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January 10, 2014
12:54 EDTUAL, DLAKY, AFLYY, AAR, IAG, BAIRY, AAWWUnited, 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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January 22, 2015
08:40 EDTIAGIAMGOLD sells Niobec for $530M
IAMGOLD has completed the sale of its Niobec mine to a group of companies led by Magris Resources. On closing, IAMGOLD received $500M in cash after tax for the niobium business. When combined with the company's current cash, cash equivalents and gold bullion, the balance increases to approximately $800M, exceeding the value of the company's $650M unsecured notes due in October, 2020. The company also has an undrawn $500M revolving credit facility.
07:39 EDTIAGIAMGOLD reports 2014 gold production 844K ounces
Reports preliminary total cash costs gold mines estimated at $845-$865 per ounce. Cash costs for IAMGOLD owner-operator mines for 2014 expected to be at the upper end of guidance of $790-$830 per ounce. Preliminary all-in sustaining costs gold mines estimated at $1,100-$1,120 per ounce. All-in sustaining costs for IAMGOLD owner-operator mines for 2014 expected to be at the low end of guidance of $1,100-$1,200 per ounce. 2014 CapEx were approximately $325M, 51% lower than 2013 and well below the 2014 guidance. As a result of the year-end review of asset retirement obligations, the company recorded non-cash expenses of approximately $40.5M related to the rehabilitation costs associated with the closure of the Doyon Mine. As at December 31, 2014, cash, cash equivalents and gold bullion was approximately $333M.
07:36 EDTIAGIAMGOLD reports 2014 revenue $1.2B, consensus $1.21B
07:34 EDTIAGIAMGOLD sees 2015 gold production 820K-860K ounces
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07:34 EDTUALUnited Continental reports 2014 consolidated PRASM up 1.6%
Full-year 2014 consolidated unit costs, excluding special charges, third-party business expenses, fuel and profit sharing, increased 1.3% year-over-year on a consolidated capacity increase of 0.3%. Full-year 2014 CASM, including those items, decreased 1.6% year-over-year. Consolidated revenue passenger miles increased 0.1% and consolidated available seat miles increased 0.9% year-over-year for the fourth quarter, resulting in a fourth-quarter consolidated load factor of 81.7%. Fourth-quarter 2014 consolidated PRASM increased 0.4% and consolidated yield increased 1.3% compared to the fourth quarter of 2013.
07:32 EDTUALUnited Continental reports Q4 EPS excl items $1.20, consensus $1.22
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January 21, 2015
15:27 EDTUALNotable companies reporting before tomorrow's open
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14:27 EDTUALUnited Continental volatility elevated into Q4 and outlook
United Continental January weekly call option implied volatility is at 90, February is at 52, March is at 49; compared to its 26-week average of 44 according to Track Data, suggesting large near term price movement into the expected release of Q4 on January 22.
08:52 EDTDLAKYLufthansa settles Eurowings labor negotiations with five-year deal, Reuters says
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06:23 EDTUALUnited may switch Boeing 787 Dreamliner order to larger 777-300ERs, WSJ says
United Continental (UAL) is close to a deal to change at least 10 of its Boeing (BA) 787 Dreamliners that are on order to 777-300ER jetliners, which are larger, The Wall Street Journal reports, citing two sources. The deal is in the process of being finalized, the sources say, and would help preserve Boeing's production rates and transition to the 777x. Reference Link
January 20, 2015
08:22 EDTDLAKYLufthansa and cabin crew union agree to mediation in February, Reuters says
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06:39 EDTUALU.S. airlines may buy back shares amid cheap oil, WSJ reports
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06:02 EDTDLAKYLufthansa upgraded to Overweight from Equal Weight at Barclays
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January 16, 2015
10:01 EDTDLAKY, AFLYYOn The Fly: Analyst Downgrade Summary
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07:03 EDTIAGIAMGOLD cleared to complete sale of Niobec for $530M
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05:36 EDTAFLYYAir France-KLM downgraded to Underperform from Neutral at Credit Suisse
05:31 EDTDLAKYLufthansa downgraded to Underperform from Neutral at Credit Suisse
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January 15, 2015
10:06 EDTUALUnited Continental sees special charges of $226M in Q4
The company said in a filing that it expects to record special charges of $226M, or $232M before income taxes, for Q4. he company recorded $141M of costs related primarily to a voluntary early-out program for its flight attendants. More than 2,500 participants elected a one-time opportunity to voluntarily separate from the company and will receive a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates from Nov. 30, 2014 through the end of 2015. The company will record additional expense associated with this program through 2015 over the remaining required service periods. The company recorded a charge of $16M related to its annual assessment of impairment of its indefinite-lived intangible assets. On Oct. 10, 2014, United used cash to retire, at par, the entire $248M principal balance of the 6% Convertible Junior Subordinated Debentures and the 6% Convertible Preferred Securities, Term Income Deferrable Equity Securities. The $53M expense is primarily associated with the write off of non-cash debt discounts recorded on the TIDES due to purchase accounting during the merger with Continental Airlines in 2010.
09:31 EDTDLAKYGerman pilots' union says more Lufthansa strikes likely, Reuters reports
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08:20 EDTUALUnited Continental upgraded to Neutral from Underperform at BofA/Merrill
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