Thomas Cooks Losses £70m
Holiday company Thomas Cook suffered losses of £70 million caused by the ash cloud. In spite of the influence of the volcano, chief executive Manny Fontenla-Novoa said that he was pleased with summer bookings so far.
The company is joining other travel firms and airlines in seeking aid for the unprecedented disruption from the ash, which closed most of European air space for five days in April.
Ash is to Blame for BAA Drop
The number of passengers using BAA’s six airports plunged by 22.7% last month after the volcanic ash cloud caused major disruption to flights. According to new figures, the closure of Heathrow and Stanstd in April cost the company £28 million.
The group handled 6.9 million passengers in April, with almost all of the decline on last year’s figures due to the ash crisis. Passenger numbers at Heathrow fell by 20.8% to 4.4 million, while Stansted dropped by 24.4% to 1.2 million.
The company’s three Scottish airposts were badly affected with a fall of 28.2%, while numbers at Southampton plummeted by 19.4%.
Vingin Active in Good health
Fitness chain Virgin Active reported annual earnings of £101.1 million for the first time in its ten-year history. The group, which has 71 clubs in the UK and 187 sites around the world, saw a 15% rise in revenues to £391 million after membership rose by 4% to 919000.
The trend throughout the economic recession confirms people’s opinion that health and fitness has become a key aspect to people’s live.
Toyota’s Sales Rebound
Toyota is facing serious global credit problem due to its safety issue. The recalls of the luxury S.U.V.–Lexus GS 460, have come as a blow to the company as it is recovering from the global economic crisis, driving down its auto sales worldwide.
The Japanese carmaker posted an annual loss of $4.4 billion for last year, which was the first loss of the company in decades. Last month, Moody’s Investor Services cut Toyota’s credit rating, warning that recall woes and a still-sluggish economy would weigh on the bottom line of the company for a while.
However, Toyota’s sales have been making a rebound. In March, global sales increased by 26% from the previous year, partially due to the generous incentives offered in the US, while global production surged by 80%.
Officials Damp Restructuring Talk
While the €110 billion rescue package for Greece requires deep sacrifices from the Greek electorate and business community, foreign lenders escape essentially unscathed.
The EU-IMF package is big enough to ensure foeign banks are paid in full over the coming year or two. Even talk of a debt restructuring, in which lenders would lengthen the terms of the loan or reduce the balance, is off-limits for European finance ministers, who fear maing markets quake.
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