Bottomline

LONDON:

Britain’s aviation industry on Wednesday criticised changes to a tax on air passengers which will freeze the duty for a majority of customers, saying they did not go far enough to keep Britain competitive as Brexit approaches.

British Finance Minister Philip Hammond said in his annual budget that the 2019-20 level of Air Passenger Duty (APD) would be frozen for short haul and economy passengers, while those flying premium class would pay more.

But the industry wants to see the tax cut, and British Airways owner IAG said the plan contradicted Hammond’s pledge for low taxes.

“At a time when the country is looking to the government for confidence and encouragement we get a dull and uninspiring budget from a dull and uninspiring Chancellor,” IAG said in a statement. (RTRS)

MILAN:

Workers at Amazon’s main distribution hub in Italy are planning their first ever strike for Friday, trade unions said, while they are also striking at six warehouses in Germany, threatening to disrupt one of the year’s busiest shopping days.

Like the rest of Europe, Italians in recent years have embraced the US tradition of Black Friday, a day of heavy discounting by retailers on the day after Thanksgiving.

Unions said in a statement more than 500 Amazon workers at the Piacenza site in northern Italy had agreed to strike following a failure to negotiate bonuses with the company.

Workers have also decided not to do any overtime until Dec 31, covering the peak season for the online retailer which hires temporary workers during this period. (RTRS)

HELSINKI:

Finland’s Rovio Entertainment, creator of the popular smartphone game Angry Birds, on Thursday posted a loss for the third quarter despite rising sales, as it increased its investments with a view to boost its winnings in future.

Sales reached 70.7 million euros (nearly $84 million) in the third quarter compared to 50 million the previous year, but year-on-year the company lost 800,000 euros.

Rovio posted a profit of 3.9 million euros in the third quarter of 2016.

The company said this quarter’s negative result was expected as it invested 22 million euros in top performing games, hoping this would boost its profits in future. (AFP)

LONDON:

British pub operator Mitchells & Butlers posted a smaller fullyear profit due to higher costs and said it would not pay an interim dividend in 2018, sending its shares down more than 12 percent in morning trade.

The company, which runs the Nicholson’s and All Bar One pub chains, said adjusted operating profit fell 3.1 percent in the year ended Sept 30.

However, like-for-like sales grew 1.8 percent in the period, compared with a 0.8 percent drop the previous year.

Like other operators in the sector, Mitchells & Butlers has been battling increased costs, most notably from wage inflation, property costs and exchange rate movements.

Earlier this month, rival pub group JD Witherspoon warned about the impact of higher input costs, as the sterling took a hit after the Brexit vote

in 2016. (RTRS)

LONDON:

Tradewise announces a £20 million investment deal with Harwood Private Equity.

Tradewise Founder and CEO of the Insurer, James Humphreys, stated “We are delighted to have found the right investment partners for our organisation. With this investment we can continue to focus on our core objective of building profit from niche insurance sectors within the motor insurance markets and wherever else profitability is identified.”

Harwood Private Equity invests in UK businesses across a range of sectors with good market share and prospects for growth led by managers with strong commercial and operational judgment. Harwood Private Equity has invested in over 50 portfolio companies since 2001, and is managed by Harwood Capital LLP, which has funds under management of approximately £1.1 billion. (RTRS)

PARIS:

Shareholders unhappy with the plunge in the value of shares in Altice plan to sue the French and US telecoms firm, which said Wednesday it is the victim of a malicious PR attack.

A lawyer specialising in cases against large companies, FrederikKarel Canoy, said the lawsuit to be filed in France would accuse Altice of misleading investors.

He said the plaintiffs estimate that the firm had understated and falsely claimed it had complete control over its debt. Altice spokesman Arthur Dreyfuss told AFP that as a listed company it regularly reports financial information and is under the supervision of regulators. (AFP)

OSLO:

Norway, a world leader of zeroemission vehicles, has abandoned plans for a proposed “Tesla tax”, a controversial measure that would have cut a tax rebate granted to heavy electric cars.

Plans for the tax, which was to have entered into force in 2018, were halted after a budget compromise was reached between the right-wing government and its centre-right allies, which they presented on Wednesday evening.

“It’s a happy day,” Norwegian Electric Vehicle Association secretary general Christina Bu said.

Norway, a large oil and gas producer, has introduced numerous incentives to encourage the purchase of electric cars. Buyers pay almost no tax, making the sale price very competitive. (AFP)

PARIS:

French anti-corruption investigators questioned Airbus Chief Executive Tom Enders and three other company executives as witnesses in an investigation centred on the sale of satellites to Kazakhstan in 2010, according to media reports on Thursday.

Enders was interviewed in early October by anti-corruption investigators in Nanterre, close to Paris, as was Chairman Denis Ranque, Mediapart, France Inter and Der Spiegel reported.

Authorities are probing an alleged suspect payment linked to the satellite deal, Mediapart reported, adding that Enders and the other executives were not alleged to have any role in it.

“We have no comment to make other than that we are fully co-operating with authorities,” a spokesman for Airbus said. (RTRS)