Tag Archives: AL

In desperation, U.S. scours for countries willing to house Afghan refugees

The U.S. flag is reflected on the windows of the U.S. Embassy in Kabul, Afghanistan July 30, 2021. REUTERS/Stringer

WASHINGTON, Aug 13 (Reuters) – President Joe Biden’s administration has been holding secret talks with more countries than previously known in a desperate attempt to secure deals to temporarily house at-risk Afghans who worked for the U.S. government, four U.S. officials told Reuters.

The previously unreported discussions with such countries as Kosovo and Albania underscore the administration’s desire to protect U.S.-affiliated Afghans from Taliban reprisals while safely completing the process of approving their U.S. visas.

With the Taliban tightening their grip on Afghanistan at a shockingly swift pace, the United States on Thursday announced it would send 1,000 personnel to Qatar to accelerate the processing of applications for Special Immigrant Visas (SIV).

Afghans who served as interpreters for the U.S. government and in other jobs are entitled to apply for the SIV program.

So far, about 1,200 Afghans have been evacuated to the United States and that number is set to rise to 3,500 in the coming weeks under “Operation Allies Refuge,” with some going to a U.S. military base in Virginia to finalize their paperwork and others directly to U.S. hosts.

Fearful the Taliban’s advances are raising the threat to SIV applicants still awaiting processing, Washington is seeking third countries to host them until their paperwork is done and they can fly to the United States.

“It is deeply troubling that there is no concrete plan in place to evacuate allies who are clearly in harm’s way,” said Krish O’Mara Vignarajah, president of the Lutheran Immigration and Refugee Service resettlement organization.

“It is baffling why the administration has been taking so long in order to secure these agreements,” she said.

While there still are no third country agreements, a State Department spokesperson said, “We are evaluating all available options.”

COUNTRIES HESITATE

Two U.S. officials, speaking on condition of anonymity, said countries were hesitant to take in the Afghans because of concerns about the quality of security vetting and health screening for COVID-19 before they were allowed to fly.

The Biden administration was exploring having Kazakhstan, Tajikistan and Uzbekistan take in thousands of applicants, but that effort has made little progress. read more

“There’s concerns that you might expect: ‘Who are these people? How do you know these people? Can you assure that these people will get visas to the United States? Who’s going to care for and feed these people. What happens if these people wander off this facility you’ve got them in?” a senior State Department official said.

The official declined to confirm the countries in talks with the United States.

A deal to house about 8,000 Afghans in Qatar, which hosts a large U.S. military base, has been close for weeks, said a second U.S. official and another person familiar with the matter, but a formal agreement has yet to be announced.

Officials warn the pace of any potential agreements may be stymied by the rapidly changing Afghanistan situation.

U.S. Representative Jason Crow, who has led congressional efforts to speed SIV processing, said the administration should use a temporary U.S. troop deployment at Kabul airport for the drawdown of embassy staff to accelerate evacuations of SIV applicants irrespective of whether it has a third country deal.

At the same time, Crow, a former Army Ranger who served in Afghanistan, said it is very difficult to evacuate many SIV applicants and their families because they cannot reach Kabul.

“If you’re not already in the Kabul security perimeter, getting there is very, very hard,” he told Reuters. “That is a hard reality.”

The reluctance of some countries has prompted the administration to appeal to others that may be willing to help if Washington provides some assistance, officials said.

The United States has offered economic and political concessions to Kosovo for taking in several thousand Afghans, but there is concern in Washington about its ability to house the Afghans, sources said.

The foreign ministry in Kosovo did not respond to a request for comment. The embassies of Albania, Kazakhstan, Tajikistan and Uzbekistan did not immediately respond to a request for comment.

‘NOT GOING TO BE ABLE TO LEAVE’

The 1,200 Afghans evacuated are but a fraction of the 21,000 people in the SIV application pipeline and the Biden administration is still struggling to find temporary homes for the evacuees.

Advocates estimate the total number of evacuees under the SIV program at between 50,000 and 80,000 when family members are included.

James Miervaldis, chairman of the board of No One Left Behind, an organization that helps SIV applicants get to the United States, said there now appeared to be little chance that most of the SIV applicants will be evacuated.

“The math and the timeline just do not add up … Those people are not going to be able to leave,” said Miervaldis, an Army Reserve non-commissioned officer who served in Iraq and Afghanistan.

The issue has been closely watched by lawmakers in Congress, including Biden’s allies.

“We have to follow through on our promises to the thousands of Afghans who risked their lives to help us. It’s time for the Biden (administration) to cut the red tape and get this done,” said Democratic congresswoman Sara Jacobs.

Reporting by Idrees Ali, Jonathan Landay, Humeyra Pamuk and Ted Hesson; Additional reporting by Fatos Bytyci in Pristina; Editing by Mary Milliken, Howard Goller and Daniel Wallis

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

GE Nears Deal to Combine Aircraft-Leasing Unit With AerCap

General Electric Co. is nearing a $30 billion-plus deal to combine its aircraft-leasing business with Ireland’s

AerCap

AER 1.62%

Holdings NV, according to people familiar with the matter, the latest in a string of moves by the industrial conglomerate to restructure its once-sprawling operations.

Though details of how the deal would be structured couldn’t be learned, it is expected to have a valuation of more than $30 billion, some of the people said. An announcement is expected Monday, assuming the talks don’t fall apart.

The

GE

GE 0.29%

unit, known as GE Capital Aviation Services, or Gecas, is the biggest remaining piece of GE Capital, a once-sprawling lending operation that rivaled the biggest U.S. banks but nearly sank the company during the 2008 financial crisis. GE already took a major step back from the lending business in 2015 when it said it would exit the bulk of GE Capital, and a deal for Gecas would represent another big move in that direction.

It would also represent another significant move by GE Chief Executive Larry Culp to right the course of a company that has been battered in recent years by souring prospects for some of its top business lines and a structure that has fallen out of favor with investors.

With more than 1,600 aircraft owned or on order, Gecas is one of the world’s biggest jet-leasing companies, alongside AerCap and Los Angeles-based Air Lease Corp. It leases passenger aircraft made by Boeing Co. and

Airbus SE

as well as regional jets and cargo planes to customers ranging from flagship airlines to startups. Gecas had $35.86 billion in assets as of Dec. 31.

AerCap has a market value of $6.5 billion and an enterprise value—adjusted for debt and cash—of about $34 billion, according to S&P Capital IQ, and around 1,400 owned or ordered aircraft. The company has experience in deal making, paying around $7.6 billion in 2014 to buy International Lease Finance Corp. AerCap’s revenue last year was about $4.4 billion, down from around $5 billion in the previous few years.

The aviation business has been hit hard by the Covid-19 pandemic, which has resulted in a sharp drop in global travel and prompted airlines to ground planes. Some airlines have sought to defer lease payments or purchases of new aircraft. Gecas had an operating loss of $786 million on revenue of $3.95 billion in 2020. GE took a roughly $500 million write-down on the value of its aircraft portfolio in the fourth quarter.

Combining the companies could afford cost-cutting opportunities and help the new entity weather the downturn.

Separating Gecas could help GE with its efforts to shore up its balance sheet and improve cash flows. Despite a recent increase, GE’s share price remains below where it was before significant problems in the company’s power and finance units emerged in recent years.

The Boston company has a market value of around $119 billion after the shares more than doubled in the past six months as it posted improving results. Still, the stock has fallen by about three-quarters from the peak just over 20 years ago.

Mr. Culp became the first CEO from outside of GE in late 2018 after the company was forced to slash its dividend and sell off businesses. The former

Danaher Corp.

boss has sought to simplify GE’s wide-ranging conglomerate structure further, as other industrial giants such as Siemens AG and

Honeywell International Inc.

have done in recent years.

Activist investor Trian Fund Management LP, which has owned a significant position in the company since 2015 and holds a seat on its board, has supported such changes.

Early in his tenure, Mr. Culp said he had no plans to sell Gecas, a move his predecessor

John Flannery

had considered after the unit drew interest from private-equity firms pushing further into the leasing business.

Mr. Culp has sought to even out cash flows and refocus on core areas. Operations he has parted with include the company’s biotech business, which was purchased by Danaher in a $21 billion deal that closed last year. GE also sold its iconic lightbulb business in a much smaller deal last year, and previously said it was unloading its majority stake in oil-field-services firm Baker Hughes Co.

GE has cut overhead costs and jobs in its jet-engine unit while streamlining its power business. The pandemic continues to pressure the jet-engine business, GE’s largest division, however.

The company also makes healthcare machines and power-generating equipment, and the rest of GE Capital extends loans to help customers purchase its machines and contains legacy insurance assets too.

AerCap is based in Ireland and Gecas has headquarters there as well. The aircraft-leasing industry has long had a significant presence in Ireland due to the country’s favorable tax regime and the importance of Guinness Peat Aviation in the development of the sector. (A deal between GE and AerCap would reunite two companies that bought their main assets from GPA.) The industry has gotten more competitive as Chinese companies have gained market share, however, and the combination could help the new group stem that tide.

Shares in aircraft-leasing companies plummeted along with much of the market in the early days of the pandemic as demand from major airlines, who lease planes to avoid the costs of owning them, evaporated. But many of the major lessors’ stocks have recovered lost ground and then some in the months since as lockdowns ease and the outlook for travel improves.

AerCap’s Chief Executive Aengus Kelly said on its fourth-quarter earnings call this month that he expects airlines to shift more toward leasing planes as they rebuild their balance sheets, in what would be a boon to the company and its peers.

“Their appetite for deploying large amounts of scarce capital to aircraft purchases will remain muted for some time,” he said. “The priority will be to repay debt or government subsidies.”

Write to Cara Lombardo at cara.lombardo@wsj.com and Emily Glazer at emily.glazer@wsj.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Read original article here