Virgin Atlantic and Delta Air Lines have announced a code-sharing agreement on 108 routes, including flights between Britain and the US, The Times reported. The airlines are working together to compete more effectively with the dominant carriers out of Heathrow, British Airways and American Airlines.
China shares pared hefty losses after earlier testing 4-1/2-year lows on Tuesday ahead of a press conference in Shanghai at which traders hope the Chinese central bank and authorities will address recent market turmoil. ReutersThe CSI300 of the leading Shanghai and Shenzhen listings ended down 0.3 percent at 2,165.4 points, while the Shanghai Composite Index slipped 0.2%. Early on Tuesday, they were down by as much as 6 and 5 percent, respectively.
Repsol is under pressure from two of its biggest shareholders to strike a deal with Argentina over last year’s forced nationalisation of its YPF unit, the Financial Times opines that it comes ahead of a board meeting on Wednesday.
London’s Gatwick Airport posted a 2.5% rise in full year profit on Tuesday, helped by the addition of new routes to countries such as China and Russia and moderate traffic growth. The British capital’s second largest airport said earnings before interest, taxes, depreciation and amortisation rose 2.5% to 227.1 million pounds for the year to the end of March. Revenues increased by 4.2% to 538.9 million pounds. Gatwick, owned by Global Infrastructure Partners – an investment fund founded by Credit Suisse and General Electric – said overall it made a loss of 29.1 million pounds, due to the asset-intensive nature of its business and continued investment made across the airport.The company invested 226.7 million pounds as part of plans to invest 1 billion pounds over the next five years in a bid to grow to 37 million passengers by 2020. Passenger traffic rose modestly by 1.2& to 34.2 million. Guardian online
An Italian bank has warned Italy is likely to need a European Union rescue within six months as the country slides into deeper economic crisis, according to The Telegraph. Mediobanca, Italy’s second biggest bank, said its “index of solvency risk” for Italy was already a clear warning sign.
Barclays will begin selling information about 13m customers’ spending habits to other companies, The Guardian reported. The UK bank has also admitted it could share the data with government departments and MPs, according to letters sent to its customers.
The Daily Mail reports that the Nationwide will be forced to defend a £2.26m pay package handed to Chief Executive, Graham Beale, at the building society’s annual meeting in Manchester next month.
Reuters are reporting that Police with financial expertise have raided 41 Italian football clubs, including 18 Serie A sides, as part of a tax and money laundering investigation. Documents were seized in an apparently coordinated operation early this morning (Tuesday).