Airline Finance News - Europe.Nov 27, 2006 Aer Lingus Aer Lingus is Ireland's national airline. Based in Dublin, it operates 41 Airbus aircraft serving Europe, Africa, North America and the Middle East. The airline is 28% owned by the Irish government; it was floated on the Dublin and London Stock Exchanges on 2 October 2006, Impact, which represents Aer Lingus cabin crew cabin crew cabin n (Aviat) → équipage m , pilots and "middle managers," said the takeover "would have led to massive job losses, intolerable working conditions and a near monopoly on air travel from Ireland to key destinations." The vote came a day after Ryanair CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael O'Leary Michael O'Leary is the name of a number of prominent people:
Aer Lingus Aer Lingus staff holding 12.6 percent of the airline rejected on Wednesday a takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares from budget carrier Ryanair, effectively ending the current approach. Ryanair faced intense opposition to its planned takeover from management, staff and major shareholders and was not expected to get enough shareholders to accept it without raising the 2.80 euro per share offer. Some 97 percent of the Employee Shareholder Ownership Trust (ESOT ESOT Employee Share Ownership Trust (UK) ESOT European Society for Organ Transplantation ) -- the third largest shareholder in Aer Lingus after the Irish government and Ryanair -- who participated in the ballot voted to reject the offer. Nov 22, 2006 Aer Lingus Aer Lingus's share price held above the 2.80 euro offer price for more than four weeks after the October 5 approach -- and at one point rose as high as 3.05 euros -- on expectations Ryanair would have to raise the bid. But the shares have slipped back in the past two weeks amid thin trading. They were down 1.2 percent at 2.65 euros on Wednesday afternoon, but still well above their 2.20 euro listing price. Nov 22, 2006 Aeroflot Aeroflot CEO aims for increases in domestic share, long-haul fleet. Aeroflot currently holds 14% of the domestic market and flies to 25 destinations in Russia. Okulov said it is aiming for a 30% share by 2010. Aeroflot Chairman and CEO Valery Okulov said during an interview in Vienna that the carrier will post a 2006 profit of more than $200 million (it earned $220 million in 2005) and that there are no plans for an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. despite the Russian government's August hint that it was prepared to part with its interest in the flag carrier. Nov 22, 2006 Aeroflot Aeroflot's next step is to expand European services and connect them more effectively via Moscow Sheremetyevo to the Far East. "We want to build a bridge between Europe and Asia. Our investment in the new Sheremetyevo 3 terminal is $150 million," he said. Russian banks have chipped in another $300-$400 million. By Nov. 30, 2007, all flights operated by SU and its partners will transfer to the new facility. Nov 22, 2006 Aeroflot, Dalavia Far East Airways, SAT Airlines Aeroflot involved are Dalavia Far East Airways and SAT Airlines, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. an Aeroflot statement cited by Reuters, which said the move is part of the government's effort to transfer all state-owned airline stakes to Aeroflot. SAT flies from Yuzhno-Sakhalinsk to eight Siberian, three Japanese, one Chinese and two Korean destinations. Data on Dalavia was unavailable. SU earlier launched Aeroflot Don in Rostov and Aeroflot Nord in Arkhangelsk. Nov 21, 2006 Air France Air France in full Compagnie Internationale Air France French passenger and cargo airline with more than 200 destinations in some 80 countries. It introduced supersonic Concorde service in 1976, but financial loss led the company to cease its Concorde KLM KLM Kaiserliche Marine (Enigma: Rising Tide game) KLM Koninklijke Luchtvaart Maatschappij (Royal Dutch Airlines) KLM Klub Langer Menschen (German: Tall Person Club) Air France KLM fuel charges rose 29 percent in the quarter to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.17 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $1.5 billion), while commercial and distribution costs distribution costs distribute npl → Vertriebskosten pl fell 6.9 percent and widely watched staff costs rose 6.7 percent. Nov 23, 2006 Air France KLM Air France KLM on Thursday reported second quarter operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before up 7.8 percent to EUR568 million (USD$735 million) and increased its merger synergy targets as it remained confident on full-year earnings. The gap came as a 19 percent increase in passenger operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. to EUR505 million (USD$653.5 million) met headwinds from a EUR6 million (USD$7.7 million) loss in cargo operations, triggered by price pressure in Asia. Several analysts had expressed hopes Air France KLM would provide specific outlook figures given the importance of the second quarter, which includes the northern hemisphere summer. Nov 23, 2006 Air France KLM Air France KLM said on Thursday it was in exploratory tie-up talks with Alitalia at the request of the Italian airline. Air France KLM Chief Executive Jean-Cyril Spinetta told a press conference the French and Italian airlines had always targeted a merger in the long-term. However, he said there was no change in his airline's position on Alitalia. It has repeatedly said Alitalia must be privatized and turned around financially before a merger. Italian Prime Minister Romano Prodi challenged Air France KLM in a newspaper interview, published on Thursday, to clarify its position on a merger. Nov 23, 2006 Air France KLM Air France KLM said unit revenue per "equivalent available seat kilometre," a profitability measure which combines passenger and cargo operations, rose 3.6 percent as group revenues rose 8.8 percent to EUR6.13 billion (USD$7.93 billion). Nov 23, 2006 Air France KLM Air France KLM, the world's largest airline by revenues, also posted a sharp drop in net profit for the three months to end-September to EUR374 million (USD$484 million), but this was expected because of a large capital gain a year earlier on the sale of a reservations system stake. Nov 23, 2006 Air France KLM Air France KLM's Spinetta said that the airline had always supported the idea of an eventual merger and was discussing with the Italian airline how soon its turnaround plans would bring it back to breakeven, whether they shared the same vision and what synergies could be created. Spinetta's comments sent Air France KLM shares down more than 6 percent. Air France KLM on Thursday posted a higher second-quarter profit and lifted its synergy targets. Nov 23, 2006 Air France KLM Air France KLM's yield, the underlying amount it makes from each passenger, rose 4.7 percent as it adopted a firmer price policy to ease its high load factor, executives said. Unit costs per available seat kilometre fell 1.1 percent. An aviation consultant to the Italian government suggested on Tuesday Italy should purchase aircraft worth EUR4.5 billion (USD$5.8 billion) from France-based Airbus to convince Air France KLM to buy a sizeable stake of struggling Alitalia. Economist Alfredo Roma, a former head of Italy's aviation authority, also said saving Alitalia would be "one of the main subjects" at a meeting between Italian Prime Minister Romano Prodi and French President Jacques Chirac starting with dinner in the Italian town of Lucca later on Thursday. Nov 23, 2006 Air France KLM, Alitalia France is apparently reluctant to commit itself on a foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my the Italian market, expectations of a breakthrough faded on Thursday when Prodi told a French newspaper he had many doubts about a possible tie-up between the carriers. Air France KLM is seen anxious to calm any immediate merger talk resulting from the Franco-Italian summit until Alitalia's future becomes more certain. It has repeatedly said Alitalia must be privatized and restored to financial health before their small cross-shareholdings can be expanded into a full merger. Nov 23, 2006 Air France KLM, transavia Air France KLM's new airline would be a jointly owned subsidiary of Air France (60%) and transavia.com (40%). It would be registered in France and personnel would have a working contract under French labor law labor law, legislation dealing with human beings in their capacity as workers or wage earners. The Industrial Revolution, by introducing the machine and factory production, greatly expanded the class of workers dependent on wages as their source of income. . Flights would be sold via tour operators and directly on a seat-only basis to customers in France and the destinations served. Direct sales would be undertaken via the transavia.com website and its call center. Commencement of operations is planned for spring 2007. Nov 20, 2006 Airbus EADS EADS European Aeronautic Defence and Space Company N.V. EADS Expeditionary Air Defense System (USMC) EADS Extended Air Defense Systems EADS Environmental Assessment Data System EADS Echelons Above Division Study Analysts say Airbus EADS could mount a rights issue or new bond, with some suggesting the company could need EUR3 billion (USD$3.93 billion) to see it through development of the A350 XWB XWB Extra Wide Body (Airbus) (extra wide body). A weakening dollar is also a threat as planes sell in dollars and EADS sources many components in euros, a currency which hit a fresh 19 month high against the dollar on Friday. The company also faces lower-than-expected income for several years because of delays of the A380 superjumbo, triggering speculation that EADS will need to find fresh funding, possibly by attracting new investors. Russian bank Vneshtorgbank has already bought a stake of more than 5 percent and the Spanish government
British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. from Airbus this year has added to speculation that new investors could be on the horizon. Yet analysts said the French will be hesitant about ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. too much control to new investors ahead of French elections set for next April. Nov 24, 2006 Alitalia Italian Prime Minister Romano Prodi said in a newspaper interview he had many doubts about a possible tie-up between Air France KLM and Italian carrier Alitalia. A diplomatic source said on Wednesday that Prodi would look into whether the struggling Italian airline could strike a deal with Air France KLM at an Italian-French summit in Italy on Friday. Air France KLM has long been considered a possible suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) for Alitalia, but the Franco-Dutch group has said no merger would be possible until the Italian airline showed it had turned itself around. In a clear reference to French soccer hero Zinedine Zidane's infamous head butting against Italian player Marco Materazzi Marco Materazzi, Cavaliere Ufficiale OMRI,[2][3] (born August 19, 1973 in Lecce), is an Italian World Cup-winning footballer, who currently plays for Serie A club Internazionale, sometimes known as Inter Milan. in the World Cup final in July, Prodi said the two countries needed to avoid "headbutts to the chest" to preserve their strong ties in various fields. Nov 23, 2006 Alitalia Alitalia flew 3.4 billion RPKs in October, up 2.6% on the year-ago month. Capacity rose 1.7% to 4.51 billion ASKs and load factor improved 0.7 point 75.3%. Nov 20, 2006 British Airways British Airways in full British Airways PLC International passenger airline based in London. In 1936 British Airways Ltd. was founded through the merger of three smaller airlines. British Airways flew 9.58 billion RPKs in October, a 1.1% increase over the year-ago month. Capacity rose 0.8% to 12.78 billion ASKs and load factor was up 0.2 point to 74.9%. Nov 21, 2006 British Airways British Airways yielded to union concerns over its effort to raise the normal retirement age to 65 from 55 for aircrew and 60 for ground staff as part of a series of concessions required to tackle the [pounds sterling]2.1 billion deficit in the New Airways Pension Scheme. "The airline has now included the option of a normal retirement age of 60 in return for increased contribution rates," BA said. Contribution by aircrew will rise to 11.25% from 6.5% for the first five years and by ground staff to 10% from 5.25%. All rates will be 10% after five years. Meanwhile, the company will raise its annual contribution to [pounds sterling]272 million from [pounds sterling]235 million. "Staff can still choose not to pay extra but it will mean working longer to get the same pension," CFO See Chief Financial Officer. Keith Williams Keith Williams (born 21 April 1958) is a British architect. Education and career He studied architecture at Kingston and Greenwich Schools of Architecture before co-founding Pawson Williams Architects in 1987. said. Nov 20, 2006 Finnair Finnair's Asian traffic is increasing by over 20 percent a year and the carrier currently operates over 30 flights a week to China and Japan. Nov 24, 2006 Finnair Finnish flag carrier Finnair said today that an agreement reached between the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community and Russia on Siberian overflight o·ver·flight n. An aircraft flight over a particular area, especially over foreign territory. Noun 1. overflight - a flight by an aircraft over a particular area (especially over an area in foreign territory) payments will reduce its annual costs by EUR20 million (USD$26.16 million). The two sides announced the deal over the payments, which consist of navigational and extraordinary royalties, at the EU-Russia summit in Helsinki. Overflight payments at present cost Finnair close to EUR30 million each year. Over half of that consists of extraordinary royalty payments on air routes between Europe and destinations in China and Japan. For flights to Thailand and India the navigation payments are according to normal international standards. Nov 24, 2006 Lufthansa Lufthansa said on Friday foreign shareholders now owned more than 45 percent of its stock but that it had no plans for a capital increase. In order to retain its operating license under European law and air traffic rights to international destinations outside Europe, an airline's foreign ownership may not exceed 50 percent of the share capital. The carrier has the right to issue new shares to domestic investors if foreign ownership breaches the 45 percent level. Nov 24, 2006 Lufthansa Lufthansa spokeswoman said the company had no plans for such a step. The firm was confident that even without counter-measures, the foreign-owned stake would not reach 50 percent. The company is able to take a number of measures to ensure that its shareholder structure remains predominantly German. It is entitled to buy back its own shares once more than 40 percent are foreign-owned. Foreign holdings in the firm breached that level in August, but Lufthansa at the time welcomed the mainly US and British investors and said it had no plans to buy back any stock. Lufthansa is obliged to issue a statement when certain levels of foreign ownership are exceeded. If foreign holdings were to breach the 50 percent mark, Lufthansa can intervene, for example by denying foreign investors the right to enter their stock into its shareholder register, the spokeswoman said. Nov 24, 2006 Virgin Atlantic Virgin Atlantic Airways argued that the UK-US regulations also should be removed immediately, saying there is "little if any connection between the sum-of-sector policy and...regulation of the flexible economy fare," according to CAA Caa See CCC. . The body maintained there is a connection, citing as an example how direct carriers' adherence to a Saturday-night-stay condition on most UK-US economy fares has limited the alternatives to the Y2 fare more so than in other markets. Nov 21, 2006 Z Editor: Aram Gesar, eMail: edit@AirGuideOnline.com For more global news, reviews, features and analysis, please go to: http://www.airguideonline.com/onlinenews.htm To Subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; our Newsletters: http://www.airguideonline.com/order_formsubs.htm#news To Advertise: advert@AirGuideOnline.com Nov 13, 2006 |
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