Aurigny expects to financially break even in 2025 after losses
He said: "Things are indeed looking much better. "Last year's financial results were fundamentally a function of the vast expenditure we incurred for ACMI and wet-lease expenditure. "When you remove those one-solve expenditures from our financial results of last year, we would again have achieved a profit as we did the year before and the year before that."
Aurigny's monthly review for June found about 85% of its flights were on schedule, with a lack of pilots being the main reason for flight cancellations.Mr Bezuidenhout said the company should be at full capacity with its staff by the end of July and that its pilot head count had improved by 30% in the past three months.He said: "So this issue addresses the retention of first officers and then the migration of those first officers back into Aurigny."We are now fully recruited - the last number of pilots are going through their conversion training and by the end of July we would be at full operational strength."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
5 hours ago
- Reuters
EU-US trade deal could add up to $19 billion in pharma industry costs, analysts say
July 28 (Reuters) - The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday. The added costs could raise prices for consumers unless pharmaceutical companies take action to mitigate the impact of the tariffs, one of the analysts said. Pharmaceuticals had historically been exempt from duties. Medicines are the largest European exports to the United States by value and the EU accounts for about 60% of all pharmaceutical imports to the U.S. On Sunday, European officials said that a bilateral trade deal for an across-the-board 15% tariff included pharmaceuticals, except for some generic drugs, which would be subject to no tariffs. The U.S. has been conducting a national security investigation into the pharmaceutical sector and the industry has been bracing for separate sectoral tariffs. President Donald Trump said earlier this month, before negotiating the bilateral deal, that pharmaceutical tariffs could be as high as 200%. Some Wall Street analysts said that they do not expect additional tariffs on the EU as a result of the investigation, but others cautioned that the deal was not yet signed and that several questions remained unanswered. UBS analyst Matthew Weston said that he expects details of the trade deal to include protective measures for EU pharma exports from the U.S. investigation, especially since such measures are being discussed in negotiations with the United Kingdom and Switzerland. ING analyst Diederik Stadig also said that while tariffs on top of the 15% were not expected, even after the conclusion of the national security investigations, nothing is completely clear "until a trade deal is inked." Stadig estimates that these levies could add $13 billion to industry expenses without any mitigation strategies, and some of that could be ultimately borne by the consumer. Bernstein analyst Courtney Breen puts the additional expenses at $19 billion for the industry, but she notes that companies might be able to absorb some of the costs with the measures they have been implementing — such as stockpiling of drug products and new deals with contract researchers. Earlier this month, Sanofi ( opens new tab said it will sell a manufacturing facility in New Jersey to Thermo Fisher (TMO.N), opens new tab, where the French drugmaker's therapies will continue to be manufactured. Roche's (ROG.S), opens new tab CEO Thomas Schinecker said last week that the company was increasing its U.S. inventories to avoid any immediate disruption from tariffs. UBS' Weston said that it was not immediately clear which generic drugs were exempted from duties under the deal, but any impact for generic drugmaker Sandoz (SDZ.S), opens new tab for this year should mostly be manageable. Shares in pharmaceutical companies Sanofi, Roche and Sandoz Group all closed up between 0.5% and 1% on Monday.
Daily Mail
10 hours ago
- Daily Mail
United Airlines quietly brings back their most hated rule that will cost you more money
United Airlines has quietly resumed charging single passengers more than those traveling in pairs or groups. The controversial policy, dubbed the 'single tax' by its critics, was exposed by a consumer rights website earlier this year. An investigation by Thrifty Traveler found that United, Delta and American were all charging solo fliers higher fares for the same route than those who booked two tickets or more together. After the report sparked backlash, United and Delta promised to scrap the pricing model and charge the same rates for singles and couples. American Airlines, however, kept the policy. Now United — the US's largest airline — has reneged, according to an analysis by The Economist. It is once again charging weekday solo travelers a premium on at least 8 percent of its flights. The data also showed that American Airlines applies the 'single tax' far more aggressively, charging solo travelers more on 57 percent of its routes. Critics say the system unfairly punishes passengers who travel alone, especially those flying midweek for work, while group travelers often enjoy lower per-ticket fares. Meanwhile, United has faced a string of controversies in recent months — from slashing flights to selling customer data. The legacy airline announced earlier this summer that it would cut four in every 100 domestic flights this year — blaming Americans not wanting to travel as much. The cuts are centered on late night and early morning flights following a drop in demand for off-peak travel. The reductions came as United rolled out a new business class experience, offering perks such as Ossetra caviar, Laurent‑Perrier Cuvée Rosé Champagne, plasma face masks and designer hoodie pajamas for premium passengers. In April, a 90‑second air traffic control blackout at United's Newark hub caused weeks of delays and forced the airline to to cut 35 daily flights. Adding to the backlash, an investigation revealed United was among the airlines that had sold sensitive passenger data to the federal government. United, Delta and American collectively own a data broker - the Airlines Reporting Corporation (ARC) - that collects their passenger's flight record information including their names, full flight itineraries and financial details. This broker then sold passenger data on to Customs and Border Protection in a contract that asked the agency not to reveal where the data had come from. The CBP, part of the Department of Homeland Security, claims the data is necessary to help authorities track people of interest. Immigration and Customs Enforcement also purchased the data, the publication reported. 'The big airlines — through a shady data broker that they own called ARC — are selling the government bulk access to Americans' sensitive information, revealing where they fly and the credit card they used,' Democrat Senator Ron Wyden told 404 Media. Southwest is also dealing with the ire of its customers after ditching its 50-year policy of free checked baggage. It come shortly after the budget airline also cut its first-come, first-serve seating in a bid to boost profits by offering flyers the chance to pay extra to pick their seats early or get coveted extra-legroom.
Reuters
14 hours ago
- Reuters
Europe Inc swerves Trump trade war 'hurricane' but laments higher tariffs
LONDON, July 28 (Reuters) - European companies were left wondering on Monday whether to cheer a hard-won U.S. trade deal or lament a still sharp jump in tariffs versus those in place before President Donald Trump's second term. A day earlier, European leaders heralded a framework trade deal with the United States that would impose a 15% import tariff on most EU goods, averting a spiralling battle between two allies which account for almost a third of global trade. Although the deal is better than the 30% rate threatened by Trump and will bring clarity for European makers of cars, planes and chemicals, the 15% baseline tariff is well above initial hopes of a zero-for-zero agreement. It is also higher than the U.S. import tariff rate last year of around 2.5%. "Those who expect a hurricane are grateful for a storm," said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI, calling for more talks to reduce tariffs that he said were "too high" for Europe's chemical industry. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. U.S. customers are paying the tariffs." The deal, which also includes $600 billion of EU investments in the United States and $750 billion of EU purchases of U.S. energy over Trump's second term, includes some exemptions, even if details are still to be ironed out. Carmakers Volkswagen ( opens new tab and Stellantis ( opens new tab, among others, will face the 15% tariff, down from 25% under the global levy imposed by Trump in April. Stellantis shares rose 3.5% and car parts maker Valeo ( opens new tab was up 4.7% in early trade. German pharma group Merck KGaA ( opens new tab gained 2.9%. Aircraft and aircraft parts will be exempt - good news for French planemaker Airbus ( opens new tab - as will certain chemicals, some generic drugs, semiconductor equipment, some farm products, natural resources and critical raw materials. Shares in the world's biggest chip maker ASML ( opens new tab rose more than 4%, among the biggest gainers on the pan-European STOXX 600 (.STOXX), opens new tab index. Dutch brewer Heineken ( opens new tab cheered the deal, with CEO Dolf van den Brink welcoming the certainty it brought. The world's No.2 brewer sends beer, especially its namesake lager, to the U.S. from Europe and Mexico, and has also suffered from the indirect effect on consumer confidence in important markets like Brazil. The rate on spirits that could impact firms such as Diageo (DGE.L), opens new tab, Pernod Ricard ( opens new tab and LVMH ( opens new tab, is still being negotiated though. "It seems that in coming days there could be negotiations for certain agricultural products, zero for zero, which is what the European and U.S. sectors have been calling for," said Jose Luis Benitez, director of the Spanish Wine Federation. Benitez added that a 15% rate could put Europe at a disadvantage versus other wine exporting regions subject to 10% tariffs. "If there are any exceptions, we hope that the (European) Commission understands that wine should be one of them." Lamberto Frescobaldi, the president of Italian wine body UIV, said on Sunday that 15% tariffs on wine would result in a loss of 317 million euros ($372.63 million) over the next 12 months, though the group was waiting to see the final deal text. Others said that the agreement- which followed on the heels of a similar one with Japan - helped bring greater clarity for company leaders, but still threatened to make European firms less competitive. "While this agreement puts an end to uncertainty, it poses a significant threat to the competitiveness of the French cosmetics industry," said Emmanuel Guichard, secretary general of French cosmetics association FEBEA, which counts L'Oreal ( opens new tab, LVMH ( opens new tab and Clarins among its members. ($1 = 0.8507 euros)
