In a masterly stroke of financial genius - Intesa SanPaolo has come up with the answer to what to do with Alitalia.
So here is how it works.
Alitalia buys Air One but not its debt. Alitalia then issues new shares as a new company including shares to AirOne's owners.
Say WHAT?
This is what was reported by Reuters.
http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKL140020420080731
I rest my case. The Italian government and Intesa Sanpaolo are certifiable.
01 August 2008
30 July 2008
OOPS did Ryanair get it wrong
Hmmm seems that the smart team at Ryanair is having a little difficulty. They got Fuel pricing wrong and they are going to be savaged for it.
So here is the scoop – wrong fuel hedging. For 2008 they didn’t actually hedge at all. Ooops. But worse – for 2009 they are getting it wrong also. Read from CAPA and Bloomberg.
Ryanair stated (28-Jul-08) it has hedged 90% of its fuel requirements for Sep-08 at USD129 per barrel, and for the three months ended 31-Dec-08 at USD124 per barrel (Bloomberg, 28-Jul-08). The carrier, which reported fuel costs increased 93% year-on-year to EUR367 million for the three months ended 30-Jun-08, has no hedging in place for the fourth quarter (Jan-Mar-09), though it would take out further hedges shortly. CEO, Michael O'Leary, stated in May-08 that Ryanair would not hedge until oil prices fell below USD100 a barrel.
Oh dear.
So lets hope they get it right soon… otherwise the big boys will be very happy to throw a lot of dog poo in Michael O’Leary’s direction.
This does seem to point out that there the airline business is no place for the feint hearted and that you can make mistakes even if you are one of the leaders.
Cheers
Timothy
So here is the scoop – wrong fuel hedging. For 2008 they didn’t actually hedge at all. Ooops. But worse – for 2009 they are getting it wrong also. Read from CAPA and Bloomberg.
Ryanair stated (28-Jul-08) it has hedged 90% of its fuel requirements for Sep-08 at USD129 per barrel, and for the three months ended 31-Dec-08 at USD124 per barrel (Bloomberg, 28-Jul-08). The carrier, which reported fuel costs increased 93% year-on-year to EUR367 million for the three months ended 30-Jun-08, has no hedging in place for the fourth quarter (Jan-Mar-09), though it would take out further hedges shortly. CEO, Michael O'Leary, stated in May-08 that Ryanair would not hedge until oil prices fell below USD100 a barrel.
Oh dear.
So lets hope they get it right soon… otherwise the big boys will be very happy to throw a lot of dog poo in Michael O’Leary’s direction.
This does seem to point out that there the airline business is no place for the feint hearted and that you can make mistakes even if you are one of the leaders.
Cheers
Timothy
29 July 2008
In case you missed it - here is a peak at EVE
She is mighty pretty...
For more pictures go here and download as many as you want.
Cheers
Timothy
http://www.virgingalactic.com/pressftp/
The BA+Virgin et al Price Fixing Scandal Update
The rather nasty case of Price Fixing filed by authorities on both sides of the Atlantic is making some progress.
The consent agreement (in my humble opinion a win for the lawyers only) is now public with a website - www.airpassengerrefund.com.
Ads and emails have been going out and you can sign up to get your refund. Just don't hold your breath on getting paid. It will be many years before payments are made. All this time the lawyers fees will be racking up. Proving once again that old adage that the law can be one giant Ass!!!!
Now comes news that those involved on the BA side including former commercial director Martin "Boy" George may face prosecution from the UK's OFT - office of Fair Trading. Formally according the Britain's Telegraph Newspaper:
The Office of Fair Trading is preparing to announce price-fixing charges against British Airways head of sales, Andrew Crawley; its former marketing and commercial director, Martin George; Iain Burns, former communications head; and Alan Burnett, who previously ran the airline’s UK/Ireland sales operation.
What a nasty mess
The consent agreement (in my humble opinion a win for the lawyers only) is now public with a website - www.airpassengerrefund.com.
Ads and emails have been going out and you can sign up to get your refund. Just don't hold your breath on getting paid. It will be many years before payments are made. All this time the lawyers fees will be racking up. Proving once again that old adage that the law can be one giant Ass!!!!
Now comes news that those involved on the BA side including former commercial director Martin "Boy" George may face prosecution from the UK's OFT - office of Fair Trading. Formally according the Britain's Telegraph Newspaper:
The Office of Fair Trading is preparing to announce price-fixing charges against British Airways head of sales, Andrew Crawley; its former marketing and commercial director, Martin George; Iain Burns, former communications head; and Alan Burnett, who previously ran the airline’s UK/Ireland sales operation.
What a nasty mess
BA+IB - this time BABI its for real
British Airways and Iberia have finally started that long trip up the aisle. Not content to have the Alliance in One World and the Select Gang of 3 with American - this time they have realized that perhaps they are better together. Let's call this arrangement BABI!
Iberia's Ownership has been in doubt for some time since TPG made a slight move about 18 months ago. Then BA said it wanted out of the ownership position. (it owns about 10%). Now as Iberia has struggled with the position of not being quite big enough and having little room to grow - it has finally come to the realization that its future is probably better under the BA banner than going it alone.
BA fresh from it's absorbing of L'avion, is looking to put some more ASMs under its belt to replace those lost by the defections of GBAirways and BMED last year. The strength of AF/KL and LH/LX has made the map of Europe look mighty inviting. It also strengthens their position in any potential merger with AA.
Not wishing to put too fine a point on it - while the deal is/was inevitable - it is still not necessarily the right thing to do. This time the regulators in Brussels should be looking at the deal with a lot more eyes.
And just how big with the new carrier be? The deal will make BABI the 3rd largest carrier in terms of revenue, probably 5th largest just ahead of a slimmed down UAL in terms of pax and the same just ahead of CO in terms of RPMs.
Cheers
Timothy
Iberia's Ownership has been in doubt for some time since TPG made a slight move about 18 months ago. Then BA said it wanted out of the ownership position. (it owns about 10%). Now as Iberia has struggled with the position of not being quite big enough and having little room to grow - it has finally come to the realization that its future is probably better under the BA banner than going it alone.
BA fresh from it's absorbing of L'avion, is looking to put some more ASMs under its belt to replace those lost by the defections of GBAirways and BMED last year. The strength of AF/KL and LH/LX has made the map of Europe look mighty inviting. It also strengthens their position in any potential merger with AA.
Not wishing to put too fine a point on it - while the deal is/was inevitable - it is still not necessarily the right thing to do. This time the regulators in Brussels should be looking at the deal with a lot more eyes.
And just how big with the new carrier be? The deal will make BABI the 3rd largest carrier in terms of revenue, probably 5th largest just ahead of a slimmed down UAL in terms of pax and the same just ahead of CO in terms of RPMs.
Cheers
Timothy
27 July 2008
Is there a life after being a Travel Agent? Let's ask this guy
http://www.cnn.com/2008/WORLD/asiapcf/07/27/japan.porn/index.html
OK now I have your attention - perhaps you can read the article.
This former travel agent retired in Japan and found a new career as a porn star.
So for all those US travel agents who have been looking for a second career look no further than you local DVD store
Best of luck to you
OK now I have your attention - perhaps you can read the article.
This former travel agent retired in Japan and found a new career as a porn star.
So for all those US travel agents who have been looking for a second career look no further than you local DVD store
Best of luck to you