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In a statement, its CEO, Henri Courpron, was quoted saying, "We are E-Jets E2 and look forward to growing our relationship with Embraer.". CEO Henri Courpron and President Frederick S. Cromer will continue had an inappropriate relationship with an unnamed employee that was. We look forward to his ongoing vigilance and advice as a continuing member of ILFC Chief Executive Officer, Henri Courpron commented, “Fred has its role in building relationships across the globe that drive innovation.
The government figures this new ban on foreign workers will create more than 20, job opportunities for locals. Since announcing the decision, the ministry has launched a nationwide media campaign. It even converted a bus into a mobile branch to visit different parts of the country to promote the plan. The bus, with two large monitors running promotional videos instead of windows, made several stops near mobile-phone shops in Riyadh in May.
Inside, officials with laptops took down hundreds of names of Saudi job seekers. The Technical and Vocational Training Corp. Ameen, the mobile-phone store owner, remains skeptical that the government will be able to train enough people in time to make the plan work within the deadline set by the ministry. They have to give us at least two years to do this. Young Saudis have over the years acquired a reputation of looking down on manual work.
But Abdulaziz al-Buti, 23, who recently entered the training program, says attitudes have changed as the job market has become more competitive and expectations of support from the government diminished. He noted that he enjoys tinkering with electronics and gadgets. If you love the work then nothing can stop you.
The House of Traditional Arts is dedicated to preserving and restoring its rich architectural and cultural heritage. But this proposal has proved to be polarizing. Supporters say it would make retail jobs more attractive to Saudis because it will allow them to finish work early enough to return home to spend time with their families.
Opponents argue that limits on store hours are impractical in a country where all businesses are already forced to close five times a day for prayer and where temperatures are often blazing hot during the day. Most people prefer to shop and run errands in the evening.
Those critics say if the government wants shops to close by 9 p. Tourism is another area leaders are keen to develop as part of the new plan. The holy city of Mecca draws tens of millions of visitors annually during the hajj pilgrimage.
That suits huge Saudi construction companies controlled by powerful, connected families, which have made fortunes building new luxury hotels and shopping malls there. Muslim holy cities remain off limits to non-Muslims, though some religious scholars recently argued that the ban should be limited to Mecca and not Medina, where the prophet Mohammad is buried.
Some tourism boosters would like to turn the country into a year-round destination that would welcome tourists from all over, capitalizing on archeological sites and scuba diving. Some residents of the ancient trading city of Jeddah, a port on the Red Sea, are trying to change that. A movement to revitalize the old city is now taking hold, with a variety of government-supported efforts to restore historic homes. New projects teach restoration and carpentry skills needed to renovate crumbling old homes in a district that Unesco named a World Heritage site in That is particularly difficult to do in an economy where the flood of oil dollars tends to drive up the price for Saudi labor, making other exports too costly to compete in foreign markets.
Demand for replacement aircraft, meanwhile, is expected to be driven by the relative operating economics of newer generation aircraft, technological advancements, retirement of older aircraft and the conversion of passenger aircraft to freighters. Introduction of next generation aircraft.
Airbus and Boeing plan to bring to market new, modern, fuel-efficient aircraft models as older, less fuel-efficient aircraft in the global commercial aircraft fleet are replaced. The introduction of these new models combined with the long-term demand for aircraft has helped drive airframe and engine manufacturers' backlogs to an all-time high of over 8, units, representing approximately five to six years of production.
Growth of the aircraft leasing market. Aircraft lessors continue to play a critical intermediary role between manufacturers and airlines. Airlines employ operating leasing for a variety of reasons, including low capital outlay requirements, fleet planning flexibility, delivery slot availability and residual value risk management.
Manufacturers rely on aircraft lessors to provide an added distribution channel and an important alternative source of funding. As a result, the world's airlines have increasingly adopted operating leases for their aircraft financing and fleet management requirements. The percentage of the global active commercial aircraft fleet under operating lease has increased from Continued growth and penetration of the global aircraft operating leasing industry is widely expected.
Competitive Strengths Our size, global scale, long operating history and premier brand provide us with the following competitive strengths that contribute significantly to our success and sustained profitability. Largest independent aircraft lessor with benefits of scale. The size of our portfolio and our scale provide us with important competitive advantages, including the ability to: Long-standing and strategic customer relationships.
We have collaborative and strategic relationships with over customers worldwide, many of which are long-standing. Our top ten customers have all been leasing aircraft from us for over a decade. We believe we are the largest aircraft lessor to many of our customers, which strengthens our position and access to senior management with these customers. We also gain valuable insight and knowledge of the airline industry and market trends from our customers, enabling us to better anticipate new opportunities.
Our established customer relationships also allow us to secure large and strategic aircraft transactions, including sale-leaseback transactions, often for multiple aircraft, and to play an important role in our customers' fleet modernization initiatives. Extensive airframe and engine manufacturer relationships.
We are one of the largest purchasers of airframes and engines. We are the largest customer of Airbus and the largest lessor customer of Boeing. In addition, our strategic relationships with manufacturers and market knowledge allow us to influence new aircraft designs, which gives us increased confidence in our airframe and engine selections.
Maurice R. Greenberg | Revolvy
Attractive and diversified aircraft fleet. As our new aircraft orders are delivered, our fleet will gain more modern and fuel-efficient aircraft that are in high demand from airlines around the world.
We own a large number of widebody aircraft, which benefits us due to generally longer lease terms, higher lease rates and better credit quality of lessees, as compared to narrowbody aircraft. The large number and variety of widebody aircraft in our fleet uniquely positions us in emerging markets, particularly in Asia and the Middle East, because airlines in these markets are expected to require a substantial number of additional widebody aircraft to meet growing long-haul and regional travel demand.
We have one of the largest aircraft order books, with high-demand, fuel-efficient aircraft scheduled for delivery throughcomprised of Airbus Aneo family aircraft, 20 Airbus As, 74 Boeing s and 42 Boeing s, and rights to purchase an additional 50 Airbus Aneo family aircraft.
We are the largest customer of the Boeing and the largest lessor customer of both the Airbus Aneo family aircraft and the Airbus A We will also be the first aircraft leasing company to offer the Airbus Aneo family aircraft with initial deliveries scheduled for We believe these aircraft will provide significant value and strong returns on investment and that our prime delivery dates for so many highly coveted aircraft will provide us with a competitive advantage by strengthening our reputation and prominence with customers.
Strong liquidity position with significant access to diverse funding sources. We have significantly reduced our leverage with our net debt to adjusted stockholders' equity ratio declining from 3. Our significant number of unencumbered aircraft also provides us with meaningful operational and capital structure flexibility. Dedicated management team with extensive airline, manufacturer and leasing experience. We believe our senior management's reputation and relationships with lessees, manufacturers, buyers and financiers of aircraft are important elements to the success of our business.
Business Strategies We believe the following strategies will enable us to continue to serve our customers, grow our customer base, manage our portfolio to optimize revenues and profitability and strengthen our position as the world's largest independent aircraft lessor.
Continue to capitalize on our existing customer relationships. We intend to continue to capitalize on our customer relationships to facilitate strategic and sophisticated fleet solutions, including lease placements, large multi-aircraft re-fleeting transactions, multi-party placement arrangements and sale-leaseback opportunities, and to quickly identify opportunities to re-market aircraft.
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Our customer relationships and market insight will influence our future aircraft purchases so that we can tailor orders and timing to the long-term needs of our customers. Our expected acquisition of AeroTurbine will enable us to offer options to customers seeking solutions for transitioning out aging aircraft, further strengthening our relationships with them. Focus on high-growth and attractive markets. We are focused on increasing our presence in emerging markets with high potential for passenger growth and other markets with significant demand for new aircraft.
We already have a leading position in China, where approximately of our aircraft are operated by Chinese carriers. In Augustwe opened an office in Amsterdam to be closer to our customers in Europe and address the emerging markets in the Middle East, Eastern Europe and Africa. We also plan to establish offices in Asia by early In addition, we are pursuing growth in 4 Table of Contents the North American market, particularly in the U.
Maurice R. Greenberg
Enhance our fleet with modern, fuel-efficient aircraft. We plan to continue to acquire modern, fuel-efficient aircraft. We are in regular discussions with airframe and engine manufacturers regarding aircraft programs and technology advances, availability of future delivery positions, pricing, and potential aircraft orders, and we believe that the scale of our business and access to capital markets will enable us to make large purchases of aircraft as needed. In addition to orders from the manufacturers, we are pursuing sale-leaseback transactions with airline customers to acquire new, modern aircraft scheduled for delivery beginning in Actively manage our aircraft fleet and lease portfolio to maximize revenue while minimizing risk.
We seek to further maximize revenue and minimize risks by proactively diversifying our aircraft fleet and lease portfolio across aircraft type and age, lease expiration, geography and customer. Diversification of our aircraft fleet minimizes the risk of changing customer preferences, while a diversified lease portfolio with staggered lease expirations reduces our exposure to industry fluctuations and the credit risk of individual customers.