What the other papers say this morning – 1 August 2013 July 31, 2013 FINANCIAL TIMES Spotify burns through cash Spotify, the Swedish digital music service that has been valued at $3bn, doubled its revenues in 2012 but burnt through cash as it attempted to grab a bigger share of the fast-growing market. The company’s results show that its sales surged from €190.4m in 2011 to €434.7m in 2012, [...]
Losses widen at Aer Lingus July 31, 2013 AER LINGUS yesterday said its half-year losses before tax widened 14.2 per cent to €28.2m (£24.7m), on revenues up five per cent at €657.9m. Costs rose 6.9 per cent, which the firm said was partly due to one-off expenses linked to an increase in transatlantic services and the launch of Little Red, Virgin Atlantic’s short-haul [...]
Ryanair boss says hand luggage charges “inevitable” and pushes for new runways at existing airports July 31, 2013 Ryanair chief executive Michael O’Leary has said the introduction of charges for hand luggage on planes is “unlikely in the short term but it’s probably inevitable”. Speaking at a news conference in London, the budget airline boss said it’s likely that companies would see the charges as a new revenue stream to be exploited, but [...]
Brand Index: Welby’s challenge highlights how vulnerable Wonga is July 30, 2013 LAST week, in an interview with Total Politics magazine, the Archbishop of Canterbury Justin Welby said that he has told Wonga CEO Errol Damelin he wants to compete the payday loans company out of existence by strengthening credit unions. Mentions of Wonga were seen by 45 per cent of UK Twitter users on Thursday and [...]
US drugmaker Perrigo buys Elan for $8.6bn July 29, 2013 IRISH biotech firm Elan yesterday accepted an $8.6bn takeover offer from US drug maker Perrigo, just weeks after batting off a hostile approach from Royalty Pharma. Perrigo will pay $6.25 per share in cash plus $10.25 per share in stock for Elan, in a deal that will see the Michigan firm almost halve its [...]
High fuel costs and early Easter send Ryanair profit plummeting July 29, 2013 STRIKES in France, soaring fuel costs and an earlier Easter have knocked quarterly profits at budget airline Ryanair. The Irish firm yesterday posted a 21 per cent fall in profits after tax to €78m (£67.4m) for the three months to the end of June. Revenues rose five per cent to €1.34bn, while fuel costs rose [...]
Ryanair first-quarter profits fall 21pc July 29, 2013 RYANAIR today posted a 21 per cent fall in first-quarter profits to €78m (£67.3m), due to higher fuel costs and the timing of Easter. The budget airline said that average fares fell four per cent during the period, but revenue per passenger grew one per cent. Ryanair expects yields to rise in the second quarter [...]
Ryanair profits fall by over 20 per cent in first quarter but still expects to hit targets July 29, 2013 The low-cost airline Ryanair has announced that its post-tax profits fell by 21 per cent in the first quarter to €78m (£67m) (release). Passenger numbers grew by three per cent to 23.2m in the same period with revenue up five per cent to €1,342m (£1158m). Ryanair's CEO, Michael O'Leary, said: As ever, our outlook remains [...]
Ryanair offers to sell shares in Aer Lingus July 23, 2013 RYANAIR has offered to sell its stake in Aer Lingus in an effort to prove that owning shares in its Irish rival does not stifle competition. The budget carrier also attacked the UK Competition Commission for its “unfounded and invented” probe into Ryanair’s 29 per cent stake in Aer Lingus. As part of its discussions [...]
Ryanair to sell Aer Lingus stake ahead of hotly contested Competition Commission ruling July 23, 2013 Ryanair has offered to sell its stake in Aer Lingus to another EU airline, it announced today. In May, the UK Competition Commission said it was concerned that Ryanair’s 29 per cent stake could reduce competition on routes between the UK and Ireland and would obstruct Aer Lingus’s ability to merge with other airlines to [...]