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By Reuters | May 7th 2021
British Airways-owner IAG reported a 1.14 billion euro loss for the three months to end-March, as the pandemic restricted travel, and forecast only a small rise in capacity to 25 per cent for the April-June quarter.
Flying just 20 per cent capacity in the three months to the end of March resulted in the group posting the operating loss before exceptional items of 1.14 billion euros, slightly better than the 1.17 billion euro loss consensus forecast.
IAG on Friday forecast only a minimal pick-up in capacity to 25 per cent for the April to June quarter, remaining cautious despite hopes that European travel will start to recover from late May onwards.
Investors piled into Mike Ashley’s Frasers Group after it kicked off a surprise share buyback scheme.
The Sports Direct and House of Fraser owner will spend up to £60million purchasing its own stock between now and July despite warning less than a month ago that it would suffer a £200million hit from the pandemic. It will start the spree next Tuesday, buying a maximum 10m shares.
The retail conglomerate refused to explain beyond saying it was to ‘reduce the share capital of the company’. Businesses usually buy shares and hold them in reserve to reduce the number available to the public.
FILE PHOTO: Britain s International Trade Secretary Liz Truss attends BBC TV s The Andrew Marr Show in London, Britain, April 25, 2021. Jeff Overs/BBC/Handout via REUTERS
LONDON (Reuters) -Britain is set to announce the green list for countries that people can travel to on holiday shortly, and will have the right procedures in place to ensure travel can happen safely, said trade minister Liz Truss on Tuesday.
Hopes that Britons will be able to travel to Europe rose on Monday after the European Union recommended easing restrictions to allow in people who were fully vaccinated or from countries with a good epidemiological situation , boosting travel stocks.
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The Civil Aviation Authority (CAA) has rejected a disproportionate request for funding from Heathrow which would have hiked airport charges by 10%.
Heathrow is attempting to offset losses incurred because of the pandemic.
CAA has instead sanctioned a smaller increase which will allow Heathrow to fund the reopening of terminals as air traffic begins to recover.
The CAA regulates what Heathrow can charge users, such as airlines.
Those airlines can then choose to pass on the charges to their passengers.
The CAA said this would have increased airport charges by 10%, amounting to roughly £2 per passenger.