Flybe climbs back into the black as its turnaround plan takes off June 11, 2014 British airline Flybe yesterday showed that its turnaround plan was reaping rewards, as it reported its first pre-tax profit in four years. The carrier made £8.1m last year, compared to a loss of £41.1m the year before. “We have stabilised the business and renewed stakeholder confidence,” boss Saad Hammad told City A.M. The firm launched [...]
Lufthansa stock in tailspin after profit warning June 11, 2014 GERMAN airline Lufthansa clipped the wings of aviation stocks yesterday by issuing a profit warning, blaming pressure on fares in Europe and the US. The firm, Europe’s biggest airline by passenger numbers, said it expected to make an operating profit of €1bn (£805m) this year, down from its previous forecast of between €1.3bn and €1.5bn. [...]
WPP swoops for South African digital agency The Hardy Boys June 11, 2014 ADVERTISING giant WPP yesterday announced it had taken a majority stake in South Africa-based creative ad and brand building agency The Hardy Boys for an undisclosed sum. The deal, made through WPP’s global marketing communications agency JWT, will see The Hardy Boys bring its client list, including Diageo and Unilever, over to JWT. “This investment [...]
Airlines braced for bumper claim payouts after appeal court ruling June 11, 2014 AIRLINES could have to pay out millions of pounds in compensation for flight delays caused by technical defects, after the Court of Appeal ruled in favour of a passenger who had brought a claim against budget carrier Jet2.com. Ronald Huzar’s flight from Malaga to Manchester in 2011 was delayed for 27 hours, when faulty wiring [...]
Creston investors get more returns June 11, 2014 COMMUNICATIONS group Creston yesterday raised its total dividend to 3.9p and announced a share buy-back for up to £2m, despite its profits being dented by costs relating to the consolidation of its London businesses. Creston reported a slight fall in revenues to £74.9m during the year to 31 March, down from £75.2m in the previous [...]
Vype poster is banned by ASA June 11, 2014 A POSTER for British American Tobacco’s electronic cigarette brand Vype, which featured a woman in mid-air and the text “experience the breakthrough”, was banned yesterday by the advertising regulator for being misleading. “Given the presentation… we concluded that the ad misleadingly implied Vype could be used as a smoking cessation device,” the Advertising Standards Authority [...]
BT Sport’s free online content ad ruled offside after complaints June 11, 2014 THE ADVERTISING Standards Authority (ASA) has upheld a series of complaints against a BT Sport advert, ruling that the ad must not be shown again. The campaign, which depicted BT Sport presenter Jake Humphries talking over various shots of customers watching the channel on TV, a tablet and a computer, was shown on TV and received [...]
Pfizer blames price for Astrazeneca deal collapse June 11, 2014 Drug giant Pfizer yesterday said the £69bn bid to take over UK rival Astrazeneca collapsed due to price disagreements, as shares in the UK company rallied in the hope of a revival of talks. Pfizer finance chief Frank D’Amelio told a US healthcare conference yesterday that the two sides did not come to a deal [...]
Boost for UK shale as Cuadrilla and Egdon get plans underway June 11, 2014 THE UK’S nascent shale gas industry was given a boost yesterday, as energy firms Cuadrilla and Egdon Resources reported progress with their plans to exploit the resource. Lancashire council has validated Cuadrilla’s proposal to frack up to four exploration wells at a site in the county, which means the planning application will be open to [...]
Oil futures rise after US crude stockpiles fall June 11, 2014 OIL FUTURES rose yesterday, after US data showed a larger-than-expected drop in last week’s crude stockpiles, combined with heightened concerns about the geo-political situation in Iraq. Figures from the US Energy Information Administration revealed that US crude oil inventories decreased by 2.6m barrels from the previous week, surpassing analysts’ expectations of a 1.7m drop. Light [...]