Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
06/12/2021
Some 18 months after IAG Cargo said it would make 500 staff redundant, it has announced that it is to hire 500 people in its “biggest recruitment drive to date”.
IAG Cargo said the recruitment over the next 12 months was to meet customer demand.
The cargo arm of the carrier group currently employs some 2,250 people. A spokesperson said the new jobs would “span operations, projects, data & analytics, digital and commercial, reflecting our plans to drive forward our ambitious customer engagement strategy, which will see customers remain at the heart of our business”.
The carrier cited strong Q3 results of €405m ($457.5m) to prove its “sustained growth”.
However, when it announced the loss of 500 people in June last year, Q2 revenues were a strong €369m – although the airline said that sold tonnes in Q3 21 were up 42% on a year earlier.
British Airways’ proposals to its unions last year noted low cargo volumes were leading to restructuring, which would see much of its cargo operations outsourced. In a letter leaked to media at the time, BA noted: “Based on our current proposal and understanding of the market conditions, it is anticipated that the total headcount reduction will be in the region of 400 to 500 individuals [in cargo].
“However it could be higher. The exact number of heads that would leave the business will also depend on the part-time mix of those leaving and staying.”
IAG last year announced plans to fire up to 12,000 staff overall – while in October this year it said it would re-hire 3,000 cabin crew.
Union Unite has accused it of bringing back staff on “substantially reduced terms and conditions”, and claimed it has acted in “bad faith”.
The redundancies were announced under the tenure of Willie Walsh, the CEO who left the carrier in September last year. He joined IATA as director general in April – where sources claim there has also been a widespread global redundancy programme since.
Commenting on the recruitment drive, MD David Shepherd said: “IAG Cargo is a growing business offering rewarding careers in a fast-paced environment, where no day is the same. We give individuals the opportunity to put ideas forward, have varied career paths, work autonomously and explore their potential with the support of their team.
“We put a big emphasis on internal promotion and being part of the IAG group means that our employees can not only move ‘up’ but across into other parts of the group. This recruitment drive will see us recruit broadly, advertising a variety of new roles.”
Unite was contacted for comment.
Malkis- This has been BAs plan for many years. Staff that fought for years for their pay and conditions were tossed aside due to ‘cost’ and cheaper staff have been employed, on far worse pay and conditions.
Adding to that the unions are weak and bow down to what the management ask of them.
Not so good for being a worker there…but for a cost cutting exercise it was spot on.
Not ideal for the workforce, but great for the SP/share holder. A lot of BA/IAG still holds legacy contracts which are not efficient in todays cut-throat aviation market. I don’t agree with the fire and rehire but it certainly strengthens the company cost base
Right issue No, 2 within the next few months, likely sooner rather than later, especially now with significant flight cancellations.
"IAG’s cash operating costs were much higher at €260mln per week in the past quarter.
At this rate, the FTSE 100 group would rattle to the end of its liquidity runway in just over 40 weeks if it was not generating more cash.
IAG’s net debt also towered at €12.4bn at the end of the quarter, up 27% over the period."
So nothing new to add then Fug? Same rehashed rubbish.
Mambo, Trust me…the vast majority of the old workforce have moved on to far better and more rewarding things since BA (myself included. The sad thing is that Customer Service has definitely suffered….not that BA cares as they will always fill the seats, however crap the service is due to schedules and their name.
As you say…good for the bank balance
Fugassin, yr RI message is now old...go back to the circus, you r better at that job!! Ahah...what a clown!! Ahahah..dyor.
IAG have had customer service problems for many years but I think it is at last improving
Flew BA a few weeks ago, cabin crew were very enthusiastic and service was very good.
Perhaps it's good for the airline that the older militant workforce have left and making way for newer and more enthusiastic staff, with both Walsh and Cruz gone BA may restore some of its former glory, I hope so
Wheres the lying malaka sundunce.
His hallucinations are comical.
On a cruise, yeah, of course ..will you be on a cruise when the ri is announced and share price is sub 100p? Yip, you likely will be....not! Lmfao.
Fugazi1 im with you i can see this dropping too
Fugassin, read my past posts...if you can read, of course!! At the moment we are not at 50p yet. The RI rubbish you keep talking about has not happened, it was supposed to happen a while ago according to your posts and now you keep delaying it!! get real!!You are a CLOWN !!!!Everyone knows that! DYOR.
Going down sundunce, ri looming, capitulation to follow.
Off you pop on your fake cruise. Lmfao
Looking for sundunce 200p that he ramped continually. No sign of any 200p.
My 142p was easily achieved though.
I reckon sub 100p not far off
2000+ flight cancelled. €164m weekly cash burn
Something is about to collapse. Will it be iag or sundunce first?
Little fugassin, you are not only a clown, a troll too. Your 50p prediction is still way off!!sorry to say but you failed miserably.
Lets see who gets there first, 50p or 200p!!If you are so sure, short it then?You only come out of your little hole on a red day, lets hope christmas brings us blue days and you go back in it!! CLOWN! Dyor.
sundezena why are you even replyin to him bud lol but can see this dropping pal
Fugazi, what's the point of your existence? I fail to see why you are gleeful? You seem like a desperate under achiever
Looking at the world at the moment and a lot of people are put off with the extra hoops they have to go through to fly . so until the hoops are removed or easer to fly i can not se this sp rising until next spring , can see may be a drop to 120p may be lower but i also can see a massive rise when the hoops are lifted , so i keep watching and waiting for my entry and exit . you can double your money on here if you are good !!!!!
https://www.mylondon.news/news/health/covid-plan-b-triggered-days-22396957
What this tells us is that there is a catastrophic failure of politicians to get a grip on this situation now. Omicron from the start has been reported as a mild variation. Yet those who want to big it up have completely seized the narrative and have peddled nothing short of an outright lie in order to keep the pandemic and population control and positions of apparent authority going. We were supposed to be living with covid, yet at the first challenge there has been a complete collapse to a scientific group that only has it's own self-interests at heart. This is a very serious failure of government. We have seen significant violent reaction to the mismanagement of the pandemic and that is now only going to spread. And I am also absolutely certain that the situation is also being seized and used by others with agendas such as environmentalists trying to 'reset' expectations of travel freedom. I am a conservative voter and have been deeply involved with them in the past. This sort pandering to the TV gods must end. TV does not have a mandate to direct the narrative and has become nothing more than a broadcast troll setup. This has to be stopped.
Price now under 10ma, Next support, 103p.
Just goes to show what a moron and liar Fugazi1 is:
From the Jet2 board on monday, yet he's been in here multiple times a day posting.
STFU man
Fugazi1
RE: -06 Dec 2021 20:57
Not watching market much for rest of this week, Heading to UK soon for triathlon and visit family in Scotland. PCR tests, great! not. My glamours trading assistant has the helm of my shares account - thats a worry.
Yidade, everyone knows he is a clown and glad many don't act on what he says..RI garbage every 2 minutes...well, we are still waiting for it and he was saying that months ago! ahahah..hope he shorts iag and loses his trousers, that would be real funny!!!
What a loser! ahahahah.dyor.
While Downing Street had insisted that ministers had not discussed the introduction of so-called Plan B measures. These include working from home and vaccine passports, one SOURCE said Mr Johnson's 'sobering' briefing APPEARED to be designed to soften up ministers for the POTENTIAL introduction of tougher curbs in the coming days in the run up to Christmas.