Oh dear a failed Aussie in UK?
Sep 9th 2002, 1:59 am
#1
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Joined: Aug 2002
Location: Perth Arse end of the planet
Posts: 7,037
Oh dear a failed Aussie in UK?
Put an Aussie in charge of anything what do you expect , this guy put the nail in Ansett over here loser of the first degree.
Step forward Mr Rod Eddington tosser without equal.
BA faces FTSE relegation
Cadbury to share £6bn cost of Hershey
Wheels come off the privatisation express
Euro fall points to failure at its institutional heart
Get Me Out of Here goes out over there
EU threat to Swiss tax haven secrecy
BA faces FTSE relegation
Julia Finch, City editor
Monday September 9, 2002
The Guardian
British Airways, which once called itself "the world's favourite airline", is this week facing relegation from the FTSE 100 index of the UK's top companies
ADVERTISEMENT
for the first time since it was privatised in 1987.
Reclassification as a mid-cap company would be a serious embarrassment for the national flag carrier. Even during the Gulf war-induced airline recession in 1991 and 1992, BA's position as one of Britain's top companies was not threatened. It is now struggling to remain a leading player in the cut throat global aviation business.
The company starts the week ranked the 111th biggest public company in Britain. The FTSE 100 quarterly review, which relegates and promotes companies to the main index, takes place tomorrow night and any company in the index ranked below 110th will be booted out. Those ranked above 90th are promoted. BA therefore has just two days for its shares to rally if it is to avoid re-ranking.
Other companies facing eviction are record group EMI and energy group International Power. They start this week ranked 117 and 122 respectively. EMI's shares fell on Friday as analysts are concerned about the publishing arm of the group - which has hitherto been considered a solid performer - and on worries that the firm might have to adjust its sales estimates.
International Power, formerly part of National Power, last week issued a profits warning.
The places of those evicted from the FTSE are likely to be taken by drinks can company Rexam, chemists chain Alliance Unichem and the rehabilitated Tomkins engineering group.
Aside from the prestige associated with the FTSE club, membership is key to being included in many institutional investors' tracker funds. Companies exiled usually face sell-offs as investment managers dump the shares and reinvest in the firms promoted to the index so that their funds accurately reflect the top 100.
BA's problems are rooted in the global economic slowdown, together with the fallout from September 11, which have dealt a severe blow to its transatlantic business. That business previously supported the loss-making Far East, Australian and European route networks.
In the past year the carrier has announced 13,000 redundancies, axed its final salary pension scheme for new employees in a bid to cut costs, failed to pay a dividend for the first time and recorded its first loss, of £200m, in 15 years.
BA is also facing tough competition on short haul routes from no-frills carriers. Ryanair, for example, carries 19 passengers per staff member per day, compared with BA's two passengers per employee. The flag carrier sold its own low cost airline, Go, for £110m - only for it to be sold on to EasyJet less than a year later for £375m.
The improvements in passenger numbers in the months immediately after the twin towers attacks petered out in the spring, and chief executive Rod Eddington sees no sign of an upturn until next spring. Meanwhile a new war against Iraq threatens to do even more damage to air traffic - and the carrier's
Step forward Mr Rod Eddington tosser without equal.
BA faces FTSE relegation
Cadbury to share £6bn cost of Hershey
Wheels come off the privatisation express
Euro fall points to failure at its institutional heart
Get Me Out of Here goes out over there
EU threat to Swiss tax haven secrecy
BA faces FTSE relegation
Julia Finch, City editor
Monday September 9, 2002
The Guardian
British Airways, which once called itself "the world's favourite airline", is this week facing relegation from the FTSE 100 index of the UK's top companies
ADVERTISEMENT
for the first time since it was privatised in 1987.
Reclassification as a mid-cap company would be a serious embarrassment for the national flag carrier. Even during the Gulf war-induced airline recession in 1991 and 1992, BA's position as one of Britain's top companies was not threatened. It is now struggling to remain a leading player in the cut throat global aviation business.
The company starts the week ranked the 111th biggest public company in Britain. The FTSE 100 quarterly review, which relegates and promotes companies to the main index, takes place tomorrow night and any company in the index ranked below 110th will be booted out. Those ranked above 90th are promoted. BA therefore has just two days for its shares to rally if it is to avoid re-ranking.
Other companies facing eviction are record group EMI and energy group International Power. They start this week ranked 117 and 122 respectively. EMI's shares fell on Friday as analysts are concerned about the publishing arm of the group - which has hitherto been considered a solid performer - and on worries that the firm might have to adjust its sales estimates.
International Power, formerly part of National Power, last week issued a profits warning.
The places of those evicted from the FTSE are likely to be taken by drinks can company Rexam, chemists chain Alliance Unichem and the rehabilitated Tomkins engineering group.
Aside from the prestige associated with the FTSE club, membership is key to being included in many institutional investors' tracker funds. Companies exiled usually face sell-offs as investment managers dump the shares and reinvest in the firms promoted to the index so that their funds accurately reflect the top 100.
BA's problems are rooted in the global economic slowdown, together with the fallout from September 11, which have dealt a severe blow to its transatlantic business. That business previously supported the loss-making Far East, Australian and European route networks.
In the past year the carrier has announced 13,000 redundancies, axed its final salary pension scheme for new employees in a bid to cut costs, failed to pay a dividend for the first time and recorded its first loss, of £200m, in 15 years.
BA is also facing tough competition on short haul routes from no-frills carriers. Ryanair, for example, carries 19 passengers per staff member per day, compared with BA's two passengers per employee. The flag carrier sold its own low cost airline, Go, for £110m - only for it to be sold on to EasyJet less than a year later for £375m.
The improvements in passenger numbers in the months immediately after the twin towers attacks petered out in the spring, and chief executive Rod Eddington sees no sign of an upturn until next spring. Meanwhile a new war against Iraq threatens to do even more damage to air traffic - and the carrier's
Sep 9th 2002, 8:01 am
#2
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Joined: Jul 2002
Posts: 48
Re: Oh dear a failed Aussie in UK?
Go Away !!
Sep 9th 2002, 11:57 pm
#3
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Joined: Aug 2002
Location: Perth Arse end of the planet
Posts: 7,037
Re: Oh dear a failed Aussie in UK?
Originally posted by petafray:
Go Away !!
Go Away !!
