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January 10, 2014
12:54 EDTBAIRY, AAWW, UAL, DLAKY, AFLYY, AAR, IAGUnited, Atlas Air, British Airways among airlines fined by COMCO
Switzerland's Competition Commission, or COMCO, prohibits a price cartel in the context of air freight. Between 2000 and 2005 several airlines agreed on certain elements of the price for air freight transport. The COMCO fined the airlines 11 million Swiss Francs in total in connection with the agreement. The investigation of the Competition Commission revealed that the airlines had agreed on freight rates, fuel surcharges, war risk surcharges, customs clearance surcharges for the U.S. and the commissioning of surcharges. All those elements are part of the price that is charged for air freight transport. This is a horizontal price agreement case.The COMCO fines the following airlines: Korean Air Lines Co. Ltd., Atlas Air Worldwide Holdings (AAWW), AMR Corporation (AAR), United Continental Holdings (UAL), SAS AB, Japan Airlines Co., Ltd., Singapore Airlines Limited, Cathay Pacific Airways Limited, Cargolux Airlines International S. A., British Airways Plc (BAIRY) and Air France-KLM SA (AFLYY). The Deutsche Lufthansa AG, as part of the cartel, triggered the legal proceedings by self-denunciation. Thus this airline benefits from complete immunity from the sanction. As subsidiary of the Deutsche Lufthansa AG (DLAKY), Swiss International Air Lines AG also benefits from full immunity from the sanction. After the initiation of the legal proceedings, British Airways Plc., Cathay Pacific Airways Limited, Japan Airlines Co., Ltd., Air France-KLM SA and Cargolux Airlines International S.A. submitted leniency applications. These leniency applicants benefit from substantial reductions of the sanctions. Reference Link
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March 26, 2015
10:00 EDTDLAKYLufthansa CEO 'stunned' by prosecutor conclusion of Germanwings crash, AP says
Lufthansa CEO Carsten Spohr said he is "stunned" by a French prosecutor's conclusion that the co-pilot of Germanwings plane intentionally caused Tuesday's crash, reports the Associated Press. Speaking to a news conference, Spohr said "We choose our staff very, very carefully", adding that pilots undergo yearly medical examinatoins. Germanwings is a subsidiary of Lufthansa. Reference Link
March 25, 2015
08:31 EDTIAGIAMGOLD to reduce board size following three retirements
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March 24, 2015
08:04 EDTUALAirline estimates may have to come down, buy on weakness, says Cowen
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March 23, 2015
09:34 EDTIAGIAMGOLD to sell Diavik Diamond royalty to Sandstorm Gold for $56.8M
AMGOLD (IAG) announced that it has completed an agreement with Sandstorm Gold (SAND) to sell the Company's gross proceeds royalty over property in Lac de Gras in the Northwest Territories, Canada, including property constituting the Diavik Diamond Mine. The Diavik Diamond Mine is owned, under an unincorporated joint venture structure, 60% by Diavik Diamond Mines, a subsidiary of Rio Tinto (RIO), and 40% by Dominion Diamond Diavik Limited Partnership, a subsidiary of Dominion Diamond (DDC). The Diavik Diamond Royalty is being sold for total proceeds of $56.8M, comprised of $52.5M cash on closing and three million five-year warrants exercisable after initial production from the Diavik Diamond Mine's A21 pipe at an exercise price of $4.50, valued at $4.3 million based on the Company's internal valuation methodology.
March 20, 2015
07:38 EDTDLAKYLufthansa pilot strike extended to Saturday, WSJ says
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March 19, 2015
11:40 EDTAARAAR awarded $19M contract for airlift charter services with UN
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09:49 EDTDLAKYLufthansa expects to operate 75% of flights despite strike, AFP reports
Lufthansa aims to operate approximately 75% of flights on Friday despite a third consecutive day of pilot strikes, reports the AFP. A company spokesman said, "We're assuming for the moment that the number of flights that can take off and land tomorrow will be of the same magnitude as on Wednesday... We're counting on around three quarters of all flights in the entire Lufthansa group -- including Swiss, Austrian and Germanwings -- going ahead." Reference Link
March 18, 2015
06:07 EDTDLAKYLufthansa pilots begin two-day strike, Reuters says
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March 17, 2015
11:34 EDTDLAKYLufthansa cancels 750 flights due to impending pilots strike, Reuters reports
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09:06 EDTUALBoeing delivers first 787-9 Dreamliner assembled at North Charleston facility
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