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<keyword id="6385716" type="UNKNOWN" weightage="20" keywordseo="aircraft">Aircraft</keyword> leasing <keyword id="10850470" type="UNKNOWN" weightage="20" keywordseo="firm-boc-aviation">firm BOC Aviation</keyword> on Monday said it has signed a purchase-and-leaseback agreement with budget carrier IndiGo parent <keyword id="2351966" type="COMPANY" weightage="20" keywordseo="InterGlobe-Aviation">InterGlobe Aviation</keyword> for eight new <keyword id="6356166" type="COMPANY" weightage="20" keywordseo="airbus">Airbus</keyword> A320 neo planes. The aircraft, to be powered by CFM Leap <keyword id="240487" type="DOMAIN" weightage="20" keywordseo="engines">engines</keyword>, are scheduled to be delivered in the second half of 2021, a release said. "We are delighted to partner once again with IndiGo as we continue to support our airline customers to finance their aircraft. "This incremental capital expenditure also reflects our disciplined investment strategy throughout the cycle, focused on building a portfolio of latest technology aircraft deliveries," <keyword id="145397" type="COMPANY" weightage="20" keywordseo="BOC-Aviation">BOC Aviation</keyword> Managing Director and Chief Executive Officer Robert Martin said. According to the Q3 FY21 earnings presentation, IndiGo had 287 aircraft in its fleet at the end of December 31, 2020. Of these, 272 were on operating lease, while the remaining 15 were owned/finance lease. "We are pleased to further strengthen our existing relationship with BOC Aviation. The addition of these eight A320 neo aircraft demonstrates our confidence in the future growth of the aviation market in India," said Riyaz Peermohamed, Chief Aircraft Acquisition and Financing Officer, IndiGo. With a fleet of 284 aircraft at present, the airline is operating over 1,100 daily flights, connecting to 60 domestic and six international destinations. Hong Kong Stock Exchange-listed and <keyword id="6356662" type="LOCATION" weightage="20" keywordseo="singapore">Singapore</keyword> headquartered BOC Aviation has a fleet of 553 aircraft owned, managed and on order. Its owned and managed fleet was leased to 87 airlines worldwide in 39 countries and regions as of December 31 last year, as per the release. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-february-auto-sales-from-maruti-suzuki-bajaj-auto-hero-motocorp-tvs-ashok-leyland-mahindra-and-others/articleshow/81270921.cms?upcache=2">Tata Motors reports highest passenger vehicle sales in 9 years — Maruti, Ashok Leyland, outperform street expectations</a> <a href="https://www.businessinsider.in/science/space/news/europe-space-agency-hiring-astronauts-it-is-looking-for-women-and-people-with-physical-disabilities/articleshow/81271858.cms">Europe’s space agency is recruiting astronauts after over a decade — and its looking for women and people with physical disabilities</a> <a href="https://www.businessinsider.in/india/news/indians-are-heading-back-to-parks-supermarkets-and-pharmacies-but-malls-and-theatres-are-not-on-the-priority-list/articleshow/81271614.cms">Indians are heading back to parks, supermarkets and pharmacies — but malls and theatres are not on the priority list</a>

IndiGo, BOC Aviation signs purchase-leaseback agreements for eight A320neo planes

<ul class="summary-list"><li>More than half of the active commercial aircraft fleet based in <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> are leased from foreign firms.</li><li>The EU has banned "any plane owned, chartered or otherwise controlled by a Russian legal or natural person."</li></ul>Aircraft-leasing companies are working out how to recall billions of dollars of planes from Russian airlines as new European Union sanctions kick in, according to the <a href="https://www.ft.com/content/fee2e47e-7121-4b9a-bc22-dc9b166b60f1">Financial Times.</a>The development comes on the back of the <a href="https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1441">EU</a> banning "any plane owned, chartered or otherwise controlled by a Russian legal or natural person," European Commission President Ursula von der Leyen said in a <a href="https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1441">statement</a> on Sunday."They won't be able to land in, take off or overfly the territory of the EU," von der Leyen wrote in a <a href="https://twitter.com/vonderleyen/status/1497973334847414278">tweet.</a>Leased aircraft are also affected by the sanctions, the <a href="https://www.ft.com/content/fee2e47e-7121-4b9a-bc22-dc9b166b60f1">Financial Times</a> reported, citing three people briefed on the situation. This means leasing companies cannot enter into new contracts and must terminate existing agreements within 30 days, per the FT.More than half of the active commercial aircraft fleet based in Russia is leased and managed by companies based outside the Russian Federation, according to a report from the <a href="https://www.iba.aero/insight/lessors-effected-by-russia-sanctions">IBA Group,</a> which advises the <keyword id="12018329" type="UNKNOWN" weightage="60" keywordseo="aviation" source="Orion">aviation</keyword> industry.Of the non-Russian leasing companies, Ireland-based AerCap is the most exposed to the issue, according to IBA Group. It has 152 aircraft worth about $2.5 billion across Russia and <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>. It's followed by Ireland-based SMBC Aviation Capital and Singapore-based BOC Aviation.AerCap did not immediately respond to Insider's request for comment and declined comment to the FT. A SMBC Aviation spokesperson told Insider it was "carefully monitoring developments in Ukraine."BOC Aviation said the EU sanctions will affect most of its aircraft in Russia. "Our policy is to fully comply with all laws applicable to our business," BOC Aviation told Insider. "The practical consequences of the new EU sanctions are complex and at the present time we are unable to provide further information."An Irish leasing company is already recalling three Boeing 737 planes leased to Pobeda, an <keyword id="13249396" type="UNKNOWN" weightage="60" keywordseo="aeroflot" source="Orion">Aeroflot</keyword> subsidiary, reported Russian <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">news</keyword> agency <a href="https://interfax.com/newsroom/top-stories/74631/">Interfax,</a> citing an Aeroflot Group source. Aeroflot did not immediately respond to Insider's request for comment.

Aircraft-leasing companies are working out how to recall billions of dollars of airplanes from Russian airlines after EU sanctions

<ul class="summary-list"><li>Aviation consultancy Ishka estimates $12 billion worth of leased aircraft is stuck in <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> over <keyword id="13285811" type="UNKNOWN" weightage="60" keywordseo="western-sanctions" source="Orion">Western sanctions</keyword>.</li><li>The <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> have forced aircraft lessors, like Ireland-based AerCap, to end contracts with Russian carriers.</li></ul>European aircraft leasing companies are terminating their contracts with Russian airlines following Western sanctions targeting the country's aviation industry, creating a potential logistical nightmare for lessors.On Sunday, the European Union gave aircraft lessors until March 28 to end any rental contracts in Russia. The move is part of the <a href="https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1441">EU's sweeping sanctions</a> to punish Russian President Vladimir Putin, which <a href="https://www.businessinsider.com/uk-banning-all-russian-flights-from-airspace-over-ukraine-conflict-2022-2">banned</a> "any plane owned, chartered or otherwise controlled by a Russian legal or natural person" from entering <keyword id="11911313" type="UNKNOWN" weightage="60" keywordseo="eu" source="Orion">EU</keyword> airspace.According to Cirium data, Russia has 980 commercial aircraft in service, with 777 leased. Of those, 515 are rented from foreign firms, with a majority coming from Ireland-based companies.Dublin-based AerCap — the world's biggest aircraft leasing firm — has the largest fleet in Russia with 152 planes, according to consultancy IBA. The company said it would be <a href="https://www.businessinsider.com/aircraft-leasing-companies-recall-planes-from-russian-airlines-eu-sanctions-2022-2">pulling all of its contracts with Russian airlines</a> following the sanctions, with the jets estimated to be worth $2.5 billion, consultancy firm ACC Aviation said. AerCap's Russian clients include Aeroflot, S7 Airlines, Rossiya, Azur Air, and Ural Airlines, according to its website. The lessor is just one of nine Irish aircraft leasing companies with planes in Russia. <div type="image" title="Aeroflot." height="724" width="965" msid="89931006" hostid="261"></div>There is $12 billion worth of leased jets that are to be returned to their owners, according to consultancy firm Ishka. But, <a href="https://www.businessinsider.com/aircraft-leasing-companies-recall-planes-from-russian-airlines-eu-sanctions-2022-2">ACC Aviation vice president Viktor Berta told Insider</a> the lessors could face logistical complications getting the planes out of Russia if airlines and government authorities do not cooperate. "The logistics are immense," IBA aviation specialist Phil Seymour <a href="https://www.nytimes.com/2022/02/28/business/europe-sanctions-russia-leased-planes.html">told The New York Times</a>. "We are talking hundreds of planes that need to be flown out. Where in the world can they go? Will they play ball? Will there be any edict from above, telling not to cooperate?" Russia is part of the Cape Town Convention that makes it easier for lessors to repossess leased aircraft if an entity could not pay the cost. In return, airlines get cheaper financing. However, court cooperation is needed to enforce the deal, and it is still uncertain how Russia will respond, <a href="https://www.reuters.com/business/aerospace-defense/hundreds-russia-plane-leases-be-axed-after-eu-sanctions-2022-02-28/">according to Reuters</a>.<a href="https://www.businessinsider.com/ukraine-russia-attack-empty-airspace-flightradar-2022-2">Airspace bans in Russia and Europe</a> could also make it difficult for lessors to get to Russia to repossess the planes, <a href="https://www.cnbc.com/2022/02/28/hundreds-of-russia-plane-leases-to-be-axed-after-eu-sanctions.html">CNBC reported</a>. AerCap acknowledged the risk of doing business with Russia, and in a statement said it could face problems getting the aircraft back. "We may encounter obstacles and are likely to incur significant costs and expenses conducting repossessions," <a href="https://sec.report/Document/0000950157-22-000193/">the company said in a security filing</a>. Ishka consultant Paul O'Driscoll told The New York Times that companies are at risk of financial losses due to the canceled contracts. O'Driscoll explained that when a lease ends, companies must return the planes to the lessor in good condition, meaning a spotless interior and no maintenance issues. However, when a contract is terminated, there is no obligation from Russian airlines to maintain the plane. "You're really stuck," O'Driscoll said. "You have to leave the metal there."Analysts say companies like AerCap, which had $75 billion worth of assets at the end of 2021, could burden the loss of the aircraft. However, the sanctions could cripple companies with smaller fleets, according to The New York Times.In addition to AerCap, companies like Singapore-based AOC Aviation and Ireland-based Avalon also have planes in Russia that are impacted by the sanctions. Specifically, BOC has 18 planes in the country, while Avalon CEO Dómhnal Slattery told Reuters in December that it had fewer than 20 in Russia. "Our policy is to fully comply with all laws applicable to our business," BOC said in a statement. "The practical consequences of the new EU sanctions are complex and at the present time we are unable to provide further information."

Western sanctions have stranded hundreds of airliners worth an estimated $12 billion

<ul class="summary-list"><li>In March, lessor Airborne confiscated four of Flair Airlines' planes because of late payments. </li><li>Flair CEO blamed "behind the scenes" negotiations of people "who want us out of business." </li></ul>A low-cost Canadian upstart <a href="https://www.businessinsider.com/flair-airlines-canada-planes-seized-new-york-hedge-fund-2023-3">airline had four of its planes repossessed</a> by New York-based aircraft lessor Airborne Capital on March 11, forcing the carrier to <a href="https://www.cbc.ca/news/business/flair-airlines-plane-seizures-1.6776186" target="_blank" rel="noopener">cancel multiple flights</a> and leaving a trail of disgruntled passengers behind. Repossession of planes is rare in North America. Flair Airlines CEO Stephen Jones blamed "behind the scenes" scheming between the airline's competitors and Airborne Capital for the repossession of four of Flair's Boeing 737 planes. Flair did not respond to Insider's request for comment."We've come in and upset the cozy duopoly, and as a consequence, people want us out of business," he said at a press conference on March 13, as reported by <a href="https://ca.finance.yahoo.com/news/seizure-flair-airplanes-points-stiff-161536670.html" target="_blank" rel="noopener">The Canadian Press</a>.Jones is likely referring to Air Canada and WestJet, the two <a href="https://www.google.com/search?q=biggest+airlines+in+canada+west+jet&amp;ei=HmxBZNPqC9zl5NoPmOqzqAo&amp;ved=0ahUKEwjT8f6f9Lj-AhXcMlkFHRj1DKUQ4dUDCBA&amp;uact=5&amp;oq=biggest+airlines+in+canada+west+jet&amp;gs_lcp=Cgxnd3Mtd2l6LXNlcnAQAzIHCCEQoAEQCjIHCCEQoAEQCjoKCAAQRxDWBBCwAzoQCC4QigUQxwEQ0QMQsAMQQzoGCAAQFhAeOggIABCKBRCGAzoFCCEQoAE6BQghEKsCOggIIRAWEB4QHUoECEEYAFBRWKoLYJkNaAFwAXgAgAG1AYgB3AqSAQMwLjmYAQCgAQHIAQnAAQE&amp;sclient=gws-wiz-serp" target="_blank" rel="noopener">largest</a> airlines in Canada. Both have denied any involvement."Air Canada has not spoken to any of the lessors nor have they come to Air Canada offering their aircraft," an Air Canada spokesperson told Insider."The WestJet Group strongly believes in competition," a WestJet spokesperson told Insider, adding that "airlines with a strong foundation and business model are essential" to the Canadian travel industry.Launched in 2017, Flair describes itself as "the pioneers of ultra-low fare travel in Canada" and it has grown to be the third largest airline in Canada, with 35 destinations across North America and a <a href="https://www.planespotters.net/airline/Flair-Airlines">fleet of 18 planes</a> as of May 2023. On March 14, Jones <a href="https://globalnews.ca/news/9551446/flair-aircraft-seizures-airborne-statement/" target="_blank" rel="noopener">told local media</a> that the repossessions were a surprise as Flair communicated with the lessor that the payment was on its way.According to the CEO, Flair <a href="https://financialpost.com/transportation/airlines/flair-airlines-files-lawsuit-planes-seizure/wcm/821dd88d-9700-425d-b470-e66efa1cc997/amp/" target="_blank" rel="noopener">had</a> about $1 million Canadian (about $740,ooo USD) "slightly overdue," but that "wasn't a big amount" as it equals what the carrier earns in sales in half a day.For its part, Airborne says the repossessions were warranted."The leasing of the four Airborne-managed aircraft was terminated following a five-month long period, during which Flair was regularly in default of its leases by failing to meet its payments when due, with payment arrears reaching millions of dollars," Airborne said in a <a href="https://ca.movies.yahoo.com/movies/flair-missed-millions-payments-seized-204607429.html" target="_blank" rel="noopener">statement</a>. <a href="https://wwwapps.tc.gc.ca/Saf-Sec-Sur/2/CCARCS-RIACC/RchHsRes.aspx?st=2&amp;m=%7CFLRS%7C&amp;cn=%7C%7C&amp;mn=%7C%7C&amp;sn=%7C%7C&amp;cnn=%7C%7C&amp;tn=%7C%7C&amp;ln=%7C%7C&amp;fn=%7C%7C&amp;rfr2=RchHs.aspx">According to Canada's civil aircraft register</a>, all four 737 planes — <a href="https://www.ch-aviation.com/portal/news/126068-lessor-re-markets-aircraft-seized-from-canadas-flair" target="_blank" rel="noopener">a -800</a> and three MAX 8s — have been re-registered as of April and are now in the hands of lessors, <a href="https://www.planespotters.net/airframe/boeing-737-max-8-c-flkd-boc-aviation/3v6n84">including BOC Aviation and CMB Financial Leasing.</a>On March 14 — the day after the seizure — Flair <a href="https://ca.news.yahoo.com/flair-launches-50-million-lawsuit-152441203.html" target="_blank" rel="noopener">filed</a> a $50 million Canadian (about $37 million) lawsuit with the Ontario Superior Court of Justice against Airborne and three affiliated leasing corporations claiming the seizure of the planes was "unlawful" and "orchestrated in a bad faith and malicious manner."<a href="https://www.ch-aviation.com/portal/news/125643-flair-sues-lessors-for-c51mn-calls-out-alleged-plotters">Flair's lawsuit alleges</a> fraudulent misrepresentation, breach of contract, and "conspiracy." The damages sought are for lost profits, harm to the airline's business, operations, and reputation, and aircraft replacement, among other things. Airborne did not immediately respond to Insider's request for comment. It's not the first time Flair has clashed with other Canadian airlines. Jones' duopoly accusation comes one year after the National Airlines Council of Canada, which represents Air Canada and WestJet, <a href="https://airlinecouncil.ca/canadas-major-airlines-respond-to-exemption-request-made-by-flair-airlines/">urged authorities to reject</a> Flair's request for a temporary exemption from some Canadian ownership rules as it made some changes to its management structure.The Canadian Transportation Agency requires carriers registered in Canada to be majority owned and controlled by Canadians — similar to rules in the US. US investment firm 777 Partners owns a 25% stake in Flair Airlines, which was cause for concern for the CTA.In June 2022, after Flair made some structural changes — including expanding the board, ensuring the majority of its members are Canadian, and abolishing 777 Partners' veto rights — federal regulators <a href="https://www.cbc.ca/news/canada/edmonton/flair-airlines-cta-ruling-1.6473784" target="_blank" rel="noopener">ruled</a> Flair was Canadian enough to keep its license. A WestJet spokesperson told Insider that the National Airlines Council of Canada's request came after the CTA has already issued "a preliminary determination against Flair" and pointed out that the CTA was satisfied with the changes made by Flair."Full compliance with the law ensures a level playing field for all carriers," the spokesperson added. <h2>Stranded passengers </h2>As the drama unfolded, passengers were left stranded.Tim Donovan from Titusville, New Brunswick, Canada had planned a two-day family vacation to Toronto for Easter weekend. He booked tickets with Flair, planning to fly from Saint John, New Brunswick, to Toronto on April 6 and return on April 8. The tickets were approximately $650 Canadian ($480) for himself, his wife, and two children. Things did not go as planned. Of the two flights Donovan booked, one was delayed seven hours, and the other was canceled less than two hours before departure. Donovan spent over 9 hours on the phone trying — and failing — to speak with Flair's English customer service line, and only managed to book another flight after trying the French-speaking line.His family trip finished two days later than planned, and over $1,500 Canadian ($1,100) over budget. "Flair Airlines left us stranded," Donovan told Insider. "There was no customer service. There was no follow-up, there was no help." <h2>Back on track? </h2>After the seizures on March 14, Flair's CEO Jones <a href="https://www.cbc.ca/news/canada/edmonton/flair-airlines-ceo-says-it-s-back-to-business-as-usual-after-4-planes-seized-1.6778657">said that the airline is on top of all its payments</a>, and in a <a href="https://storage.googleapis.com/flyflair-cms-prod-storage/Flair_Airlines_Statement_March_2023_23d93b6260/Flair_Airlines_Statement_March_2023_23d93b6260.pdf">March 15 press release</a> it said it brought "four additional planes into service."He <a href="https://airwaysmag.com/flair-sues-airborne-capital/" target="_blank" rel="noopener">told</a> Airways Magazine on March 16 that it is still on track to have 50 airplanes in its fleet by 2025, and 777 Partners is redirecting a Boeing 737-8 MAX from its Australian airline Bonza Airlines to Flair, <a href="https://www.ch-aviation.com/portal/news/126581-australias-bonza-loses-b737-8-to-flair-airlines">according to airline intelligence provider ch-aviation</a>. The aircraft <a href="https://www.planespotters.net/airline/Flair-Airlines" target="_blank" rel="noopener">hasn't been delivered yet</a>. Despite the recovery efforts, it's possible Flair's near future schedule might be affected. Its plan to connect Charlottetown, on Prince Edward Island, and Ottawa three times a week starting in June, for example, has already been <a href="https://www.cbc.ca/news/canada/prince-edward-island/pei-flair-ottawa-summer-2023-1.6815203" target="_blank" rel="noopener">scrapped</a>. In May, however, the airline <a href="https://storage.googleapis.com/flyflair-cms-dev-storage/YUL_Florida_Press_Release_f71ce0e5fa/YUL_Florida_Press_Release_f71ce0e5fa.pdf">expanded its flight</a> from Montreal to Florida and has <a href="https://storage.googleapis.com/flyflair-cms-dev-storage/PUJ_Press_Release_9b1279739b/PUJ_Press_Release_9b1279739b.pdf">new routes</a> to the Dominican Republic starting in the fall. It <a href="https://storage.googleapis.com/flyflair-cms-dev-storage/Metrics_April_23_acabe7fdf6/Metrics_April_23_acabe7fdf6.pdf">had a 90.3% load factor</a> for the month of April.

A budget Canadian airline had 4 of its planes repossessed. Its CEO is blaming a conspiracy.

Here's what you need to know before the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> open. 1. <a href="https://markets.businessinsider.com/news/stocks/stocks-bonds-will-crash-investor-called-market-meltdown-warns-2020-5-1029190924">'The greatest disconnect in history': An investor who called the coronavirus sell-off warns of two market crashes this year.</a> An investor who called the coronavirus sell-off and subsequent rally expects two market crashes this year, <a href="https://www.marketwatch.com/story/his-fund-is-already-up-34-this-year-and-theres-more-to-come-if-the-stock-market-crashes-like-hes-predicting-2020-05-10?mod=home-page" target="_blank" rel="noopener">according to MarketWatch</a>.2. <a href="https://markets.businessinsider.com/commodities/news/saudi-aramco-1q-earnings-oil-price-crash-tanks-profits-2020-5-1029191225">$1.7 trillion giant Saudi Aramco's profits drop almost $6 billion after oil prices crash below $0.</a> Saudi Aramco, the $1.7 trillion <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">oil</a> giant, reported a 25% drop in profits in the first quarter of 2020 compared to the same period last year as the impact of historically low oil prices and lack of demand weighed down on profitability. 3. <a href="https://markets.businessinsider.com/commodities/news/oil-demand-may-not-recover-coronavirus-bp-ceo-2020-5-1029191426">BP's CEO warned that we may have seen 'peak oil' and said demand may never fully recover from its coronavirus crash: 'I would not write that off.</a> BP's CEO warned that the impact of coronavirus on <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">crude oil</a> consumption will last well after the pandemic, and that demand may never fully recover, <a href="https://www.ft.com/content/21affff2-1e57-4000-a439-62cfef6344fb" target="_blank" rel="noopener">in an interview with the Financial Times.</a>4. <a href="https://www.businessinsider.com/us-federal-court-to-consider-payout-suit-brought-by-rbs-whistleblower-2020-5?r=US&amp;IR=TIR=T">U.S. federal court to consider payout suit brought by RBS whistleblower.</a> The US Second Circuit Appeals Court will on Tuesday consider arguments by an ex-Royal Bank of Scotland employee who is suing the US.5. <a href="https://www.businessinsider.com/boc-aviation-says-lessors-may-have-to-take-back-planes-later-this-year-2020-5?r=US&amp;IR=TIR=T">BOC Aviation says lessors may have to take back planes later this year.</a> Aircraft lessors may need to start taking back some planes in the second half of the year, the CEO of BOC Aviation said, adding that the pandemic-hit aviation market could take until 2023 to fully rebound.6. <a href="https://www.businessinsider.com/arcelormittal-offers-2-billion-of-shares-convertibles-at-discount-2020-5?r=US&amp;IR=TIR=T">ArcelorMittal offers $2 billion of shares, convertibles at discount.</a> ArcelorMittal, the world's largest steelmaker, is issuing $2 billion of shares and convertible notes at a deep discount to accelerate debt reduction plans that have been slowed by the COVID-19 pandemic.7. <a href="https://www.businessinsider.com/china-announces-new-tariff-waivers-for-some-us-imports-2020-5?r=US&amp;IR=TIR=T">China announces new tariff waivers for some US imports.</a> China announced on Tuesday a new list of 79 U.S. products eligible for waivers from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States.8. Stocks are mixed. In Europe, the Eurostoxx 50 is up 0.36%, the Dax is up 0.38% and the FTSE 100 is up 0.72%. In Asia, the Hang Seng Index fell 1.4%, the Nikkei 225 and the Shanghai Composite were flat. In the US, futures underlying the Dow Jones Industrial Average, S&amp;P 500, and Nasdaq point to a positive open, with all looking to open 0.3% higher.9. <a href="https://markets.businessinsider.com/earnings-calendar">First-quarter earnings coming in</a>. Toyota and Honda both report Q4 earnings, while German financial giant Allianz reports Q1 earnings.10. <a href="https://markets.businessinsider.com/economic-calendar">Economic data releases today</a>. The US monthly Budget Statement, consumer price inflation data, and API weekly Crude Oil Stock numbers are all set for release.Read the original article on <a href="https://www.businessinsider.com/opening-bell-may-12-2020-2020-5">Business Insider</a>

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="REUTERS/Arnd Wiegmann" title_caption="A participant arrives on his vintage Riley sports car during the British Car Meeting 2014 in the village of Mollis east of Zurich, August 24, 2014." class="zoomin" href="https://static-ssl.businessinsider.com/image/53fb92bf6bb3f78c27d26fa4-960/man-in-cool-car.jpg"></a>REUTERS/Arnd WiegmannA participant arrives on his vintage Riley sports car during the British Car Meeting 2014 in the village of Mollis east of Zurich, August 24, 2014.</div></div></div>Stocks rallied as the S&amp;P 500 cracked 2,000 for the first time on Monday, closing just below that milestone level while making another all-time high. 
First, the scoreboard:
<ul>
<li>Dow: 17,082.73, +81.5, (+0.5%)</li>
<li>S&amp;P 500: 1,998.14, +9.7, (+0.5%)</li>
<li>Nasdaq: 4,557.30, +18.7, (+0.4%)</li>
</ul>
And now, the top stories on Monday:
1. The top story on Monday was the news that <a href="http://www.businessinsider.com/burger-king-shares-are-surging-2014-8">Burger King and Canadian coffee and donut chain Tim Horton's</a> are in talks on a merger. The deal, which would be structured as a <a href="http://www.businessinsider.com/the-politics-of-burger-king-possible-purchase-of-tim-hortons-2014-8">"tax inversion"</a> with Burger King moving its tax base to Canada, was cheered by investors, as shares of both companies rallied furiously following the news. Burger King shares gained 20%, while shares of Tim Horton's trading in New York were up more than 18%. Greg Valliere of Potomac Research said the deal "throws down the gauntlet, and Treasury will almost certainly have to respond by proposing curbs on interest payment deductions."
2. Markit's <a href="http://www.businessinsider.com/flash-pmi-for-august-25-2014-8">flash PMI reading</a> for U.S. service sector activity in August came in at 58.5, better than the 58.0 expected by economists, but down from 60.8 in July. "The U.S. service sector continues to enjoy a strong growth phase, but the latest survey suggests the recovery has lost some momentum since hitting a post-crisis peak in June," Markit's Tim Moore wrote. "Output expanded at the slowest pace for three months in August, while new business growth picked up only slightly from July's recent low."
3. New <a href="http://www.businessinsider.com/new-home-sales-july-2014-2014-8">home sales fell 2.4%</a> to an annualized rate of 412,000 units in July, missing expectations for a pace of 429,000. June's report, however, was revised up to 422,000. Following the report, Ian Shepherdson at Pantheon Macro said, "In one line: Rising supply and flat sales is slowing price gains; construction needs to slow." 
4. The <a href="http://www.businessinsider.com/dallas-fed-august-25-2014-8">Dallas Federal Reserve's manufacturing index</a> fell to 7.1, missing expectations for a 12.8 reading and down from July 12.7 mark. The report showed that some companies reduced staff and raised prices as a result of the Affordable Care Act. "The Affordable Care Act is such a huge cost increase we must pass it on to our customers or go broke," one metals manufacturing exec said in the survey. "The projected cost increase is more money than we made last year. This increase will put us at an even bigger cost disadvantage versus imports. We will lose business to imports and plan to reduce our workforce accordingly."
5. BOC Aviation, a Singapore-based company owned by the Bank of China, <a href="http://www.businessinsider.com/afp-chinas-boc-orders-82-boeing-planes-worth-8.8-billion-2014-8">placed an order</a> for 82 Boeing planes worth $8.8 billion at list prices, according to a report from AFP. 
6. Deutsche Bank economist <a href="http://www.businessinsider.com/torsten-slok-says-its-time-to-buy-stocks-2014-8">Torsten Slok circulated an email</a> on Monday with the subject line, "Buy equities." "I believe the stock market will continue to go up until we get a recession. And we are nowhere near entering a recession," Slok wrote. Slok's view, however, differs from the Deutsche Bank "house view" currently held by David Bianco and the equity strategy team at the firm, which has a year-end price target of 1,850 for the S&amp;P 500. 
Don't Miss: <a href="http://www.businessinsider.com/grubhub-sinks-on-stock-offering-2014-8">This 19th Century Livestock Scam Will Help You Understand Why GrubHub Shares Fell On Monday »</a>

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