London Report: Ukraine strife and China data hit FTSE shares March 24, 2014 BRITAIN’S top share index fell yesterday on concerns about the situation in Ukraine and a slowdown in Chinese growth, while energy providers were hit by worries they may be forced to break up their businesses. The blue-chip FTSE 100 index ended 0.6 per cent lower at 6,520.39 points, falling for nine of the past 12 [...]
Ryanair gets a credit rating as it prepares to tap the bond market March 20, 2014 RYANAIR was given a credit rating of BBB+ yesterday, taking the budget airline a step closer to issuing bonds. Standard & Poor’s said the rating reflected Ryanair’s “industry-leading profitability” along with the risks associated with its “reputation for providing less customer-friendly services than some of its peers”. S&P has deemed Ryanair to be three notches [...]
Correction March 20, 2014 On page 26 of yesterday’s City A.M. we attributed a Budget response statement from A Fair Tax on Flying to IAG chief executive Willie Walsh. While IAG and British Airways have supported calls to scrap air passenger duty, Walsh is not a member of A Fair Tax on Flying. We are happy to set the [...]
Osborne helps air passengers and car drivers March 19, 2014 LONG-HAUL flyers got a surprise tax cut yesterday as the chancellor flattened air passenger duty (APD) rates. In a move explicitly aimed at flights to and from South Asia and other fast-growing economies, George Osborne cut the rate for all flights over 2,000 miles to as little as £67 for an economy class ticket. The [...]
Willie Walsh paid £5m for work putting Iberia and BA on course March 6, 2014 WILLIE Walsh, the boss of International Airlines Group (IAG), was paid almost £5m last year as the firm made progress on turning around its Spanish carrier Iberia. Walsh, who led British Airways before it merged with Iberia in 2011, was awarded a £1.2m bonus, or almost 70 per cent of the maximum based on BA [...]
Best of the Brokers for 06 March 2014 March 5, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com DIGNITY Panmure Gordon keeps its “buy” rating on the funeral provider and raises its target from 1,600p to 1,800p following strong full-year results yesterday. The broker is impressed by the firm’s growth combined with good cost control. IAG Cantor Fitzgerald keeps its “hold” [...]
IAG shares take a hit as Iberia continues to struggle February 28, 2014 Shares in British Airways and Iberia owner International Airlines Group (IAG) are falling despite the company swinging back into the black, with profit before tax reaching €227m (£186m) for the year ended 31 December 2013. In 2012, the company suffered a loss before tax of €774m. However, Iberia has continued to struggle while the Spanish [...]
Visa swipes top spot for business brands from Apple February 24, 2014 BRITISH firms have chosen Visa as the best brand for business services, knocking tech firm Apple off the top spot, a poll out today reveals. Visa topped a survey of 2,000 companies and was joined by several other payment companies in the higher reaches of the Superbrands UK league table. Superbrands said the shift in [...]
Giant panda numbers are up: see them in Chengdu February 23, 2014 They famously eat shoots and leaves. LISA YOUNG gets up-close and personal with the Chinese city’s most famous residents IT’S a warm August morning, the time of year when the sizzling Chengdu summer gives way to cooler climes. Chengdu sits in a fog-filled bowl 500 metres above sea level in the Sichuan Province of south [...]
IAG strikes Spanish pilots pay deal February 13, 2014 International Airlines Group (IAG) has reached a deal with Spanish pilots to link salary rises to group profitability from 2015, helping to ensure the viability of local carrier Iberia. IAG, which groups British Airways and Spanish carriers Iberia and Vueling, said that Spanish pilots union Sepla had agreed wages would be frozen until 2015, and [...]