Connect with us

Stock Markets

Thai Airways to sell 42 jets, cut workforce to reduce costs

BANGKOK (Reuters) – Thai Airways International Pcl will sell 42 planes and cut nearly a third of its workforce as part of a plan to slim down the fleet and cut costs, the head of its restructuring committee said on Monday.

Published

on

Thai Airways to sell 42 jets, cut workforce to reduce costs
© Reuters. FILE PHOTO: A Thai Airways Boeing 777-300ER plane takes off from Bangkok’s Suvarnabhumi Airport February 23, 2015. REUTERS/Chaiwat Subprasom/File Photo/File Photo

BANGKOK (Reuters) – Thai Airways International Pcl will sell 42 planes and cut nearly a third of its workforce as part of a plan to slim down the fleet and cut costs, the head of its restructuring committee said on Monday.

The airline, which was in difficulty well before the pandemic struck, is going through a bankruptcy-protected restructuring.

Piyasvasti Amranand, who is leading the effort, said that the planes being sold are old and not energy efficient. He said 16 jets on lease will be returned.

After the sale, the airline will have 58 planes across four types.

Thai Airways has been losing money nearly every year since 2012.

Piyasvasti said the airline planned to add more flights especially from Europe over the next few months as travel recovers.

On Monday, the Thai government reopened the country for quarantine-free travel for vaccinated tourists.

Piyasvasti said that Thai Airways will reduce the number of workers from 21,300 to 14,500 by December 2022.

To help with cash flow, the airline will conclude a 25 billion baht ($749.18 million) credit agreement with financial institutions by next year and is in talks with the government for an additional 25 billion baht, he said.

The airline booked a profit of 11.1 billion baht ($332.63 million) in the six months ending in June from a loss of 28 billion baht during the corresponding period a year earlier after reducing expenses.

($1 = 33.3700 baht)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Stock Market

The Bank of England buys government bonds instead of a planned sale

Published

on

UK government bonds Bank of England

The Bank of England buys government bonds. It was decided to suspend the start of the previously announced government bond sales program and instead will start buying government bonds amid a sharp rise in their yields.

“UK government bonds Bank of England will start to buy from September 28. The purpose of these purchases is to return to normal market conditions. Purchases will be made in any scale, which is necessary to achieve the goal,” – said in a statement of the British Central Bank.

The yield on U.K. 10-year government bonds reached 4.611 percent in Wednesday’s trading, recording the highest increase since 1957 since the beginning of the month. After the Bank of England’s announcement, yields fell about 45 basis points to 4.07%. The news also caused yields on other government bonds around the world to fall.

The surge in yields on British government debt is caused by the previously announced large-scale tax cuts, which, according to British authorities, will increase the budget deficit in the current fiscal year by more than 70 billion pounds.

Earlier, we reported that Goldman lowered its recommendation on global equities for the next 3 months to “below market”.

Continue Reading

Stock Market

Goldman Sachs stock forecasts: Goldman has downgraded its recommendation for global stocks for the next 3 months to “below market”

Published

on

Goldman Sachs stock forecasts

A new Goldman Sachs stock forecast has emerged. Analysts at U.S. bank Goldman Sachs Group Inc. (NYSE:GS) have downgraded their recommendation for global stocks for the next three months to “below market” and maintained an “above market” recommendation for cash amid recessionary risks, Bloomberg writes.

“Current stock valuations may not fully reflect the risks involved, and there’s a chance they will drop even further before they bottom out. Also have a disappointing Goldman Sachs economic forecast,” the Goldman strategist team, led by Christian Muller-Glissmann, wrote.

BlackRock, the world’s largest company by assets under management, advises investors to “divest from most stocks.”

Experts at Morgan Stanley (NYSE:MS) and JPMorgan Asset Management previously laid out similar concerns after the world’s top central banks signaled their firm’s resolve to fight inflation, sending global stocks plunging in the past few days.

Goldman analysts last week sharply lowered their forecast for the value of the U.S. S&P 500 stock index for the end of this year, to 3,600 points from the previously expected 4,300 points. The day before, the indicator finished trading at 3655 points.

Earlier, we reported that European stock markets are trading contradictoryly.

Continue Reading

Stock Market

European stock markets are trading contradictory today

Published

on

biggest european stock markets

During today’s trading the major European stock markets do not show unified dynamics. The composite index of the largest companies in the region, Stoxx Europe 600, decreased by 0.18% to 389.68 points.

European stock markets trading today

British stock index FTSE 100 was down 0.06%, while German DAX gained 0.19% and French CAC 40 gained 0.16%. Italian FTSE MIB rose by 1%. Spanish IBEX 35 decreased by 0.34%.

The British financial company Virgin Money UK PLC was among the leaders of the fall in the components of the Stoxx Europe 600 index, falling by 6.7%.

Shares of the Swiss manufacturer of heating and ventilation systems rose 8.4% as Berenberg’s experts improved their recommendations on the company’s securities and raised their price target.

Concerns about the state of the global economy are growing amid persistently high inflation and aggressive measures by major central banks to curb it, writes CNBC.

The elections in Italy are also in the spotlight. The Italian Democratic Party acknowledged defeat in early parliamentary elections that took place on Sunday, reported the media.

The market is also pressed by continuing geopolitical tensions with the ongoing “referendums” in several regions of Ukraine.

Meanwhile, the level of business confidence in the German economy in September fell to 84.3 points from 88.6 points in August, according to a report by the research organization IFO.

Earlier we reported that the yield of British government bonds rose to a 14-year high.

Continue Reading

Trending

©2021-2022 Letizo All Rights Reserved