Malaysian Airlines (MAS) is to lay off just over 30 percent of its workforce in a restructuring that will see it brought under the full ownership of state-backed sovereign wealth fund Kazanah Nasional Berhad.
Economy of Malaysia
In a move to ensure the viability of Malaysia Airlines, the country’s sovereign wealth fund, Khazanah Nasional Berhad, has stepped in with $430 million rescue plan to delist the national carrier and take it private.
Prospects for private aircraft charter in the month leading up to the Christmas and New Year holidays appear markedly stronger in North America than in Europe, according to the latest data from online charter portal Avinode.
New York investment banking behemoth Kohlberg Kravis Roberts (KKR) is placing a big bet on one helicopter services company supporting the offshore oil-and-gas industry. Last month KKR took a $200 million stake in Malaysia’s Weststar Aviation Services. Weststar provides offshore support to a variety of energy companies in the region, including Petronas Carigali, ExxonMobil, Carigali Hess, CPOC, Talisman, Petrofac, Newfield, Total, KPOC, Lundin, Schlumberger, Hess, Shell, Tullow Oil, Mubadala Petroleum, CGG Veritas and ConocoPhillips.
Air traffic controllers at Kuala Lumpur International Airport (KLIA) cannot carry out simultaneous dual-runway operations due to lack of so-called non-transgression-zone software, resulting in congestion in Malaysian airspace and a choke point for takeoff at KLIA. The airport’s pair of 13,000-foot-long runways can accommodate 32 arrivals and 36 departures per hour.
Airlines have lodged complaints about the excess fuel their airplanes burn while caught in departure queues, at times waiting for as long as 25 to 30 minutes before ATC can clear them for takeoff.
Newly formatted data from online charter portal Avinode gives a clearer impression of the fluctuations in charter aircraft demand and pricing.