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☆ Europe markets set to open higher; UK exits recession
▼ + stars: | 2024-05-10 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: 1 min

European markets were set to open higher on Friday as positive momentum continued into the end of the week. The U.K. economy emerged from a recession, first-quarter gross domestic product data released Friday showed. GDP rose 0.6% on the previous three months — above the 0.4% estimate. The U.K. had entered a shallow recession in the second half of 2023. Investors also looked to the final earnings releases of the week, which include airline holding company IAG and investment bank Mediobanca .

Organizations: Investors Locations: U.K

☆ I flew on British Airways' Club Suite from New York to London. It's a huge improvement from the carrier's old and cramped business class seat.
▼ + stars: | 2024-03-09 | by ( Taylor Rains | ) www.businessinsider.com time to read: +1 min

British Airways first unveiled its Club Suite business class cabin in March 2019. AdvertisementBritish Airways unveiled its "Club Suite" business-class cabin in March 2019 as part of a nearly $9 billion investment in the customer experience. The product first deployed on British Airways' Airbus A350-1000 planes starting in mid-2019 and quickly earned props for its improvement in space and privacy compared to the old business-class layout. And all Heathrow-based long-haul aircraft will be retrofitted with the Club Suite by the end of 2026, the carrier said during the IAG Capital Markets Day late last year. IAG is the parent company of British Airways.

Persons: —, IAG Organizations: British Airways, Service, Airbus, Boeing Locations: London, New York

☆ European markets head for higher open ahead of key inflation reports from the U.S. and Europe
▼ + stars: | 2024-02-29 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday as investors look ahead to key inflation reports in both the U.S. and Europe. Stateside, personal consumption expenditures price index data (the U.S. Federal Reserve's preferred measure of inflation) for January is due, and will be watched closely to see how it could affect the Fed's interest rate path. German, Spanish and French inflation data for February is also set to be released in Europe. It's a busy day for regional earnings, with AF-KLM, Veolia, Adecco Group, EDP, IAG, Ocado, ITV, Man Group, Schroders, Covestro and Anheuser-Busch InBev all reporting. U.S. stock futures fell overnight as Wall Street weighed the latest earnings results and looked ahead to the Federal Reserve's favored inflation gauge.

Persons: U.S . Federal Reserve's, It's Organizations: U.S, U.S . Federal, AF, KLM, Veolia, Adecco, ITV, Man, Anheuser, Busch InBev, Federal Locations: Europe, U.S ., Ocado, Asia, Pacific

☆ Moving Pets Abroad Has Always Been Expensive. It’s About to Get Worse.
▼ + stars: | 2024-02-22 | by ( Derrick Bryson Taylor | ) www.nytimes.com time to read: +1 min

Melissa Abell will do anything for her family, including making the kinds of financial sacrifices that most people would not consider. To help save for it, she is cutting a range of costs, including reducing bills, eliminating meals out and forgoing certain entertainment. Despite her efforts, Ms. Abell is worried that price tag may increase. The move is drawing ire and panic from pet owners with plans to relocate, particularly to and from Britain and the United States. The increase, which could triple or even quadruple costs for some travelers, may force some pet owners to choose between paying higher prices to relocate their pets or leaving them behind.

Persons: Melissa Abell, Abell Organizations: IAG Cargo Locations: Louisville, Ky, London, Britain, United States

☆ Goldman names 3 'attractive' value stocks that offer more than 50% upside
▼ + stars: | 2024-02-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Goldman Sachs has identified three "attractive" value stocks that could see significant share price appreciation over the next 12 months. The Wall Street bank's analysts see over 50% upside potential in British Airways parent International Consolidated Airlines Group , agricultural machinery maker CNH Industrial , and health technology company Philips . Goldman Sachs said all three companies stand out amongst their European peers for their cheap valuations compared to earnings growth prospects. IAG-GB 1Y line Philips Goldman recommends buying Philips and expects the shares to be up 51% over the next 12 months. CNH Industrials Goldman Sachs upgraded CNH to buy last month.

Persons: Goldman Sachs, John Sawtell, Goldman's, Patrick Creuset, Creuset, Philips Goldman, Roy Jakobs, CNH Industrials Goldman Sachs, Michael Bloom Organizations: British Airways parent International Consolidated Airlines Group, Philips, CNBC Locations: Europe, United States

It follows the successful transatlantic crossing by a Gulfstream G600 business jet using the same fuel last week. SAF is key toward reducing those emissions, but it is costly and accounts for less than 0.1% of total global jet fuel in use today. The fuel used to power Tuesday's flight is mostly made from used cooking oil and waste animal fat mixed with a small amount of synthetic aromatic kerosene made from waste corn, Virgin Atlantic said. Yet the 2030 target looks challenging given SAF's small volumes and its high cost, right now about three to five times as much as regular jet fuel. Virgin said the engines on the flight would be drained of SAF and tested before it returns to service using regular fuel.

Persons: Virgin, Richard Branson, Shai Weiss, Mark Harper, John F, Magdalena Heuwieser, Sarah Young, Joanna Plucinska, Tomasz Janowski Organizations: Virgin Atlantic, Virgin Boeing, Royce, Trent, Gulfstream G600, London Heathrow, Kennedy International Airport, Virgin, SAF, Boeing, BP, Aviation, British Airways, Air France, Union, Thomson Locations: London, New York, Dubai

☆ How European airlines have hedged against fuel price increases
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

Spot Northwest European jet fuel prices were at $950 per metric ton on Monday, up 4% from before the assault. They also try to hedge against value changes in the U.S. dollar, in which jet fuel is priced. JET2 (JET2.L):The British leisure travel company said in July it had 81.8% of fuel hedged over the next 12 months. Lufthansa has hedged 74% of the fuel it expects to need for 2024 at an average price of $951 per ton. WIZZ AIR (WIZZ.L):The Hungarian carrier said in June it had hedged 62% of its 2024 fuel needs and 53% of the dollars it needs for that fuel.

Persons: Toby Melville, Vueling, IAG, Camilla Borri, Louis van Boxel, Woolf, Marta Frąckowiak, Milla Nissi, Edwina Gibbs Organizations: Heathrow Airport, REUTERS, Brent, U.S ., AIR FRANCE, KLM, Reuters, British Airways, LUFTHANSA, Lufthansa, NORWEGIAN AIR, RYANAIR, SAS, Thomson Locations: London, Israel, Ukraine, Franco, Dutch, Iberia, NORWEGIAN, Norwegian, Gdansk

Analysts said, however, that Asiana's greenlighting of the cargo unit sale did not necessarily ensure smooth sailing ahead for the deal. They noted the desired valuation for the air cargo unit of some 700 billion won ($520 million) including debt, as reported by local media, was probably too high. Approving the sale was a contentious issue at Asiana amid concerns that a takeover by Korean Air would lead to the loss of many Asiana jobs. Korean Air also said it will buy 300 billion won of convertible bonds issued by Asiana, part of fresh financial support to the smaller airline. The company accounts for about a fifth of South Korea's market for overseas air cargo.

Persons: Bae, Asiana, IAG, 1,342.9900, Joyce Lee, Heekyong Yang, Hyunsu Yim, Edwina Gibbs Organizations: Asiana Airlines, Korean Air Lines, Korean Air, country's, European, Analysts, Hi Investment, Securities, European Union, European Commission, Air, Lufthansa, ITA Airways, British Airways, Spanish, Korea Development Bank, Asiana, Thomson Locations: SEOUL, KS, Korean, Union, United States, Japan, Asiana, Iberia, Germany, Russia

☆ The new breed of long-haul, low-cost airlines: What you need to know
▼ + stars: | 2023-10-30 | by ( John Walton | ) edition.cnn.com time to read: +8 min

CNN —You’ve seen them on TikTok and on Instagram: people flying on the new generation of long-haul, low-cost airlines where the fares sound too good to be true. By and large, long-haul, low-cost airlines focus on four specific markets: transatlantic, transpacific, southeast Asia and Australia. With a home base at Narita international airport, Zipair Tokyo is Japan Airlines' low-cost arm. Yoshio Tsunoda/AFLO/ShutterstockHome base: Tokyo (Narita, the airport an hour away from the city)Notable routes: Honolulu, LA, SF, San Jose (CA)Flies: Boeing 787sWhat you need to know: This is Japan Airlines’ low-cost arm. Scoot is Singapore Airlines' low-cost arm.

Persons: CNN — You’ve, ” you’ll, Markus Mainka, Pawel Gradek, Yoshio Tsunoda, Edgar Su, “ Organizations: CNN, Boeing, Airbus, That’s, AirAsia X, Buenos Aires, British Airways, Aer Lingus, Atlantic, Atlantic Airways, Air Premia, Premia, Narita, Japan Airlines, Japan Airlines ’, Singapore Airlines, Reuters, Singapore Airlines ’, Qantas, Getty, Jetstar, London, AirAsia Locations: New York, Paris, Asia, Australia, Paris Orly, Orly, LA, Miami, NY, France, Barcelona, Boston, Buenos, Santiago de Chile, IAG, Iberia, Aer, Oslo, London, Gatwick, Berlin, Rome, Chicago, Orlando, Seoul, Incheon, Honolulu , LA, Newark, Frankfurt, Tokyo, Japan, Narita, Jose, Scoot, Singapore, Athens, New Zealand, Southeast Asia, AFP, Honolulu, Kuala Lumpur

Intra-European travel has been doing very well," said aviation analyst James Halstead, adding that limited planes meant ticket prices could stay high. Britain's easyJet (EZJ.L) said earlier this month it wanted to more than double profits and expand its fleet, even though fuel prices could mean higher ticket prices. Spot Northwest European jet fuel prices were at $957 per metric ton on Wednesday, up 5% from before the assault. JET FUELSome airlines have already warned that rising fuel costs will drive up ticket prices or dampen future earnings. He said ticket prices could go up by a mid-single digit percentage ahead of Christmas.

Persons: Charles de, Benoit Tessier, James Halstead, You've, Michael O'Leary, it's, Neil Glynn, Alexander Irving, Bernstein, Agata Rybska, Natalie Grover, Josephine Mason, Mark Potter Organizations: Lufthansa Airbus, Charles de Gaulle International Airport, REUTERS, Air France, KLM, Lufthansa, Air, Brent, JET, Ryanair, Air Control, Thomson Locations: Charles de Gaulle, Roissy, Paris, Israel, Palestinian, Europe, Air France, Ukraine, Gdansk, London

☆ Portugal to define size of TAP stake for sale once proposals submitted - minister
▼ + stars: | 2023-10-19 | by ( Sergio Goncalves | ) www.reuters.com time to read: +1 min

LISBON, Oct 19 (Reuters) - Portugal will decide on the size of the stake it will sell in flag carrier TAP once competitors present their proposals, Infrastructure Minister Joao Galamba told a parliamentary committee on Thursday. The Portuguese government plans to sell at least 51% of TAP as part of a plan to privatise the struggling state-owned airline. He said that the government will appoint financial advisors soon and plans to approve the privatisation by year-end, with the process concluding by mid-2024. The airline's privatisation has attracted interest from Lufthansa (LHAG.DE), Air France-KLM (AIRF.PA) and British Airways owner IAG (ICAG.L). Reporting by Sergio Goncalves; editing by Charlie Devereux and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Joao Galamba, Galamba, Sergio Goncalves, Charlie Devereux, Jonathan Oatis Organizations: TAP, Infrastructure, Lufthansa, Air France, KLM, British Airways, IAG, Thomson Locations: LISBON, Portugal, Portuguese, Brazil, Angola, Mozambique, Air, Europe

LONDON, Oct 11 (Reuters) - British Airways said on Wednesday it would suspend all of its flights to Tel Aviv after it diverted a flight from London back to Britain due to security concerns in Israel. "Safety is always our highest priority and we've taken the decision to return our Tel Aviv flight to Heathrow (Airport)," a spokesperson for British Airways said. British Airways had operated a single daily flight to Tel Aviv before the suspension, according to flight tracking website FlightRadar. With British Airways' suspension, no IAG-owned (ICAG.L) airlines are now offering flights to Tel Aviv, a spokesperson for the group said. Flightradar showed the flight in question, BA165, had almost reached Tel Aviv before beginning its return to London.

Persons: haven't, Flightradar, Sarah Young, Joanna Plucinska, Sachin Ravikumar, Bernadette Baum, Jonathan Oatis, Rod Nickel Organizations: British Airways, Aviation, Palestinian, Hamas, Ben Gurion, Thomson Locations: Tel Aviv, London, Britain, Israel, Heathrow

☆ Which airlines have suspended Israel flights after Hamas attacks?
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +4 min

Here are airlines that have temporarily halted flights to and from Israel:AFRICARoyal Air Maroc cancelled flights to and from Tel Aviv on Saturday and Sunday. On Sunday, United Airlines (UAL.O) and American Airlines (AAL.O) suspended direct flights to Tel Aviv. EUROPEAll airlines owned by Germany's Lufthansa (LHAG.DE), including Austrian Airlines, Swiss International Airlines and Brussels Airlines, cancelled flights to and from Tel Aviv through Saturday. Norwegian Air (NAS.OL) cancelled flights from Copenhagen and Stockholm to Tel Aviv and return flights through Sunday. Portugal's TAP suspended flights to and from Tel Aviv without providing a time frame.

Persons: Amir Cohen, Britain's, Vueling, Alessandro Parodi, Joao Manuel Mauricio, Milla Nissi, Bernadette Baum 私 Organizations: Gaza, REUTERS, AFRICA Royal Air Maroc, Delta Air Lines, Sunday, United Airlines, American Airlines, Tel Aviv . United, Air Canada, ASIA Hainan Airlines, Cathay, HK, Korean, Germany's Lufthansa, Austrian Airlines, Swiss International Airlines, Brussels Airlines, Saturday, Ryanair, Air France KLM, Norwegian, TAP, Sunday . British Airways, IAG, Air Europa, Italy's ITA, Aegean Airlines, Bulgaria Air, Air Malta, Virgin Atlantic, EAST Etihad Airways, . Gulf Air Locations: Sderot, Israel, Tel Aviv, AFRICA, ASIA, China, Beijing, Shanghai, Shenzhen, Hong Kong, Incheon, EUROPE, Europe's, France, Copenhagen, Stockholm, Hungarian, Iberia, Spanish, London Heathrow, Abu Dhabi, Gdansk

U.S. air carriers United Airlines (UAL.O) and American Airlines (AAL.O) suspended direct flights to Israel after the Federal Aviation Administration urged airlines to exercise caution. Many European airlines have also cancelled flights. Norwegian Air (NAS.OL) cancelled its flights from Copenhagen and Stockholm to Tel Aviv this week and Ryanair (RYA.I) cancelled flights through to Wednesday. Lufthansa (LHAG.DE), also among the airlines most exposed to Israel according to Goodbody, cancelled flights to and from Tel Aviv through Monday. Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, and other airlines flying from Hong Kong and South Korea cancelled flights to Tel Aviv.

Persons: We've, Matt Berna, Benjamin Netanyahu, Amir Cohen, Britain's, Goodbody, . Virgin Atlantic, IAG, Sharon Singleton, Rosalba O'Brien Organizations: Tel, United Airlines, American Airlines, Federal Aviation Administration, Delta Air Lines, El Al, Fighters, Tourism, Royal, Intrepid Travel, Regulators, FAA, European Union Aviation Safety Agency, Israeli, Ben Gurion International, REUTERS, Delta, Air, Portugal's TAP, Norwegian, Ryanair, Sunday, Wizz, Lufthansa, . Virgin, British Airways, Hainan Airlines, Reuters, Thomson Locations: Tel Aviv, Russia, Israel, Gaza, Israel's, Jerusalem, Americas, U.S, New York, Chicago, Washington, Miami, Lod, Europe, Air France, Copenhagen, Stockholm, Hungarian, China, Hong Kong, South Korea, Hainan, Beijing, Shenzhen, Cairo

On Sunday, U.S. air carriers United Airlines (UAL.O), Delta Air Lines (DAL.N) and American Airlines (AAL.O) suspended direct flights following the FAA's caution advisories. Britain's easyJet (EZJ.L) halted flights to Tel Aviv on Sunday and Monday, and said it would adjust the timings of flights over the next few days. Lufthansa (LHAG.DE) group, also among the airlines most exposed to Israel according to Goodbody, cancelled flights to and from Tel Aviv through Monday. Portugal's TAP suspended flights up until Monday and offered refunds or rescheduling at no additional cost. Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, and other airlines flying from Hong Kong and South Korea, cancelled flights between Tel Aviv and Shanghai on Monday.

Persons: Benjamin Netanyahu, Amir Cohen, Finland's, Britain's, Goodbody, Virgin Atlantic, IAG, Ben, Ben Gurion, Douglas Gillison, Sophie Yu, Farah Master, Joyce Lee, Brenda Goh, Tim Hepher, Ilona Wissenbach, Sergio Goncalves, Anna Ringstrom, Sarah Young, Joanna Plucinska, Clarence Fernandez, Bernadette Baum Organizations: Israeli, Ben Gurion International, REUTERS, El Al, Fighters, Tourism, Regulators, Federal Aviation Administration, European Union Aviation Safety Agency, Sunday, United Airlines, Delta Air Lines, American Airlines, Delta, Air, Wizz, Lufthansa, Portugal's TAP, Virgin, East . British Airways, Ryanair, flyDubai, Hainan Airlines, Thomson Locations: Lod, Israel, Tel Aviv, Gaza, Israel's, United States, U.S, New York, Chicago, Washington, DC, Miami, United, Europe, Air France, Hungarian, East, Ben Gurion, China, Hong Kong, South Korea, Shanghai, Beijing, Shenzhen, Lisbon, Stockholm, London

☆ Middle East violence rattles markets, oil jumps
▼ + stars: | 2023-10-09 | by ( Reuters Staff | ) www.reuters.com time to read: +5 min

MARKET REACTION:- Oil prices surged, with Brent crude trading at $87.25 a barrel - up over 3% on the day. COMMENTS:MOHIT KUMAR, CHIEF EUROPE ECONOMIST, JEFFERIES, LONDON:“The coming days are likely to be driven by geopolitical risks, rather than fundamentals. “Second, OPEC countries do have spare capacity that they restrict willingly to maintain oil price at above $80 (per barrel), but they don’t necessarily think of tripling oil prices – which would only accelerate the energy transition. “This being said, potential retaliation against Tehran is a serious upside risk for oil prices. We will keep an eye on developments, but don’t speculate on a full-blast rise in oil prices for now.”

Persons: Mohammed Salem, Israel’s shekel, MOHIT KUMAR, JEFFERIES, ”, ” CHRIS BEAUCHAMP, Brent, WTI, CAROL KONG, JPY, ” MICHAEL HEWSON, ALVIN TAN, Blinken, “, ” IPEK OZKARDESKAYA, Israel Organizations: Oil, REUTERS, Brent, U.S, Treasury, British Airways, LONDON, Russo, COMMONWEALTH BANK OF, CMC, U.S ., OF, OF ASIA FX, RBS, SWISSQUOTE BANK Locations: Israel, Gaza, Egypt, Yom, EUROPE, Iran, Ukrainian, SYDNEY, Asia, Japan, Straits, Hormuz, OF ASIA, ” “, GENEVA, OPEC, U.S, Tehran

Air France-KLM has tended to let airlines it invests in keep their operations and branding. With the process still in its infancy, Air France-KLM has a chance to make a pitch to TAP now off the back of SAS. LONG FIGHT AHEADThere are remaining challenges for Air France-KLM as it looks to clear regulatory hurdles with SAS, including approval from American and European policymakers. Europe's airline industry has a history of cultural and political barriers to smooth integration, even within Air France-KLM itself. Air France-KLM is a member of the rival SkyTeam alliance.

Persons: Paris Charles de, Charles Platiau, IAG, James Halstead, Jacob Gronholt, Pedersen, Tim Hepher, Matt Scuffham, Sharon Singleton 私 Organizations: Air France Boeing, Paris Charles, REUTERS, France, KLM, TAP, TAP Portugal, Lufthansa, LONDON, Air, Scandinavia's SAS, Ryanair, Wizz, Air France, IAG, Tuesday's SAS, SAS, Star Alliance, Reuters, Apollo Global Management, Union Locations: Paris, Paris Charles de Gaulle, Roissy, France, LISBON, Air France, Europe, Air, Danish, Swedish, Spanish, Portugal, Northern Europe, TAP's, Portuguese, U.S, Lisbon, Porto, Iberia, South America

☆ IAG in talks with Airbus, Boeing on potential widebody order - Bloomberg News
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Airbus A320 aircraft of British Airways takes off at Zurich Airport near Ruemlang, Switzerland, January 18, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsOct 6 (Reuters) - British Airways-owner IAG (ICAG.L) is in talks with Boeing (BA.N) and Airbus (AIR.PA) for a potential order for widebody aircraft, Bloomberg News reported on Friday, citing people familiar with the matter. Orders for long-distance widebody jets have rebounded as carriers try to inject newer planes into their fleet to meet higher international travel demand. IAG is seeking to replace its fleet of older Boeing 777s at British Airways and could order 20 or more aircraft, the report said. Boeing deferred to IAG for any comments, while IAG said it does not comment on market rumors.

Persons: Denis Balibouse, IAG, Shivansh, Shinjini Organizations: Airbus, British Airways, Zurich, REUTERS, Boeing, Bloomberg, Thomson Locations: Ruemlang, Switzerland, Bengaluru

☆ AI chip startup Enfabrica raises $125 mln, with backing from Nvidia
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. Chips from Nvidia (NVDA.O), the world's most valuable semiconductor firm, are at the heart of that transition. Enfabrica has designed a network chip that aims to connect the different pieces of a data center together in new ways to solve that problem. The Enfabrica chip creates a network that looks like a hub and spokes, allowing the Nvidia GPUs doing the data crunching to draw data from multiple different places without hitting speed bumps. Enfabrica added new backers that included IAG Capital Partners, Liberty Global Ventures, Valor Equity Partners, Infinitum Partners and Alumni Ventures.

Persons: Dado Ruvic, Enfabrica, Rochan Sankar, Sankar, Gavin Baker, Stephen Nellis, Stephen Coates Organizations: REUTERS, Nvidia, Broadcom, Google, Atreides Management, Fidelity Investments, IAG Capital Partners, Liberty Global Ventures, Valor Equity Partners, Ventures, Hill Ventures, Thomson Locations: San Francisco

☆ Aussie corporate regulator alleges IAG units misled home insurance customers
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsSummaryCompanies IMA and IAL misled customers about loyalty discountsIAG says units intend to defend the proceedingsRegulator is seeking declarations of contravention, pecuniary penalties and adverse publicity ordersAug 25 (Reuters) - Australia's corporate regulator said on Friday it filed a lawsuit against two units of Insurance Australia Group (IAG) (IAG.AX), alleging they misled customers about loyalty discounts available for certain types of home insurance policies. The Australian Securities & Investments Commission (ASIC) has commenced civil proceedings against Insurance Australia Ltd (IAL) and Insurance Manufacturers of Australia (IMA) in the Federal Court, alleging loyal customers may have had their premiums increased before the promised discounts were applied. "IMA and IAL do not agree that they have misled customers and intend to defend the proceedings further," IAG said in a separate release. The regulator is seeking declarations of contravention, pecuniary penalties and adverse publicity orders against IAL and IMA from the court.

Persons: Dado Ruvic, IAG, Sarah Court, IAL, Nausheen, Krishna Chandra Eluri Organizations: Insurance, REUTERS, Insurance Australia Group, Australian Securities & Investments Commission, Insurance Australia Ltd, Insurance Manufacturers of Australia, Federal, IMA, IAL, Thomson Locations: Bengaluru

☆ Australia's IAG misses annual cash earnings estimates; shares slip
▼ + stars: | 2023-08-21 | by ( Nausheen Thusoo | ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. The country's top general insurer posted cash earnings of A$452 million ($290.00 million) for the year ended June 30, up from A$213 million a year ago but missing analysts' average estimate of A$656.7 million, according to Refinitiv Eikon data. Australian insurers have seen their profits soar this year, as they incur higher premiums in an elevated interest-rate environment, while also benefiting from a rebound in investment income. The company also expects an insurance margin in fiscal 2024 of 13.5%–15.5%, higher than the 12.6% margin last year. However, elevated inflation in home and motor claims costs, as well as the higher natural perils allowance, impacted the underlying insurance margin, IAG said in a statement.

Persons: Dado Ruvic, IAG, Nick Hawkins, Nausheen Thusoo, Archishma Iyer, Paul Simao, Stephen Coates, Rashmi Organizations: Insurance, REUTERS, cps, Insurance Australia Group, New Zealand, Citi, UBS, Thomson Locations: Australia, New

☆ Australia's IAG sees lower double-digit gross written premium growth
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. Australia's top general insurer reported a 10.6% rise in GWP to A$14.73 billion ($9.4 billion) for fiscal 2023, matching the Refinitiv estimate. The company also expects an insurance margin in fiscal 2024 of 13.5%–15.5%, higher than the pervious year's margin of 12.6%. IAG also declared a dividend of 9 Australian cents per share, up from 5 cents per share a year ago. The insurer posted cash earnings of A$452 million for the 12 months ended June 30, up from A$213 million a year ago.

Persons: Dado Ruvic, Nick Hawkins, IAG, Refinitiv Eikon, Nausheen Thusoo, Archishma Iyer, Paul Simao, Stephen Coates Organizations: Insurance, REUTERS, cps, Insurance Australia Group, ”, Thomson Locations: GWP

☆ A WFH employee in Australia is hitting out at her ex-employer after it tracked how much she was typing — and then fired her
▼ + stars: | 2023-08-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

An employee in Australia was fired for not typing enough when she worked from home. Her manager said she should be hitting over 500 keystrokes per hour. She was typing 80 keystrokes per hour between December 1-16. The insurance company presented precise details saying Cheikho logged 48.6 keystrokes per hour in October, 34.56 keystrokes per hour in November, and 80 keystrokes per hour in December. The case in Australia highlights the use of employee surveillance technology as more employees work remotely following the COVID-19 pandemic.

Persons: Suzie Cheikho, Cheikho, IAG, ResumeBuilder.com Organizations: Service, Insurance Australia Group, Australia's Sunrise Locations: Australia, Wall, Silicon

International travel reached around 90% of pre-pandemic levels this year, according to the International Air Transport Association. Those trends lifted quarterly earnings of travel companies, with cruise operators like Royal Caribbean (RCL.N) reporting record results in recent weeks. Ticket prices, which in some cases have increased by double-digit percentages since the pandemic, are unlikely to plummet. She expects air fares on long-haul international routes to remain high until supply outpaces pre-pandemic levels, demand normalizes and jet fuel prices decline further. International inbound vs outbound in the U.S this yearAverage domestic airfare is currently $246 round-trip, down 8% from 2022, according to travel booking app Hopper.

Persons: Dan McKone, Amadeus, Jozsef Varadi, Hayley Berg, Hopper, that's, Glenn Fogel, Kathleen Oberg, Joanna Plucinska, Rajesh Kumar Singh, Doyinsola, David Gaffen, Matthew Lewis Organizations: International Air Transport Association, Consulting, Royal, Booking Holdings, Marriott, Lufthansa LHAG.DE, United Airlines, Wizz, Reuters, Holdings, International, U.S . National Travel, Tourism Office, British Airways, IAG, Thomson Locations: CHICAGO, Southern Europe, Britain, France, United States, Germany, Singapore, Royal Caribbean, Manila, Hong Kong, Taipei, Tokyo, Europe, Asia, COVID, U.S, Canada, London, Chicago, New York, Bengaluru

☆ Some British Airways passengers could go hungry as it will stop loading flights with enough food for all flyers
▼ + stars: | 2023-08-05 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

British Airlines will stop loading flights with meals for all passengers to reduce food waste. Last month the airline brought back free tea and coffee for passengers on short-haul flights. British Airways is trialing a new catering system where it won't load enough food for all passengers on a flight in a bid to tackle food waste. This included scrapping free beverages for passengers on its short-haul economy flights, the Sunday Times reported. Last month it started giving passengers free tea and coffee again on its short-haul routes.

Persons: Willie Walsh, Walsh, Alex Cruz, Sean Doyle Organizations: British Airlines, Morning, British Airways, KFC, Passengers, Former British Airways, Financial Times, Sunday Times Locations: London, Caribbean, Iberia

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