|Bid||618.20 x 0|
|Ask||618.80 x 0|
|Day's range||612.40 - 629.60|
|52-week range||5.58 - 684.00|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||3.88|
|Earnings date||28 Feb 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||7.17|
IAG CEO Willie Walsh on Wednesday criticized regulators and politicians for their failure to reform Europe's legacy air traffic management systems, something that could help improve the environmental performance of the industry. While the European Union ushered in an era of airline liberalization, leading to the rise of low-cost carriers and cheap flights, it has […]
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European regulators have imposed 114 million euros ($126 million) in fines for data breaches since tougher privacy rules came into force in mid-2018, with approaches varying widely from country to country. A report by law firm DLA Piper said France has imposed the biggest single fine - of 50 million euros against Google - while the Netherlands, Britain and Germany led in terms of the number of data breach notifications. The General Data Protection Regulation was introduced in an effort to safeguard sensitive personal information and prescribes stiff penalties if companies lose control of data or process it without proper consent.
Struggling British regional airline Flybe is in talks with the government about a loan on commercial terms which would not represent a bailout, reported the BBC. Rival airlines British Airways and Ryanair have attacked a government-backed support plan for Flybe, complaining that it prevents a level playing field and breaches state aid rules.
It said it compared carbon dioxide emissions on six popular international routes from London and found that on four of them BA was the worst performer. On a flight between London Heathrow and Miami, a passenger on BA would emit almost a third more than for the same journey on Virgin Atlantic, it said, while between London Stansted and Palma de Mallorca, Spain, a BA flight emitted nearly 50% more than flying with Ryanair , Jet2 or TUI , it added.
It said it compared carbon dioxide emissions on six popular international routes from London and found that on four of them BA was the worst performer. On a flight between London Heathrow and Miami, a passenger on BA would emit almost a third more than for the same journey on Virgin Atlantic, it said, while between London Stansted and Palma de Mallorca, Spain, a BA flight emitted nearly 50% more than flying with Ryanair, Jet2 or TUI, it added.
Michael O’Leary told chancellor Sajid Javid that the measures contained in the Flybe bailout package should be extended to other airlines.
The boss of Irish low-cost airline Ryanair has attacked the UK government-backed rescue of regional airline Flybe, joining industry heavyweight Willie Walsh in opposing state help for a private company. Ryanair CEO Michael O'Leary said on Thursday he had written to finance minister Sajid Javid, calling on him to extend the same benefits to his airline as it has given to Flybe. Flybe was kept afloat on Tuesday after its shareholders agreed to invest more money alongside a UK government support plan, but details of that support have not been made public.
(Bloomberg Opinion) -- You know British politics has been turned on its head when a Conservative government jumps in to rescue a failing company, and Labour supporters criticize the bailout as market distorting and wasteful. Yet that’s the odd situation that arises from the U.K.’s decision to save struggling regional airline Flybe.When faced with the collapses of travel agent Thomas Cook, contracting giant Carillion, British Steel and Monarch Airlines the previous Conservative government stood, rightly, to one side. Another airline with a similar sounding name, Flybmi, also got the cold shoulder.But Flybe’s getting different treatment and it’s clear why. The government’s catchphrase, repeated over and over since its December election victory was delivered by the votes of poorer regions of the country, is “leveling up” — to mitigate the dominance of southeast England. Flybe presented Prime Minister Boris Johnson with the first real test of that commitment to the economy beyond London and he wasn’t about to flub it. The danger for his government is that the rescue plan ends up deferring the inevitable for Flybe and creates other problems.The carrier, the U.K.’s most important for routes outside the capital, is often the only way people in more remote corners of the country can travel to other regional centers. Flybe’s owners — Connect Airways, a consortium of Virgin Atlantic, airport operator Stobart Group Ltd. and private equity firm Cyrus Capital — understood the power of that linchpin status when they appealed for help.If the rescue makes sense politically, there’s an economic case too: Regional routes are enormously important for business and leisure travelers. And research has shown that small airports have a positive impact on the per capita income and productivity in their local area. The government is right to take this seriously given the income disparities around Britain.All of this argues for doing something, but what? While the rescue plan hasn’t been published yet, Flybe is reportedly deferring an estimated 106 million pounds ($138 million) in annual Air Passenger Duty, which will help with its immediate cash flow crisis. There may also be a state-backed loan, Bloomberg reported, along with promises of additional funding from its owners.It’s not surprising that British Airways owner IAG SA complained to the European Commission on Wednesday. Flybe passengers often connect onto the flights of BA’s rival Virgin Atlantic; and why should a competitor be propped up with preferential tax treatment? The government insists it will abide by European Union state-aid rules, and it would be surprising if the EU had any objection. The Flybe rescue hardly bares comparison to many state-aid cases, including Italy’s endless cossetting of Alitalia.Even with an EU blessing, though, the Flybe decision risks unintended consequences. First, will the relief really make a difference? Flybe has been struggling for a while, reporting pretax losses of 9.4 million pounds in 2018. Before that it was Europe’s least profitable airline. While its customer numbers rose over the years, Flybe expanded its fleet too aggressively, leading to lower revenues per passenger seat.The airline has also had to contend with Brexit uncertainty, a weaker pound, rising oil prices and limited access to the big hubs such as London Heathrow where landing slots go to more profitable routes. The margins on Flybe’s routes are wafer thin. Even now it’s not clear it will ever take off in the way the consortium hoped when they bought the airline for 2.2 million pounds last year. Might the government be pulled into a more muscular rescue down the road if this one doesn’t work?Another risk is that this will set a precedent for other troubled companies once Britain leaves the EU and trade frictions take hold. As Johnson tries to deliver on his promises to voters in the English Midlands, north and elsewhere, it’s not hard to imagine the Tories slipping into the kind of interventionism they usually guard against.Then there’s the question of environmental impact. Air Passenger Duty was introduced in the 1990s as a stealth tax, but it now serves an important environmental function, encouraging passengers to think twice before booking a flight. Britain has one of the world’s highest passenger duties, with various tiers, so taking another look at how these work is no bad thing. But if the government plans to offer relief more broadly, as it has indicated it might in its March budget, it risks undermining carbon reduction goals that it’s already behind schedule in meeting.One alternative might have been to designate more of Flybe’s routes under “public service obligation” rules. PSOs are allowed under EU law for routes that are loss-making but worthy of a subsidy, and used liberally in France and other EU countries. The U.K. already subsidizes Flybe’s link between Heathrow and Newquay in Cornwall this way. Yet more PSOs means more burden on the taxpayer.Nor does any of this respond to the bigger reason why Flybe is deemed so important: the perilous state of Britain’s railways. Not all Flybe’s routes would be convenient for business travelers by train, but fixing the problem of inadequate and often abysmally run rail services in much of England would go a long way to creating alternatives to air travel and providing the connectivity and economic boost promised by the Tories.A long 2018 government report on the future of aviation in the U.K. warned that “supporting regional air routes can have unintended negative effects on the market as a whole.” It also noted that air connectivity “should act as a supplement to, instead of a substitute for” other forms of travel.If Johnson’s government is serious about its net-zero carbon goal, and boosting regional growth and connectivity, the Flybe rescue won’t be enough and may even be a setback. New rail infrastructure will take time, but better and faster train links would be far greater value for the taxpayer in the long term. To contact the author of this story: Therese Raphael at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Therese Raphael writes editorials on European politics and economics for Bloomberg Opinion. She was editorial page editor of the Wall Street Journal Europe.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The UK government has stepped in to save struggling regional airline Flybe. The carrier, which serves domestic and short-haul routes across northern and western Europe, lives to fight another day after a rescue deal cobbled together with its owners and politicians. Everyone seemed to have an opinion on the bailout, including environmentalists who argued the […]
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The British government defended a rescue deal for privately owned regional airline Flybe, after the owner of rival British Airways filed a complaint with European Union regulators on Wednesday calling it a "blatant misuse of public funds". A spokesman for Prime Minister Boris Johnson dismissed the claims made by Willie Walsh, the boss of BA's parent company IAG , that government help for Flybe contradicted European Union rules.
Ministers announced a bailout that could end up being worth more than £100m for Flybe, saving more than 2,000 jobs.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Grindr is sharing detailed personal data with thousands of advertising partners, allowing them to receive information about users’ location, age, gender and sexual orientation, a Norwegian consumer group said.The service -- described as the world’s largest social networking app for gay, bi, trans, and queer people -- gave user data to third parties involved in advertising and profiling, according to a report by the Norwegian Consumer Council that was released Tuesday. Twitter Inc. ad subsidiary MoPub was used as a mediator for the data sharing and passed personal data to third parties, the report said.“Every time you open an app like Grindr, advertisement networks get your GPS location, device identifiers and even the fact that you use a gay dating app,” said Austrian privacy activist Max Schrems. “This is an insane violation of users’ EU privacy rights.”The consumer group and Schrems’s privacy organization have filed three complaints against Grindr and five adtech companies to the Norwegian Data Protection Authority for breaching European data protection regulations. Schrems’s group Noyb will file similar complaints with the Austrian DPA in the coming weeks, according to the statement.Match Group Inc.’s popular dating apps OkCupid and Tinder LLC share data with each other and other brands owned by the company, the research found. OkCupid gave information pertaining to customers’ sexuality, drug use and political views, to the analytics company Braze Inc., the organization said.In a statement, Grindr said “while we reject a number of the report’s assumptions and conclusions, we welcome the opportunity to be a small part in a larger conversation about how we can collectively evolve the practices of mobile publishers and continue to provide users with access to an option of a free platform.”A spokeswoman for Match Group said OkCupid uses Braze to manage communications to its users, but that it only shared “the specific information deemed necessary” and “in line with the applicable laws including GDPR and CCPA.” Braze also said it didn’t sell personal data, nor share it between customers. Twitter is investigating the issue to “understand the sufficiency of Grindr’s consent mechanism” and has disabled the company’s MoPub account, a representative said.European consumer group BEUC urged national regulators to “immediately” investigate online advertising companies over possible violations of the bloc’s data protection rules, following the Norwegian report. It’s also written to European Commission executive vice-president Margrethe Vestager to take action.“The report provides compelling evidence about how these so-called ad-tech companies collect vast amounts of personal data from people using mobile devices, which advertising companies and marketeers then use to target consumers,” BEUC said in an emailed statement. This happens “without a valid legal base and without consumers knowing it.”The European Union’s data protection law, GDPR, came into force in 2018 setting rules for what websites can do with user data. It mandates that companies must get unambiguous consent to collect information from visitors. The most serious violations can lead to fines of as much as 4% of a company’s global annual sales.Where Tech Giants Are Getting Slapped Over Privacy: QuickTakeIt’s part of a broader push across Europe to crack down on companies that fail to protect customer data. In January last year, Alphabet Inc.’s Google received a fine of 50 million euros ($56 million) from France’s privacy regulator following a complaint by Schrems over the company’s privacy policies. Prior to GDPR, the French watchdog levied maximum fines of 150,000 euros.The U.K. threatened Marriott International Inc. with a 99 million-pound ($128 million) fine in July following a hack of its reservation database, just days after the U.K.’s Information Commissioner’s Office proposed handing a 183.4 million-pound penalty to British Airways in the wake of a data breach.Schrems has for years taken on large tech companies’ use of personal information, including filing lawsuits challenging the legal mechanisms Facebook Inc. and thousands of other companies use to move that data across borders.He’s become even more active since GDPR kicked in, filing privacy complaints against companies including Amazon.com Inc. and Netflix Inc., accusing them of breaching the bloc’s strict data protection rules. The complaints are also a test for national data protection authorities, who are obliged to examine them.In addition to the European complaints, a coalition of nine U.S. consumer groups urged the U.S. Federal Trade Commission and the attorneys general of California, Texas and Oregon to open investigations.“All of these apps are available to users in the U.S. and many of the companies involved are headquartered in the U.S.,” groups including the Center for Digital Democracy and the Electronic Privacy Information Center said in a letter to the FTC. They asked the agency to look into whether the apps have upheld their privacy commitments.(Updates with FTC complaint from U.S. consumer groups in last two paragraphs)\--With assistance from Stephanie Bodoni and Ben Brody.To contact the reporters on this story: Sarah Syed in London at email@example.com;Natalia Drozdiak in Brussels at firstname.lastname@example.org;Nate Lanxon in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Amy ThomsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Willie Walsh, who created British Airways parent IAG by dragging old-fashioned flag carriers into the modern age of budget flying, will step down in March to be replaced by Iberia boss Luis Gallego. Walsh, who had announced in November that he intended to retire in the next two years, will be succeeded by the man credited with turning round IAG-owned Iberia since on March 26, IAG said on Thursday. The appointment of Gallego, CEO of Iberia since 2014, meant there would be little change of direction at IAG, analysts said.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Willie Walsh, who took the helm at British Airways in 2005 and built it into the European airline giant IAG SA, will step down and be replaced by the head of the group’s Spanish unit.Walsh, 58, will leave the CEO role and the board in March and formally retire at the end of June, IAG said Thursday. He had signaled in November he would depart within two years. Iberia chief Luis Gallego will succeed him.A qualified pilot, Walsh faced down unions at BA to cut costs and boost earnings before leading the purchase of Iberia in 2011, establishing IAG to take on Air France-KLM and Deutsche Lufthansa AG, which had already grown through acquisitions.IAG added Aer Lingus and no-frills units Vueling and Level, consolidating its position as one of Europe’s most profitable carriers despite competition from low-cost rivals like Norwegian Air Shuttle ASA. He agreed last year to buy Air Europa for 1 billion euros ($1.1 billion), boosting Madrid’s status as a top hub and taking IAG’s fleet beyond 600 planes. “Willie has made IAG the success it is today, undoubtedly one of the greatest airline groups in the world,” said John Strickland, director of JLS Consulting in London. Gallego, 51, is “a solid choice” as his successor, having transformed Iberia from a carrier beset with labor strife to one of Europe’s top operators.IAG shares rose 1.3% to 626.40 pence by 12:55 a.m. in London trading, bringing the gain over the past year to 18%.The group’s chairman, Antonio Vazquez, said Walsh has been “the main driver of this unique idea that is IAG,” a reference to a corporate structure designed to foster acquisitions under a central holding company, avoiding the national clashes that are often a barrier to airline consolidation.The decision to appoint Gallego means British Airways chief Alex Cruz has been overlooked for the top job. Cruz took over at the U.K. carrier in 2016, having previously been CEO at Vueling.IAG said Thursday that it carried 118.25 million passengers in 2019, an increase of 4.7%, driven by Iberia, Level and Vueling. Capacity increased 4%, the group said.Gallego held various positions at Spanish airlines and entered the IAG fold via Clickair, which he helped found and which was acquired by Vueling, where he became chief operating officer. He later led Iberia’s regional arm before becoming its CEO in 2013. A new head for Iberia will be announced in due course, the company said.(Updates with 2019 passenger figures in ninth paragraph)\--With assistance from Chiara Remondini.To contact the reporter on this story: Siddharth Philip in London at email@example.comTo contact the editors responsible for this story: Tara Patel at firstname.lastname@example.org, Christopher Jasper, Frank ConnellyFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.