IAG profits hit by Iberia restructuring charges, fuel costs February 28, 2013 - 14:52 AMT PanARMENIAN.Net - Restructuring charges at Iberia and fuel costs have hit results at International Airlines Group (IAG), which owns both the Spanish flag-carrier and British Airways. It reported a net loss for 2012 of 943m euros ($1.24bn), compared with a 562m euros profit in 2011, according to BBC News. IAG's fuel bill rose 20.4% to 6.1bn euros, while Iberia announced recently that it was cutting 3,800 jobs. The airline has been hit by Spain's weak economy. Chief executive Willie Walsh said the results showed Iberia "must adapt to survive" but there has still been no agreement with Spanish unions. IAG was formed in 2011 by the merger of Iberia and BA.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty  Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza.Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations.Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |
