Growing Evidence That The Upturn Is Upon Us
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Bankruptcies reach record levels
The number of people being declared bankrupt in England and Wales has hit a new record, according to the government's Insolvency Service.
In the first three months of the year there were a record 19,062 bankruptcies and 10,713 individual voluntary arrangements (IVAs).
Corporate insolvency
There were 1,783 corporate insolvencies such as receiverships and administrations in the first three months of the year, 27% fewer than in the last quarter of 2008
In the first three months of the year there were a record 19,062 bankruptcies and 10,713 individual voluntary arrangements (IVAs).
Corporate insolvency
There were 1,783 corporate insolvencies such as receiverships and administrations in the first three months of the year, 27% fewer than in the last quarter of 2008
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BAA passenger numbers tumble 10%
Airport operator BAA saw passenger numbers at its London airports fall 10% in the first three months of 2009, as it was hit by the recession.
Both Gatwick and Stansted, both commonly used for discretionary holiday travel, had 14.6% fewer passengers than during the same period in 2008.
Heathrow was more "resilient", BAA said, with numbers down 7.6%.
Pre-tax losses widened to £316.2m from a loss of £55.6m in the same period last year. Revenues rose 15.5%.
Both Gatwick and Stansted, both commonly used for discretionary holiday travel, had 14.6% fewer passengers than during the same period in 2008.
Heathrow was more "resilient", BAA said, with numbers down 7.6%.
Pre-tax losses widened to £316.2m from a loss of £55.6m in the same period last year. Revenues rose 15.5%.
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Didn't you post that article about BAA on the 15th, quant?
http://www.pprune.org/4862645-post2329.html
Sorry, edited to say I've just realised that your earlier post was about the March 09 results and this one is about January, February and March 09.
Found this linked from the BBC News site BAA first quarter profits 28% up in the first quarter of 09. I haven't looked at the numbers, could one of our analysts explain how the profits can be 28% up according to one site and still be a £316 million pound loss according to the BBC? Sounds very odd. Did they capitalise T5?
http://www.pprune.org/4862645-post2329.html
Sorry, edited to say I've just realised that your earlier post was about the March 09 results and this one is about January, February and March 09.
Found this linked from the BBC News site BAA first quarter profits 28% up in the first quarter of 09. I haven't looked at the numbers, could one of our analysts explain how the profits can be 28% up according to one site and still be a £316 million pound loss according to the BBC? Sounds very odd. Did they capitalise T5?
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Bernanke: Economy should grow again later in 2009
WASHINGTON – Federal Reserve Chairman Ben Bernanke told Congress Tuesday that the economy should pull out of a recession and start growing again later this year.
But in testimony to Congress' Joint Economic Committee, Bernanke warned that even after a recovery gets under way, economic activity is likely to be subpar. That means businesses will stay cautious about hiring, driving up the nation's unemployment rate and causing "further sizable job losses" in the coming months, he said.
The recession, which started in December 2007, already has snatched a net total of 5.1 million jobs. The unemployment rate "could remain high for a time, even after economic growth resumes," Bernanke said.
But while some economists believe unemployment could hit 10 percent by the end of this year, the Fed doesn't share that view. The unemployment rate will probably climb "somewhere" in the 9 percent range, Bernanke said.
"The loss of jobs is one of the most distressing aspects of this whole episode," he said.
Even with all the cautionary notes, the Fed chief offered a far less dour assessment of the economy.
"We continue to expect economic activity to bottom out, then to turn up later this year," he told lawmakers. "We expect that the recovery will only gradually gain momentum."
Recent data suggest the recession may be loosening its grip on the country, Bernanke said.
But in testimony to Congress' Joint Economic Committee, Bernanke warned that even after a recovery gets under way, economic activity is likely to be subpar. That means businesses will stay cautious about hiring, driving up the nation's unemployment rate and causing "further sizable job losses" in the coming months, he said.
The recession, which started in December 2007, already has snatched a net total of 5.1 million jobs. The unemployment rate "could remain high for a time, even after economic growth resumes," Bernanke said.
But while some economists believe unemployment could hit 10 percent by the end of this year, the Fed doesn't share that view. The unemployment rate will probably climb "somewhere" in the 9 percent range, Bernanke said.
"The loss of jobs is one of the most distressing aspects of this whole episode," he said.
Even with all the cautionary notes, the Fed chief offered a far less dour assessment of the economy.
"We continue to expect economic activity to bottom out, then to turn up later this year," he told lawmakers. "We expect that the recovery will only gradually gain momentum."
Recent data suggest the recession may be loosening its grip on the country, Bernanke said.
Some positive news from the great satan (aka USA)
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Didn't you post that article about BAA on the 15th, quant?
http://www.pprune.org/4862645-post2329.html
Sorry, edited to say I've just realised that your earlier post was about the March 09 results and this one is about January, February and March 09.
Found this linked from the BBC News site BAA first quarter profits 28% up in the first quarter of 09. I haven't looked at the numbers, could one of our analysts explain how the profits can be 28% up according to one site and still be a £316 million pound loss according to the BBC? Sounds very odd. Did they capitalise T5?
http://www.pprune.org/4862645-post2329.html
Sorry, edited to say I've just realised that your earlier post was about the March 09 results and this one is about January, February and March 09.
Found this linked from the BBC News site BAA first quarter profits 28% up in the first quarter of 09. I haven't looked at the numbers, could one of our analysts explain how the profits can be 28% up according to one site and still be a £316 million pound loss according to the BBC? Sounds very odd. Did they capitalise T5?
BAA flyers tumble as debt costs quadruple - Times Online
The full cost of BAA's debt was revealed today as the Spanish-owned UK airports operator said its interest payments had soared to £327 million in the first quarter.
The operator of Heathrow, Gatwick and Stansted also revealed that passenger numbers fell by 10 per cent in the three months to March 31. BAA blamed the recession, the worst weather since 1991, the late Easter and the leap year for the slump which saw the number of flyers from Heathrow tumbling by 6.4 per cent while 14.6 per cent less passengers travelled from both Gatwick and Stansted in the first quarter.
However, total retail income per passenger rose by 8.8 per cent to £4.71 and overall revenues for the group rose by 15.5 per cent to £522 million due to higher aeronautical charges at the three London airports.
BAA said the big jump in debt interest payments was due to a £140 million loss on financial instruments, principally index-linked swaps. A further £63 million was added to the payments because of changes in the accounting treatment of Heathrow's Terminal 5.
The increased debt payments contributed to a larger first-quarter, pre-tax loss of £316 million, compared with a £55 million loss in the same period last year. BAA is now paying an average of 6.33 per cent interest on its debt, which was £168 million higher in the first three months of this year at £9.5 billion.
The operator of Heathrow, Gatwick and Stansted also revealed that passenger numbers fell by 10 per cent in the three months to March 31. BAA blamed the recession, the worst weather since 1991, the late Easter and the leap year for the slump which saw the number of flyers from Heathrow tumbling by 6.4 per cent while 14.6 per cent less passengers travelled from both Gatwick and Stansted in the first quarter.
However, total retail income per passenger rose by 8.8 per cent to £4.71 and overall revenues for the group rose by 15.5 per cent to £522 million due to higher aeronautical charges at the three London airports.
BAA said the big jump in debt interest payments was due to a £140 million loss on financial instruments, principally index-linked swaps. A further £63 million was added to the payments because of changes in the accounting treatment of Heathrow's Terminal 5.
The increased debt payments contributed to a larger first-quarter, pre-tax loss of £316 million, compared with a £55 million loss in the same period last year. BAA is now paying an average of 6.33 per cent interest on its debt, which was £168 million higher in the first three months of this year at £9.5 billion.
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I think easy will survive this mess as in the article it does say the company will turn a profit and that passenger numbers increased.
However one looking to get into the piloting fraternity should be cautious.
But boss Andy Harrison said at current fuel prices and exchange rates Easyjet would make a profit over the year.
It added that passenger numbers increased 2.9% to 19.4 million.
BBC NEWS | Business | Easyjet losses more than double
It added that passenger numbers increased 2.9% to 19.4 million.
BBC NEWS | Business | Easyjet losses more than double
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could one of our analysts explain how the profits can be 28% up according to one site and still be a £316 million pound loss according to the BBC? Sounds very odd.
Very basically:
Profit= Revenue - Costs, It should be but doesn't have to be positive. A loss is a form of negative 'profit'.
Profit can be negative - if it is, then we call it a loss.
From Profit and Loss
I am not saying it is why but I am saying it is HOW.
That coupled with the fact the BBC are a bunch of Marxist spin doctors that talk nothing but crap might account for the difference.I hope that helps you Alex.
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Got it. It wasn't profit in the true sense that was up 28%, it was EBITDA.
BAA News release Thanks for your input.
BAA News release Thanks for your input.
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EBITDA is a bit of a con - unfortunately, companies can choose their headline metric these days, which is more than a little misleading.
It is of absolutely no relevance to a public company to know what their earnings are before all the financing costs, aircraft depreciation, and taxation (if they had any!).
It is of absolutely no relevance to a public company to know what their earnings are before all the financing costs, aircraft depreciation, and taxation (if they had any!).
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Now let me get this right…
Our esteemed moderator has told us on numerous occasions that the price of oil was ‘a side show’
Yet, his esteemed airline has just posted a loss, increased by their own figures, 80% of which they directly attribute to the increased price of oil when at it’s peak.
Given those figures they are in fact, year on year 10% ahead of the game from last year with, increased load factors!!
“the price of oil is a sideshow”…..my arse!!!’’
try telling that to Zoom etc!
Also, I’m just back from Sharm (holiday).
Given the gloom and doom, we fully expected to claim rows of 3 seats each and have a sleep….WRONG… not a spare seat on the plane, and, apparently that is the norm these days.
5hrs without a movie and, for someone 6’2”,… that is the budget flight from Hell BTW!!!
Now, I know it’s not great out there, in fact we have all taken an 8% pay cut across the board here, but,.. life goes on, but don’t….don’t start an integrated course right now. We have vacancies, but won’t look at anyone with under 1000hrs
Our esteemed moderator has told us on numerous occasions that the price of oil was ‘a side show’
Yet, his esteemed airline has just posted a loss, increased by their own figures, 80% of which they directly attribute to the increased price of oil when at it’s peak.
Given those figures they are in fact, year on year 10% ahead of the game from last year with, increased load factors!!
“the price of oil is a sideshow”…..my arse!!!’’
try telling that to Zoom etc!Also, I’m just back from Sharm (holiday).
Given the gloom and doom, we fully expected to claim rows of 3 seats each and have a sleep….WRONG… not a spare seat on the plane, and, apparently that is the norm these days.
5hrs without a movie and, for someone 6’2”,… that is the budget flight from Hell BTW!!!
Now, I know it’s not great out there, in fact we have all taken an 8% pay cut across the board here, but,.. life goes on, but don’t….don’t start an integrated course right now. We have vacancies, but won’t look at anyone with under 1000hrs
PPRuNe Secret Agent!
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Yep - every flight i've done this year is full! Expect Egypt and Turkey to be full - non Euro destinations!
A quiet cull is still ongoing, spoke to a mate earlier this week, his company is making 55% of its pilots redundant!!!! (UK based Corporate Operator)
A quiet cull is still ongoing, spoke to a mate earlier this week, his company is making 55% of its pilots redundant!!!! (UK based Corporate Operator)
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Easyjet wants passenger weddings
Budget airline Easyjet has asked council officials for permission for its pilots to marry couples on flights.
The Luton-based airline said it hopes to combine marriage proceedings with taking newlyweds on honeymoon.
It has asked Luton Borough Council for its pilots to be licensed to carry out marriage ceremonies.
Easyjet's Paul Simmons said: "If our request is replied positively, then so-called 'floating on cloud nine' would get a new meaning for people in love."
A Luton Borough Council spokesman said: "We have only just received a letter from Easyjet and will be responding in due course.
"While there are clearly laws governing marriage ceremonies, we are not yet aware of the full details of what Easyjet are proposing to do."
The Luton-based airline said it hopes to combine marriage proceedings with taking newlyweds on honeymoon.
It has asked Luton Borough Council for its pilots to be licensed to carry out marriage ceremonies.
Easyjet's Paul Simmons said: "If our request is replied positively, then so-called 'floating on cloud nine' would get a new meaning for people in love."
A Luton Borough Council spokesman said: "We have only just received a letter from Easyjet and will be responding in due course.
"While there are clearly laws governing marriage ceremonies, we are not yet aware of the full details of what Easyjet are proposing to do."
I suppose it's another way to make money
Oil was a sideshow when weighed against what I was predicting - the greatest Post War recession which, at the time, was being denied by the PM and the Chancellor. They have now conceded that the worst financial crisis and recession in a century is happening. Compared to that oil was and is a sideshow.
Oil is currently struggling to hold its head above 50 dollars. The worlds oil tanks are literally full and there are currently tankers anchored off the South coast brim full of the stuff and acting as storage tanks. We're full. No more oil please - we don't have the space. Everywhere else is the same and OPEC is desperately cutting production.
Oil is a sideshow.
Its only a third of airlines costs and every airline shares the same cost so there is no competitive advantage. When easyJets average fare is £44 and oil represents a third of it the car park charges matter far more than the price of a barrel of oil.
Oil won't make easyJet go bust. Lack of cashflow for its massive fixed costs might. Cashflow = ticket sales. Recession = people not buying tickets.
Oil is a sideshow.
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ps - you may now kiss the bride.
Oil is currently struggling to hold its head above 50 dollars. The worlds oil tanks are literally full and there are currently tankers anchored off the South coast brim full of the stuff and acting as storage tanks. We're full. No more oil please - we don't have the space. Everywhere else is the same and OPEC is desperately cutting production.
Oil is a sideshow.
Its only a third of airlines costs and every airline shares the same cost so there is no competitive advantage. When easyJets average fare is £44 and oil represents a third of it the car park charges matter far more than the price of a barrel of oil.
Oil won't make easyJet go bust. Lack of cashflow for its massive fixed costs might. Cashflow = ticket sales. Recession = people not buying tickets.
Oil is a sideshow.
WWW
ps - you may now kiss the bride.
Oh, I meant to ask you Clear Prop - how are those Scottish house prices holding up? Still no crash?
Scots House Prices Fall 9 In 3 Months (from Evening Times)
What is 8.7% a quarter when annualised I wonder..
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Scots House Prices Fall 9 In 3 Months (from Evening Times)
SCOTS house prices have fallen again as figures today revealed property sales have more than halved in a year.
Prices have slumped by almost 9% over the past three months.
The average price was £140,318 between January and March - down 8.7% on the previous quarter.
And the number of property sales has dropped by 57% in a year - and by 38% over the last quarter of 2008.
The new figures were released by...
Prices have slumped by almost 9% over the past three months.
The average price was £140,318 between January and March - down 8.7% on the previous quarter.
And the number of property sales has dropped by 57% in a year - and by 38% over the last quarter of 2008.
The new figures were released by...
What is 8.7% a quarter when annualised I wonder..
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Easy - April figures
Recession = people not buying tickets
Easyjet passenger numbers 6.3% up on April last year, load factor 4.2% up.
Acknowledging that Easter fell in April this year and Easy were expecting March figures to be down and April's up for that reason, note that the acquisition of GB has now worked its way through the stats and no increase can be attributed to that.
Last edited by Alex Whittingham; 8th May 2009 at 10:58.
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and, for a different spin..
Oil rises as rally gathers pace
Oil prices have risen 65% from February's lows. The price of oil has risen to just under $58 a barrel, a rise of more than 8% on the week, as optimism about the state of the world economy has grown.
Global markets have also risen, continuing a two-month climb, with UK shares up 4.5%, Japanese shares up 5% and US shares up 2.4% on the week.
Oil prices have risen 65% from February's lows. The price of oil has risen to just under $58 a barrel, a rise of more than 8% on the week, as optimism about the state of the world economy has grown.
Global markets have also risen, continuing a two-month climb, with UK shares up 4.5%, Japanese shares up 5% and US shares up 2.4% on the week.
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I'm not to sure what to make of that news Alex 
on the one hand i want the world economy to get better 
hence higher oil prices but i definetly don't want it to hit the $150+ barrel mark thus making my driving/training and energy bills more expensive.
mmm
on the one hand i want the world economy to get better hence higher oil prices but i definetly don't want it to hit the $150+ barrel mark thus making my driving/training and energy bills more expensive.mmm
Quote:
Recession = people not buying tickets
Not true, it seems
Recession = people not buying tickets
Not true, it seems
You said I was wrong when I said house prices were going to crash. You said I was wrong when I said there was going to be a severe recession. You say I am wrong when I say people are not going to buy airline tickets this summer... we'll just wait and see I guess.
It may not be easyJet that suffers the most. I concede that.
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