Business World

Thursday 24 May 2018

Rise in Avolon capital

DUBLIN-BASED aircraft-leasing firm Avolon said the total amount of capital it has raised hit $7.5bn (€5bn) at the end of the first quarter. That's up by $2.4bn (€1.7bn) compared to the end of the first quarter in 2013. The company, founded by Clare financier Domhnal Slattery, also said it now has 202 aircraft in its committed fleet and its order book is full until the first quarter of 2016.

PARK INN ACQUISITION

PHILIP Hotels, owner of Cork International Airport Hotels, has completed the acquisition of Radisson Park Inn at Cork Airport from CG Hotels. The Park Inn was originally developed by the Great Southern Hotel Group and includes 80 bedrooms. Philip Hotels is controlled by a Cyprus-based company called Churwell. The Philip Hotels directors are Vincent O'Farrell of O'Farrell Hotels and UK-based Jose Miguel Alvarez.

FREIGHTER PLANES CULL

AIR France-KLM Group will review options for its cargo business that include the possibility of getting rid of dedicated freighter planes, according to insiders.

The company, once one of the biggest global freight carriers, lost €202m in cargo last year amid a general market slump. Under its company's 'Transform' savings plan, the group has committed to paring the fleet to 10 freighters by 2015.

BMW RECALL VEHICLES

BMW, the largest maker of luxury cars, is recalling 489,000 vehicles worldwide due to a possible engine-bolt defect, widening a repair programme that was initiated in China. Recalls are increasing worldwide as regulators tighten scrutiny and carmakers seek to avoid harm to their reputations,.

Toyota issued its second-biggest recall ever earlier this month. General Motors said it anticipates taking a first-quarter charge of $1.3bn (€935m) primarily for the cost of a programme to replace ignition switches.

DROP IN DANISH SHARES

BANG & Olufsen's share price has fallen by as much as 21pc, after the Danish maker of luxury stereos and televisions reported a wider-than-anticipated third-quarter loss and said it's considering raising capital to accelerate growth.

Sales of its much-hyped B&O Play line of one-piece music systems and headphones declined 25pc to 122m kroner (€16.3m), chief executive Tue Mantoni said in a statement. The company is now studying ways to raise funds as it plans to increase spending on distribution and marketing.

Irish Independent

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