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Int'l Business Times
15 hours ago
- Politics
- Int'l Business Times
'Hidden Treasure': Rare Gandhi Portrait Up For UK Sale
A rare oil painting of Indian independence leader Mahatma Gandhi, which is believed to have been damaged by a Hindu nationalist activist, is to be auctioned in London in July. Gandhi, one of the most influential figures in India's history, led a non-violent movement against British rule and inspired similar resistance campaigns across the world. He is the subject of tens of thousands of artworks, books and films. But a 1931 painting by British-American artist Clare Leighton is believed to be the only oil portrait he sat for, according to the painter's family and Bonhams, where it will be auctioned online from July 7 to 15. "Not only is this a rare work by Clare Leighton, who is mainly known for her wood engravings, it is also thought to be the only oil painting of Mahatma Gandhi which he sat for," said Rhyanon Demery, Bonhams Head of Sale for Travel and Exploration. The painting is a "likely hidden treasure", Caspar Leighton, the artist's great-nephew, told AFP. Going under the hammer for the first time next month, the painting is estimated to sell for between GBP50,000 and GBP70,000 ($68,000 and $95,000). Clare Leighton met Gandhi in 1931, when he was in London for talks with the British government on India's political future. She was part of London's left-wing artistic circles and was introduced to Gandhi by her partner, journalist Henry Noel Brailsford. "I think there was clearly a bit of artistic intellectual courtship that went on," said Caspar, pointing out that his great-aunt and Gandhi shared a "sense of social justice". The portrait, painted at a crucial time for India's independence struggle, "shows Gandhi at the height of his power", added Caspar. It was exhibited in London in November 1931, following which Gandhi's personal secretary, Mahadev Desai, wrote to Clare: "It was such a pleasure to have had you here for many mornings doing Mr Gandhi's portrait." "Many of my friends who saw it in the Albany Gallery said to me that it was a good likeness," reads a copy of the letter attached to the painting's backing board. The painting intimately captures Gandhi's likeness but it also bears reminders of his violent death. Gandhi was shot at point-blank range in 1948 by disgruntled Hindu nationalist activist Nathuram Godse, once closely associated with the right-wing paramilitary organisation RSS. Godse and some other Hindu nationalist figures accused Gandhi of betraying Hindus by agreeing to the partition of India and the creation of Muslim-majority Pakistan. According to Leighton's family, the painting was attacked with a knife by a "Hindu extremist" believed to be an RSS activist, in the early 1970s. Although there is no documentation of the attack, a label on the back of the painting confirms that it was restored in the United States in 1974. Under UV light, Demery pointed out the shadow of a deep gash running across Gandhi's face where the now-restored painting was damaged. "It feels very deliberate," she said. The repairs "add to the value of the picture in a sense... to its place in history, that Gandhi was again attacked figuratively many decades after his death", said Caspar. The only other recorded public display of the painting was in 1978 at a Boston Public Library exhibition of Clare Leighton's work. After Clare's death, the artwork passed down to Caspar's father and then to him. "There's my family's story but the story in this portrait is so much greater," he said. "It's a story for millions of people across the world," he added. Unlike countless depictions of the man known in India as the "father of the nation" -- in stamps, busts, paraphernalia and recreated artwork -- "this is actually from the time", said Caspar. "This might be really the last truly significant picture of Gandhi to emerge from that time." Rhyanon Demery shows the spot where Clare Leighton's portrait of Mahatma Gandhi was damaged AFP Gandhi's personal secretary praised the portrait, according to letter attached to the backing board AFP
Yahoo
23-05-2025
- Business
- Yahoo
easyJet PLC (EJTTF) (H1 2025) Earnings Call Highlights: Navigating Losses and Strategic Growth
Group Loss: GBP394 million for the first half, in line with consensus. Impact of Easter: Valued at GBP50 million, affecting financial results. Q1 Performance Improvement: Improved by GBP65 million, more than halving losses. Capacity Investments: Added 8% more seats, increased ASKs by 14%. Crew Productivity: Improved by 6%. Aircraft Utilization: Improved by 5%. Unit Costs (CASK ex fuel): Reduced by 4%. Fuel Costs: Reduced by 8%. EasyJet Holidays Passenger Growth: Expected 25% increase. New Aircraft: Took ownership of nine A320 family neos. Average Seat Gauge: Increased by 1% to 181 seats. New Bases Opened: Milan Linate, Rome Fiumicino, and Southend. On-Time Performance: Improved by 1% in the first half, 2% in April. CSAT Scores: Improved year on year for airport experience. Dividend: Paid 20% of profit after tax for the half. Asset Book Value: GBP4.6 billion, expected to grow by 60% by full year '28. Warning! GuruFocus has detected 4 Warning Sign with EJTTF. Release Date: May 22, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. easyJet PLC (EJTTF) improved its Q1 performance by GBP65 million, more than halving its losses compared to the previous year. The company reduced its unit costs (CASK ex fuel) by 4% and fuel costs by 8%, with expectations for continued reductions in the second half. easyJet Holidays is on an excellent growth trajectory, expecting a 25% increase in passengers. The company has added new bases in Milan Linate, Rome Fiumicino, and Southend, with plans to open a base in Newcastle, enhancing its network. The company is focused on capital allocation, ensuring high returns on capital and maintaining a strong investment-grade balance sheet. easyJet PLC (EJTTF) reported a group loss of GBP394 million for the first half, in line with consensus but still a significant loss. The second quarter saw an increase in losses, attributed to necessary preparations for the summer season, including recruitment and training. Capacity growth is constrained due to delays from OEMs like Airbus and Boeing, affecting summer seat availability. The company faces challenges with air traffic control disruptions, which have deteriorated year-on-year. New routes and bases require price stimulation initially, impacting short-term profitability as they mature over a two to three-year period. Q: Can you provide more details on how the Easter impact moved from GBP30 million to GBP50 million and discuss summer pricing? A: The Easter impact increased due to stronger-than-anticipated demand in April. We saw a need for price stimulation in March, particularly for routes to the Canaries. For summer, we are ahead on load factor, with a 2.2% increase, and fuel costs are decreasing, which supports a positive outlook. (Kenton Jarvis, CFO) Q: How are the new bases performing, and what is the proportion of seats sold through third-party channels? A: Southend has performed well, with 25% of traffic from easyJet Holidays. Milan Linate and Rome Fiumicino are promising but required late investments. Regarding distribution, UK Beach routes have 65% direct sales, 18% indirect, and 17% through easyJet Holidays. (Kenton Jarvis, CFO; Sophie Dekkers, CCO) Q: With the current booking trends, do you see value in adjusting yield strategies for the peak summer? A: Our commercial department continuously evaluates the trade-off between yield and load factor. We are in a strong position and will optimize performance for another record summer. (Kenton Jarvis, CFO) Q: Are there any plans for a loyalty program similar to legacy airlines? A: Loyalty is important to us, and we have easyJet Plus with growing membership. We are exploring app-centric approaches for deeper customer relationships, but there are no immediate plans for a traditional loyalty program. (Kenton Jarvis, CFO) Q: How are you addressing high other costs compared to peers, and what impact will this have on future profitability? A: We have seen a 4% improvement in CASK ex-fuel due to increased capacity. Maintenance costs are slightly up due to lease extensions and inflation. We are focused on closing the cost gap with peers through capital allocation and digital investments. (Jan De Raeymaeker, CFO) Q: What is the outlook for hotel bed supply in new longer route markets? A: We are positive about hotel bed supply, with strong relationships with hoteliers who appreciate our ability to fill beds year-round. We have seen increased approaches from hoteliers offering more beds, which supports our growth. (Garry Wilson, CEO of EasyJet Holidays) Q: Have you observed any changes in demand due to tariff uncertainties, and what is your stance on cash returns to shareholders? A: We have not seen significant changes in demand due to tariffs. Our cash position is strong, with GBP3.6 billion in cash and GBP5.3 billion in total liquidity. We maintain a 20% dividend policy and focus on fleet modernization. (Kenton Jarvis, CFO; Jan De Raeymaeker, CFO) Q: How are you addressing the Spanish government's challenge to ancillary fees, and what is the demand outlook in Europe? A: We are appealing the Spanish fine, as it contravenes EU law. Ancillary fees are crucial for managing capacity and customer satisfaction. Demand in Europe is strong, with load factors ahead of last year. (Kenton Jarvis, CFO; Sophie Dekkers, CCO) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
