MILAN (Reuters) – Delta Air Lines <DAL> could pull out of a consortium looking to rescue Italy’s Alitalia as it is unwilling to enter a possible bidding war with Lufthansa <DLAKY>, newspaper Il Corriere della Sera reported on Sunday, citing two sources.
Delta is expected to say it will not raise its offer to invest about 100 million euros ($112 million) in Alitalia in a letter to be sent in the middle of this week to its consortium partners, Italy’s state railways firm Ferrovie and infrastructure group Atlantia, Il Corriere reported.
It said the rough investment figure could go as high as 120 million euros.
But Germany’s Lufthansa might invest about 150 million euros, Il Corriere said.
Lufthansa is seeking up to 6,000 job cuts, however, versus 2,500 envisaged by a plan drafted by the Delta consortium, the newspaper reported.
A source said last week Lufthansa was ready to invest up to 200 million euros in Alitalia which is running out of cash and scrambling to find new funds.
Italy’s industry ministry has extended to Nov. 21 a deadline for binding bids after an Oct. 15 deadline passed without an agreement among potential rescuers.
Alitalia’s temporary administrators said last month that the company’s liquidity amounted to 310 million euros at the end of September.
But that figure was inflated by advanced payments on pre-paid tickets, Sunday’s Il Sole 24Ore newspaper reported, citing unidentified sources.
The report added that adjusted for future costs, the cash amounted to just 160 million euros, and that it would run out in December.
($1 = 0.8957 euros)
(Reporting by Giulio Piovaccari; editing by Jason Neely)
FORT WORTH, Texas — American Airlines will provide a once-in-a-lifetime opportunity to add a loved one’s name to one of its planes in honor of those who are cancer survivors, current cancer fighters and those who lost their battle with cancer. Anyone who makes a donation of $25 or more to Stand Up To Cancer (SU2C) during the month of July can add the name of a person they stand up for to an American Airlines Airbus A321. The plane, which will begin flying this fall, will be wrapped with a special SU2C design that includes names submitted.
The campaign launches July 1 with a digital and television ad featuring Stand Up To Cancer Ambassador and superstar Tim McGraw alongside six American team members from across the U.S. Tim as well as each team member in this new campaign has been personally affected by cancer, either as a survivor or a co-survivor caring for a loved one fighting the disease.
“Every family in America has a cancer story, my own family included. Too many of us have lost our parents, children, spouses and friends to this terrible disease,” McGraw said. “I’ve been so touched by the stories of the American Airlines team members I’ve met over the past month and I’m honored to lend my voice to this campaign to help create a world where all cancer patients can become long-term survivors and have more time with the people they love.”
As part of the company’s multi-year, multi-million dollar collaboration with SU2C, 100% of donations received will go to support Stand Up To Cancer’s collaborative cancer research programs.
“Our national collaboration with Stand Up To Cancer was driven by their proven approach to cancer research and our corporate purpose to care for people on life’s journeys. In a few short years, we’ve seen donations contribute to scientific breakthroughs and more access to meaningful clinical trials,” said Elise Eberwein, Executive Vice President of People and Communications at American. “Today, we ask anyone who has been impacted by cancer join us in our shared goal to make every cancer patient a long-term survivor.”
American team members in Los Angeles and Nashville participated in the campaign, which includes pilots, flight attendants, mechanics, Customer Service agents and Fleet Service team members.
To honor its own team members, the first names added to the plane will be those of American team members who self-identified as cancer survivors or are currently battling cancer.
“We are so honored to team up with American Airlines in this empowering campaign, which offers anyone who’s been affected by cancer the chance to join our mission, publicly honor a loved one and stand up to cancer,” said Rusty Robertson, a co-founder of Stand Up To Cancer. “American Airlines continues to be a tremendous supporter of SU2C, and the critical dollars raised by this incredible campaign expands our mission to accelerate the pace of cutting-edge research and innovative cancer treatments to save lives now.”
To make a donation to SU2C and add a name to this special plane, visit aa.com/standup between July 1–31, 2019. Donors can visit aa.com/standup again in late September to see the location of their submitted names on the plane before it begins flying in September. Terms and conditions apply.
About Stand Up To Cancer
Stand Up To Cancer (SU2C) raises funds to accelerate the pace of research to get new therapies to patients quickly and save lives now. SU2C, a division of the Entertainment Industry Foundation (EIF), a 501(c)(3) charitable organization, was established in 2008 by film and media leaders who utilize the industry’s resources to engage the public in supporting a new, collaborative model of cancer research, and to increase awareness about cancer prevention as well as progress being made in the fight against the disease. Under the direction of our Scientific Advisory Committee, led by Nobel Laureate Phillip A. Sharp, Ph.D., SU2C operates rigorous, competitive review processes to identify the best research proposals to recommend for funding, oversee grants administration, and ensure collaboration across research programs.
Current members of the SU2C Council of Founders and Advisors (CFA) include Katie Couric, Sherry Lansing, Lisa Paulsen, Rusty Robertson, Sue Schwartz, Pamela Oas Williams, Ellen Ziffren, and Kathleen Lobb. The late Laura Ziskin and the late Noreen Fraser are also co-founders. Sung Poblete, PhD, RN, has served as SU2C’s president and CEO since 2011.
For more information on Stand Up To Cancer, please visit StandUpToCancer.org.
About Tim McGraw
His unparalleled career includes 43 number one radio singles, 16 number one albums and countless industry awards and accolades. His unique chart achievements include having three singles in the Top 20 of the radio charts on multiple occasions, as well as having two singles spend over 10 weeks at number one. His last solo project spawned one of the biggest hit singles of all-time, “Humble and Kind,” whose message continues to impact fans around the world including a Spanish version sung by McGraw. He has routinely been cited as one of the biggest touring artists in the history of country music.
May 6 (Reuters) – Air Canada on Monday reported a surprise quarterly profit that sent shares up 4 percent in morning trading, helped by flying more passengers and its purchase of a loyalty program, despite rising costs from the global grounding of Boeing’s 737 MAX jets.
Canada’s largest carrier said it sees strong booking trends ahead of the busy summer season, and expects second quarter results in line with forecasts made before the March global suspension of the Boeing MAX in March following two fatal crashes involving the model.
Air Canada stock was up 4 percent, even as Canada’s main stock index fell at the open on Monday, after U.S. President Donald Trump threatened to raise tariffs on China, triggering a global rout in risky assets.
Air Canada Chief Executive Calin Rovinescu said the carrier, which operates 24 MAX jets, would return the planes to service based on its own safety assessment, in addition to regulators giving it the green light.
During the first three months of the year, Air Canada and other North American carriers that fly the MAX scrambled to replace flights following harsh weather and the plane’s grounding, while facing pressure from rising fuel costs.
“First quarter is always the most demanding for Canadian airlines,” Rovinescu said. “This year was an exception and it was made more so with the unexpected grounding of the 737 MAX.”
Air Canada canceled 1,600 mainline flights during the first three months of the year, a 40 percent increase compared to the first quarter of 2018, Rovinescu told analysts.
The company was able to protect most of its flights from the date of the grounding through April 30 by entering into new leases, among other strategies, he said.
For the first quarter, the company reported a 9.4 percent rise in total operating revenue to C$4.45 billion ($3.30 billion), beating analysts’ estimate of C$4.39 billion.
In January, Air Canada closed a deal to acquire the Aeroplan loyalty program.
Aeroplan revenue and strong demand drove a nearly 5 percent increase in passenger yield, the company said, even as cost per available seat mile (CASM) — a measure of how much an airline spends to fly a passenger — climbed 3.8 percent.
Air Canada said traffic rose 4.2 percent while passenger revenue per available seat mile, a key revenue measure for airlines, increased 4.5 percent in the first quarter.
The Montreal-based company reported an adjusted net income of C$17 million, or 6 Canadian cents per share, in the first quarter ended March 31, compared to a loss of C$26 million, or 10 Canadian cents per share, a year earlier.
Analysts’ on average had expected a loss of 18 Canadian cents, according to IBES data from Refinitiv. ($1 = 1.3467 Canadian dollars)
(Reporting by Allison Lampert and Shanti S Nair ; Editing by Sriraj Kalluvila and Bill Trott)
FILE
PHOTO: Bikes by a bike rental service of Icelandic airline WOW air are
seen in Reykjavik, Iceland, August 5, 2017. REUTERS/Michaela Rehle/File
Photo
(Reuters)
– Iceland’s WOW air became the latest budget airline casualty on
Thursday, halting operations and cancelling all future flights after
efforts to raise more funds failed.
WOW,
which focussed on low-cost travel across the Atlantic, advised stranded
travellers to seek flights with other airlines. It flew a total of 3.5
million passengers last year.
“This
is probably the hardest thing I have ever done but the reality is that
we have run out of time and have unfortunately not been able to secure
the funding of the company,” WOW CEO and founder Skuli Mogensen wrote in
a letter to the company’s 1,000 employees.
“I will never be able to forgive myself for not taking action sooner,” he added.
WOW
had earlier postponed flights on Thursday as it entered what it had
hoped were the final stages of an equity raising with a group of
investors.
“My
flight from Boston has been cancelled. Having a hard time getting
through to anyone on the phone. Can you help me at all?” Twitter user
Marc Solari wrote.
WOW replied with an apology and offer of further assistance.
WOW
is the latest budget airline to collapse as the European airline sector
grapples with over-capacity and high fuel costs. Recent failures
include Britain’s Flybmi, Nordic budget airline Primera Air and Cypriot
counterpart Cobalt.
“RESCUE FARES”
Other
airlines including, Icelandair, Easyjet and Norwegian stepped in
offering discounted ‘rescue fares’ to stranded passengers, according to
the Icelandic Transport Authority
WOW has been pursuing different avenues to raise money over the past few months.
It
ended talks with rival Icelandair last Sunday while veteran low-cost
airline investor Bill Franke also had cancelled a proposed investment
through private equity fund Indigo Partners.
Icelandair shares traded up 13 percent percent at 1215 GMT after the failure of a competitor.
Founded
in 2011 by entrepreneur Mogensen, WOW used smaller single-aisle planes
to fly between Iceland and many destinations in the United States and
Europe.
Its
website had advertised flights from London to cities such as New York
and Boston for as little as 150 pounds, although the journey went via
the Icelandic capital Reykjavik.
Norwegian
Air has a little over half of the market share in the fast-growing,
low-cost, long-haul transatlantic market, while WOW controlled a quarter
in 2018.
There are fears of a knock-on effect on Iceland’s important tourism industry.
Around
30 percent of tourists visiting Iceland last year flew with WOW and the
collapse could trigger a 16 percent drop in tourists this year,
research from Icelandic bank Arion showed.
( By Stine Jacobsen and Tommy Lund; editing by Darren Schuettler/Keith Weir)
Barcelona, Spain – December 06, 2018: WOW Air Airbus A321 approaching to El Prat Airport in Barcelona, Spain.
