SMBC proceeds from Russian jet insurance settlements hit $1.4 billion
Irish-headquartered aircraft lessor SMBC Aviation Capital said today it has booked a further $654m in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions.
That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41 billion.
It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements.
SMBC recorded an impairment of $1.6 billion in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases.
The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22% year-on-year to a company record $563m, excluding the benefit of the insurance settlements.
SMBC is owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group.
It said today its core lease rental revenue grew by 3% to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft.
Meanwhile, Boeing and Airbus are making progress in stabilising production but there is still "a way to go" to get a stable, predictable production cycle, the head of aircraft leasing giant SMBC Aviation Capital said today.
"I was actually there (at Boeing) a few weeks ago. I certainly felt that the corner was turned and I don't say that lightly. There's more to go but I do think they are absolutely travelling in the right direction," Peter Barrett told Reuters.
"Airbus also has made progress," he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
an hour ago
- Irish Examiner
Thousands of companies must publish gender pay gap in their organisations
The landscape of gender pay gap reporting in Ireland undergoes a significant transformation, with new obligations on companies beginning this week. Larger organisations in Ireland have been reporting their gender pay gaps (GPG) since 2022. Thousands of additional organisations - those with 50 or more employees - are now required to publish their GPG data for the first time. With the EU Pay Transparency Directive due to be transposed into Irish Law in June 2026, gender pay gap reporting is the first step in supporting organisations on the journey to pay parity and equitable pay practice. For Irish businesses, leveraging gender pay gap reporting can be a powerful opportunity to drive long-term organisational success. Strategic thinking can support employee retention when we need to optimise the current workforce to drive performance, and to promote a strong employer brand to attract the talent to meet strategic workforce planning needs. The Imperative of Getting it Right For the newly in-scope organisations, the initial focus will naturally be on ensuring accurate data collection and calculation. This can be complex, involving meticulous attention to definitions of "pay" and "hours worked," and careful categorisation of employees across pay quartiles. The pitfalls of getting it wrong are significant: Reputational Damage: In today's transparent world, a poorly presented or inaccurate report can severely damage your employer brand. Publicly available data means scrutiny from current and prospective employees, clients/customers, and even investors. A perception of pay inequality can quickly erode trust and make it harder to attract top talent. Talented individuals, particularly women, may look to organisations that demonstrate a genuine commitment to equity. Internal Discontent: Employees are increasingly aware of pay transparency. If your report highlights significant gaps without a clear, credible explanation and actionable plan, it can lead to demotivation, decreased morale, and increased staff turnover. There is a heightened risk of increased internal complaints around pay and bonus comparisons, how salary bands are graded, why colleagues in similar roles are paid more/less and referrals for equal pay and discrimination claims. Legal Scrutiny: While direct financial penalties for non-compliance are not yet in place in Ireland, the Workplace Relations Commission (WRC), the Circuit Court and the High Court can order an employer to take specific action to comply with the legislation. Irish data suggests average GPG was 12.6% in 2022 reducing to 11.2% in 2023. With the upcoming EU Pay Transparency Directive, organisations with an unexplained GPG of greater than 5% will have to engage in joint pay assessments where employers must justify the detailed rationale of their pay structures. Leveraging Strategic Opportunities The process of gender pay gap reporting forces organisations to scrutinise their talent management strategies, fostering genuine strategic thinking. Why are women concentrated in lower-paid roles? Are there sufficient pathways for career progression for female employees? Are unconscious biases at play in your recruitment or promotion processes? Are men taking family related leave? These are critical questions that, when addressed, can lead to fundamental improvements in your talent management strategies. Proactively identifying and addressing gender pay gaps demonstrate a strong employer brand with a tangible commitment to equality. This resonates deeply with employees, who are increasingly valuing workplaces that align with their personal values. When employees feel equitably compensated, they are more engaged, more productive, and more likely to stay with your organisation. This reduces recruitment costs and preserves invaluable institutional knowledge. This is significant in the context of Adare's HR Barometer survey which reported anticipated turnover in 2025 at 12.2% and an average cost of €10,125 per employee. In a competitive market for talent, being known as an organisation that champions equality and fairness is a powerful differentiator. It makes you more attractive to a diverse pool of candidates leading to a more innovative and representative workforce, crucial for navigating complex business challenges and fostering growth. Furthermore, for organisations engaging in tenders or seeking investment, a strong GPG report can be a compelling testament to your commitment to ESG (Environmental, Social, and Governance) principles. Looking Ahead: From Snapshot to Solution The June snapshot is just that - a snapshot. The real work begins after the numbers are published. Organisations must not only explain their gaps but also articulate clear, measurable actions they intend to take to reduce them. This might involve reviewing policies, enhancing leadership development programmes for women, supporting women to actively engage in the workforce during menopause, implementing flexible working solutions, or tackling unconscious bias through comprehensive training. Gender pay gap reporting is not just a compliance requirement; it is a strategic opportunity for organisations to enhance their talent management strategies, build a strong employer brand, improve employee engagement and retention, foster a diverse and inclusive workplace, and prepare for future regulations. By embracing transparency and taking proactive steps to address the gender pay gap, organisations can unlock significant benefits and drive long-term success. The time to act is now.
The Journal
an hour ago
- The Journal
Three-quarters of Irish universities fall in global rankings - but TCD still best in the country
THREE-QUARTERS OF Irish universities have fallen in global rankings, but Trinity College Dublin is still rated the best in the country. The rankings are based on quality of education, employability, quality of faculty, and research. Ireland's overall slip in the Global 2000, which is released today, is mainly due to research performance amid intensified global competition from well-funded institutions, the Centre for World University Rankings said. University College Dublin (UCD) is the only Irish university that ranked higher on the list than it did last year. Here's how they're all faring: Trinity College Dublin – 259th (250th in 2024) University College Dublin – 299th (301st last year) University College Cork – 545th (542nd) University of Galway – 707th (668th) University of Limerick – 926th (925th) Royal College of Surgeons in Ireland – 1013rd (no change) Dublin City University – 1151st (1134th) Maynooth University – 1323rd (1287th) Advertisement Harvard is the top university in the world for the fourteenth year in a row. However, other US institutions have declined in some areas amid slashed government funding and disputes over academic freedom and free speech. In the top ten, Harvard is followed by two other private US institutions, MIT and Stanford. The UK's Cambridge and Oxford are the world's highest-rated public universities, coming fourth and fifth. The rest of the global top ten are also private American universities: Princeton, Pennsylvania, Columbia, Yale, and Chicago. For the first time, China has surpassed the US as the country with the most universities in the Global 2000. While Oxford and Cambridge maintain their high rankings, the overall outlook for Britain is unfavourable, as 75% of universities have fallen down the list. The top ten universities in Europe this year are: Cambridge (UK, 4th), Oxford (UK, 5th), PSL (France, 19th), UCL (UK, 20th), Imperial College London (UK, 28th), Paris City University (France, 29th), ETH Zurich (Switzerland, 32nd), Paris Saclay (France, 34th), Institut Polytechnique de Paris (France, 35th), and Copenhagen (Denmark, 38th). Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Independent
6 hours ago
- Irish Independent
Death of an Irish institution? New Sunday Independent/Ireland Thinks poll reveals how few go to the pub every week
While the local watering hole was once regarded as an 'Irish institution', the study found only 9pc of people said they go to the pub once a week, 7pc went every fortnight and 19pc said they went just once a month. The cost of alcohol in bars is believed to be one reason why many don't pull up a bar stool any more. Meanwhile, Gen Z – those 28 and under – are less likely to drink alcohol at all, with many prioritising hobbies, health and wellness. Michael Kilcoyne, chair of the Consumers' Association of Ireland, said the fact that the Irish pub was no longer popular, is 'worrying from a community and societal aspect'. 'Pubs down the country have been affected badly due to a lack of transport,' Mr Kilcoyne said. 'And in general, the price of alcohol in pubs is too high for a lot of people struggling with high rent and mortgages. 'Others are trying to save for a mortgage and many are living in their parents' box rooms, just unable to afford a night out at the pub. 'This means pub staff will lose their jobs and also impacts the coming together of people as a community in Ireland. 'The pub is where friends, family and colleagues always met and what have we got if we're not meeting up to socialise? A lack of community, isolation, loneliness and a lack of community spirit. 'That's really a very bad thing and it seems this Government has switched off to the reality of what people are going through in Ireland today. 'People just don't have the money to go to the pub to socialise or even go on holiday due to the cost of living and wages not being high enough to meet it.' The survey found 40pc of people can't afford to take a summer holiday this year while 55pc said they could and 5pc were unsure. Pub landlords contacted by the Irish Independent weren't available to talk or didn't wish to comment on the issue. But the CEO of the Vintner's Federation of Ireland, Pat Crotty, a former publican, told RTÉ: 'It's very difficult. The net position for the publican outside of an urban area is that he's dying slowly.' He added: 'Even for pubs relying on tourists, the Central Statistics Office (CSO) has shown tourist numbers are down at a time when they should be up.' Mr Crotty said publicans are in a difficult situation with regards to legal and financial obligations, and very few can continue in the position they are in.
