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’Iceland’s second volcano e-raptures
Uh oh. Remember this time last year when Iceland’s Eyjafjallajökull volcano was causing £130m worth of losses a day for airlines?
Well, bang on time for the rapture, Iceland’s second and most active volcano Grimsvoetn has began erupting:
Snap news
Breaking pre-market news on Friday,
- British Airways returns to profit — statement.
- WPP says like for like revenue growth will not improve in 2011 — statement.
– Piraeus Bank planning €800m rights issue — report.
Snap news
Breaking pre-market news on Wednesday,
- Deutsche Bank says sales and trading activity rebounded in September — statement.
- British Airways launches £350m convertible bond offering — statement.
Snap news
Breaking pre-market news on Thursday;
- Frank Timis’ African Minerals says Tonkolili investment deal delayed – statement.
- Songbird Estates, owner of Canary Wharf, announces plans to raise £140m via equity issue — statement.
Snap news
Breaking pre-market news on Friday,
- British Airways pre-tax loss increases to £164m from £148m — statement.
- Anglo American reinstates dividend of $0.25 per share — statement.
- Vedanta Resources posts record $794m Ebitda — statement.
Groaning under the UK pensions rock
Pensions. Boring, deathly things that people generally try to put off thinking about.
Unless when they weight down listed UK companies even more than usual, that is, which – thanks to trends in pensions accounting analysed by Citigroup on Monday — is looking a tad likelier.
Snap news
Breaking pre-market news on Tuesday,
- British Airways agrees deal with pension trustees – statement.
- Whitbread Q1 comparable sales rise 7.6 per cent – statement.
- Corporate: Mitchells &
Snap news
Breaking pre-market news on Friday,
- British Airways reports annual loss before tax of £531m; targeting revenue growth of 6 per cent and break-even at pre-tax profit level in current financial year – statement.
Won’t somebody please think of the weddings?
The cake has been bought.
The dress has been fitted.
The menu has been chosen.
The venue, food and alcohol have been paid for.
The Catholic preparation classes have been attended.
The bridesmaids are ready.
BA versus the volcano
So British Airways CEO Willie Walsh took to the skies this weekend — Icelandic volcanic ash, and the small matter of its closure of Europe’s northern air routes, be damned.
Walsh might well try to convince European airspace regulators that flying through clouds of volcanic emissions is safe;
Snap news
Breaking pre-market news on Thursday,
- BA, Iberia sign long-awaited merger agreement – statement.
- M&S Q4 sales growth tops forecasts – statement.
- Spain’s Banesto reports €211.5m Q1 net profit – Reuters.
CDS report: walking(out) on Air
Markit’s Otis Casey wrote this CDS report
Anxiety was high in Europe today not because of movement in the sovereign markets as has been the case but rather due to the airlines. Union strikes, particularly from pilots,
More BT pension woe
The price action in BT on Thursday morning following the publication of its third quarter results.
The reason for that fall is more pension problems.
Alongside the figures, BT announced a 17-year pension deficit repayment plan.
Snap news
Breaking pre-market news on Friday,
- Icap warns profits for the year to 31 March 2010 will be in the range £295 million to £315 million – statement.
- British Airways reports third quarter operating profit of £25m – statement.
BA’s 12 days of Christmas
Furious Backlash against 12-day BA strikes
Passengers reacted furiously today as the 12-day strike by British Airways cabin crew threatened to ruin their Christmas holidays.
Among those scrambling to make other travel arrangements as prices soared were a honeymoon couple and pilgrims heading to Lourdes.
The economics of airline strikes
British Airways’ cabin crew are opting to strike (again).
This time around, however, they plan to do so over the Christmas period — one of the airline’s busiest times — for the very seasonal period of 12 days.
British Airways pension fireworks
We knew British Airways statement on its pensions deficit would be interesting.
We didn’t know it would be this interesting.
The UK airline revealed on Monday morning that following an actuarial review by its pension trustees,
BA and BT’s promiscuous pensions
As the market waits with bated breath for an update on British Airways’ triennial review of its pension scheme, we note some parallels with another leviathan of UK corporate pension deficits — BT.
The telephone company released its second-quarter earnings last month,
In pension trustees BA trusts
There’s a pretty big `if’ hovering over British Airways’ proposed merger with Iberia:
Iberia will be entitled to terminate the merger agreement if the outcome of the discussions between British Airways and its pension trustees is not,
BA and Iberia agree merger
British Airways and Iberia on Thursday night agreed the terms of a merger – first announced in July 2008 – to create Europe’s third-largest airline by revenue, resolving a key obstacle by agreeing that Iberia can terminate the accord if it is unhappy with BA’s handling of its swollen pension scheme.
BA/Iberia proposed merger terms announced
Here are the key details of the memorandum of understanding for a proposed “merger of equals” between BA and Iberia. And, my, does it look complex.
A new holding company (TopCo) will be created that will own both the existing airlines.
Is the BA-Iberia merger imminent? – update
Shares in British Airways were up 10 per cent on Thursday afternoon amid expectations that the troubled carrier’s long-planned merger with Spain’s Iberia is finally about to happen.
But earlier in the London day there had been a lot of conflicting newsflow.
Snap news
Breaking pre-market news on Friday,
- RBS reports Q3 proforma net loss of £1.8bn – statement.
- Hannover Re swings to Q3 profit, boosts 2009 target – statement.
- Corporate: British Airways,
Guest post: Lawrence Hunt on the all-biz class airline model
Lawrence Hunt was CEO of Silverjet, the British all-business class airline that operated between January 2007 and May 2008. Here he gives his thoughts on British Airways’ new all-business class service,
British Airways pension tension
As FT Alphaville noted last week, the percentage of British Airways’ shares on loan has been climbing, making it the short-sellers’ favourite airline.
One theory behind the rise is that the carrier’s pension deficit will not make for happy reading when its trustees publish the results of their triennial revaluation sometime in September.
BA burns
British Airways is the only airline of nine carriers canvassed by Data Explorers to have experienced an increase in its short interest since June.
Bonfire of the Irish carrier
Just how badly is Irish flag carrier Aer Lingus doing?
Stinkingly. The Irish airline posted a €93m operating loss in the first-half of 2009 — up from a €23mm loss last year. More importantly, however,
Snap news
Breaking pre-market news on Friday,
- British Airways to raise £600m via convertible debt issue and renegotiated pension-related bank guarantees, announces Q1 loss — statement.
- Swedbank reports worse-than-expected loss of SEK1.85bn on Baltic provisions – Reuters.
British Airways seeks cash
British Airways is being forced to raise fresh capital to shore up its shrinking cash resources, chairman Martin Broughton told shareholders on Tuesday. While a rights issue has been ruled out, the airline is discussing with investors other ways of raising liquidity,