LATAM Announces Orders for Five Additional Boeing 787s

LATAM group announced an order for five more Boeing 787 Dreamliners to continue advancing its commitment to be more efficient and sustainable.

The purchase ranks the South American airline group as the largest operators of Dreamliners in Latin America.

The 787 Dreamliner factory is in North Charleston, S.C.

With the order, together with the already scheduled deliveries of this model in the upcoming years, LATAM group will reach a total of 46 Boeing 787 airplanes.

Representing an increase of 20 airplanes of this model compared to the pre-pandemic fleet, the investment reinforces the group’s commitment to have one of the most modern and efficient fleets in South America, officials said.

Additionally, LATAM group has decided to equip the next Boeing 787s it receives with GEnx engines by GE Aerospace, becoming the first airline in South America to have the engines known for their performance and efficiency.

“These actions are fully aligned with the commitment to sustainability and brings LATAM closer to the goal of becoming a carbon neutral group by 2050,” said Ramiro Alfonsín, LATAM Airlines Group S.A CFO.

“The incorporation of GEnx engines is a decision that provides greater flexibility and options for the expansion of the long-range fleet,” Alfonsín added. “Furthermore, increasing the Boeing 787 fleet size will allow the group to operate with two different engine models, known for their cutting-edge technology and reduced environmental impact, in a complementary way.”

The GEnx engine family has more than 50 million flight hours since entry into service in 2011 and is the fastest-selling, high-thrust engine in GE history with nearly 3,000 engines in service and on backlog, including spares, according to data from its manufacturer.  

The Boeing 787 uses 25 percent less fuel and creates 25 percent fewer emissions than the airplanes they replace. The Boeing 787-9 can fly 300 passengers 7,565 nautical miles (14,010km), according to data from its manufacturer. 

The LATAM group has 332 aircraft, 56 Boeing passenger aircraft (models 767, 777 and 787) and 256 Airbus aircraft (models A319, A320, A320neo, A321 y A321neo). In addition LATAM Cargo has 20 cargo aircraft.

DC BLOX To Build Hyperscale-Ready Data Center Campus in Rockdale County, Ga.

DC BLOX, a leading provider of connected data centers and dark fiber solutions across the Southeast, announced that it has acquired 72 acres of land in Conyers, Ga., in Rockdale County for a new hyperscale-ready data center campus.

The campus is designed at full build-out to accommodate 750,000 square feet of space with 216MW of total power committed by Georgia Power.

With a hyperscale client anchoring the first phase of the project, 160,000 square feet of space will be available to additional tenants with expected delivery in 4Q 2025.

DC BLOX also plans to build a dark fiber ring around the Atlanta metropolitan area as part of the project.

Officials said the ring will provide significant new fiber capacity for campus tenants and will also provide a resilient connection to the DC BLOX dark fiber route transiting from Atlanta to its Myrtle Beach, South Carolina Cable landing station, offering global connectivity options.

The location of the facility in the communications hub of the Southeast, combined with its built-in high-capacity fiber routes offers a prime opportunity for a regional hyperscale peering point for interconnection, the officials said.

The new data center campus will be located in Conyers, Ga., approximately 24 miles east of downtown Atlanta.

The property has been granted certain incentives by the Development Authority of Rockdale County through its agent, Conyers Rockdale Economic Development Council (CREDC).

The facility will be developed with DC BLOX’s design and construction partners: Evans General Contractors, DLB Associates, Corgan, Thomas & Hutton, and Bennett & Pless.

The 2024 Economic Outlook: A View from CFOs  

Financial decision-makers were slightly more optimistic about the U.S. economy in the fourth quarter, and many firms expect their price growth next year to remain above pre-Covid levels.

That’s according to the results of The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, fielded from Nov. 14 to Dec. 1.

When asked to rate optimism about the overall U.S. economy on a scale from 0 to 100, the average rating from CFOs was 58.0, up from 56.2 in the third quarter. Optimism about their own firm’s prospects remained higher than economic optimism, at an average of 67.3, but fell from 67.8 in the third quarter.

“Alongside an increase in economic optimism, respondents’ expectations for national economic growth rose from the previous survey,” says Sonya Ravindranath Waddell, vice president and economist with the Federal Reserve Bank of Richmond.

Waddell added, “At the same time, almost 60 percent of firms expect their price growth in 2024 to remain elevated relative to pre-Covid norms. Expectations for compensation growth also remain above what firms consider normal.”

Revenue and employment expectations for 2024 remained solid.

* Median expected employment growth stands at 2.7 percent for 2024 — up from 2.2 percent in 2023.

* Median revenue growth is expected to remain steady at 5 percent for 2024.

* Median price and unit cost growth are expected to slow from 5 percent this year to 3 percent and 4 percent, respectively, in 2024.

In spite of generally positive expectations for 2024, there was some indication that firms were cutting back — for example, the share of firms that report increased spending continued to shrink.

Meanwhile, 70 percent of respondent firms — and almost 90 percent of large firms — have existing debt, much of which is expected to come due in the next few years.

Firms that intend to roll over their debt are facing higher interest costs, which suggests that there could be some headwinds to economic growth in 2024.

Still, respondents’ average expectation for GDP growth over the next four quarters is 1.7 percent, up from 1.3 percent in last quarter’s survey.

“The probability that firms assigned to a decline in economic activity has fallen considerably since the beginning of the year,” says Waddell, “which, combined with the increase in optimism, is a positive development for the business outlook for 2024.”

The CFO Survey is issued by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.

Myrtle Beach Area Chamber Appoints John Rutenberg of Truist to Chair 2024 Board of Directors

The Myrtle Beach Area Chamber of Commerce (MBACC) and Convention and Visitors Bureau (CVB) announced John Rutenberg will chair the chamber’s board of directors for 2024.

Rutenberg, who is serving his second term on the board, is the commercial market president for Truist Financial Corporation, Grand Strand and Pee Dee, a position he has held for the past three years.

“Through its mission to promote, protect and improve the Grand Strand, the chamber’s staff and board of directors are committed to our role as stewards of this vibrant and welcoming coastal community,” Rutenberg said. “I look forward to this leadership role and serving our area by promoting business while protecting our natural resources and improving the quality of life for all.”

In addition, he thanked outgoing chamber board chair Ryan Swaim for his leadership over the past year. “Ryan’s dedication to the chamber and its pursuits deserves the outmost praise,” he added.

Before becoming part of the Truist leadership team, Rutenberg held executive positions at TD Bank and Coastal Carolina National Bank.

In addition to his professional roles, he contributes to the community by serving on several boards, including MBACC’s foundation Partnership Grand Strand, Horry Georgetown Technical College’s Foundation, Coastal Carolina University’s Chanticleer Athletic Foundation, and College of Charleston Alumni Association Finance Committee.

Born and raised in Myrtle Beach, he obtained a bachelor’s degree in political science and communications from the College of Charleston and later earned his Juris Doctor at New York Law School.

In addition to electing Rutenberg, MBACC board members designated eight new directors who will formally join the board in January and serve a three-year term: Sean Bailey, SkyWheel; Scott Dietrich, Edward Jones; Kelli Lane, Hook & Barrell; Declan McGonigal, myBeach Vacation Rentals; John Anderson, HTC; Matt Klugman, Vacation Myrtle Beach; Tony Cox, S.C. Dept. of Transportation; and Radha Herring, Watermark Real Estate.

Sixteen members will remain on the board next year as their terms continue through 2024 or 2025. 

They are: Dr. Michael Benson, Coastal Carolina University; Kristin Call, Myrtle Beach Pelicans; Chad Carlson, Burroughs & Chapin; Hatton Gravely, YMCA of Coastal Carolina; Jessica Greene, Next Level Behavioral Health & Wellness; Lori Heafner, Horry Georgetown Technical College; Mayur Jeram, New Horizon Hospitality; Mark Loos, Tidelands Health; Ross Martin, Coral Beach Resort; Patrick Norton, Brittain Resorts & Hotels; Bhumi Patel, Burr & Forman LLC; Todd Setzer, A&I Fire & Water Restoration; Chris Shroff, Avista/Sea Side Resorts; Jacob Smith, Sandy Beach Resort; Jay Smith, Prestwick Country Club; and Ryan Swaim, Dunes Realty.

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