financetom
Business
financetom
/
Business
/
Britain's Airport Coordination beats Qantas-Virgin JV to manage slots in Sydney
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Britain's Airport Coordination beats Qantas-Virgin JV to manage slots in Sydney
Feb 17, 2025 10:37 PM

(Reuters) - Britain's Airport Coordination Limited (ACL) won a government-led tender to manage takeoff and landing slots at Sydney Airport, Australia's transport minister said on Tuesday, replacing a joint venture between Qantas and Virgin Australia.

ACL is the slot coordinator for more than 76 airports worldwide, its website shows, including busy and complex ones like London Heathrow, Dubai, Abu Dhabi and Auckland.

The British entity will take over from Airport Coordination Australia, the joint venture between Australia's largest carrier Qantas and Bain Capital-owned Virgin Australia that has allocated slots in Sydney since the original scheme was legislated in 1997.

Slot management at Australia's busiest airport has been under growing government scrutiny over allegations the country's two leading airlines were exploiting their influence by hoarding slots during peak times and often cancelling flights at the last minute on routes with high frequencies like Sydney-Melbourne.

Sydney Airport CEO Scott Charlton said the appointment of "a new, independent slot manager marks another step toward a more competitive, transparent, and efficient slot framework at Sydney Airport."

"Sydney Airport will continue to work constructively with all stakeholders on the implementation of further commitments, including a recovery period and a strengthened compliance regime," he said.

Qantas and Virgin Australia did not immediately respond to request for comments.

Transport Minister Catherine King paved the way for a new slots manager at Sydney Airport in February 2024 and vowed tougher rules if the Qantas-Virgin joint venture won the role again.

Slots at Sydney Airport are extremely sought after during the peak hours of the day, where only a limited number of planes can land every hour due to various noise restrictions.

"The decision to go with a foreign firm to handle slots at Sydney airport has no doubt ruffled a few feathers in the Australian aviation industry," said Tim Waterer, chief market analyst at KCM Trade.

"ACL has been given a 3-year contract, so time will tell if the change brings about improved slot allocations."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Copyright 2023-2026 - www.financetom.com All Rights Reserved