Guernsey Airport spent more than £330k on overtime last year
'Historically good levels'
A review commissioned by the airline last year found its management had made no "misjudgements" but a separate report said Aurigny's prices were 30% higher than comparative prices for Jersey and the Isle of Man.Deputy Peter Roffey, STSB president, said he "[appreciated it would] be of no comfort" to passengers affected by disruptions but "Aurigny's punctuality rates [had] returned to their historically good levels".
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Reuters
2 days ago
- Reuters
How Embraer came away unscathed from Trump's tariff blitz
SAO PAULO/WASHINGTON/BRASILIA, July 31 (Reuters) - Embraer ( opens new tab dodged a bullet on Wednesday when U.S. President Donald Trump excluded aircraft from the steeper tariffs he imposed on many Brazilian goods, sparing the planemaker from a potential pandemic-like hit to its revenue. Embraer and its U.S. partners had argued that the 50% tariffs threatened by Trump earlier in July would cause disruptions to deliveries and local businesses, and that the Brazilian firm's jets are essential to regional flights in the United States. U.S. airlines privately urged the Trump administration to exempt Brazilian aviation exports from the higher tariffs, four airline industry officials told Reuters. Regional carriers Envoy Air, Piedmont Airlines and Republic Airways wrote to the Commerce Department raising concerns. Meanwhile, Embraer CEO Francisco Gomes Neto rushed to meet with several senior Trump administration officials. Those included Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, he told newspaper Valor Economico. The main arguments were simple: Embraer employs thousands of people in the U.S., and airlines in the world's largest aviation market have no clear substitute for its E175 jetliner. The plane is the only jet currently being produced that meets the scope clause in labor contracts restricting planes heavier than 86,000 pounds and with more than 76 seats from being flown on regional routes. Embraer has about 200 pending E175 deliveries to U.S. carriers, including American Airlines Group (AAL.O), opens new tab, SkyWest (SKYW.O), opens new tab, Alaska Air Group (ALK.N), opens new tab and Republic. U.S. clients also buy 70% of its executive jets. SkyWest warned in a call with analysts last week that it was not willing to pay a 50% tariff on new aircraft deliveries and planned to work with Embraer and other partners to delay them until the situation was resolved. Alaska also said it could consider deferring deliveries. After relief came on Wednesday, analysts labeled Embraer the main beneficiary of Trump's exemptions, a decision that pushed its Sao Paulo-traded shares up more than 20% from their Wednesday lows. "Given this news, we expect Embraer shares to reach new all-time highs," JPMorgan said in a note to clients. Gomes Neto said earlier this month that if they went ahead, the tariffs' impact on the company could be similar to that of the COVID-19 crisis, when Embraer's revenues fell 30% and it reduced its workforce by around 20%. The planemaker was the biggest concern of the Brazilian government as Trump threatened the levies. A source familiar with the matter told Reuters ahead of this week's announcement that government officials had asked Washington to exclude Embraer's aircraft from the 50% tariff. Embraer sought to convince the Trump administration that a reprieve would also be beneficial to the United States. The company stressed that it has roughly 3,000 employees and final assembly lines for executive jets in the country, its No. 1 market. A large portion of the parts Embraer uses on its aircraft comes from the U.S., including General Electric (GE.N), opens new tab engines. The company estimated earlier this month that between this year and 2030 it may purchase $21 billion worth of U.S. products. Embraer in a statement on Wednesday cheered Trump's decision, saying the move confirmed the positive impact and strategic importance of its activities for the Brazilian and U.S. economies. It will, however, remain subject to the wider 10% duty imposed on Brazilian products in April. The firm indicated that tariff was harmful, but manageable, and has pledged to keep advocating for a return to a zero-tariff policy. SkyWest noted that the actual levies on the E175 would be between a third and a half of that 10%, because of the jetliner's U.S. components. American Airlines, a major client, last week expressed optimism that the situation would be resolved. CFO Devon May told Reuters in an interview last week that a 50% tariff rate did not make sense. "I think the administration understands the importance of Embraer to the North American carriers and to our economy, so hopefully we get to a better spot there," he said. "We've made sure that the administration and Embraer know our interest," CEO Robert Isom told a call with analysts.
Reuters
3 days ago
- Reuters
Trump hits Brazil with 50% tariffs, excludes aircraft, OJ, energy
WASHINGTON, July 30 (Reuters) - U.S. President Donald Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice. That came as a relief for many in Brasilia, who since Trump announced the tariff had been urging protections for major exporters caught in the crossfire. Shares of planemaker Embraer and pulpmaker Suzano rose. "We're not facing the worst-case scenario," Brazilian Treasury Secretary Rogerio Ceron told reporters. "It's a more benign outcome than it could have been." In a factsheet about Trump's executive order on Wednesday, the White House tied the tariffs to Brazil's prosecution of Bolsonaro, who is standing trial on charges of plotting a coup to overturn his 2022 electoral loss. The executive order came as the U.S. also announced sanctions on a Brazilian Supreme Court justice overseeing Bolsonaro's trial, accusing the judge of authorizing arbitrary pre-trial detentions and suppressing freedom of expression. Still, Trump's executive order formalizing a 50% tariff excluded dozens of key Brazilian exports to the United States, including civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers. Among the top concerns in the government of President Luiz Inacio Lula da Silva were aircraft produced by Embraer ( opens new tab, which exports 45% of its commercial aircraft and 70% of its executive jets to the United States. Analysts had also warned of a serious potential impact on Suzano ( opens new tab, one the world's largest wood pulp producers. Embraer shares rose 11% in Sao Paulo and Suzano gained over 1% in afternoon trading. Former Brazilian trade secretary Welber Barral warned it was too soon to celebrate, however. He estimated that the list of Brazilian products exported to the U.S. comprises approximately 3,000 items, and only a fraction of these received exclusions. "There will be an impact," he said of the tariffs. Wednesday's executive order did not include exemptions for beef or coffee, two key exports to the United States, he noted. Brazilian meatpacking lobby Abiec, which represents beef producers including JBS and Marfrig ( opens new tab, did not immediately comment on Wednesday's executive order. On Tuesday, the group said the new tariffs would make sales to the U.S. "inviable." Despite language exempting "energy and energy products" from the tariffs, energy companies operating in Brazil suspended oil shipments to the United States, citing uncertainty, industry group IBP told Reuters.
Reuters
3 days ago
- Reuters
Trump order excludes aircraft, OJ, energy from Brazil tariffs
WASHINGTON, July 30 (Reuters) - The U.S. excluded several of Brazil's major exports from the 50% tariff President Donald Trump signed into an executive order on Wednesday, including orange juice, some aircraft, wood pulp and energy products, lifting shares of planemaker Embraer and pulpmaker Suzano. In a fact sheet published on Wednesday, the U.S. government tied the tariffs to Brazil's prosecution of former President Jair Bolsonaro, who is standing trial under charges of plotting a coup to overturn his 2022 electoral loss. Still, the executive order excluded dozens of key Brazilian exports to the United States. Among the top concerns in the government of President Luiz Inacio Lula da Silva were aircraft produced by Embraer ( opens new tab, which exports 45% of its commercial aircraft and 70% of its executive jets to the U.S. Analysts had also warned of a serious potential impact on Suzano ( opens new tab, one the world's largest wood pulp producers. Embraer shares rose 11% in Sao Paulo and Suzano gained over 1% in afternoon trading. The executive order came as the U.S. announced sanctions on a Brazilian Supreme Court justice overseeing Bolsonaro's trial, accusing the judge of authorizing arbitrary pre-trial detentions and suppressing freedom of expression.
