIAL INCREDIBLE ENERGETIC FAMILY HEROIC AWESOME RACERSRESOLUTE PEDIGREE AGILE PULSATING INSPIREDBRAVE PROGRESSIVESTEADFASTPASSION SPORTING FOCUS INNOVATIVEFRESH LEGENDARYUNDERDOGS 2011 LAUNCH EDITION TEAM LOTUS NOTES TEAM LOTUS NOTES TEAM LOTUS NOTES WELCOME BACK Welcome and thank you. We decided to show the irst pictures of our 2011 challenger in Team Lotus Notes as it is you the fans, who truly power us on and motivate our steps forward. I hope you enjoy the irst taste of our beautiful green and yellow car, and I hope you enjoy reading this; an honest and open insight, written from the heart of the team. When I was asked to pick one word to describe Team Lotus, a million looded into my mind! But eventually I had to come back to where it all started for me – dreams. Team Lotus is about dreams, and those dreams becoming reality. I remember when I was a boy, running a hole in the carpet with my model Lotus Formula One™ car. I had dreams then, I still do, but what I hope to inspire is the belief that if you dare to dream, you can achieve great things. Colin Chapman created the last dynasty and it’s one that inspires me and all my team to do more, think more, be more every day. But now it is time for us to create our own legend. Thank you for sharing this spirit of adventure with us, for being a part of our team, for stepping onto the rollercoaster we’re about to ride and daring to dream. Tony Fernandes ‘ THE GOOD ALWAYS WIN.’ TONY FERNANDES WWW.TEAMLOTUS.CO.UK ‘ THIS YEAR’S CAR IS A MUCH MORE CONTEMPORARY DESIGN.
    [Show full text]
  • This Is Women's Work
    MACHINE MEXICO READY TO FLAT OUT IN REINVENTING WORLD MAKE WAVES BONNEVILLE THE WHEEL Your car is now a better Carlos Slim Domit on The FIA’s Land Speed How Malaysia’s Tony driver than you, so is it putting the heat back Commission hits the home Fernandes plans to change time to hand over the keys? into Formula One of record attempts motoring in Asia INThe international magazineMOTION of the FIA THIS IS WOMEN’S WORK F1 team boss MONISHA KALTENBORN on why modern motor sport no longer has time for sexism PLUS TAXIS RANKED Cab standards under the microscope LATIN LESSONS How Jean Todt’s tour of the Americas raised road safety awareness SHE IS THE LAW Meet F1’s only female race steward STOP UP TO 3 METRES SHORTER WITH MICHELIN ENERGY™ SAVER TYRES.* INSIDE Dear Friends, → INFOCUS 02 Women in motor sport: the general consensus, The latest developments in mobility and motorsport as well as news at least among men, has long been that they were from across the FIA’s worldwide network of clubs not suited to racing, maybe in some predisposed way, ie not strong, or tough enough, to compete with the ‘boys’. Our cover story is a loud and clear refutation of this stereotype. → INSIGHT 14 Through the Women in Motor Sport We report on FIA President Jean Todt’s journey Commission, the FIA is clear in its intent that 12 Latin Lessons through Latin America and how his travels have advanced the cause motor sport is open to all. The women featured in of road safety awareness in the region.
    [Show full text]
  • Cathay Pacific to Buy Budget Airline HK Express for $628 Mn 27 March 2019
    Cathay Pacific to buy budget airline HK Express for $628 mn 27 March 2019 Cathay will stump up HK$4.93 billion (US$628.15 million) for the airline in a deal that is expected to be completed by December, according to a filing announcement. The firm said it will continue to operate HK Express as a "standalone airline using the low-cost carrier business model". "The transaction is expected to generate synergies as the businesses and business models of Cathay Pacific and HKE are largely complementary," it added. Cathay shares rose almost three percent after the Hong Kong Express is the city's sole budget carrier announcement but later retreated to end the day almost 2.5 percent lower at HK$13.34. HK Express is the city's sole budget carrier—a Hong Kong flag carrier Cathay Pacific said on sector that premium-focused Cathay has struggled Wednesday it will buy budget airline HK Express to compete against despite rivals such as for more than US$600 million as it moves to Singapore Airlines making inroads years ago. counter competition from the increasing number of low-cost carriers in the region. 'Goodbye to its worst time' The move is its first foray into the budget sector But analyst Dickie Wong of Kingston Securities said and will leave Cathay controlling three of the four it is now rectifying its "shortcoming". airlines at one of Asia's busiest airports at a time of huge growth in the region's air industry. "I think Cathay has said goodbye to its worst time when it lost money from fuel-hedging contracts, It comes weeks after the carrier said it had swung faced an unclear business outlook and competition back into the black in 2018 following two years of with budget airlines," he added.
    [Show full text]
  • Tony Steps Aside As Airasia Boss
    MUMBAI | WEDNESDAY, 5 FEBRUARY 2020 COMPANIES 5 . < Tony steps aside as AirAsia boss Chairman Kamarudin Meranun, too, relinquishes post temporarily over links to bribery scandal CHARLOTTE RYAN, YANTOULTRA NGUI identified it as the Caterham Formula & ASANTHA SIRIMANNE 1 team, founded in 2009 with London, 4 February Nasarudin Nasimuddin, chairman of car assembler Naza Group. They said irbus SE and AirAsia, the dis- the team made no profit and “was count airline built by Tony eventually disposed for £1”. A Fernandes, were inseparable for The July 2014 Farnborough deal that years, with the boisterous aviation exec- produced such fraternal bonhomie — utive gorging on ever-larger aircraft for 50 A330 wide-bodies — was sup- orders to become the manufacturer’s posed to trigger an additional $55 million biggest customer for single-aisle jets. payment, though it was never received, That happy marriage ended in acri- according to the prosecutors. mony last week after Airbus admitted to Four days after the order announce- illegally trying to sway plane sales and ment, an AirAsia executive emailed a agreed to a record $4 billion bribery set- senior Airbus employee saying that tlement. By Monday, Fernandes stepped “instead of sponsorship we want to put away from the Malaysian airline he it as a grant.” The A330 purchase was bought in 2001 and turned into one of the finalized in December, but by then the best-known brands in Asian aviation. "Caterham F1, the company alleged to have been sponsored strategy and marketing department at Fernandes was one of Airbus’s most improperly by Airbus, was at the relevant time a Formula 1 racing the center of the Airbus corruption was loyal customers, a fixture at air shows team that had gone round the globe promoting amongst others no longer in a position to fulfill its com- where he’d make a splash with huge AirAsia, AirAsia X, GE and Airbus..
    [Show full text]
  • Hainan Airlines' Strategy in the China-Europe Market
    Hainan Airlines’ Strategy in the China-Europe Market Driven by China’s Secondary Hubs’ Expansion Jianfeng SUN May, 2018 HNA Aviation HNA Aviation Totally there are 11 airlines within HNA Group in Mainland China, which include 2 full service airlines, Hainan and Beijing Capital Airlines, and 7 low-cost carriers. Full service network airline, global network, quality brand. HU Hainan Airlines Tianjin based airline, premium long-haul services. GS Tianjin Airlines JD Beijing Capital Airlines Beijing based full service airline, Beijing’s new airport. FU Fuzhou Airlines Fuzhou based low cost carrier. PEK Beijing URC Urumqi UQ Urumqi Airlines Urumqi based airline. XIY Xi’an TSN Tianjin PN West Air Chongqing based low cost carrier. PVG Shanghai CKG Chongqing 8L Lucky Air Kunming based low cost carrier. KWL Guilin FOC Fuzhou Nanning based airline. KMG Kunming GX Beibu Gulf Airlines NNG Nanning Y8 Suparna Airlines Shanghai based airline. GT Air Guilin HAK Haikou Guilin based airline, travel & tourism market. 9H Air Changan Xi’an based low cost carrier. International Network The latest data indicating the expanding international network of airlines within HNA group in Mainland China, currently covers 72 international & regional destinations,ofwhich29 are intercontinental destinations, with 100 international & regional routes across Asia, North America, Europe as well as Oceania. In 2017, four major airlines within HNA group, Hainan Airlines, Beijing Capital Airlines, Tianjin Airlines as well as Lucky Air, have totally received 17 wide-bodied aircrafts
    [Show full text]
  • Network Planning 2016
    NETWORK PLANNING 2016 IN ASSOCIATION WITH NETWORK PLANNING 2016 2 | FlightGlobal NETWORK PLANNING 2016 CONTENTS Airlines hit new peaks 4 Traffic gains step up in 2015 5 Top 100 airlines by traffic 6 Top 100 airports by traffic 8 Airline start-ups and failures 11 China focus 14 New Chinese intercontinental routes 17 Leading Chinese airports 18 Capacity snapshot – Asia 19 Cover picture by Don Wilson Don Wilson Don The information contained in our databases and used in this presentation has been assembled from many sources, and whilst reasonable care has been taken to ensure accuracy, the information is supplied on the understanding that no legal liability whatsoever shall attach to FlightGlobal, its offices, or employees in respect of any error or omission that may have occurred. © 2016 FlightGlobal, part of Reed Business Information Ltd Wilson Don FlightGlobal | 3 NETWORK PLANNING 2016 AIRLINES HIT NEW PEAKS Airlines and airport network planners arrive in Chengdu for “The demand for travel continues to increase, but at a slower this year’s World Routes with the industry showing distinct pace,” notes IATA director general Tony Tyler. “The fragile and signs of a split personality. uncertain economic backdrop, political shocks and a wave of terrorist attacks are all contributing to a softer demand On the one hand, for the airline sector things have seldom environment.” been better. Industry profits have been on the rise since the lows of the 2008 global financial crisis and recession. North African leisure traffic continues to struggle to recover They reached record highs in 2015 as airline consolidation from the tragic attacks to hit the region last year, while and restructuring efforts were bolstered by the sudden and Europe has been hit by a series of incidents including the welcome fall in fuel costs.
    [Show full text]
  • Singapore International Airlines: Strategy with a Smile Kannan Ramaswamy
    case study Singapore International Airlines: Strategy with a Smile Kannan Ramaswamy r. Cheong Choong Kong, the the performance of the company CEO of Singapore International under his leadership, he knew that Airlines (SIA), put away his papers much remained to be done. The as the SIA Megatop circled to land next sequence of strategic moves Mat Changi International Airport in would be crucial in cementing Singapore. He could see the mag- SIA’s meteoric rise. nificent lights of the city as it pre- pared for the much-awaited arrival SIA had managed to weather of the new millennium just two the storms of declining traffic weeks away. Singapore had prom- and yields, especially in the ised a spectacular show because it Asian region. The regional would be among the first coun- economies had been showing tries to welcome the New Year. signs of a nascent recovery. Mr. Kong was returning from However, the economic recov- meetings in London with Mr. ery was by no means complete. Richard Branson, CEO of Virgin For example, Japan was still Atlantic Airways. The two compa- unsteady and the other Asian nies had been exploring the tigers were tentative at best. potential for a formal equity Some of the quintessential alliance. While he was happy with sources of competitive advan- Thunderbird International Business Review, Vol. 44(4) 533–555 • July–August 2002 • © 2001 Thunder- bird, The American Graduate School of International Management. All rights reserved. This case was pre- pared by Prof. Kannan Ramaswamy, with research assistance from Mr. Manesh Modi, MIM2000, for the purpose of classroom discussion only and not to indicate either effective or ineffective management.
    [Show full text]
  • (FINAL) SBA 2017 Dossier Mr Goh Choon Phong
    SINGAPORE BUSINESS AWARDS 2017 OUTSTANDING CHIEF EXECUTIVE OF THE YEAR 2016 Mr Goh Choon Phong Chief Executive Officer Singapore Airlines Personal Background Mr Goh Choon Phong has been Chief Executive Officer of Singapore Airlines Ltd since 1 January 2011. He joined Singapore Airlines in 1990 and held senior management positions in various divisions in Singapore and overseas, ranging from Marketing to Information Technology to Finance and Cargo. Prior to his appointment as Chief Executive Officer, Mr Goh was Executive Vice President for Marketing & the Regions. He had earlier served as President of Singapore Airlines Cargo Pte Ltd from 2006 to 2010, Senior Vice President Finance from 2004 to 2006 and Senior Vice President Information Technology from 2003 to 2004. Mr Goh is Chairman of Budget Aviation Holdings Pte Ltd, which owns and manages low-cost airline subsidiaries Scoot and Tigerair, and is a Board Director of SIA Engineering Company. He is also a Member of the Board of Trustees of the National University of Singapore and Chairman-elect of the Board of Governors of the International Air Transport Association, where he is a Member of the Strategy and Policy Committee, Chair Committee and Audit Committee. He was a Board Member of Mount Alvernia Hospital, from 2006 to 2015, and Virgin Australia Holdings Limited, from 2014 to 2015. Mr Goh holds a Master of Science in Electrical Engineering & Computer Science as well as three Bachelor of Science degrees, in Computer Science and Engineering, Cognitive Science and Management Science, all from the Massachusetts Institute of Technology. Singapore Airlines Ltd With one of the world’s most modern fleets and a network spanning five continents, Singapore Airlines has earned a reputation as an innovative market leader, combining quality products with excellent service.
    [Show full text]
  • Tune Insurance Hotel Guest Cover Especially for Tune Hotels Guests in Malaysia
    NEWS RELEASE AFFORDABLE INSURANCE COVERAGE FOR AFFORDABLE HOTEL STAYS Tune Insurance Hotel Guest Cover especially for Tune Hotels guests in Malaysia Guests staying at Tune Hotels in Malaysia can now enjoy insurance protection from only RM2.50 per person provided by Tune Insurance Malaysia Berhad. The Tune Insurance Hotel Guest Cover, exclusively designed for Tune Hotels’ guests, focuses on guest compensation and offers not only reimbursement for cancellations of room bookings but also covers death, serious illness or injuries during the course of their stay at Tune Hotels. For a minimal premium of RM2.50 per guest, it offers a Personal Accident coverage of RM25,000 and room cancellations benefits up to a maximum of RM200 per night and subject to a maximum of RM2,000 for the whole stay. The product is currently available for stays at Tune Hotels in Malaysia only and will be extended to other countries soon. The Tune Insurance Hotel Guest Cover can be purchased as an add-on when guests make their bookings online at www.tunehotels.com or via telephone at 1300-88-8863. The room cancellation benefit is a practical coverage for Tune Hotel guests who may have to cancel their room reservation due to insured incidents such as flight delays and flight cancellation. The Accidental Death and Permanent Disablement coverage provides reimbursement for any bodily injury and serious illness that requires hospitalization during their stay at Tune Hotels. “We want a product that is inexpensive, relevant and easy to purchase”, said Peter Miller CEO of Tune Ins Holdings Bhd. “By combining our ideas with similar products sold in other regions, we believe that we have developed a very affordable product that eliminates or reduces the financial loss a guest would have to bear having to cancel a room through no fault of theirs and thus going some way to reducing their frustration”, said Peter Miller.
    [Show full text]
  • HNA Group (International) Company Limited HNA Group Co., Limited
    HNA Group (International) Company Limited (incorporated with limited liability in Hong Kong) U.S.$50,000,000 8.125 per cent. Guaranteed Notes due 2018 (to be consolidated and form a single series with the U.S.$250,000,000 8.125 per cent. Guaranteed Notes due 2018 issued under U.S.$1,000,000,000 Medium Term Note Programme on 3 December 2015) Unconditionally and irrevocably guaranteed by HNA Group Co., Limited (incorporated with limited liability in the People’s Republic of China) Issue Price: 99.50 per cent. The 8.125 per cent. guaranteed notes due 2018 (the “Further Notes”) will be issued in the aggregate principal amount of U.S.$50,000,000 by HNA Group (International) Company Limited (the “Issuer”) and will be consolidated and form a single series with the U.S.$250,000,000 8.125 per cent. Guaranteed Notes due 2018 issued on 3 December 2015 (the “Original Notes”, and together with the Further Notes, the “Notes”). The Notes are in registered form in the denomination of U.S.$200,000 each and integral multiples of U.S.$1,000 in excess thereof. Unless otherwise defined herein, terms defined in the supplemental offering circular dated 1 December 2015 relating to the Original Notes, which is supplemental to the offering circular dated 17 March 2015 (together the “Offering Circular”), shall have the same meaning when used in this Supplement (the “Supplement”). This Supplement is supplemental to, and should be read in conjunction with, the Offering Circular, and forms part of this Supplement. This Supplement amends and supersedes the Offering Circular to the extent it is inconsistent therewith.
    [Show full text]
  • HNA Group: Chinese Officials Take Control of Airline Operator - CNN 9/21/20, 1003 AM
    HNA Group: Chinese officials take control of airline operator - CNN 9/21/20, 1003 AM Chinese o!cials are taking control of troubled airline operator HNA By Laura He, CNN Business Updated 5:13 AM ET, Mon March 2, 2020 Hong Kong (CNN Business) — Chinese authorities are stepping in to run one of the country's largest conglomerates as it struggles to overcome a massive debt crisis made worse by the novel coronavirus outbreak. Government o<cials in Hainan province have established a "working group" with other agencies to help solve HNA Group's financial woes, the company said in a statement Saturday. The move was made at HNA's request, it added. HNA began life as an airline but grew rapidly through investments in real estate and finance, and overseas acquisitions, to become one of the most important players in China's private sector. Much of its growth was financed by borrowing, however, and the company has been forced to retrench in the last couple of years. Two government o<cials were appointed to top management positions at HNA. Gu Gang has become the company's executive chairman and Ren Qinghua was appointed as HNA's co-CEO. They will work alongside HNA's current management team, which includes chairman Chen Feng. Two other senior members of the working group come from the country's civil aviation authority and one of its policy banks. While HNA's ownership structure is extremely complex and opaque — it is apparently controlled by a nonprofit charity foundation — it has traditionally been classified as a major player in China's private sector.
    [Show full text]