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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
News For AFLYY;AAWW;IAG;DLAKY;BAIRY;AAR;UAL From The Last 14 Days
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February 26, 2015
07:12 EDTUALUBS to hold a conference
Aerospace & Defense, Airlines & Lessors 1:1 Conference is being held in Boston on February 26.
06:36 EDTUALUnited Continental issues safety warning to pilots, WSJ says
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February 25, 2015
10:01 EDTIAGOn The Fly: Analyst Upgrade Summary
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08:12 EDTIAGIAMGOLD upgraded to Overweight from Underweight at HSBC
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07:25 EDTIAGJPMorgan to hold a conference
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February 24, 2015
07:30 EDTUALJPMorgan to hold a conference
Global High Yield & Leveraged Finance Conference is being held in Miami Beach, FL on February 23-25 with webcasted company presentations to begin on February 24 at 7:40 am; not all company presentations may be webcasted. Webcast Link
06:29 EDTUALCriticism grows against U.S. airline attempts to limit Gulf airlines, WSJ says
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February 23, 2015
16:17 EDTUALBuckeye Partners reduces FY14 revenue by $40M due to settlement discussions
Buckeye Partners (BPL) announced revisions to its financial results for Q4 and FY14 due to a recent development. As has been previously disclosed, commencing in September 2012, Delta Air Lines (DAL), JetBlue (JBLU), United/Continental Air Lines (UAL), US Airways, and American Airlines (AAL) filed complaints with the Federal Energy Regulatory Commission challenging rates for transportation of jet fuel from New Jersey to three New York City area airports charged by Buckeye Pipe Line Company, an operating subsidiary of Buckeye. The Airlines are seeking payments for alleged past excessive charges and prospective tariff rate reductions. As the litigation has progressed, BPLC and the Airlines have continued to pursue settlement discussions. Due to positive developments in those settlement discussions subsequent to Buckeye's issuance of its 2014 earnings on Friday, February 6, Buckeye has recorded a reduction in revenue in the amount of $40M for the year ended December 31, 2014 in accordance with applicable accounting guidance regarding contingencies. This reduction in revenue is a one-time charge; therefore, Adjusted EBITDA and distributable cash flow for 2014 remain as reported on February 6th. The $40M is based upon a settlement offer made by BPLC to satisfy the claims for alleged past excessive charges through December 31, 2014, which offer has not been accepted by the Airlines. "While we continue to pursue settlement of this matter, we are not able to predict with certainty the final outcome of the proceeding, should it be carried through to its conclusion, or whether we can reach a satisfactory settlement and, if so, whether or not it will be on more or less favorable terms," the company said.
07:40 EDTIAGBMO Capital to hold a conference
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06:50 EDTBAIRYAer Lingus union now supports IAG takeover, The Guardian says
The union representing Aer Lingus workers has reversed its stance and is now supportive of a EUR1.4B takeover by British Airways (BAIRY) owner International Airlines Group (ICAGY) after IAG CEO Willie Walsh stated that "job cuts would be minimal," reports The Guardian. Walsh assured Aer Lingus that job losses would be "far exceeded" by new hires as the company expands the airline. Reference Link
February 20, 2015
17:20 EDTUALUnited Continental says cooperating with government investigation
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February 19, 2015
09:59 EDTUALOn The Fly: Analyst Initiation Summary
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09:12 EDTIAGOn The Fly: Pre-market Movers
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05:55 EDTAFLYYAir France-KLM to reduce investments, make 800 job cuts, Financial Times says
Air France-KLM said it would step up cost cutting measures by reducing investment by EUR 600M over two years and making 800 job cuts through voluntary means, reports the Financial Times. CEO Alexandre de Juaniac said the company is being "very, very cautious" and said he wanted a "deep transformation" in the company. Reference Link
February 18, 2015
17:27 EDTUALUnited Continental initiated with a Neutral at BofA/Merrill
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17:17 EDTIAGIAMGOLD reports 2014 reserves of 8.6M ounces
IAMGOLD announced its 2014 year-end mineral reserve and resource statement. Total attributable proven and probable gold reserves decreased by 15% or 1.5M ounces to 8.6M ounces of gold at the end of 2014 due to three principal factors: changes in economic and geotechnical parameters, mainly at Rosebel offset by positive economic parameters resulting from an optimization process at Sadiola, depletion at Rosebel, Essakane and Westwood sites somewhat offset by the increase in reserves at Westwood , reflecting the transfer of resources into reserves, and a lower gold price assumption for reserves at the company's owned and operated mines of $1,300 per ounce at December 31, 2014 compared to $1,400 a year earlier. At Sadiola the gold price assumption for reserves was $1,100 per ounce in both years. Total attributable measured and indicated gold resources decreased by 9% or 2.0 million ounces to 21.4M ounces of gold at the end of 2014 mainly due to changes in economic parameters and depletion at Rosebel and Essakane partially offset by additional resources at the company's development and exploration projects, such as Côté Gold and Boto Gold. As at December 31, 2014, the Company also had attributable inferred resources of 7.0 million ounces.
17:14 EDTIAGIAMGOLD reports Q4 EPS 3c, consensus 1c
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February 17, 2015
17:02 EDTUALSoros Fund Management gives quarterly update on stakes
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13:18 EDTUALOmega Advisors gives quarterly update on stakes
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07:24 EDTUALExecutives' Club of Chicago to hold a breakfast meeting
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