EasyJet to launch volcano claims suit May 31, 2010 BUDGET airline easyJet is planning to launch a class action lawsuit to claim compensation for lost revenue during the Europe-wide flight ban. EasyJet, which lost up to £75m during last month’s closure of European airspace is hoping to group together with a number of airlines to make a legal claim. Chief executive Andy Harrison said [...]
Ryanair set to post better profits but ash cloud drags May 31, 2010 BUDGET airline Ryanair is expected to report net profits of up to €315m (£266.2m) today when it delivers its full year results. Analysts are forecasting that the Irish-based carrier will deliver profits of more than €310m for the year ending 31 March, which will be roughly in line with the company’s expectations. Ryanair upped its [...]
BP shares set to fall after plug bid fails May 31, 2010 SHARES in BP are expected to plummet today as news of the failed “top kill” attempt to stem the leak of oil into the Gulf of Mexico hits the UK and US markets when they re-open after the long weekend. Analysts predict that should the markets remain stable, it is likely that BP shares will [...]
Energy giant hit by more fuel trader departures May 31, 2010 THE HEAD of BP’s fuel oil trading team has quit the oil giant in the same month that a number of US traders also left the company. The resignations from BP’s fuel oil team included the departure of three traders from its US office, including the team leader, and the head trader in London. The [...]
Spill could hurt the Democrats May 31, 2010 THE GULF of Mexico oil spill could damage the Democratic Party’s electoral chances in November’s mid-term Congressional elections, after Barack Obama’s handling of the crisis was widely criticised. Late last week Obama denied claims that BP had shown more initiative than the government in regard to the spill. And he said it was “not true” [...]
Europe stocks hold steady in spite of Spain May 31, 2010 EUROPEAN equities held their own yesterday despite fears that a key downgrade of Spain’s sovereign debt before the weekend would weigh heavily on the markets. The FTSE Eurofirst 300 index of top European shares closed up 0.3 per cent at 1,000.55 points, ending its worst-performing month since February last year, while the euro recouped losses [...]
Eurozone confidence falls as debt worries start to spread May 31, 2010 LINGERING hopes that the EU sovereign debt crisis had not yet begun to affect the real economy were blown out of the water yesterday, as the eurozone economic sentiment monitor recorded an abrupt fall in May. Economic sentiment in the 16-country Eurozone area fell to 98.4 in May, down from 100.6 in April and below [...]
China: Europe’s debt troubles may derail global recovery May 31, 2010 CHINA yesterday issued a stark warning to world leaders, cautioning that the burgeoning sovereign debt crisis in Europe could lead to a double-dip recession across the globe. Chinese premier Wen Jiabao, addressing business leaders during an official visit to Japan, issued his warnings a day after France admitted it will struggle to keep its top [...]
Rolet slates ban on short selling May 31, 2010 XAVIER Rolet, the chief executive of the London Stock Exchange, has slammed Germany’s ban on naked short-selling as “mistaken” and “counterproductive”. Rolet told Italian business daily newspaper Il Sole 24 Ore that the German move is “a mistaken decision that risks having an effect which is the opposite of what is desired”. “I would in [...]
ECB bond buys come under fire May 31, 2010 ECB POLICYMAKER and Bundesbank president Axel Weber has urged a tight cap on the European Central Bank’s government bond buying programme, saying extraordinary steps taken to ease the debt crisis posed a risk to its main goal of price stability. The ECB abandoned a long-held resistance to buying government debt in May, helping to calm [...]
