Airlines adopt new ash rules May 18, 2010 AIRLINES breathed a sigh of relief yesterday as the Civil Aviation Authority (CAA) overhauled ash restriction regulations, allowing a return to regular operations. The CAA had been under intense pressure from a number of commercial airlines over continual flight bans issued over UK airspace as a result of the volcanic eruption in Iceland. As of [...]
Ryanair to appeal fine for mistreating passengers May 18, 2010 RYANAIR is to challenge a hefty fine handed down by the Italian Civil Aviation Authority (ENAC) for the alleged mistreatment of passengers during the flight ban last month. Over the weekend, ENAC fined Ryanair €3m (£2.57m) for allegedly breaching European Union code EU261, which requires airlines to reimburse reasonable receipted expenses of disrupted passengers. ENAC [...]
BAE to buy Atlantic Marine for $352m May 18, 2010 DEFENCE giant BAE Systems has acquired shipping construction and maintenance company Atlantic Marine for $352m (£244m), bolstering the group’s ship repair business. BAE will acquire the majority of the Florida based company from JFL-AMH Partners, a portfolio company currently owned by private equity firm JF Lehman. Under the definitive agreement, JFL-AMH Partners will retain Atlantic [...]
BEST OF THE BROKERS May 18, 2010 AIR FRANCE Royal Bank of Scotland (RBS) retains a “buy” recommendation on Air France-KLM. Notwithstanding the ash-cloud, RBS said the underlying trading is improving, the Amadeus transaction will have boosted the balance sheet and recent sovereign debt woes and scare stories around cargo weakness offer an attractive entry point. MAN GROUP Numis has issued a [...]
CITY MOVES | WHO’S SWITCHING JOBS May 18, 2010 RWC Partners The asset manager has hired Schroders fund managers Nick Purves (pictured) and Ian Lance. Purves and Lance will manage both value and income funds at RWC, building on their track record with the Schroder UK Equity Income Fund, the best-performing fund in the IMA UK equity income sector over the past five years. [...]
CITY PHILANTHROPISTS LURED BY PROMISE OF SOME GOLDEN EGGS May 18, 2010 OFF to the Merchant Taylors Hall on Threadneedle Street yesterday for what has become a stalwart of the City’s calendar – the annual Gulls’ Eggs lunch. This year marked the 22nd anniversary of the affair, which has traditionally used the excuse of what must be the shortest season of any earthly foodstuff to bring hundreds [...]
FTSE lifted by banks and commodities as investor fears over Eurozone recede May 18, 2010 BANKS and commodity-linked stocks pushed Britain’s top share index higher yesterday, with risk appetite returning among investors as Eurozone debt fears ebbed, and Man Group recouping the previous session’s losses. The FTSE 100 ended up 44.80 points, or 0.9 per cent, at 5,307.34, but after retreating from an earlier session high of 5,341.41. “Any move [...]
Regulation doubts spark a slide on US bank stocks May 18, 2010 US stocks sank yesterday, driven lower as the strengthening of financial regulation from Wall Street to Frankfurt crushed bank stocks, adding to worries about the sustainability of the global economic recovery. In Washington, several Republicans will vote with Democrats to wrap up debate on the sweeping reform of financial regulations and move toward final passage, [...]
The land of opportunity May 18, 2010 WHILE Europe desperately struggles to escape Greek contagion, the US is fighting its way out of recession. In the first three months of 2010, US GDP rose 0.8 per cent, putting the annualised rate at 3.2 per cent. Over the same period, Germany and the UK grew just 0.2 per cent, France and Spain grew [...]
LESS ACTION WOULD HELP THE MARKET May 18, 2010 MANAGING DIRECTOR, ARTEMIS PHEW. We all like a bit of excitement. But this is getting ridiculous. After the euro’s crisis and the forming of the UK’s coalition government, we could all do with a rest. If the FTSE 100 index could just get back to – and hold – 5,400 for a while, that would [...]
