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Date: 14/05/2023
Australia: Airlines might soon need to offer cash compensation!
Australian airlines might soon need to offer cash compensation to passengers experiencing flight delays or cancellations, similar to regulations found in the EU. This possibility has been discussed by the Australian Competition and Consumer Commission, consumer advocate group Choice, and the Australian Lawyers Alliance as the government mulls over its aviation white paper.
The advocates argue that Australian laws lag behind international standards, explicitly referencing the EU’s compensation laws as a potential model. In the EU, passengers can receive between €250 and €600 in compensation for flight delays over three hours, depending on the trip’s distance. However, the compensation does not apply to delays caused by extraordinary circumstances such as poor weather.
Australian airlines currently have various compensation policies. Although the Australian Consumer Law applies, no specific aviation regulations mandate a minimum amount or timeframe for compensation.
According to Jodi Bird, a money and travel expert at Choice Australia, compensation from Australian airlines has decreased and is often hidden within terms and conditions, leaving passengers unaware of their entitlements. He also points out that the current laws allow airlines to issue tickets without guaranteeing departure times or dates, leading to last-minute cancellations or changes without repercussions.
Bird suggests that a compensation scheme could provide a necessary incentive for airlines to minimize delays and cancellations. This scheme could also address issues such as airport slot availability by deterring airlines from hoarding and then cancelling slots.
Joby Aviation – Insider Stock Selling
Joby Aviation, Inc. has seen substantial insider stock selling in the past year, which may have caught the attention of shareholders. The largest sale was made by the company’s Founder, Joe Ben Bevirt, who sold US$515k worth of shares at US$3.69 each, lower than the current price of US$4.66. This could be discouraging as it indicates the seller was content with a lower valuation.
However, it’s important to note that this sale only represented 0.1% of Bevirt’s holding. Over the last year, insiders have purchased 145.27k shares for US$819k but sold 476.55k shares for US$2.1m.
The company’s insiders hold 24% of the shares, valued at around US$766m, indicating significant ownership, which generally suggests that the company operates in the interest of all shareholders.
Even though there haven’t been any recent insider transactions, the analysis suggests that more insider buying could inspire more confidence, given that last year’s transactions haven’t been particularly encouraging. However, it is also crucial to identify potential risks facing Joby Aviation. The analysis highlights three warning signs for the company.
4AIR has Signed its 100th client
American sustainability solutions firm 4AIR has signed its 100th client, reinforcing its position as a leader in sustainable aviation. The company offers aviation-specific sustainability programs to reduce aircraft emissions and promote sustainable Aviation Fuel (SAF) use.
Its clients include commercial airlines like Southwest Airlines, business jet operators like Verijet and Tradewind Aviation, and original equipment manufacturers like Embraer. 4AIR has successfully reported, tracked, and evidenced using 5.8 million gallons of SAF. Its efforts align with the Clean Skies for Tomorrow Coalition’s goal of achieving widespread adoption of low-carbon aviation fuels by 2030.
The 4AIR framework consists of four levels, each with specific objectives and increasingly significant impacts on sustainability. It provides aviation companies access to carbon markets and SAF, offering turnkey solutions that businesses can incorporate into their operations.
4AIR President Kennedy Ricci stated that their program allows customers to expand their sustainability goals progressively, offering a path for a longer-term approach to sustainability. 4AIR also provides an interactive map indicating locations with a physical SAF supply.