IAG profits hit by Iberia restructuring charges, fuel costsFebruary 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 | Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. Family of Ilham Aliyev’s security chief owns vast property in UK As head of security for Azerbaijan’s president, Eyyubov is closely trusted by one of the world’s most authoritarian leaders. Armenian army holding strategic command, staff drills Live firing will be carried out using automatic control systems and modern equipment. |