Unite to clash with BMI in High Court

first_imgA BMI statement said: “Constructive talks between bmi and Unite union representatives are ongoing.” whatsapp Share KCS-content Unite to clash with BMI in High Court Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com BMI, the British carrier, is to come face to face with trade union Unite in the High Court today over a pay freeze dispute.Unite, which has also launched legal action against British Airways, is taking the BMI to court for a “breach of contract” over failure to increase pay for 3,000 BMI staff. The increase is worth £6m.The union is claiming that BMI went back on a three year pay agreement established in 2007, which gave staff pay rises each year.Unite alleges that BMI, which agreed with the union to freeze 2009 pay due to the recession, has not awarded staff with a 4.75 per cent pay rise they should have received for the period ending 31 March 2010. Sunday 19 September 2010 10:49 pm Show Comments ▼ whatsapp Tags: NULLlast_img read more

Banks now dominating the mortgage market as building societies lose share

first_img Banks now dominating the mortgage market as building societies lose share KCS-content Tuesday 21 September 2010 8:08 pm whatsapp whatsapp Sharecenter_img Banks are dominating the mortgage market, findings by Datamonitor reveal. Outstanding mortgage balances grew by £145.6bn for banks while building societies saw balances shrink by more than £18bn.Datamonitor’s study of Competitive Dynamics in the UK Mortgage Market 2010 shows that the top six banks increased their share of gross lending to 85 per cent. The figures represent signs of positive growth in the mortgage market but indicate a shift in how difficult it has become for building societies to compete.Daoud Fakhri, analyst at Datamonitor, sees the findings as a consequence of the government bailout at the peak of the financial crisis.He said: “Banks have been able to borrow from the state at advantageous rates which building societies haven’t had access to.”He added: “Most people would have expected building societies to emerge from the credit crisis in a stronger position than banks. It seems that although they didn’t engage in high-risk lending which contributed to the banking crisis they have still suffered.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Show Comments ▼ More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Tags: NULLlast_img read more

Google testing self-drive car

first_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Share whatsapp Sunday 10 October 2010 11:26 pm Google testing self-drive car center_img Show Comments ▼ whatsapp Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap Google, the world’s largest internet search engine, has been tinkering with engines of another sort and come up with some futuristic results – a car that drives itself. Google, in a posting on its official blog, said it has developed the technology and been busy testing a fully automated car that would take the controls out of the hands of distracted drivers, leaving them free to text or eat. Tags: NULLlast_img read more

AIG returns to debt markets

first_img whatsapp Share KCS-content Tuesday 30 November 2010 8:45 pm Show Comments ▼ AIG returns to debt markets center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Bailed-out insurer American International Group (AIG) returned to the debt market yesterday after more than a two-year absence, offering a large premium to attract investors as it works to shed government support. AIG sold $500m in January 2014 and $1.5bn in December 2020 senior unsecured notes. Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.com whatsapplast_img read more

Alcoa kicks off US results week

first_imgMonday 10 January 2011 8:49 pm KCS-content US aluminium producer Alcoa beat some Wall Street forecasts yesterday with its fourth-quarter figures, posting income of $258m (£166m) compared to a $277m loss a year ago. Revenue rose four per cent to $5.65bn thanks in part to higher aluminium prices, which the firm said will rise a further 12 per cent on the back of surging demand in 2011. However, shares fell in after-hours trading after the firm fell short of analyst revenue estimates of $5.7bn. Alcoa is traditionally the first company in the Dow Jones index to post its quarterly results. whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likevirimi.com14 Efficient Arm Workouts To Build Might & Muscle – Virimivirimi.comBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewadacutenova.comTake a Peek at 10 of the Most Expensive Houses in the Worldcutenova.comadvisor15 Plants that Repel Mosquitoes Naturallyadvisorwomengetfreebies.comGet free samples sent to your home. 100% free. Sign up Nowwomengetfreebies.comCrawl Space RepairFoundation Repair Cost In Scottsdale May Surprise YouCrawl Space RepairAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaMold Removal | Search AdsBathroom Mold Removal Tips That Might Surprise Most AmericansMold Removal | Search AdsPlumbing ServicesPlumber Prices In Scottsdale might surprise YouPlumbing Services center_img Show Comments ▼ Alcoa kicks off US results week Read This Next’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe WrapHow HGTV’s ‘Renovation Island’ Changed Bryan and Sarah Baeumler’sThe Wrap’Bridgerton’ Stars Phoebe Dynevor and Nicola Coughlan on Daphne andThe WrapBest Wine Gifts & Wine Accessories at Every PriceGayot’Hitman’s Bodyguard’s Wife’ Earns $17 Million 5-Day Opening as Box OfficeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The WrapEverything We Know, or Think We Know, About the Time-Keepers on ‘Loki’The Wrap’The Crown’: What Went Into Finding Princess Diana and Margaret ThatcherThe Wrap Share Tags: NULLlast_img read more

CITY MOVES | WHO’S SWITCHING JOBS

first_img KCS-content Thursday 13 January 2011 7:18 pm Tags: NULL whatsapp City of London Law SocietyThe membership organisation has appointed a new chief executive: David Hobart. He is currently CEO of the Bar Council, in charge of representing barrister members, and has been heavily involved in changes to the law industry since 2007. Before joining the Bar Council, he had a long career in the RAF, from which he retired in 2004 at the rank of air vice-marshall. He studied law twice during his time at the RAF, including a stint at Cambridge.PricewaterhouseCoopersThe financial services firm has appointed Neil Roden as a partner in its human resources consulting practice. He spent the last decade as group director of HR at RBS and has also worked at National Australia Bank. His experience includes involvement in numerous mergers and acquisitions deals and downsizing.Nardello & CoThe international investigations firm has appointed four City figures to advise its chief executive, Daniel Nardello.Rupert Pennant-Rea, former deputy governor of the Bank of England and chair of Henderson Group and The Economist Group, will join the board to provide financial services expertise.Charles Irby, former managing director of ING Barings, will also provide advice on financial services. Chris Jones, former chairman and CEO of J Walter Thompson and Evie Soames, former director at Liberty, will also be joining the advisory board.First Reserve CorporationThe private investment firm in the energy sector has promoted five professionals from its investment team and three in its accounting team.Jeffrey Quake has been named managing director, while Edward Bialas, Michael France, Dod Wales and Neil Wizel have all been appointed as directors.In accounting, Chris Tracey has moved up to assistant controller of the general partner, Lucas Markelon to manager of accounting of the infrastructure fund and Scott Whittlesey to accounting manager.Signia WealthThe wealth manager focused on ultra high net worth clients has appointed Carnegie Smyth as director of wealth structuring. He joins the firm from Deloitte, where he was in a similar line of work.Rosenblatt SolicitorsHamilton Forrest has joined the firm as a partner, having previously worked at Fladgate, where he had been a partner for two years. Before that, he spent ten years at CMS Cameron McKenna. Sharecenter_img CITY MOVES | WHO’S SWITCHING JOBS by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼last_img read more

Mandelson mulls city move

first_img Mandelson mulls city move Show Comments ▼ LORD Mandelson is thought to be mulling an advisory position at Lazard, the investment bank. By ministerial rules, he is not allowed to advise on any deal that directly relates to a contract with the  government for 12 months after his departure from the Cabinet. However, he can draw on contacts made during government to give advice. whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com KCS-content Tuesday 18 January 2011 8:44 pmcenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Share whatsapp last_img read more

Report says public service reform slow

first_img whatsapp Share Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndoMartha Stewart CBDShop Martha Stewart’s CBD Products NowMartha Stewart CBDUndoStyleVamp10+ Normal People Who Astonishingly Look Like CelebsStyleVampUndocutenova.comTake a Peek at 10 of the Most Expensive Houses in the Worldcutenova.comUndo KCS-content Wednesday 16 February 2011 8:51 pm whatsappcenter_img THE government’s public service reforms are “all over the place”, according to a scathing report out today. Reform, a think-tank focused on overhauling public services, said the pace of change in education and health was too slow and not radical enough.Although education secretary Michael Gove is introducing more academies and free schools – which are both free from local authority control – Reform said his insistence that schools must be not-for-profit ventures was stymying the policy. And the think-tank said attempts by Andrew Lansley, the health secretary, to overhaul the NHS by giving commissioning power to GPs had not resulted in more accountability to patients. However the think-tank said the Home Office had delivered a coherent reform programme, by making police forces accountable to their electorates, giving police officers new terms and conditions, and saving money. Report says public service reform slow Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Tags: NULLlast_img read more

Moody’s plans downgrades for big banks

first_imgSunday 20 February 2011 11:32 pm Moody’s plans downgrades for big banks Show Comments ▼ whatsapp Tags: NULL REGULATION aimed at removing taxpayer support for banks that are “too big to fail” could lead to ratings downgrades for 177 major global banks this year, ratings agency Moody’s has warned. The reforms will allow even big firms to fail and impose costs on bondholders.Regulators’ determination to tackle the problem of taxpayer bail-outs with special new resolution and bankruptcy procedures will raise borrowing costs for dozens of banks as implicit guarantees are axed, the agency said as it began a review into banks’ subordinated debt ratings.The review excludes UK banks because the UK government has already “demonstrated both its ability and willingness to impose losses” on junior bondholders, says Moody’s, and “our ratings already reflect these actions”.The agency’s position on the UK contradicts claims that British banks still benefit from a £100bn “implicit subsidy” from government.The review comes as regulators around the world attempt to craft rules that enable failing banks to be wound up rather than bailed out, most through the use of a “resolution authority” to take over collapsing banks and impose losses on creditors, not just equity holders.But despite tough rhetoric, particularly from German Chancellor Angela Merkel, Moody’s says that most jurisdictions have yet to make any progress in eroding the state guarantee even for junior debt. In the US, this guarantee affects ratings for all major banks. Bank of America’s subordinated debt rating would be five notches lower without the guarantee and Citigroup’s would be three notches lower (see graphic, below).Spain, Japan and Italy are some of the other worst-affected jurisdictions: Mizuho Bank would see its junior debt rating fall six notches, for example.As regulations change, however, Moody’s plans to adjust banks’ ratings in line with governments’ willingness to impose losses and the workability of their plans.The agency’s analysis also estimates the average ratings “uplift” on senior debt from government support. The UK ranks in the middle of the pack, with 2.6 notches worth of benefit for banks’ senior debt.The US’s “implicit guarantee” for senior debt is worth 2.2 notches, while Spain’s is worth 2.7 notches and Japan’s is worth 4.1 notches. KCS-content Share More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com whatsapplast_img read more

BAA owner makes profit after asset sales

first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap The Spanish owner of airports operator BAA has swung to a net profit in 2010 from a steep loss a year ago, after a drive to trim debt produced substantial one-off gains from asset sales.Infrastructure firm Ferrovial posted net profit of €2.16bn (£1.82bn) in 2010, compared with a forecast for €2.67bn in a Reuters poll.Analysts said the gap was mainly due to an unexpected €734m provision against loss of value in BAA.Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell three per cent to €2.51bn in 2010, but beat forecasts thanks to a return to growth at its core construction division.“EBITDA results were just slightly below our expectation for airports, but we did not adjust these estimates for the extreme December weather. As such the modest scale of the miss is encouraging,” said RBS analyst Andrew Lobbenberg. “The notable surprise is in construction, where Ferrovial reported year-on-year EBITDA growth despite the challenges of the Spanish market, boosted by strong trading in Poland and the US.”However, investors are more concerned with Ferrovial’s planned sale of ten per cent of BAA in the first half. The sale is intended to put its holding below 50 per cent, allowing it to deconsolidate BAA’s debt on its balance sheet.Ferrovial’s net debt fell 11 per cent to €19.8bn in 2010, helped by a string of asset disposals such as ten per cent of crown jewel Canadian toll road 407 ETR and Chilean toll roads.Its shares, which have risen about 20 per cent this year thanks to its drive to cut debt, were up 0.9 per cent in morning trading, while the blue chip IBEX index was down 0.2 per cent.Yesterday, BAA said it expected profit to grow strongly in 2011 as an economic recovery pushes up demand for travel, helping it shrug off a year of major disruption. Wednesday 23 February 2011 8:12 am Tags: NULL BAA owner makes profit after asset sales whatsapp Share whatsapp Show Comments ▼ alison.lock last_img read more