Construction began on the port at Jebel Ali in 1978, but it wasn’t until around 1985 that the man-made facility–generally recognized as the bedrock of Dubai’s modern-day success–started to fulfill its potential–and the emirate’s knack for turning ideas into world-beating projects shouldn’t be underestimated.
Washington, D.C., seems to be a city that is in perpetual crisis. Now the U.S. government is in conniptions over the “fiscal cliff.” Federal Reserve chairman Ben Bernanke coined that metaphor to describe the tax increases and automatic spending cuts that kick in on January 2 unless Democrats and Republicans somehow tame the $16 trillion national debt.
The divided U.S. government edged closer to the so-called the “fiscal cliff,” a combination of tax increases and automatic spending cuts that will be imposed on January 2 unless political parties reach agreement on a package to reduce the country’s $16 trillion national debt. With 25 days remaining before the measures take effect, the parties were at a stalemate.
The French and German governments have agreed to reduce their shareholdings in EADS to 12 percent each, and drop their veto rights over key decisions. Spain will hold 4 percent. EADS said the pact will normalize and simplify its governance, while still allowing the three countries “to protect their legitimate strategic interests.”
NBAA has joined other organizations in urging Congressional leaders to continue stimulating business capital expenditures by extending the accelerated, or “bonus,” depreciation that is set to expire at the end of this year. In a letter sent to both houses of Congress yesterday, the groups said, “It is imperative that we continue the 50-percent bonus depreciation…for 2013 and beyond. This will provide some certainty to U.S.
Jet Support Services (JSSI), a provider of hourly-cost maintenance programs for business aircraft operators, named Neil Book as its new president and CEO today, succeeding Louis Seno, who will serve as chairman emeritus and special advisor to the board of directors. Book has served on the company’s board for the past three years and earlier this year joined JSSI as co-president, where he has led the sales, marketing and technical services teams.
Milestone Aviation Group, the helicopter leasing firm headed by NetJets founder Richard Santulli, is raising $250 million to purchase aircraft and refinance previously purchased aircraft. It is doing this by offering senior unsecured notes that are due in 2017. Milestone, which provides 100-percent operating lease financing for helicopters, has leased more than 60 aircraft worth more than $850 million since its launch in August 2010.
Dassault Aviation is poised to name a successor to long-standing chairman and CEO Charles Edelstenne, who is due to retire on January 9 after more than half a century of service at the French aerospace group. A company spokesman told AIN today that an announcement of a successor will be made “in the next few days.”
HyperMach Aerospace announced a new configuration for its SonicStar supersonic business jet (SSBJ) that it claims will boost the aircraft’s top speed by about 12 percent to Mach 4.5, while increasing range by 500 nm, to 6,500 nm. At its planned high-Mach cruise speed of Mach 4.4 at FL620, the SonicStar would be able to fly from New York to Dubai in only two hours and eight minutes.