September, 2016

• 3 September

  BA halves biz-only flights from London City to NY

  

    Bloomberg British Airways will cut one of its two daily flights from London City Airport to New York’s John F. Kennedy International hub, slashing capacity on a business-class-only service that began in 2009. The change will be introduced with the winter schedule at the end of October, leaving British Airways with up to 12 daily flights to terminals in ...

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• 3 September

  Wal-Mart to cut 7,000 back-office store jobs

  

    Bloomberg Wal-Mart Stores Inc. will relocate about 7,000 back-office workers as the world’s largest retail chain tries to make its stores more efficient. The employees — a handful at each of its 3,500 supercenters — will be moved to other parts of the stores, according to Deisha Barnett, a spokeswoman for the Bentonville, Arkansas-based company. The workers’ pay could ...

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• 3 September

  Mall Group wins Aeropostale auction with $243.3mn bid

  

    Bloomberg A consortium led by Simon Property Group Inc. and General Growth Properties Inc. won an auction for the assets of Aeropostale Inc., with a plan to keep open at least 229 of the bankrupt teen retailer’s stores. The bidding group will also keep the chain’s online business and licensing operation up and running, according to a statement. The ...

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• 3 September

  Computer snag cuts Delta’s $100mn revenue

  

    Bloomberg Delta Air Lines Inc. said the computer failure that caused 2,300 flight cancellations last month cut sales about $100 million and reduced a key revenue figure. Passenger revenue for each seat flown a mile, an industry benchmark, fell 9.5 percent in August, in part because of the outage and subsequent recovery efforts, the carrier said in a statement ...

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• 3 September

  United jumps after adding American’s No. 2 to its team

  

    Bloomberg United Continental Holdings Inc. surged after the surprise hire of American Airlines Group Inc.’s president strengthened its executive roster and won praise from industry analysts. Scott Kirby will help United close its profitability gap with American and Delta Air Lines Inc. in the next 12 to 18 months, Savanthi Syth, an analyst at Raymond James Financial, said in ...

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• 3 September

  Ryanair could snap extra Boeing 737 jets

  

    Bloomberg Ryanair Holdings Plc could snap up more Boeing Co. 737s should other carriers shy away from orders amid softening demand, Chief Executive Office Michael O’Leary said. Ryanair is interested in sourcing extra single-aisle planes, even though it has 115 current generation 737-800s due for delivery over the next few years followed by 100 updated 737 Max 200s arriving ...

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• 3 September

  Slim splits $825mn in Mexican runway deals

  

    Bloomberg Billionaire Carlos Slim led a consortium that won one of the runway contracts for Mexico City’s new airport, as the government handed out the first big awards for the $13 billion construction project. A unit of Slim’s Grupo Carso SAB — along with partners GIA+A, Promotora y Desarrolladora Mexicana and La Peninsular Cia. Constructora — submitted a bid ...

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• 3 September

  Global banks seek Brexit deal to keep status quo

  

    Bloomberg The world’s biggest banks are pressing UK Prime Minister Theresa May to strike an interim agreement with the European Union for financial companies before formal exit talks start, according to two people with knowledge of the matter. An interim agreement would seek to preserve passporting, the ability of banks to freely sell services and products across the EU, ...

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• 3 September

  Banks in $43bn capital dispute slam Swedish govt

  

    Bloomberg Sweden’s banks say their government is underestimating the damage that a new set of capital rules will do to the economy and public finances. The Swedish Bankers’ Association says a plan to curb the use of internal risk models to determine capital levels will cost as much as 365 billion kronor ($43 billion) in additional buffer requirements. Citing ...

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• 3 September

  Italy leaders push banks plan

  

    Bloomberg Before an elite financial and business audience, Italy’s prime minister and finance minister strove to project optimism that their drive to overhaul the country’s troubled banks will succeed. But a fellow guest from the European Central Bank damped expectations with a warning the market could have the last word. The restructuring of Banca Monte dei Paschi di Siena ...

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