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(Alliance News) - International Consolidated Airlines Group named a new head of British Airways on Monday, as many of the carrier's planes remain grounded by Covid-19.
Sean Doyle, chair and chief executive of IAG stable mate Aer Lingus, will replace Alex Cruz as chief executive of British Airways immediately, replacing him as chair as well after a transition period. At Aer Lingus, Chief Corporate Affairs Officer Donal Moriarty will be interim CEO until a permanent replacement is found.
IAG Chief Executive Luis Gallego noted that Doyle had worked at British Airways for 20 years before moving to head up Aer Lingus two years ago. Cruz has lead BA since 2016, moving from being CEO of IAG airline Vueling.
Meanwhile, Fernando Candela, chief executive of IAG airline Level, will join the IAG management committee as chief transformation officer.
"We're navigating the worst crisis faced in our industry," Gallego said, "and I'm confident these internal promotions will ensure IAG is well placed to emerge in a strong position."
IAG shares were up 0.5% early Monday, though remain down almost 60% so far in 2020.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.2% at 6,002.52
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Hang Seng: up 2.2% at 24,639.77
Nikkei 225: closed down 0.3% at 23,558.69
DJIA: closed up 161.39 points, or 0.6%, at 28,586.90
S&P 500: closed up 0.9% at 3,477.13
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GBP: up at USD1.3050 (USD1.3010)
EUR: soft at USD1.1814 (USD1.1821)
Gold: up at USD1.927.87 per ounce (USD1,924.20)
Oil (Brent): down at USD42.44 a barrel (USD43.32)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's Key Economic Events still to come
US Columbus Day holiday. Financial markets remain open.
0700 EDT EU ECB President Lagarde speaks at Governor Talk virtual meeting.
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Pubs, gyms and casinos will be forced to close and all but essential travel to and from coronavirus hotspots banned under new measures aimed at limiting the spread of the coronavirus in the UK. Prime Minister Boris Johnson will spell out his three-tier strategy on Monday with areas in England labelled as medium, high or very high risk, which will inform the "appropriate interventions" needed in each area. Merseyside is expected to be among the areas subjected to Tier 3 restrictions – but there is still disagreement about a financial support package for the area should harsh measures be imposed.
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The boss of the UK's largest dairy supplier has warned shoppers they will have to pay more for grocery essentials including butter and cheese if the UK leaves the EU without a deal in January. Ash Amirahmadi, who leads dairy giant Arla's UK operations, also warned that timing of Brexit talks mean that many food suppliers could "struggle" to manage a no deal or late deal in the face of coronavirus disruption and Christmas demand. Retailers have warned that products could be slapped by with more than GBP3 billion of tariffs if the UK walks away from Brexit talks without a deal.
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Japan producer prices fell on a monthly and annual basis in September, data from the Bank of Japan showed. Producer prices declined 0.2% month-on-month in September, after 0.1% August's rise. Annually, prices fell 0.8%, sharper than August's 0.6% decline, but more moderate than July's 0.9% fall.
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BROKER RATING CHANGES
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MORGAN STANLEY RAISES SPIRAX-SARCO TARGET TO 9,600 (9,130) PENCE - 'EQUAL-WEIGHT'
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RBC RAISES SANNE GROUP TO 'OUTPERFORM' ('SECTOR PERFORM')
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RBC RAISES HOCHSCHILD MINING TO 'OUTPERFORM' ('SECTOR PERFORM')-TARGET 340 (360) PENCE
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COMPANIES - FTSE 100
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Aveva said it has performed "creditably" in the first half of its financial year against a challenging backdrop and its outlook for the full year remains unchanged. Aveva said it expects to report revenue of around GBP333 million for the first half of financial 2021. This would be down from GBP391.9 in the first half of financial 2020. The software company said the order pipeline for the remainder of the financial year is strong, supported by a higher volume of contract renewals, including major Global Account contracts, as well as the contracts that slipped from the second quarter. As such, Aveva said it expects to see solid revenue growth in the second half and is confident in the full-year outlook. It added that its proposed acquisition of OSIsoft remains on track.
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GVC Holdings said it was awarded four sports-betting licences in Germany by the country's regulator. Some of the terms include a wagering limit of EUR1,000 per month that can be increased to EUR10,000. There also will be deposit limits until customer verification processes are complete and a maximum annual bonus per customer of EUR100. The gambling company said the licences have been issued with immediate effect, but the timing for implementation are yet to be formally agreed. GVC is working with the regulator on an implementation plan with terms expected to be in place in the early part of 2021. Following implementation, GVC estimates that earnings before interest, tax, depreciation and amortisation will be reduced by up to GBP40 million on an annual basis. The company said this hit to earnings from the German licenses will be incremental to the GBP70 million negative impact of its new Tolerance Policy. GVC reported underlying EBITDA of GBP761.1 million for 2019. "The award of these licences is great news for GVC, bringing the clarity and certainty that we have long sought for sports-betting in Germany," said CEO Shay Segev.
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Large shareholders of Pearson are calling for the resignation of Chair Sidney Taurel over the pay package offered to the educational publisher's new chief executive, former Walt Disney Co executive Andy Bird, the Financial Times reported. Bird is to receive a USD1.3 million base salary as well as a co-investment opportunity which will see him buy USD3.8 million shares in Pearson when he becomes CEO, the newspaper noted. In return, he will qualify for an award of up to USD9.4 million. In September, a third of Pearson shareholders voted against the deal. Bird is due to become CEO on October 19, succeeding John Fallon. Three top 20 shareholders told the Financial Times that Taurel's handling of the succession process was "unfinished business" and that his "position was in danger".
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COMPANIES - FTSE 250
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National Express Group has appointed Jose Ignacio Garat as its new chief executive officer effective from November 1. He was previously senior vice president of Southern Europe, France & Benelux operations for courier FedEx. Following Garat's appointment, Chris Davies will step down as interim CEO but will remain as finance director. Chair John Armitt said: "I am delighted to welcome Ignacio to National Express Group. Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic, as well as the significant future opportunities that exist."
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Petrofac said CEO Ayman Asfari has decided to retire from the role at the end of the year to focus on his family, health and charitable interests. The oilfield services firm said Sami Iskander will join as deputy CEO on November 1 and, following a short transition period, will assume the role of group CEO from January 1. Iskander was a vice president at Royal Dutch Shell's Upstream Joint Ventures business from 2016 to 2019. Petrofac Chair Rene Medori said: "The board has been planning for his retirement for some time and I am delighted that we have been able to attract a candidate of Sami Iskander's calibre, who was identified following a comprehensive external and internal search process. He has an excellent industry pedigree both in international oilfield services and upstream E&P, a deep and local understanding of our markets and client landscape, and a proven track record in business transformation."
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COMPANIES - MAIN MARKET AND AIM
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Mobile payments and messaging firm Fonix Mobile started trading on AIM on Monday after raising GBP45.0 million in its initial public offering. Fonix placed 50.0 million shares at 90 pence each, giving it a market capitalisation of GBP90 million. finnCap acted as nominated adviser and broker.
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Monday's Shareholder Meetings
Cairn Homes - EGM
Unilever - GM re unification
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By Tom Waite; thomaslwaite@alliancenews.com
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