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AviTrader Weekly News 2018-01-29

AviTrader Weekly News 2018-01-29

AviTrader Weekly News

ISSN 1718-7966 January 29, 2018/ VOL. 625 WEEKLY AVIATION HEADLINES Read by thousands of aviation professionals and technical decision-makers every week www.avitrader.com WORLD NEWS Air France reinvents its Business lounge Air France has reopened a completely redesigned, much larger and totally renovated Business Class lounge. With an open kitchen, private saunas and a detox bar, the company has created a real bubble of well-being for its Business customers and Flying Blue Elite Plus cardholders in Hall L at Paris-Charles de Gaulle, Terminal 2. “This lounge is perfectly in line with Air France’s strategy to move upmarket, in the same way as the lounge at Terminal 2G. It has been designed to surprise our customers with innovative services on the theme of well-being and gastronomy”, explained Anne Rigail, Customer EVP. Qatar Airways Cargo gets QEP accreditation Qatar Airways Cargo has announced that it has received the Qualified Envirotainer Provider Training and Quality Programme (QEP) accreditation at five of its destinations: Amsterdam, Basel, Paris, Chicago, and its hub, Doha, Qatar. By receiving QEP accreditation, Qatar Airways Cargo has proven its credibility in providing its global customers first-rate air transportation of pharmaceutical products. Lufthansa Cargo invests into US-based tech start up Lufthansa Cargo intensifies its ties to the global start-up scene by investing significantly into tech startup “Fleet Logistics”, headquartered in Portland, USA. The strong collaboration between Lufthansa Cargo and Fleet Logistics will connect extensive airfreight experience with a technology-driven, fresh view on global logistics processes. EasyJet teams up with Munich RE For innovative flight cancellation cover Munich Re, in collaboration with easyJet, has designed a comprehensive product that for the first time provides cover for airline flight cancellations. The policy provides financial protection against various large shock events that lead to business interruption losses in aviation. Examples of such events include volcanic ash clouds, severe winter storms, or the grounding of the fleet on safety grounds. An issued statement said the innovative product allows an airline to partially reduce its liquidity reserve. It has been developed by Munich Re’s Special Enterprise Risks unit and specialists from its aviation underwriting team, working in conjunction with easyJet. The coverage plays an integral part in the airline’s capital management. The pricing is competitive with other sources of funding and allows the airline to free up cash that can be put to use in the business. The “This deal is a real win-win for both parties: easyJet is the right partner for this kind of deal.” Rolf Heintzeler, Head of Aviation Facultative, Munich RE product demonstrates that insurance can be a valuable alternative to capital market instruments. The product covers the airline from flight cancellations. Photo: easyjet Flight cancellations are valued at a “pre-agreed” fixed amount to ensure a fast and effective pay-out. Nobody has forgotten the business impact of the huge ash cloud from the Icelandic volcano Eyjafjallajökull in 2010, which – according to IATA estimates – led to the cancellation of more than 100,000 flights and caused airline losses exceeding US$ 1.8bn. The cover is structured to limit the balance sheet impact on airlines of such significant business interruption events. Mike Hirst, Director of Treasury and Tax for easyJet, commented: “We have been very impressed with Munich Re’s creativeness, professionalism and project management throughout the development of this innovative product. The product itself complements the combination of cash and Revolving Credit Facility that already supports our liquidity Continued on page 3

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