The Finnish national carrier Finnair announced on Thursday that it would put into practice new economy measures aimed at saving around EUR 50 million. The programme may include the cutting of up to 500 jobs . The personnel negotiations related to the possible redundancies will commence at once, and they are hoped to be finished by the autumn, by which time the company should know the extent of the necessary reductions to its services, says Anssi Komulainen, senior vice president of human resources at Finnair. Until now there has only been talk of cutbacks amounting to a couple of percentage-points of capacity, mainly on the European routes. Of late, the situation has got progrssively worse, however, and the airline is now facing appreciably greater reductions than were expected.
Archive for June, 2008
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The Islamic Development Bank (IDB), the Muslim world’s premier multilateral financial institution, estimates that its 56 member countries are set to invest up to $1.2 trillion in infrastructure over the next ten years to meet the rapidly growing demand for telecom, transport, power, water and other infrastructure services. Around $675 billion will be used to finance new telecom and power projects, some half of which will be in GCC states, while an additional $290 billion is to be invested in expanding and upgrading air, sea and land transport infrastructure, with half of that investment taking place in Asia. Another major investment area targeted by IDB member countries will be water, where as much as $115 billion will be invested to expand and improve the provision of water and sanitation services over the next decade.
Lehman Brothers demoted Erin Callan, its finance director, yesterday only six months into the job, and replaced Joseph Gregory, its chief operating officer.
Analysts said that the moves were an attempt by the struggling Wall Street brokerage to appease investors after the announcement on Monday of a much larger than expected loss for the second quarter.
Ms Callan will be replaced by Ian Lowitt, Lehman’s co-chief accounting officer, and Herbert McDade, the group’s head of equities, will succeed Mr Gregory. Ms Callan will move to an unspecified senior role in Lehman’s investment banking division, while Mr Gregory will remain with the group in a role that has yet to be determined.
Richard Fuld, the chairman and chief executive, said: “This has been one of the most difficult decisions either of us has had to make.
EU countries to renegotiate the European Union’s reform treaty after voting it down in a referendum, Minister for Finance Brian Lenihan said on Friday.
“I’m very, very disappointed by this result. I think it’s a sad day for Europe and for our people as well,” Lenihan told RTE public service television.
“We have to accept the decision of the people and operate within it. But that’s democracy and I accept that.”
Asked if Prime Minister Brian Cowen could persuade other European countries to renegotiate the pact to take into account the concerns of Irish voters, Lenihan said: “We’ve already had seven years of negotiation and renegotiation.”
“It’s very difficult to see a renegotiation of a treaty where 27 states are involved …. It’s very difficult, having gone through plan A and plan B, to see where plan C lies.”
With 39 of 43 constituencies reporting, the “no” campaign led by 53.6 percent to 46.4 percent, despite Ireland’s three main political parties all campaigning in favour of the treaty.
Credit agencies are even partnering with hospitals to offer branded credit cards so patients can finance elective cosmetic surgeries like liposuction and hair removal.
Some highlights:
Interest rates can jump to as much as 27.99 percent retroactively. That’s the rate Chase HealthAdvance’s zero-interest plan charges, for example, if you miss a payment or don’t pay off the debt in the promotional period. By contrast, the average fixed-rate credit card charges 11.9 percent, according to Bankrate.com. Consumers report that they sometimes feel pressured by medical providers to finance needed medical care, in some cases while sedated or recovering from treatment. Doctors and dentists have financial incentives under these arrangements to encourage patients to sign up for more expensive treatments and to steer them to extended financing plans that take a smaller cut of the practitioner’s fee.
Abans Finance offers popular financial services such as Fixed Deposits, Savings Accounts, Leasing Facilities, Hire Purchase Term Loans, Financing of Consumer Durables (Group Basis) and Real Estate to rural and urban customers at very attractive terms and will offer more specialized financial services as their business progresses.
“It’s hardly six months since we commenced business as a fully fledged Finance Company and we have already exceeded Rs.500 million in terms of deposits” quipped Mrs.Mano Alles, Managing Director of Abans Financial Services Limited. “We have to thank our valued clients and stakeholders for the trust and confidence they have placed with us.”
Abans Finance is one of 21 individually operating businesses of Abans Group which has recently been awarded an “A” rating from Fitch Rating.
This press release will be posted on Immucor’s website, as well as any material financial information that may be discussed by Messrs. De Chirico, Flynt or Gallup during this call that is not contained in the release. To access this information once posted, go to Immucor’s website at http://www.immucor.com/ and click on “About Us – Press Releases.”
To participate in the telephone conference call, dial 1-888-829-8668, pass code BLUD. Replays of the conference call will be available for one week beginning at 12:00 PM on June 5, 2008 by calling 1-866-508-6479. Beginning June 12, 2008, audio of the conference call or a transcript of the audio will be available on the “About Us – Press Releases” page of the Immucor website.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion.
Shadow Finance Minister Bob Richards attacked what he described as a massive reliance on overseas experts and asked why more contracts are not handed to Bermudian companies.
According to responses to Parliamentary questions, one group, Atlanta-based Ambling International Consulting, has scooped three jobs within Works and Engineering, Tourism and Environment, claiming $460,000.
Mr. Richards claims Ambling was selected over at least four other locally based groups who bid for a contract to overhaul Planning Department procedures and legislation.
Local competitors only found out they had not won the contract, he said, when they received a survey from Ambling for their views on planning issues.
“The PLP Government appears to have abandoned its commitment to Bermudians first through a massive reliance on foreign experts,” said Mr.
Federal Treasurer Wayne Swan is meeting some of the world’s finance ministers in Japan to thrash out how to respond to world economic challenges, including soaring oil prices.
Prime Minister Kevin Rudd is still considering whether Australia will accept an offer to go to next week’s global energy summit in Saudi Arabia.
Mr Swan has told AM he will use today’s forum to canvass what can be done to encourage oil producers to increase supply.
“It involves supply factors on one side and demand factors on the other,” he said.
“What we will be exploring here at the G8 meeting is, are there any further things that can be done to increase supply, but also to look at the demand side of the equation as well.”
Tags: business-economics-and-finance, industry, oil-and-gas, government-and-politics, federal-government, australia, japan
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“I believed that the loan in question was an investment transaction because the proceeds were used to pay for improvements and expenses of my investment property in San Pedro, which is outside the Long Beach jurisdiction and therefore exempt from reporting.
“However, in an effort to provide full disclosure and comply with all State and Federal regulations, attached you will find the amended reports.”
In a document supporting one of those reports is a $20,000 loan made July 31, 2000, by a Charles Westlund, whose occupation is listed as “retired.”
“It was a loan that I put together,” said “Jerry” Westlund, who owns the Fantasy Castle strip club in Signal Hill and 13 others in seven states. “I’ve done other loans like that and used my family’s trust money in doing that.”
The term “retired,” however, would imply the loan was made by Westlund’s father, who has the same name.
