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New IAG boss appoints Aer Lingus’ Doyle as BA CEO By Reuters

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© Reuters. FILE PHOTO: British Airways logos are seen on tail fins at Heathrow Airport in west London

By Sarah Young

LONDON (Reuters) – Luis Gallego, who took over as CEO of IAG (L:) last month, stamped his mark on the airlines group on Monday by promoting Aer Lingus boss Sean Doyle to lead British Airways, replacing Alex Cruz with immediate effect.

It was one of a number of management changes announced by the Anglo-Spanish airlines group and marks a return to BA for Doyle, who worked as director of network, fleet and alliances before leaving for Aer Lingus in 2019.

Cruz had been BA boss since 2016 and will stay on as its non-executive chairman for a transition period, IAG said.

Doyle faces a huge challenge at BA, which like all airlines, is struggling due to low levels of flying during the pandemic.

IAG last month raised 2.74 billion euros ($3.24 billion) to reduce its debt and help it survive the pandemic.

“We’re navigating the worst crisis faced in our industry and I’m confident these internal promotions will ensure IAG is well placed to emerge in a strong position,” Gallego said in a statement.

The last few months have been tough for Cruz who was tasked with driving through 13,000 job cuts at BA, making him a frequent target of trade union hostility.

Gallego, who had been boss of IAG airline Iberia, pipped Cruz to the IAG top job earlier this year, replacing Willie Walsh.

Gallego and Cruz previously worked together at Spanish airline Vueling, now also owned by IAG.

Analysts suggested that a number of high-profile blunders at BA under Cruz, including a data breach for which it was fined $230 million in 2019, and an IT failure in 2017 which left tens of thousands of passengers stranded, would not have helped his cause.

Cruz was also at the helm last year when BA pilots went on strike for the first time, costing the airline more than 137 million euros.

IAG said Fernando Candela, CEO of its airline Level, would take on the new role of group chief transformation officer.

It named Aer Lingus’ Donal Moriarty as interim CEO at the Irish carrier and said a permanent replacement would be announced in due course.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Ant IPO pricing was determined on Friday, Alibaba founder Jack Ma says By Reuters

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© Reuters. FILE PHOTO: Ant Group logo is pictured at the Shanghai office of Alipay, owned by Ant Group which is an affiliate of Chinese e-commerce giant Alibaba, in Shanghai

By Samuel Shen and Brenda Goh

SHANGHAI (Reuters) – Pricing for Chinese fintech giant Ant Group’s giant dual-listing was determined on Friday night, Alibaba (NYSE:) founder Jack Ma said on Saturday.

It is the first time pricing of the initial public offering, which sources have said could be a world record $35 billion, has been determined outside New York, he told the Bund Summit in the eastern financial hub of Shanghai.

Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market in the coming weeks.

The listing could be the world’s largest initial public offering, surpassing the record set by Saudi Aramco (SE:)’s $29.4 billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in Shanghai.

Ant was set to conduct price consultations for the Shanghai offering on Oct. 23 and will set the price on Oct. 26, according to its updated prospectus filed with the local exchange.

For the Hong Kong leg, Ant plans to open order books next week. Its shares are likely to start trading a few days after the Nov. 3 U.S. presidential election, sources have said.

Ma said the global financial system is outdated, adding that current regulations were slowing down innovation. He called for setting up a new, inclusive and universal financial system that benefits small companies and individuals and drive future growth.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Brookfield Asset Management reduced stake in GrafTech International Ltd. By Investing.com

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© Reuters. Brookfield Asset Management reduced stake in GrafTech International Ltd.

On the 21st of October, Brookfield Asset Management sold 322 thousand GrafTech International Ltd. (NYSE:) shares for $2.3 million at an average price of $7.14 per share.
Shares of GrafTech International Ltd. are up 6.48% since the transaction.

Brookfield Asset Management’s holding in GrafTech International Ltd. decreased to about 171 million shares with the transaction.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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McDonald’s urges dismissal of Black former franchisees’ discrimination lawsuit By Reuters

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© Reuters. The McDonald’s logo is seen outside the fast-food chain McDonald’s in New York

By Jonathan Stempel

(Reuters) – McDonald’s Corp (N:) on Friday urged a U.S. judge to dismiss a lawsuit by dozens of Black former franchise owners who accused the fast-food giant of racial discrimination for selling them underperforming stores, saying it did not want them to fail and never promised success.

In a filing in the federal court in Chicago, McDonald’s said its franchise agreements made clear the obligations and risks of owning restaurants, which was “fatal” to the claim it defrauded the 52 plaintiffs, who operated more than 200 stores and have been seeking as much as $1 billion in damages.

McDonald’s, which is based in Chicago, also said many of the plaintiffs’ claims were too old, and that there was no proof it made or broke promises that would support their “expansive” claim of longstanding, companywide discrimination.

“On its face, this claim is illogical as it suggests the company somehow has an interest in undermining its franchisees and seeing them fail,” McDonald’s said. “Success is promised to no one, and plaintiffs’ struggles – while regrettable – are simply not a basis for a claim against McDonald’s.”

Lawyers for the plaintiffs did not immediately respond to requests for comment.

The Aug. 31 lawsuit accused McDonald’s of steering prospective Black franchisees to stores in depressed, crime-ridden neighborhoods requiring high security and insurance costs and where sales lagged the nationwide average.

While McDonald’s has denied treating Black franchisees differently, Chris Kempczinski told employees in August that its franchisee ranks “should and must more closely reflect the increasingly diverse composition of this country and the world.”

McDonald’s has also denied discrimination claims in a separate lawsuit filed by two Black executives in January in the Chicago court.

They said McDonald’s harsh grading of stores and other “strong-arm” tactics drove a disproportionate number of Black franchisees from its system.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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