British Airways News
BA given £680m cash boost
British Airways has been given a lift after the trustees of its pension fund agreed to forgo £330 million in guarantees. The bail-out comes on top of last week’s agreement by institutional investors to raise £350 through a convertible bond.
Swine flu stokes fears of summer travel chaos
The prospect of a summer of travel chaos has been raised a notch after several airlines, led by British Airways and Virgin Atlantic, have started refusing to check-in holidaymakers suspected of suffering from swine-flu like symptoms, unless they can provide a “fit to fly” note from their doctor.
American Airlines hit by continuing losses
American Airlines has reported deepening quarterly losses for the second consecutive year, as weak demand and falling fares drove sales sharply lower. Net quarterly losses, excluding non-recurring charges, sunk to $319m compared to a loss of $298m a year earlier. Group revenues in the second quarter fell 21 percent to $4.89bn and in the first six months by 18 percent to $9.7bn.
BA to raise fresh capital
British Airways has asked investors to front extra funds as a safety net against a treble whammy of the credit crisis, swine flu, and the impending threat of cabin crew strike action, which it estimates could collectively burn £400 million in reserves.
Virgin Atlantic chief admits to awareness of price fixing
Steve Ridgway, the chief executive of Virgin Atlantic, has admitted to being aware that his airline had conspired to fix prices with British Airways.
BA expects five years for business travel recovery
British Airways’ premium market could take at least five years to recover, as over two thirds of businesses slash travel budgets.
BA pilots agree to pay cuts ahead of AGM
British Airways pilots have accepted a pay cut as part of a package of measures to save the airline £26 million but the airline is bracing itself for a tense AGM today.
BA investors pledge £500m emergency fund
British Airways has declined to comment on reports that it has received shareholder backing for an emergency rights issue of up to £500 million.
New Iberia chairman pledges to seal BA merger
The new chairman of Iberia has pledged to seal the proposed merger with British Airways. Antonio Vazquez Romero said that his aim was to close the deal between the Spanish and British flag carriers after almost a year of dragging.
Iberia chairman ousted to pave way for BA merger
Merger talks between British Airways and Iberia have been given a boost following the sudden departure of the Spanish flag carrier’s chairman. Fernando Conte has vacated the top job, with the official line that he wanted to step down before his 60th birthday next year. But according to company sources he was ousted because of a lack of progress in merger talks with BA.
BA resumes talks with unions over shake-up
British Airways is resuming talks today with unions at resolving a row over cost-cutting measures, including thousands of job losses and a pay-freeze. Unions and airline management spent several hours yesterday discussing the company’s proposals.
BA staff reject cost-cutting proposals
British Airways staff have unanimously rejected plans to cut thousands of jobs and freeze pay.A meeting of about 2,000 BA workers, mainly cabin crew, discussed BA’s plan to cut up to 3,700 jobs by March 2010 and freeze pay for all staff.