Spanish construction firm Grupo Ferrovial raised its bid for UK airports operator BAA to £9.73 billion ($18.26 billion) on Tuesday, but BAA said it was still too low.
Ferrovial, which raised its offer to 900 pence a share in cash for the owner of Heathrow, Gatwick and Stansted airports from the previous proposal of 810 pence, said BAA´s claim last week to be worth more than 940 pence a share was “not credible”.
Continental Airlines reported a May consolidated (mainline plus regional) load factor of 81.0 percent, 1.9 points above last year´s May consolidated load factor.
The carrier reported a mainline load factor of 81.0 percent, 1.2 points above the May 2005 mainline load factor, and a domestic mainline load factor of 83.9 percent, 2.7 points above May 2005. All three were records for May.
The year 2005 marked the most profitable year ever (in absolute dollars) for the US Hotel Industry.
Based on statistics compiled by Smith Travel Research (STR), the industry generated some $122.7 billion in revenues and $22.6 billion in profits last year. This profit number is slightly above the $22.5 billion that the industry generated in the year 2000, the highest level achieved prior to 2005.
GOL, Brazil´s low-cost, low-fare airline, announces that its Board of Directors has given its operating company the green light to enter into a R$ 75.7 million loan with the BNDES (Brazilian National Economic and Social Development Bank).
The tenor of the BNDES loan is six years with an interest rate of 2.65 percent over the long-term borrowing rate, currently set at 8.15 percent in reais.
Brazilian authorities decided to advance to June the auction of Brazilian flag carrier Varig in a final effort to ward off the airline´s collapse, announced the National Civil Aviation Agency, ANAC.
The beleaguered airline burdened with debts of over $3 billion is currently under court supervised bankruptcy reorganization.
Worldspan, L.P. reported financial results for the first quarter ended March 31, 2006. The Company reported revenues for the quarter of $262.1 million, operating income of $54.3 million and net income of $36.5 million.
The company´s financial outcomes for the quarter benefited from a reduction in expenses of $11.3 million related to contractual payments that were received from certain former online travel agencies towards settlement of disputes.