Air New Zealand names Nikhil Ravishankar as new CEO
Foran, who joined the airline just as the COVID-19 pandemic loomed, announced his resignation earlier this year as the flag carrier continues to grapple with global supply chain disruptions and persistent engine maintenance issues.
Ravishankar, who has served as Air New Zealand's chief digital officer for nearly four years, will assume the top job on October 20. Prior to joining the airline, he held leadership roles at Vector and consulting firm Accenture (ACN.N), opens new tab, where he was managing director.
"Airlines will continue to face immense challenges, whether that's climate change, customer expectations, technology, cost pressures or geopolitics," said Chair Dame Therese Walsh.
"Nikhil brings a fresh perspective that is grounded in New Zealand values and a deep knowledge of the airline and critical infrastructure across different sectors."
Air New Zealand's struggles have been compounded by a relatively small domestic market and fierce competition from Australian carriers Qantas Airways (QAN.AX), opens new tab and Virgin Australia (VGN.AX), opens new tab.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
4 minutes ago
- Reuters
Switzerland says tariff talks with US continue, gold industry concerned about bullion trade
ZURICH, Aug 8 (Reuters) - Switzerland is continuing discussions with the United States about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the U.S. could be severely impacted by a 39% tariff. The tariff talks in Washington are being led by Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO), and come after the import levy - among the highest of any applied under President Donald Trump's global trade reset - took effect on Thursday. A last-ditch Swiss trip led by President Karin Keller-Sutter failed to produce a better deal. "Discussions with the United States are ongoing," SECO said in a statement to Reuters on Friday. "The discussions have consistently focused on reducing the additional U.S. tariffs." SECO said it would give no further details on the talks, which could include further concessions Switzerland may offer the U.S. in return for lower tariffs. No discussions were scheduled for Friday, although they are due to continue next week on a technical level, a Swiss source said, without giving further details. The Swiss precious metals association on Friday said it was concerned about an increase in tariffs on gold exports to the United States to 39%. Gold bars of 1 kg and 100 oz were previously exempt from U.S. tariffs, but country-specific tariffs may now apply. Switzerland is the world's largest gold refining centre, with up to 70% of gold produced annually worldwide melted down and processed at the five refineries in the country. The country imports gold bars and resizes them for the U.S. market. Switzerland exported gold bars worth 7.86 billion Swiss francs ($9.7 billion) to the U.S. last year, according to customs data. "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious Metals. "With a tariff of 39%, exports of gold bars will definitely be stopped to the U.S.," Wild told Reuters. Economist Hans Gersbach, from the KOF Economic Institute at ETH, a university in Zurich, estimated that 7,500 to 15,000 jobs could be lost in Switzerland as a result of the U.S. tariffs. "The effect will be severe in some industries like watches, machinery and precision instruments," Gersbach said. "If pharma was also targeted, the figure would be higher," he added, although no figure has yet been calculated. Switzerland's giant pharmaceuticals sector, which includes Roche (ROG.S), opens new tab and Novartis (NOVN.S), opens new tab, made up half of Swiss exports to the U.S. last year, and has not been included in the U.S. tariffs. Business association economiesuisse held a seminar earlier this week to help companies navigate the tariff turmoil. Companies were very concerned, but were focused on trying to find solutions, said economiesuisse board member Jan Atteslander. "We still have difficulties understanding this friendly fire, but we are working on ways to cope with it," Atteslander said. U.S. importers would increase their prices for Swiss products to deal with the tariff impact, Atteslander said, which could lead to lower sales, while profit margins would also be cut. Companies were speaking with their U.S. customers as well as examining shifting their production from Switzerland to Europe or Britain, which have lower tariffs on U.S.-bound products. The crisis is the latest shock to hit Swiss companies, which have long battled an appreciating Swiss franc, which makes its products more expensive abroad, said Atteslander. "Our companies are always under heavy pressure, so the only way to survive is to innovate," he said. ($1 = 0.8071 Swiss francs)
Reuters
10 minutes ago
- Reuters
Brokerages expect global growth to slow in late 2025 on tariffs, geopolitical tensions
August 8 (Reuters) - Major brokerages, including Goldman Sachs, and Morgan Stanley, have forecast slower global growth for late 2025 due to economic uncertainty fueled by tariffs and geopolitical tensions. The U.S. economy is expected to grow between 1% and 2% this year, according to estimates from leading brokerages, as tariffs push prices higher, while softening labor markets help avoid a potential wage-price spiral. Brokerages including Goldman Sachs and HSBC now expect the benchmark S&P 500 (.SPX), opens new tab to end the year above the 6,000 mark as strength in corporate earnings and easing trade uncertainty support the broader U.S. equity market. Meanwhile, central banks, especially the U.S. Federal Reserve, are on pause, waiting to see how the situation plays out. Following are the forecasts from some top banks on economic growth, and the performance of major asset classes in 2025. U.S. recession forecasts: Forecasts for stocks, currencies and bonds: Real GDP Growth: * UBS Global Research and UBS Global Wealth Management are distinct, independent divisions in UBS Group * Wells Fargo Investment Institute is a wholly owned subsidiary of Wells Fargo Bank
Reuters
an hour ago
- Reuters
World food prices at 2-year high on rising meat and edible oils, FAO says
PARIS, Aug 8 (Reuters) - World food commodity prices rose in July to their highest in over two years, as a jump for vegetable oils and record levels for meat outweighed falling cereal, dairy and sugar prices, the United Nations' Food and Agriculture Organization said. The FAO Food Price Index, opens new tab, which serves as a global benchmark for food commodity prices, averaged 130.1 points in July, a 1.6% increase from June, FAO said. That was the highest reading since February 2023, though the index was 18.8% below its peak of March 2022, which followed Russia's full-scale invasion of Ukraine. FAO's meat price index hit a new all-time high of 127.3 points, up 1.2% from its previous peak in June, as strong import demand from China and the United States boosted beef and sheep meat prices, the agency said. U.S. beef imports have climbed after drought led to a decline in the domestic cattle herd. China shipped in record amounts of beef last year amid growing popularity of the meat, though an official probe into imported beef has raised uncertainty about Chinese demand. In other meat markets, poultry prices rose slightly following the resumption of imports of Brazilian chicken by major buyers after Brazil regained its avian influenza-free status following action against a first farm-level outbreak. In contrast, pig meat prices declined due to sufficient supplies and lower demand, particularly in the European Union, FAO added. The agency's vegetable oil index surged to 166.8 points, up 7.1% month-on-month and the highest level in three years. This increase was driven by higher quotations for palm, soy, and sunflower oils due to robust global demand and tightening supplies, though rapeseed oil prices fell as new-crop supplies arrived in Europe, FAO said. FAO's cereal price benchmark eased to its lowest in almost five years, reflecting seasonal supply pressure from wheat harvests in the Northern Hemisphere. Its separate rice index dropped 1.8% last month, driven by ample export supplies and weak import demand. Dairy prices edged down for the first time since April 2024, with declines for butter and milk powders offsetting further gains for cheese. FAO's sugar price index eased for a fifth consecutive month on expectations of increased production in Brazil and India, despite indications of recovering global sugar import demand, the agency said. FAO did not update its cereal supply and demand, opens new tab estimates this month.
