Showing posts with label 2009. Show all posts
Showing posts with label 2009. Show all posts

BAA's pretax loss reached 316.2 million pounds


Airports operator BAA said the downturn weighed on passenger numbers in the first quarter as building costs at Heathrow contributed to a steep loss, though its air-side stores did good business.The operator of Heathrow and Gatwick airports said numbers fell a greater-than-expected 10 percent and it now had a "slightly more cautious" outlook on passenger traffic than previously.But it reiterated hopes for a rise in underlying profit this year, underpinned by a strong performance by its retail operations.

The company, owned by Spain's Grupo Ferrovial SA, said its planned sale of Gatwick -- ordered by regulators to meet competition concerns and where passenger numbers fell more than the average -- was due to be announced within weeks.London_Heathrow_Airport.jpg (403×323)BAA's pretax loss reached 316.2 million pounds after one-off costs from building Heathrow's Terminal 5 and from losses on derivatives contracts, compared with a loss of 55.6 million in the same period last year.

Revenue rose 15.5 percent, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 27.9 percent due to higher tariffs, a strong retail performance and cost controls.Passenger numbers at BAA's airports fell to 24.8 million, with Gatwick and Stansted airports falling the most at 14.6 percent each.Chief Executive Colin Matthews said that the fact that the overall quarterly decline was similar to the fourth quarter could indicate the fall in traffic had flattened out, though that remained to be seen."(But) one of things that these results really underline is how different the business model is at Heathrow. What Heathrow can do as a hub is compensate with more transfer traffic," he said Gatwick airport was put up for sale last year to meet competition concerns and BAA was subsequently also ordered to sell London's Stansted and either Edinburgh or Glasgow airports.

Analysts have said they doubt Gatwick will fetch a big premium to its 1.6 billion pound regulated value as air traffic slumps and scarce debt funding hindered bidders.Parent Ferrovial, which had net debt of 24.1 billion euros at the end of 2008, is expected to post a 5.7 percent drop in first-quarter core earnings after the market in Madrid closes on Tuesday, pressured by a drop in traffic at its airports and motorways as well as high financial costs.

At 10:51 a.m. British time, Ferrovial shares were up 6 percent at 23.96 euros.

Oil price is going down in new year 2009


Oil prices headed lower today on the first trading day of 2009, reversing a surge that came before the New Year’s holiday, reports AFP.

At midday, New York’s main contract, light sweet crude for February delivery, slid 1.62 dollars to 42.98 dollars a barrel after surging 5.57 dollars to 44.60 on the New York Mercantile Exchange Wednesday.
Markets were closed Thursday for the holiday.
Brent North Sea crude for February delivery was down 1.52 dollars to 44.07 dollars a barrel after surging 5.55 to 45.59 dollars in London Wednesday.
Prices eased because Asian traders thought “that the rally was overdone on Wednesday,” said Dave Ernsberger, senior Asia editorial director of Platts, a global energy information provider.
He said prices were in a “stable range” and would remain there until US president-elect Barack Obama takes office on January 20, when his policies toward the US economy, key oil producer Iran, and the Israeli-Hamas conflict in the oil-rich Middle East would have an impact on prices. Obama plans to spend up to 775 billion dollars on an economic stimulus package, his top aides said recently.
Prices soared in the first half of last year, reaching record highs above 147 dollars a barrel in July, before a sharp global economic downturn slashed world demand for energy and pulled prices sharply lower.
Wednesday’s price rise came after the US Department of Energy’s weekly stockpiles report showed an increase in crude reserves in the world’s biggest energy consumer. The report appeared to disappoint some investors.
“Maybe (traders) were expecting a little bit more,” said Andy Lipow at Lipow Oil Associates. With demand curbed by recession in some of the world’s biggest economies, prices risk slumping further in 2009, according to analysts.

New footwork in the democracy for Bangladesh-[Wining of Hasina]


DHAKA, Bangladesh – Bangladeshi voters handed the alliance led by former Prime Minister Sheikh Hasina a landslide victory in results announced Tuesday, as the troubled South Asian nation returned to democracy after two years of military-backed rule.

The voting Monday was the most peaceful in decades — a stark contrast to the failed elections of 2007, which dissolved into street riots and prompted emergency rule. But Hasina's opponents were already alleging widespread vote-rigging and fraud.

Election Commission Secretary Humayun Kabir said Hasina's alliance won a two-thirds majority in Parliament after votes in most districts had been tallied.

"This has been a very free and fair election," Kabir told reporters at his office in the capital of Dhaka. The commission had some 20,000 observers monitoring the vote.

However, Rizvi Ahmed, a senior official in the party led by former Prime Minister Khaleda Zia, said it would challenge the result later Tuesday.

Ahmed said there were incidents of ballot-rigging and forgery at 220 polling stations, including election officials registering fake votes. He also accused police of pressuring people to vote for Hasina's candidates and said his party has lodged formal complaints with the Election Commission.

Kabir said the commission would investigate the complaints.

Later Tuesday an international observer group said the vote appeared to be fair.

"The (election) process appears to have yielded a result that accurately reflects the will of Bangladeshi voters," said Constance Berry Newman, the head of a 65-person delegation from the International Republican Institute, a Washington-based group that promotes democracy.

Newman said that "political parties, candidates and citizens should accept the results and work together for a peaceful transition of power."

Hasina asked her supporters not to take to the streets to celebrate the victory, fearing potential clashes with rivals.

The voting marks the country's first election in seven years, but with no fresh faces — and with both leading candidates facing corruption charges — many fear the vote will just mean a return to the corruption, mismanagement and paralyzing protests of previous attempts at democracy.

Hasina and Zia are heirs to Bangladeshi political dynasties and fixtures of the political scene. Zia was elected prime minister in 1991, Hasina in 1996, and Zia again in 2001.

Though bitter rivals, their parties campaigned on similar platforms of reducing corruption and controlling inflation. One of the few policy differences is that Hasina's party is seen as relatively secular and liberal, while Zia has allies among Islamic fundamentalists.

Analysts said Hasina's longer absence from power had worked in her favor, together with Zia's poor record in controlling inflation, a key issue.

"Hasina has promised to bring down food prices and reduce corruption," said Ataur Rahman, a professor of political science at Dhaka University. "The ordinary people trust her more than Zia, whose rule is fresh in their memory. They wanted to give Hasina another chance."

According to the latest tallies, Kabir said Hasina's alliance won 261 out of the 300 parliamentary seats. Zia's alliance won 30, while independent candidates and the smaller Liberal Democratic Party took four.

Dozens of former ministers in Zia's government lost, including chief of the Islamic fundamentalist Jamaat-e-Islami party, Motiur Rahman Nizami.

Voting at some polling stations had been temporarily suspended due to allegations of irregularities, and results from some districts were not expected until late Tuesday.

Voter turnout was high, with about 80 percent of the 81 million eligible voters casting ballots, according to Kabir.

Last year, both Zia and Hasina were jailed on corruption charges, which they dismissed as politically motivated. They were freed on bail and reassumed positions as the heads of their respective parties, the two largest in the country.

News source from Yahoo

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