Deutsche Lufthansa chief executive Carsten Spohr said he’s ready to welcome large numbers of employees from insolvent competitor Air Berlin to build up his airline’s Eurowings unit, promoting his company as a safe haven for jobs - albeit with concessions.
“Those of you who have worked with Air Berlin crews know it: These are top people, and we’ll be very glad to get as many as we can over to us,” Spohr said at an internal staff meeting on Thursday. “Of course we cannot hire these employees on Air Berlin terms, but on Eurowings terms, but we do want to be fair and take into account seniority and experience.”
The comments are a clear sign to unions that Air Berlin employees could secure a future at Lufthansa, but only in exchange for curbs to their paychecks, as the companies begin talks on which assets of the collapsing carrier can shift to its larger rival. Lufthansa is interested in operating about half of Air Berlin’s 140-plane fleet, and the discount Eurowings brand, which is in the process of slashing costs per average seat kilometer by 30 per cent by 2020, would be the new home for many of those aircraft and crews.
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Air Berlin files for insolvency after losses mount
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Etihad submits non-binding offer for Alitalia
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Air Berlin, which has only posted a full-year profit three times since its shares started trading in 2006, filed for insolvency on Aug. 15 after its main shareholder, Abu Dhabi-based Etihad Airways, withdrew financial support. Germany’s federal government is providing a €150 million (Dh648m) bridging loan, enabling Air Berlin to keep flying for about three months.
Eurowings is already leasing three dozen planes from Air Berlin as part of an earlier effort to preserve the airline. Those aircraft are already part of the 75 that Lufthansa could gain permanently. Spohr has said for months that, before Lufthansa could take over more of the fleet, Air Berlin’s debt burden must be reduced and costs cut, while antitrust authorities would have to approve any deal.
Air Berlin’s insolvency proceedings have already sent its bonds down to about 10 cents on the euro, meaning investors expect to recover almost no funds as the company is broken up. Its stock fell to a record-low 36 cents earlier Friday, though with less than half an hour left in the day’s trading, the shares were up 1.5 per cent at 41 cents. The bridge loan suggests German politicians will support a national solution to Air Berlin’s woes, potentially signaling that cartel regulators could take a generous stance on the deal.
Intro-Verwaltungs, a German investment company run by former aviation entrepreneur Hans Rudolf Woehrl, said Friday that it teamed up with investors for a proposal to buy Air Berlin and keep it intact. Woehrl sold DBA, previously the German arm of British Airways, to Air Berlin in 2006, three years after he bought the unit for €1 and turned it around. In 2007, Woehrl sold leisure carrier LTU to Air Berlin for €340m.
Labor leaders may favor that option, following disputes over work contracts at discount airlines including Ryanair Holdings. The Dublin-based carrier especially is subject to union complaints that it violates national labor laws and squeezes workers.
Shifting large parts of Air Berlin to Lufthansa isn’t in the interest of competition, and therefore of passengers, Woehrl said in a statement.
“Breaking up Air Berlin will propel the weakening of the German aviation industry,” as any assets that the Federal Cartel Office prevents Lufthansa from taking over will end up at foreign carriers, Woehrl said.
Company%20Profile
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
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COMPANY%20PROFILE
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The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
Ferrari
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Michael%20Mann%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Adam%20Driver%2C%20Penelope%20Cruz%2C%20Shailene%20Woodley%2C%20Patrick%20Dempsey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
Company%20profile
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Grand slam winners since July 2003
Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam
Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)
Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)
Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)
Andy Murray 3 (2 Wimbledon, 1 US Open)
Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)
Andy Roddick 1 (1 US Open)
Gaston Gaudio 1 (1 French Open)
Marat Safin 1 (1 Australian Open)
Juan Martin del Potro 1 (1 US Open)
Marin Cilic 1 (1 US Open)
ILT20%20UAE%20stars
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MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate