The momentum that began to build in the used jet market late last summer is rolling into this year. Overall inventory is about where it was a year ago, but after a significant month-over-month build-up through July, sales activity heightened and just as quickly reversed direction. Between August and the middle of last month, roughly 100 more aircraft departed the market than arrived.
Health and security assistance provider MedAire disclosed that its two largest shareholders have reached a letter of agreement “outlining mutual goals and strategies in relation to the direction and control of MedAire” that would effectively place control of the company in the hands of its largest competitor, International SOS (ISOS).
Berkshire Hathaway chairman Warren Buffett, in his latest annual letter to shareholders issued Saturday, said the company’s flight services division–FlightSafety and NetJets–reported $120 million in pre-tax earnings versus $191 million in 2004. According to Buffett, “Earnings improved at FlightSafety as corporate aviation continued its rebound…[but] operating results at NetJets were a different story.
NetJets subsidiary Executive Jet Management (EJM) told AIN last month it logged record revenues last year but declined to reveal a dollar number. It did note, however, that 32 of its managed aircraft each generated more than $1 million in charter revenue; four generated $2 million each; three $3 million each; and one $5 million.
NBAA’s was one of more than 170 comments filed (mostly in support) to the Securities and Exchange Commission rulemaking proposal to require more detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft.
Mission Oaks National Bank in Temecula, Calif., hopes to become the lender of choice for pilots shopping for general aviation airplanes and, in some cases, helicopters in the western U.S. from New Mexico to Washington, as well as Nevada and Arizona, and occasionally other states. The bank will consider loans on aircraft valued up to $3.5 million. Veteran aviation lender Juan Alonzo has been hired to manage the new aircraft loan department.
Continuing to reduce its reliance on oil exports through diversification, Dubai is backing a $15 billion plan to establish an aviation manufacturing and services industry to add to its portfolio. Dubai Aerospace Enterprise (DAE) will oversee six subsidiary companies that in turn are expected to address 14 related industry segments.
NetJets Europe pilots are preparing to establish trade union representation at the fractional ownership company. According to Teamsters union officials, a group of the European pilots is now evaluating four possible options for union representation and it expects to launch the new organization by year-end.
A little over one year has passed since the European Union introduced higher minimum liability insurance requirements for aircraft registered within the EU, and those of foreign registry flying into or over its 25 member states.
If you buy, sell or operate aircraft in Europe and have been liable to EU value added tax (VAT), a chat with Lasse Rungholm could help you to save lots of money. You will find Rungholm by a beautifully maintained Beech 18 on the ramp, which OPM Aviation Services (OPMAS) acquired a month ago and flew here from its Aarhus, Denmark headquarters to publicize the company.