Business World

Friday 23 February 2018

In brief: Record day for Aer Lingus Regional

The leaders on the Dublin market included Aer Lingus.
The leaders on the Dublin market included Aer Lingus.

YESTERDAY was the busiest day of operations for Aer Lingus Regional since the airline signed its franchise agreement with Aer Lingus in March 2010. The local airline, operated by Stobart Air, carried more than 5,500 passengers on 100 flights on 27 routes.

It was only the second time since the franchise agreement that the airline had flown more than 5,000 passengers in a single day.

It said extra flights were added to Cardiff and Bristol for the Heineken Cup final while the Kerry-Dublin route continues to see strong demand.

GAZPROM DEAL TO HIT EUROPEAN PRICES

Russia's landmark deal to supply natural gas to China will affect prices in Europe and have an impact on international liquefied natural gas projects, the chief executive of state-run Gazprom said yesterday.

Russia and China signed a 30-year gas supply contract on Wednesday worth a total of more than $400bn (€293bn). "We, Russia and Gazprom, have discovered the Asian gas market for ourselves," Gazprom chief executive Alexei Miller said at the St Petersburg International Economic Forum. "It can be assumed the contract will affect gas prices on the European market," he added.

BARCLAYS FINED £26M OVER GOLD PRICE

Barclays has been fined £26m (€32m) for failures in internal controls that allowed a trader to manipulate the setting of gold prices just a day after the bank was fined for rigging Libor interest rates in 2012.

The British bank is the first to be fined over attempted manipulation of the 95-year-old London gold market daily "fix", although a source said the fine was a one-off and not part of a wider investigation into gold-price rigging. It marks another blow to Barclays' attempts to put past problems behind it. The Financial Conduct Authority said there were failings at Barclays from 2004 until 2013.

WEDDING BLUES FOR MOSS BROS SUITS

British suit specialist Moss Bros Group reported a decline in its high-margin hire-sales business during the 16 weeks to May 17 as fewer people borrowed outfits in a subdued UK wedding market.

Moss Bros reported a rise in March wedding outfits booking but cautioned that it was too early to say if this upturn would be sustained. "Hire sales are down 3.8pc over the period, reflecting continued weakness in the number of weddings," analyst John Stevenson of Peel Hunt said in a note. Hire sales contribute about 16pc to overall sales.

SPEAKERS TO ASSESS AUSTERITY IMPACT

The Kemmy Business School at the University of Limerick will host a conference next week on the impact of austerity on society. The one-day conference will include speakers Mark Blyth from the London School of Economics and Irish academics Niamh Hardiman, Niamh Hourigan, John McHale and Stephen Kinsella.

"Austerity is not simply an economic phenomenon – societies experience it in different ways . . . The aim of this event is to probe the complex effects of austerity on the European economies forced to experience it by the global economic crisis," Mr Kinsella said.

Irish Independent

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