Latest news with #PeterBarrett
Irish Examiner
22-05-2025
- Business
- Irish Examiner
Progress made in Boeing and Airbus output, says leasing giant
Boeing and Airbus have made progress in boosting aircraft manufacturing, but there is 'a way to go' to get a stable, predictable production cycle, the head of Irish aircraft leasing giant SMBC Aviation Capital said yesterday. The world's third-largest aircraft lessor, which has over 250 planes on order with both manufacturers, also said tariffs could be a drag on that recovery and have the potential to delay production increases. Boeing has faced a series of crises, but expects to stabilise 737 Max production over the coming weeks. Meanwhile, Airbus has reaffirmed its target for increased commercial deliveries this year despite a recent dip. 'I was actually there [at Boeing] a few weeks ago,' said SMBC CEO Peter Barrett. 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,' he said, adding that Airbus has also made progress. Tariff war As US president Donald Trump's tariff war and "America first" policies disrupt international relations, Mr Barrett said there was 'some caution' on transatlantic routes — but that SMBC's customers have said domestic US demand was resilient. On Thursday, SMBC said it had booked a further $654m (€577.2m) from insurance settlements over the last year, bringing its total recoveries from claims to $1.41bn. SMBC was one of six lessors that ended an Irish lawsuit against their insurers last month, and Mr Barrett said the majority of its litigation around the world was complete. Reuters Read More SMBC proceeds from Russian jet insurance settlements hit €1.2bn
Yahoo
22-05-2025
- Business
- Yahoo
Lessor SMBC says Boeing and Airbus output has made some progress
By Padraic Halpin and Tim Hepher DUBLIN (Reuters) -Boeing and Airbus have made progress in boosting aircraft manufacturing, but there is "a way to go" to get a stable, predictable production cycle, the head of aircraft leasing giant SMBC Aviation Capital said on Thursday. The world's third-largest aircraft lessor, which has over 250 planes on order with both manufacturers, also said tariffs could be a drag on that recovery and have the potential to delay production increases. Boeing has faced a series of crises but expects to stabilise 737 MAX production over the coming weeks, while Airbus has reaffirmed its target for increased commercial deliveries this year despite a recent dip. "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, adding that Airbus has also made progress. As U.S. President Donald Trump's tariff war and "America First" policies disrupt international relations, Barrett said there was "some caution" on transatlantic routes, but that SMBC's customers have said domestic U.S. demand was resilient. SMBC on Thursday said it had booked a further $654 million from insurance settlements over the last year related to jets stranded in Russia following Western sanctions, bringing its total recoveries from claims to $1.41 billion. SMBC recorded an impairment of $1.6 billion in 2022 after 34 of its jets got stuck in Russia following the sanctions over Moscow's war in Ukraine that forced the termination of leases. SMBC was one of six lessors that ended an Irish lawsuit against their insurers last month and Barrett said the majority of its litigation around the world was complete. Pretax profits at SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, grew 22% year-on-year to $563 million in the year to end-March, excluding the settlements, it said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
22-05-2025
- Business
- CNA
Lessor SMBC says Boeing and Airbus output has made some progress
DUBLIN :Boeing and Airbus have made progress in boosting aircraft manufacturing, but there is "a way to go" to get a stable, predictable production cycle, the head of aircraft leasing giant SMBC Aviation Capital said on Thursday. The world's third-largest aircraft lessor, which has over 250 planes on order with both manufacturers, also said tariffs could be a drag on that recovery and have the potential to delay production increases. Boeing has faced a series of crises but expects to stabilise 737 MAX production over the coming weeks, while Airbus has reaffirmed its target for increased commercial deliveries this year despite a recent dip. "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, adding that Airbus has also made progress. As U.S. President Donald Trump's tariff war and "America First" policies disrupt international relations, Barrett said there was "some caution" on transatlantic routes, but that SMBC's customers have said domestic U.S. demand was resilient. SMBC on Thursday said it had booked a further $654 million from insurance settlements over the last year related to jets stranded in Russia following Western sanctions, bringing its total recoveries from claims to $1.41 billion. SMBC recorded an impairment of $1.6 billion in 2022 after 34 of its jets got stuck in Russia following the sanctions over Moscow's war in Ukraine that forced the termination of leases. SMBC was one of six lessors that ended an Irish lawsuit against their insurers last month and Barrett said the majority of its litigation around the world was complete. Pretax profits at SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, grew 22 per cent year-on-year to $563 million in the year to end-March, excluding the settlements, it said.
RTÉ News
22-05-2025
- Business
- RTÉ News
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.
Daily Record
06-05-2025
- Politics
- Daily Record
Perth and Kinross Council awaiting Scottish Government guidance on gender neutral toilets in schools
Three Perth and Kinross schools do not have separate toilets for boys and girls Perth and Kinross Council is awaiting Scottish Government guidance on whether it will have to adapt three schools built with only gender neutral toilets. Last week a Court of Session judge ruled Scottish schools must provide single-sex toilets for pupils. The new £80 million Perth High School - due to open this summer - has also been built with floor-to-ceiling cubicles in semi-open plan areas, which PKC has said can be reassigned to separate toilets for males and females. The Court of Session judgment was made in a case brought against Scottish Borders Council by parents concerned about a new primary school built with only gender-neutral toilets. The decision came after the UK Supreme Court unanimously ruled a woman is defined by biological sex under equalities law. Following the UK Supreme Court judgment in For Women Scotland v The Scottish Ministers, the Equality and Human Rights Commission issued an interim update on its guidance. The update said: "Schools must provide separate single-sex toilets for boys and girls over the age of eight. It is also compulsory for them to provide single-sex changing facilities for boys and girls over the age of 11. "Pupils who identify as trans girls (biological boys) should not be permitted to use the girls' toilet or changing facilities, and pupils who identify as trans boys (biological girls) should not be permitted to use the boys' toilet or changing facilities. Suitable alternative provisions may be required. " Perth and Kinross Council is now waiting to hear whether it will have to reassign toilets which have been designed as mixed-sex spaces. A council spokesperson said: "Currently we have nine schools with mixed-sex facilities. Six of these also have separate male and female toilets while the remaining three have been designed with floor-to-ceiling cubicles in semi-open plan areas that will allow schools to reassign separate toilets for males and females. 'The same system is in place in schools currently under construction, such as the new Perth High School. 'We are considering the implications of the Supreme Court judgement and are awaiting further guidance from the Scottish Government which we will respond to.' Councillor Peter Barrett is the Equalities lead for Perth and Kinross Council. The Perth City Centre Liberal Democrat councillor said: "I contacted senior officers following the Scottish Borders Council decision last week and have requested a briefing on the position in Perth and Kinross. We need to look at toilet provision in schools across Perth and Kinross, for both existing schools and new-builds and ensure compliance with the law and revised guidance on provision of single-sex and gender-neutral toilets." As well as the Scottish Borders legal case, calls were made to ban unisex toilets in schools following an incident in Dundee. The calls came after a 15-year-old boy was charged in connection with voyeurism in December 2024. The boy was charged after a female pupil was reported to have found a phone hidden - with the camera switched on - inside a toilet roll holder at a Dundee secondary school with "hundreds" of videos and images of naked girls. The Scottish Government is working to update its guidance following the recent legal decisions. A Scottish Government spokesperson said: "Local authorities have statutory responsibility for the school estate, including provision of toilets. The Education Secretary will engage with COSLA to carefully consider the implications of the Court of Session ruling involving Scottish Borders Council in relation to Earlston Primary. "We previously announced our intention to consult on updating the 1967 School Premises Regulations, and considering relevant court decisions will be part of that process. "We note the interim update from the Equality and Human Rights Commission (EHRC), and that they intend to hold a consultation with stakeholders on their forthcoming guidance before producing their updated draft Code of Practice in early summer. We are keen to work with the EHRC to ensure consistent, inclusive and comprehensive guidance is in place following recent legal decisions."
