Continental and United sign merger May 3, 2010 CONTINENTAL Airlines and United Airlines have signed a $3.15bn (£2bn) merger agreement that is expected to create the world’s largest airline. The two US carriers signed the all-stock merger agreement yesterday, with expectations that they will officially consolidate both companies by the end of the fourth quarter this year. Under the agreement, United shareholders will [...]
IATA: airlines see shares surge 15pc May 3, 2010 AIRLINE shares surged by 15 per cent this year, despite the six-day disruption caused by the volcanic ash cloud, according to the International Air Transport Association (IATA). IATA said in its latest financial health monitor that the increase for airline shares was a result of improved financial results for US airlines during the first quarter [...]
Volcanic ash to disrupt Ireland May 3, 2010 VOLCANIC ash from Iceland is set to cause more havoc today, with flight cancellations in Ireland and Scotland. The Irish Aviation Authority (IAA) said Irish airspace will close from 7am today, with the decision reviewed at 1pm. Over-flights of Ireland from the UK and Europe will not be impacted, the IAA said, adding flights in [...]
US airlines took $8bn extra fees May 3, 2010 THE US airline industry raked in nearly $8bn (£5.2bn) from fees last year, according to a government report. Revenue from so-called ancillary fees totalled $7.8bn in 2009, according to the US Department of Transportation. The figure is 40 per cent up from 2008, when ancillary fees totalled $5.5bn. The tally does not include air fares, [...]
Fall in sterling could derail UK’s recovery May 3, 2010 A COLLAPSE in the value of sterling in the wake of the general election would push inflation even higher and could even risk derailing the economic recovery if the Monetary Policy Committee (MPC) is forced to tighten policy too soon, a top City consultancy will say today. While policymakers have welcomed a weaker sterling because [...]
WHAT IMPACT WILL THE ELECTION HAVE ON STERLING AND GILTS? May 3, 2010 TREVOR WILLIAMS | LLOYDS TSB “On average, the pound tends to strengthen after general elections, regardless of the size of the majority. As it fell about four per cent in the past quarter, history suggests we could see a short-term recovery. For gilts and swaps, there could be short-term volatility if there is political uncertainty [...]
Glencore sees Xstrata tie-up May 3, 2010 SWISS mining and commodities trading powerhouse Glencore is working on a £55bn merger with Xstrata, the London and Geneva-listed metal extraction giant. Advisers to Glencore are understood to be drawing up plans for the privately-held company to join the public arena through a reverse takeover of Xstrata. Glencore, which already owns 34.4 per cent of [...]
Greedy Greece may have gulped all euro help May 3, 2010 CRISIS averted? For now, troubled Greece has been saved – but at what cost? The sums involved are staggering and could have been much lower if the Eurozone’s governments had appreciated the size and scale of the problem earlier and learned the lessons of history. By waiting for the 11th hour to agree a rescue [...]
Bankrupt Canwest sells off its TV operations and newspapers May 3, 2010 SHAW Communications said yesterday it reached a deal with Canwest Global Communication’s debtholders to acquire the television operations of the bankrupt Canadian media company for $2bn (£1.3bn) including assumed debt. Shaw reached an agreement with Goldman Sachs and other senior subordinated noteholders allowing it to acquire all of the shares of a restructured Canwest upon [...]
Madoff fund to get large boost May 3, 2010 BILLIONS of dollars will soon be added to the money recovered by the trustee leading the global search for assets from convicted swindler Bernard Madoff’s fraud, according to a court document filed yesterday. The document indicated the heirs and trusts of late investor and philanthropist Jeffry Picower, a longtime friend of Madoff who was found [...]
