Diberdayakan oleh Blogger.

Popular Posts Today

Airport Charges To Be Reduced In Shake-Up

Written By Unknown on Kamis, 02 Mei 2013 | 00.12

Three London airports have been told to reduce the amount of money they charge airlines in take-off and landing fees.

The move by the aviation regulator should limit the fare rises imposed on passengers using Heathrow, Gatwick and Stansted airports.

The Civil Aviation Authority (CAA)'s proposals will see airlines charged much less for using the airports between 2014 and 2019 than they were between 2009 and 2014.

The regulator said that over the period the charges should be capped at the RPI rate of inflation minus 1.3%.

This is significantly less than Heathrow's charges between 2009 and 2014, which were RPI plus 7.5%.

Heathrow Heathrow's rise in profit was boosted by an increase in its airline fees

The airport's bosses had proposed an increase in fees from £19.33 per passenger in 2012/13 to as much as £27.30 in 2018/19.

It comes after Heathrow - which is controlled by Spain's Ferrovial - reported a 12% rise in profit in 2012 to £1.3bn - driven mostly by an increase in the fees it charges airlines.

But the CAA said it had "found clear evidence of substantial market power" at Heathrow and "after a decade when prices have risen ... is now looking to encourage further investment whilst improving value for passengers in other ways".

The regulator proposed a more flexible system for Gatwick, but said that if the airline did not make acceptable proposals itself, charges would be capped at RPI plus 1%.

This is lower than the RPI plus 2% regime that has been in place at the West Sussex airport between 2009 and 2014.

And at Stansted, the CAA said its regulation would take the form of monitoring charges and service quality - but would become stricter "unless prices at Stansted reduce over time".

A line of parked aircraft face the runway at Gatwick airport Gatwick bosses said the CAA's proposals were "too demanding"

The chief executive of CAA, Andrew Haines, said protecting consumers was the "core focus" of the proposals.

"Few passengers flying from Heathrow, Gatwick and Stansted fail to notice their differences, so it should be no surprise that our regulatory approach also differs at each airport," he said.

"The proposals we publish today reflect their individual circumstances, ensure passengers are protected when they travel, and allow for continuing improvements in service and competition."

But Heathrow bosses questioned whether the proposals were "a risk worth taking".

"To stay competitive with overseas hubs like Amsterdam, Paris, Frankfurt and Dubai, Heathrow has invested £11bn over the last 10 years ..."

"Over the same period returns to shareholders have fallen well below the level anticipated by the regulator," a company statement said.

Willie Walsh British Airways' Willie Walsh said the proposals did not go far enough

"Our first impression is that a 5.35% return on capital will put passenger service at risk by not attracting the necessary investment in Heathrow for the short, medium and long term."

Gatwick said the suggested RPI plus 1% formula was "too demanding and based on unrealistic assumptions".

"The CAA must not hold us back through imposing heavy-handed regulation, red tape in the form of a licence and an inflexible price control, but should allow us to build on this success (of the last three years)," chief executive Stuart Wingate said.

Stansted said it would study the details of the CAA's plans before responding.

The proposals - to be finalised next year - were broadly welcomed by airlines, which have been arguing against what they see as excessive charges.

The Board of Airline Representatives - which represents 80 airlines - said it was encouraging that the CAA has listened to industry concerns over the need for a more flexible approach.

"We are cautiously optimistic that the final regulation will better meet the needs of consumers and the airline industry," chief executive Dale Keller said.

But Willie Walsh, the chief executive of British Airways parent company IAG, said the proposals did not go far enough.

"Heathrow airport is over-priced, over-rewarded and inefficient and these proposals, which will result in an increase in prices, fail to address this situation," he said.


00.12 | 0 komentar | Read More

Matalan To Support Factory Collapse Victims

Matalan has said it will provide "financial and other support" to those affected by the collapse of a factory in Bangladesh which killed over 380 people.

The fashion chain said it was not using any suppliers based in the building when the disaster occurred last Wednesday.

Uniform-maker Premier Clothing also said it would provide financial assistance to the victims and their families.

At least 386 people were killed and 2,500 people were injured when the eight-storey Rana Plaza building collapsed - and many are still missing.

A statement from Matalan said: "We offer our condolences to all those affected by this tragic event and our thoughts and prayers are with the whole community.

Bangladeshi people and garments workers march in the street Protesters have demanded the death sentence for the owner of the building

"Whilst we were not using any suppliers based in the building, as soon as we heard the news, we started working with our key contacts in Bangladesh to explore how we could support those involved.

"We can confirm that we are working closely with the Bangladesh Garment Manufacturers & Export Association (BGMEA) and our local team in Bangladesh to provide financial and other support to help those affected."

A Premier Clothing spokesperson said: "We were shocked and deeply saddened to hear about the terrible tragedy involving one of our suppliers, New Wave, which was a tenant in the collapsed building in Dhaka.

"Our thoughts are with the victims and their families.

"We remain in close contact with our agents in Dhaka who liaise with New Wave on our behalf and will look to provide both practical and financial assistance via this local team."

A Bangladeshi family member holds up the portrait of her missing relative Many people are missing and thought to be trapped in the rubble

On Monday, low-cost retailer Primark said it would pay compensation to the victims of the event who worked for its supplier.

The Ireland-based company - which is a subsidiary of British company ABF - confirmed that one of its suppliers occupied the second floor of the affected building in the Dhaka suburb of Savar.

It said a team in Bangladesh was working "to put in place immediate and long-term help" for the victims.

Bonmarche, another big brand that acknowledged supplier production at the site, said it was deciding how it could best offer support to those affected.

In a statement it said: "Whilst we have always implemented supplier processes in line with retail industry standards, there are lessons to be learned from this tragic event right across the retail sector. 

"We will be reviewing the information emerging from Bangladesh and responding accordingly.

"The Bangladesh Fire and Safety Agreement aims to prevent further tragedies such as this and we support its goals.

"We are looking into it in more detail and will confirm our decision once we have completed our investigations into the situation."

Meanwhile, a Bangladesh court ordered the government to "immediately" confiscate the property of the collapsed building's owner.

Thousands of protesters took to the streets of Dhaka to demand the death sentence for Mohammed Sohel Rana.

Two High Court judges also said the central bank should freeze the assets of the owners of the five clothing factories in the building, and use the money to pay the salaries and other benefits of their workers.


00.12 | 0 komentar | Read More

Eurozone Unemployment Hits New Record High

Eurozone unemployment reached 12.1% in March, official figures have shown, as the region's recession continues to hit its economy.

Some 19.2 million people were out of work in the 17-nation bloc last month, with the jobless rate climbing for the 23rd month in a row.

Data also showed that inflation fell in the region - to 1.2% in April, its lowest level since February 2010.

Enrico Letta (L) delivers a speech Italy's new prime minister Enrico Letta

The combination of easing inflation and rising unemployment is likely to put more pressure on the European Central Bank to cut interest rates on Thursday.

The figures come as Italy's new prime minister won a vote of confidence - boosting hopes of a strong coalition after a period of political uncertainty in the eurozone's third-largest economy.

Enrico Letta - who was sworn in on Sunday - plans to push ahead with his agenda of easing the country's unpopular austerity measures.

The government was confirmed with a vote of 233 in favour, 59 against and 18 abstentions, a day after it won the backing of the lower house.

In the meantime, Cypriot MPs debated the country's controversial 10bn euro (£8.48bn) bailout deal - with the government warning a rejection would be "catastrophic" for the island's troubled economy.

"Every MP needs to be aware that today marks a historic landmark for our homeland," spokesman Christos Stylianides said.

"A 'no' from the house today would have catastrophic consequences."

Hundreds of people gathered outside the Parliament to demonstrate against the bailout, which has forced Cyprus to shrink its banking sector, raise taxes and cut public spending.


00.11 | 0 komentar | Read More

Australia's First Banknote To Fetch Millions

By Jonathan Samuels, Australia Correspondent

Australia's first banknote, printed 100 years ago and found in a letter in England in 1999, has gone on sale for Aus$3.5m (£2.3m), according to auctioneers.

The 10 shilling note, serial Number M000001 and issued May 1, 1913, is to go on display at an exhibition in Melbourne before being offered for private sale.  

A century ago the note was presented by Australian Prime Minister Andrew Fisher to Judith Denman, the five-year-old daughter of the governor-general at the time, Lord Denman.

It was discovered in 1999, nearly 12 years after Ms Denman died when her effects were being sorted out, and acquired by a private collector in Sydney for Aus$1m (£660,000) in 2000.

It then sold at auction in 2008 for Aus$1.9m (£1.26m).

First Australian 10 shilling note It was discovered in 1999 and acquired by a private collector in 2000

Coinworks, which deals in rare coins and notes and is handling the sale, said the note symbolised one of the most important periods in the history of Australia - the establishment of the Commonwealth of Australia in 1901 and the subsequent evolution of nationhood.

The note was hand-numbered at a ceremony held at the Government Printing House in Melbourne.                 

Coinworks chief executive Belinda Downie said that after consulting with experts, her expectation was that if it reached Aus$3.5m it would break records for the price paid for an Australian coin or banknote.

"It would be by far the highest price paid," adding that private collectors and institutions were expected to show interest.

"I would love it to be on permanent display somewhere as it is a great piece of Australian history and everyone should savour it. It is unique," she said.

As well as banknotes, Prime Minister Fisher and his Labor government also established a government-owned bank, and founded the capital Canberra.


00.11 | 0 komentar | Read More

Apple Bond Sale To Reward Shareholders

Apple has sold $17bn (£10.9bn) in the largest non-bank bond deal in history as it moves to placate frustrated shareholders.

The move, to raise money to pass along to investors through dividend payments and stock buy-backs, is part of an effort to reverse a 37% drop in Apple's stock price during the past seven months.

It took advantage of low interest rates through the sale despite having $145bn in cash - more than enough to cover the $100bn cash return programme.

However, most of its money sits in overseas accounts and the company doesn't plan to bring it to the US unless the federal corporate tax rate is lowered.

Raising the money through a corporate bond sale also gave Apple a tax benefit because interest payments on corporate debt are tax-deductible.

The plunge in Apple's stock has been attributed to intensifying concerns about the company's shrinking profit margins as it faces more competition in the mobile computing market.

Last week, Apple confirmed its first drop in quarterly profits for a decade.

Rajeev Sharma at First Investors Management said: "Apple made its intentions clear that this deal is for shareholder-friendly activity, but they have tremendous metrics and brand recognition.

"Apple is something everyone wants in their portfolio," he concluded.

Apple's stock added $12.66, or nearly 3% on Tuesday, to close at $442.78.

The shares have now risen by 9% since Apple announced its plan to return $100bn to stockholders.


00.11 | 0 komentar | Read More

RBS Inquiry: Cable Denies Any 'Interference'

The Business Secretary has denied any suggestion of interfering with the legal process in connection with the collapse of Royal Bank of Scotland (RBS).

Vince Cable was speaking to Sky News after it emerged he had written to prosecutors urging a decision "as quickly as possible" about potential action against the directors of RBS at the time of its taxpayer rescue in 2008.

The matter was referred to Scottish prosecuting authority the Crown Office and Procurator Fiscal Service in January 2012 following a damning report into the bank by the Financial Services Authority (FSA).

The report found that RBS was brought to its knees by "multiple poor decisions" and a £50bn "gamble" on buying Dutch bank ABN Amro, sparking the £45bn taxpayer rescue of RBS

RBS in London Former directors of RBS could face criminal charges over its 2008 failure

In his letter to Advocate General Lord Wallace - a fellow Liberal Democrat politician - Mr Cable asked for an update on the progress of the case but insisted he was "not seeking to influence the outcome" of the legal process.

He said: "I am very keen for a decision to be reached as quickly as possible in order to maintain public confidence in the efficiency of the decision-making process.

"I am fully aware that the decision whether or not to prosecute rests with the Crown Office and Procurator Fiscal Service as the relevant independent prosecuting authority.

Mr Cable requested likely time frames for a decision but said his intervention did not amount to interference, insisting it was "right to reassure the public that this matter is still being pursued."

The then Sir Fred Goodwin, in 2007 Former RBS boss Fred Goodwin lost his knighthood in 2012

While no-one has ever faced criminal prosecution over the collapse of RBS, a civil case was launched by shareholders last month.

The group of more than 12,000 individual and institutional investors claim they were misled by directors over the RBS £12bn rights issue in April 2008, which preceded the bailout.

The group, which also named four former directors including ex-chief executive Fred Goodwin in the suit, said their final claim against the bank could potentially be worth up to £4bn.

Mr Goodwin was stripped of his knighthood last year in what was seen as a political concession to public anger over the bank's demise.


00.11 | 0 komentar | Read More

Energy Firms 'Failed To Meet Consumer Targets'

The energy regulator is investigating six suppliers, saying they have failed to meet their targets on providing consumers with efficiency measures.

Ofgem said that while the sector had achieved 99% of energy efficiency targets set by the Government, some firms had not met their obligations to customers.

It named British Gas, Drax, Scottish Power and SSE as among the companies which had missed the targets, aimed at helping households lower their energy bills and reduce carbon emissions.

Under the measures, energy suppliers were obliged to provide customers, and in particular vulnerable consumers such as people on low incomes or the elderly, with insulation for their lofts and walls and replace inefficient boilers.

Thermal image of home Energy firms are under pressure to help bring bills down

The investigation is a sign that the Government and regulator are taking an increasingly tough stance against energy suppliers after a series of fines for mis-selling and at a time when energy bills are rising.

Ofgem said EDF Energy, Eggborough Power, E.On and nPower had all met their responsibilities.

Sarah Harrison, Ofgem's senior partner for enforcement, said: "Ofgem's role is to ensure that consumers do not lose out by the failure of firms to deliver all the help required."

Under the Consumer Energy Saving Programme, British Gas was found to have met just 62.4% of its target while Scottish Power managed 70%.

SSE, which was recently fined £10.5m for mis-selling, achieved a figure of 90.9%, the regulator said, while EDF, E.On and Scottish Power all exceeded their targets.


00.11 | 0 komentar | Read More

Verizon Dials Up Funds For $100bn Vodafone Bid

By Mark Kleinman, City Editor

The American telecoms group Verizon is lining up funds for a blockbuster $100bn bid to buy Vodafone out of their US mobile phone joint venture.

Insiders told Sky News on Wednesday that Verizon's board had asked banks to present potential financing options this week for a deal to take full control of Verizon Wireless, which would rank as one of the biggest corporate takeovers in history.

A meeting of Verizon's board has also been scheduled for this week. Banks including JP Morgan are understood to be preparing to offer some of their biggest ever loan facilities to help finance a potential deal, according to senior bankers.

Speculation about a sale of the Vodafone stake has been growing in recent weeks, but the disclosure that Verizon is asking banks to table financing solutions offers further evidence that a formal offer is likely to be made in the near future.

The biggest obstacle to an agreement between Verizon and Vodafone remains their respective valuations of Verizon Wireless, with the British company expecting as much as $135bn for its share of the US's biggest mobile network.

Verizon's interest is being accelerated to allow it to take advantage of red-hot debt markets, which should enable the company to borrow at least $50bn, or roughly half the price it plans to offer Vodafone. Verizon would probably borrow the money from a large lending syndicate before issuing several tranches of bonds, according to people close to the situation.

The American company has intensified pressure on its British partner to come to the negotiating table by signalling its belief that it can structure a deal that would not incur a major tax liability for Vodafone.

Vodafone is being advised by Goldman Sachs and UBS, its long-standing financial advisers, on the developing situation.

If a deal does get agreed, Vodafone would probably return a chunk of the proceeds to its shareholders that might qualify as the biggest such handout in corporate history.

Verizon declined to comment.


00.11 | 0 komentar | Read More

UK Coal Fights For Future Amid Creditor Talks

UK Coal has admitted it is in talks with creditors to keep solvent but refused to deny a claim it is considering voluntary liquidation.

When a fire at the company's Daw Mill mine forced its closure and 600 job losses in February, UK Coal warned the closure could harm the viability of the whole company unless it got outside help from government or creditors.

The country's largest coal miner released a statement to clarify its position after the Financial Times (FT) reported it had proposed voluntary liquidation and the handing over of its remaining mines to a new company.

The statement said: "We remain positive that we have an underlying profitable business," while chief executive Kevin McCulloch added: "I hope we are close to securing a way forward for our remaining mines.

"There will undoubtedly be some difficult decisions as we have had to look at all possible options."

UK Coal said it was working closely with employees, government and others to try and preserve the 2,000 remaining jobs at its mines.

The FT said a proposal made by the company would mean creditors receiving 32 pence for every pound of debt but UK Coal declined to say if any offer had been made.

The company avoided a debt default and closure of its operations after completing a major debt restructuring with shareholders last December.


00.11 | 0 komentar | Read More

Charity: 'Scammers Have Never Had It So Good'

Con artists in the UK are thriving during the recession by coming up with new ways to profit from the financial misery of others, Citizens Advice has warned.

The charity said 22,000 scams were reported to it in England and Wales in the last 12 months.

Financial desperation is making people more vulnerable to scams that offer loans or employment opportunities, it added.

"Opportunistic con artists are targeting people who have fallen on hard times with offers of phoney jobs, training and debt scams," Citizens Advice said in a statement.

Typical scams include persuading victims to pay upfront fees to qualify for non-existent loans or to reserve places on fictitious professional training courses, the charity said.

Citizens Advice CEO Gillian Guy said: "Scammers have never had it so good.

"For most people the recession has been really tough but it's a different story for rogues and tricksters as they've cashed-in on other people's misfortune.

"We're seeing people who have been dealt a double-blow by losing their job and then losing money while trying to find a new one."

Citizens Advice will run a campaign throughout May to raise awareness of potential scams.

Leon Livermore, from the Trading Standards Institute, said: "Trading standards officers see first hand the impact these unscrupulous fraudsters are having on often the most vulnerable in our communities. We are working hard with other authorities to stop them."

Citizens Advice said it was worried con artists were already dreaming up new schemes to profit from proposed benefit changes, specifically the so-called Bedroom Tax and the localising of council tax support.


00.11 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger