■ TANZANIA: Air Tanzania left hanging as big talking Omani consortium vanishes.

Al Hayat Development and Investment Company,  the big talking Omani outfit that earlier this year stated it was willing to invest USD100million (TSH160billion) into struggling airline, Air Tanzania (TC), has mysteriously vanished. The outfit had claimed that it was in the process of finalizing a Memorandum of Understanding (MoU) with the Tanzanian government at the end of January.

■ KENYA: Kenya Airways posts net loss of USD92million for latest Financial Year.

Kenya Airways (KQ) has posted a net loss of USD92million (KES7.86billion) for its 2012/13 Financial Year, compared with a profit of  USD19.39million (KES1.66 billion) a year earlier, Chief Financial Officer Alex Mbugua has announced. Losses were blamed on "harsh economic and geopolitical conditions" coupled with a global economic slowdown and volatile global oil prices.  The company last reported a loss in the fiscal year ended March 2009.

■ MAURITIUS: Despite posting a $3million loss for 2012/13, Air Mauritius confident of profit in 2013/14.

Air Mauritius (MK) has reported a pre-tax loss of USD3.07million (EUR2.6million) for its 2012/13 Financial Year, on the back of oil prices that have remained high, averaging USD112 per barrel, and the global economic situation that has further deteriorated as the recession in Europe has proven to be deeper than expected. However, the result is an improvement on its 2011/12 financial results when the Indian Ocean island carrier posted a loss of USD38.96million (EUR29.2million) overall.

■ KENYA: Jetlink Express pitches debt-restructuring deal to creditors as means of returning to operations.

Jetlink Express (J0), the bankrupt Kenyan regional operator, has attempted to offer its various creditors shares in a recovery plan, set to be funded by CFC Stanbic Bank.

■ UNITED KINGDOM: fastjet boss David Lenigas resigns.

David Lenigas has resigned as chairman of struggling Tanzanian LCC, fastjet (FN) with immediate effect and has been replaced by Chief Executive Officer, Ed Winter, on an interim basis, until a permanent successor is found. 

■ UNITED KINGDOM: fastjet scraps $23.5mln deal with New York's Bergen Global.

fastjet (FN) has scrapped its convertible arrangement with New York-based asset management firm Bergen Global Opportunity Fund, because of the "potential adverse impact on the share price."

■ RÉUNION: Air Austral sees overall losses for FY2012/13 drop by 40%.

La Réunion's Air Austral (UU) has announced a turnaround in its fortunes, roughly one year on from the appointment of Mr Marie-Joseph Malé as new CEO of the company. For its 2012/13 Financial Year which ended on March 31, the carrier posted losses of USD35.8million (EUR27.06million), an improvement of  40%  on last year's numbers (USD50.8million loss).

■ EGYPT: Egyptair's losses to narrow by 57% during this financial year; EHCAAN's profits to rise 15% - El-Maadawy.

Egyptian Minister of Civil Aviation, Engineer Wael El-Maadawy, has announced that Egyptian national carrier, EgyptAir (MS), is expected to see an improvement in its business climate with losses for the current 2012/13 fiscal year decreasing 57% compared to last year. Additionally, the Egyptian Holding Company for Airports and Air Navigation (EHCAAN) is expected to see a 15% rise in its profits on the back of the increased use of Egyptian airports as transit points.

■ UNITED KINGDOM: IBA Group aims to help Africa fully exploit its markets.

Following the conclusion of the 69th IATA AGM, the International Bureau of Aviation, IBA Group, an organization established in 1988 to provide independent expert business analysis and advice to the aviation industry, says it will be looking closely at the developing opportunities arising from the exponential growth and profit reported within the African aviation industry.

■ SOUTH AFRICA: ACSA gives go-ahead for $7billion 10-year strategic investment plan.

The Airports Company South Africa (ACSA) has approved a 10-year strategic business plan that makes provision for infrastructural upgrades and investments worth USD7billion (ZAR70billion), of which ZAR20billion will be used for refurbishments and maintenance while ZAR50billion will be used to create new capacity at South Africa’s nine major airports.

► TOGO: Benin-based trader comes to rescue of broke Mauritania Airlines flight left stranded in Lomé, Togo.

Passengers on board a Mauritania Airlines International (L6) flight, L6101, from Nouakchott to Abidjan via Bamako, Mali, on Monday June 4, were left to fend for themselves after their flight was diverted to Lomé, Togo following poor visibility and bad weather in the Ivorian capital.

► COTE D'IVOIRE: Air Cote d'Ivoire to acquire two Q400s as Aga Khan Fund moves to divest.

Aérienne de Participation-Côte d'Ivoire, the holding company for the Aga Khan Fund for Economic Development (AKFED), has announced that it is to sell off its 15% shareholding in Ivorian carrier, Air Cote d’Ivoire (HF). The move comes as Air Cote d’Ivoire is planning to boost its capital base from USD4.92million (XAF2.5billion) to USD49.2million (XAF25billion) effective today, Wednesday June 5.

■ TANZANIA: fastjet looks to reduce holding in Fly540 Tanzania as its Ghana, Angola, Kenya outfits "all underperform".

fastjet (FN), in its results for the 18 month period to 31 December 2012 has said that its Fly540 businesses in Tanzania, Kenya, Ghana and Angola - acquired from Lonrho Plc - have "all seriously underperformed relative to expectations" with management having now taken the necessary steps to restructure these businesses and remove legacy inefficiencies. Overall, fastjet says it had posted a loss before tax of USD55million, including USD23.5million of write-downs of goodwill and other matters. As a consequence, the airline says it will focus its attentions on its nascent South African operations with plans to reduce its majority shareholding in Fly540 Tanzania to various undisclosed Tanzanian shareholders.

■ SOUTH AFRICA: Comair Ltd signs deal with Investec to finance purchase of four 737-800s.

Following a previous transaction which saw South Africa's Comair acquire four new Boeing 737-800s for its LCC, kulula (MN), the airline group has selected Investec Aviation Finance to act as financier of the pre-delivery payments and as lead arranger and advisor on the term finance for Comair’s additional four Boeing 737-800 purchases.

■■ EGYPT: Cairo International Airport shelves plans to partially close in the early hours from June onwards in bid to cut costs.

[UPDATE 27 MAY] From 1 June onwards, Cairo International Airport, one of the Middle East's most important aviation hubs, is to partially close during the early morning hours in a bid to reduce soaring costs as the Egyptian government struggles to pay its ever increasing power bills.

■ LIBERIA: Equatorial Guinea to finance the expansion of Monrovia's Roberts International Airport.

Equato-Guinean strongman, Teodoro Obiang Nguema, has agreed to arrange the financing and construction of infrastructure at Liberia's sole international airport, Monrovia's Roberts International Airport, following the signing of a Memorandum of Understanding between the two countries.

■ MOROCCO: Royal Air Maroc set to rebound as operating profits hit $83million in 2012.

Following a record USD50million (MAD499million) net loss posted in 2011 which necessitated a USD193million capital injection by the Moroccan government, Royal Air Maroc (AT), says it has generated an operating profit of USD83million (MAD718million) for its most recent 2012 Financial Year with turnover for the year rising 7% to USD1.6billion (EUR1.25billion).

■ CANADA: Nigerian ExIm Bank, Export Development Canada discussing possible short term financing for Nigerian aviation sector.

The Nigerian Export Import Bank, NEXIM, and Export Development Canada (EDC), Canada's export credit agency, are exploring the prospects of a partnership to provide short term financing to Nigeria's aviation sector.

■ KENYA: Jetlink Express faces liquidation as FineJet takes it to court over $1.2million in unpaid fuel bills.

Bankrupt Kenyan regional operator, Jetlink Express (J0), grounded since November owing to a liquidity crunch, is facing an uncertain future as reports out of Nairobi state that fuel supplier, FineJet, is seeking to have the company wound up following its failure to settle outstanding fuel bills that amount to USD1.2million (KES10million).

■ SOUTH AFRICA: SAA to source $160million from local banks as means of shoring up capital for the interim.

Having recently postponed its planned USD160million (ZAR1.5 billion) bond sale originally slated for March, South African Airways (SA) has decided to borrow the ZAR1.5billion from two local banks, claimed to be Rand Merchant Bank and Investec as a means of keeping operations going while cabinet considers the carrier's strategic turnaround plan #9.