Indonesian authorities said that divers have located the black box recorders of Indonesia AirAsia Flight QZ8501 on Sunday (11/01). Ships involved in the search operation picked up strong ping signals less than 0.6 miles from the location where the tail of the AirAsia aircraft was found. However, divers have not been able yet to collect the black box (which contains crucial flight data) due to the strong undercurrent. Moreover, the black box is stuck under debris at about 30 to 35 meters below sea level.

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Although Indonesian rescuers are still searching for the black boxes, casualties and other remains of Indonesia AirAsia Flight QZ8501 that crashed tragically in the Java Sea on 28 December 2014 en route from Surabaya (East Java) to Singapore, some preliminary findings have already been presented to the media. These findings do not involve the accident itself but rather involve massive violations that were exposed as a consequence of the AirAsia tragedy. Apparently, 61 flights (involving five Indonesian airlines) lack the necessary permits.

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Skytrax, the United Kingdom-based consultancy airline and airport review and ranking agency, named Hong Kong’s Cathay Pacific as the world’s best airline in the World Airline Awards this week at the Farnborough International Airshow in England. Cathay Pacific snatched the title from Emirates that had to settle for a fourth place this year. The ranking is based on surveys involving 16 million air passengers, evaluating the products and services of full-service as well as budget airlines. Garuda Indonesia was ranked seventh.

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General Electric (GE), one of the largest American multinational conglomerates, has already started to show its commitment to invest in Indonesia. Over the course of three years, the company will invest USD $300 million in Southeast Asia's largest economy. CEO of General Electric Indonesia, Handry Satriago, stated that - although the year 2013 was a year full of challenges - the company managed to record revenues worth about USD $1 billion and aims to reach double-digit growth in 2014.

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The aviation industry in the Asia-Pacific region has shown robust growth in recent years. This region is one of the world's fastest growing regions in terms of air travel. In the next 20 years, an average annual seven percent growth of air traffic is expected. Indonesia, the current engine of economic growth in Southeast Asia and one of the largest economies in the Asia-Pacific, contains a burgeoning middle class that is increasingly using airplanes for domestic as well as international transport.

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Garuda Indonesia is the most renowned airline of Indonesia. The company, which received four stars from Skytrax, provides both domestic and international flights (passengers and cargo). In recent years, Garuda has experienced a remarkable transition from being banned to fly to the Eurozone towards becoming a world-class airline that is acknowledged by international critical acclaim. Although Garuda is Indonesia's top class airline, it taps the low-cost aviation sector through its subsidiary Citilink Indonesia.

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State-owned airline Merpati Nusantara Airlines will sell between 30 and 35 percent of its shares to domestic or foreign investors. The government feels the need to sell a stake as the airline has a debt of about IDR 6 trillion (USD $603 million). Most of this debt, about IDR 4 trillion, is held in Indonesia (government and state-owned enterprises). As such, the company is in need of new funds to restructure its business model. Last year, the airline carried 2.1 million passengers.

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Citilink Indonesia, the low-budget unit of Garuda Indonesia, announced its intention to conduct an initial public offering (IPO) in 2015 by offering 30 percent of its stocks to the public. The Indonesian budget airline also plans to expand its fleet-size to 50 airplanes. However, before an IPO can be conducted, the company said it should improve its (financial) performance first. In 2012, Citilink Indonesia recorded an USD $28.4 million loss on operating revenues of USD $73.4 million.

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Citilink Indonesia, the low budget carrier of national airline Garuda Indonesia, expects to transport around 7.8 million air passengers in 2013. This constitutes a sharp rise compared to last year's result of 3.8 million passengers. The airline, which handles 140 flights per day to 22 Indonesian cities, expects the increase to be in line with the growth of its armada to 29 aircrafts in 2013 (including 22 new Airbus A320 planes). These types of aircrafts are designed to serve short or middle-long distance flights.

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Fitch Ratings has awarded Indonesia's top-class airline Garuda Indonesia the national long-term 'A (idn)' rating with a stable outlook. This upgrade represents yet another example of foreign appreciation of the airline's good corporate performance. Garuda Indonesia has experienced a remarkable transition within the last decade as it transformed from a company that was banned to fly to the European Union into one of Indonesia's success stories.

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On Friday 10 January 2014, the government of Indonesia opened Halim Airport for scheduled commercial flights. Previously, the only airport that served these types of flights around Indonesia's capital city of Jakarta and surrounding towns was the Soekarno-Hatta International Airport (Soetta), located in Cengkareng (Banten). However, the amount of daily passengers at Soetta has exceeded its capacity. Based on data from Airports Council International, released in 2013, Soetta is the world's tenth busiest airport.

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Garuda Indonesia, the country's top-class airline, is planning to conduct a rights issue in the first quarter of 2014. Through this corporate action, which has already been approved by the shareholders, the state-controlled company aims to raise IDR 2 trillion (USD $162.6 million). For 2014, the airline plans to allocate IDR 4 trillion in capital expenditure (capex) for business expansion. About half of this amount should originate from funds generated through the rights issue.

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After it was reported that Garuda Indonesia, Indonesia's state-controlled national air carrier, postponed its rights issue, the company stated that it highly doubts an initial public offering (IPO) of its subsidiary Garuda Maintenance Facility (GMF) AeroAsia on the Indonesia Stock Exchange (IDX) in 2013. The reason for this postponement is current lingering uncertainty that plagues emerging markets, including Indonesia, since May 2013. Uncertainty about the future of the Federal Reserve's quantitative easing program led to a large outflow of foreign funds.

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Garuda Indonesia, one of the major airlines in Indonesia, has announced to conduct a rights issue in October 2013. Through the rights issue, which involves the issuance of 10 percent of new shares, Garuda aims to reap USD $200 million. Garuda was a fully state-owned company before its initial public offering (IPO) in early 2011 when it released 30 percent of its shares. However, Indonesia's House of Representatives (DPR) had approved total public offering up to 40 percent. The remaining 10 percent is now offered through the rights issuance.

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The number of air passengers in Indonesia has increased significantly during the last decade, and turned the country in one of the fastest-growing air travel industries worldwide. Blessed with robust macro economic growth and a subsequent burgeoning middle class, Indonesians are increasingly using airplanes as means of transportation. It is estimated that in 2012 about 72.5 million people used air transport in Indonesia, a ten percent year-on-year increase.

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One of the industries that has been showing remarkable growth in recent years in Indonesia is the aviation industry. Blessed with robust macro economic growth and a burgeoning middle class, the country's population is increasingly using airplanes as means of transportation. Considering the magnitude of Indonesia, its island rich composition and underdeveloped road and rail network, air travel is an efficient option.

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