Bulk of MF Global London fuel oil team quit -industry sources

July 22 (Reuters) – Futures broker MF Global Holdings (MF.N) has lost eight brokers from their nine-man London fuel oil swaps broking desk, two industry sources said on Thursday.

The eight brokers resigned earlier this month, and are currently serving out their “garden leave”, an industry source told Reuters.

The remaining member of the team will be leaving soon, the sources added. A spokeswoman for the company in London declined comment on the departures.

“We can only confirm that the London fuel oil desk is still operating,” she said when asked if MF Global will close its fuel oil desk in London. (Editing by Ramthan Hussain)

Three BP fuel oil traders in U.S. quit

(Reuters) – Resignations from BP Plc’s (BP.L) fuel oil team have extended globally, with the departure of three traders from its U.S. office, including the team leader, and the head trader in London, three industry sources said on Monday.

These take the total number of departures from the unit to 14 worldwide, after Reuters reported that five fuel oil traders in Singapore and four support staff quit last Wednesday, following the resignation of global fuel oil head Quek Chin Thean a week before that.

When contacted, a BP spokeswoman in Singapore declined to comment. The reason for the resignations was not immediately clear.

The fuel oil traders in the United States and London resigned over the past three to four weeks, the sources said.

“Most of BP’s fuel oil team, including the global head and the heads of the three trading centers, have left in the past month,” a U.S.-based source said.

BP has been a major player over the past 15 years in the fuel oil market. In Asia, it regularly trades 500,000-600,000 tonnes of physical cargoes monthly.

The departures in the U.S. of fuel oil leader, Tim Gawne, another physical trader and the third who traded derivatives, left the team with one derivatives trader, the sources said.

Its European fuel oil team head, Chris Paine, left about a month ago, but the six other traders remain on the desk. Paine, who has been its London-based team leader for about two years, was BP’s youngest book leader when he was appointed to the position at the age of 28, sources said.

The void left by the departures of key traders globally, including Asia team leader Edmund Lau, has removed important support for the fundamentally weak Asian fuel oil market, where BP had been engaged in a bull trading play for the past two months for the May and June contracts, traders said.

In the immediate aftermath of the resignations of its Asia fuel oil team, BP’s marine fuels division in Singapore has not offered spot ex-wharf bunkers on Wednesday and Thursday. But it has since resumed offers of bunkers on Monday, traders said.

The fuel oil market remained weak by midday Monday, with traders attributing this to the recovery of crude oil prices after a recent slide and a lack of confidence in the residual fuel market, which has been saddled with heavy supplies for five months up till July.

Reflecting the weakness, fuel oil’s June crack spread to Dubai crude was valued at a discount of $6.68 a barrel by midday, down 24 cents from a day ago and the lowest since May 6.

The weakness in its timespreads extended further down the 12-month forward curve, with June/July to January/February at a contango of $3.00 a tonne or weaker for a third session.

Before the resignations, BP bought large volumes of 180-centistoke (cst) grade fuel oil for the June contract for a two-week period, amid sliding global crude oil benchmarks.

The major picked up at least 30,000-40,000 tonnes daily, in what traders say is a bull-trading play on the product’s crack spreads to Dubai crude, and bought as much as 100,000-150,000 tonnes on some days, Reuters data show.

BP has combined storage capacity of about 600,000 cubic meters in the Universal and Tankstore oil terminals in Singapore and for the past three years has been the top supplier of marine fuels in the city state, the world’s top bunker port by volume, with 400,000-500,000 tonnes a month.

(Editing by Ramthan Hussain)

Three BP fuel oil traders in U.S., 1 in London quit

May 31 (Reuters) – Resignations from BP Plc’s (BP.L) fuel oil team have extended globally, with the departure of three traders from its U.S. office, including the team leader, and the head trader in London, three industry sources said on Monday.

Stocks

These take the total number of departures from the unit to 14 worldwide, after Reuters reported that five fuel oil traders in Singapore and four support staff quit last Wednesday, following the resignation of global fuel oil head Quek Chin Thean a week before that. [ID:nSGE64P0MF]

When contacted, a BP spokeswoman in Singapore declined to comment. The reason for the resignations was not immediately clear.

The fuel oil traders in the United States and London resigned over the past three to four weeks, the sources said.

“Most of BP’s fuel oil team, including the global head and the heads of the three trading centres, have left in the past month,” a U.S.-based source said. (Editing by Ramthan Hussain)

UPDATE 2-JP Morgan winds up Asia carbon team in Singapore-source

* JPM carbon projects absorbed by wholly-owned EcoSecurities

* Source says decision to disband team “makes business sense” (Adds comment from the bank)

By David Fogarty

SINGAPORE, April 9 (Reuters) – U.S. investment bank J.P. Morgan (JPM.N) has shut down its four-member Asia carbon team based in Singapore to streamline operations, a source familiar with the matter said on Friday.

The decision comes after the bank bought major carbon project developer EcoSecurities, leading to a decision that J.P. Morgan’s Singapore operations and projects could be absorbed by EcoSecurities’ much larger network in Asia, the source said.

The team was formally wound up on March 31, the source added.

“From a business point of view it does make sense,” the source said. “Because EcoSecurities has the critical mass in each location, they are in a better position, from the (carbon) origination point of view, to be in that market.”

J.P. Morgan acquired unlisted EcoSecurities late last year. The firm is one of the largest investors in clean energy projects registered under the Kyoto Protocol’s Clean Development Mechanism (CDM).

EcoSecurities is now the primary vehicle for carbon project development for J.P. Morgan.

The bank declined to comment specifically on the departures, but said:

“J.P. Morgan has been expanding its investment in the fast-growing carbon markets and the EcoSecurities acquisition underscores the firm’s commitment to the carbon emission reduction markets.”

The bank’s team sourced carbon offsets by helping develop clean-energy projects in Asia. Its projects include mass-market deployment of more efficient cook stoves in Bangladesh.

“It sounds funny because we acquired EcoSecurities and, to be honest, in that sense, it came as a bit of a shock,” said the source, referring to the decision to disband the team.

Asked how many projects have been transferred to EcoSecurities, the source declined to say, but added:

“What we went through was a very diligent process of reviewing what projects we were doing, what made sense, what Eco had the capacity to take on.” (Editing by Clarence Fernandez)

US Airways Reports February Traffic Results

TEMPE, Ariz.–(Business Wire)–
US Airways Group, Inc. (NYSE: LCC) today announced February and year-to-date
2010 traffic results. Mainline revenue passenger miles (RPMs) for the month were
3.9 billion, down 4.7 percent versus February 2009. Mainline capacity was 5.0
billion available seat miles (ASMs), down 5.3 percent versus February 2009.
Passenger load factor for the month of February was 77.6 percent, up 0.4 points
versus February 2009.

US Airways President Scott Kirby said, “Our February consolidated (mainline and
Express) passenger revenue per available seat mile (PRASM) increased
approximately eight percent versus the same period last year while total revenue
per available seat mile increased approximately nine percent on a year-over-year
basis. The revenue environment continues to show material signs of improvement
with corporate booked revenue up more than 35 percent on a year-over-year
basis.”

With more departures than any carrier on the East Coast, US Airways` February
operations were severely impacted by the extreme weather in that region. Due to
the length and severity of the storms, flight operations were suspended for a
total of six days at three of the hardest hit major airports (three days at
Washington National, two days at Philadelphia, and one day at New York-
LaGuardia).

These weather-related cancellations drove a completion factor for February of
92.9 percent. The corresponding cancellation rate of 7.1 percent is the highest
since the merger of US Airways and America West in 2005, exceeding the previous
high by 3.3 points, or 87.9 percent. US Airways` preliminary on-time performance
as reported to the U.S. Department of Transportation (DOT) was 75.3 percent. The
Company estimates weather related cancellations reduced February’s revenue by
approximately $30 million. In addition, due to its storm-related reduction in
ASMs, the Company estimates a benefit to PRASM of approximately one-half of one
percentage point.

The following summarizes US Airways Group`s traffic results for the month and
year-to-date ended February 28, 2010 and 2009, consisting of mainline operated
flights as well as US Airways Express flights operated by wholly owned
subsidiaries PSA Airlines and Piedmont Airlines.

US Airways Mainline

FEBRUARY
2010 2009 % Change

Mainline Revenue Passenger Miles (000)
Domestic 3,020,588 3,232,490 (6.6 )
Atlantic 375,812 378,812 (0.8 )
Latin 456,528 432,087 5.7
Total Mainline Revenue Passenger Miles 3,852,928 4,043,389 (4.7 )

Mainline Available Seat Miles (000)
Domestic 3,735,066 4,039,918 (7.5 )
Atlantic 623,079 631,481 (1.3 )
Latin 603,879 566,933 6.5
Total Mainline Available Seat Miles 4,962,024 5,238,332 (5.3 )

Mainline Load Factor (%)
Domestic 80.9 80.0 0.9 pts
Atlantic 60.3 60.0 0.3 pts
Latin 75.6 76.2 (0.6 ) pts
Total Mainline Load Factor 77.6 77.2 0.4 pts

Mainline Enplanements
Domestic 3,190,467 3,403,824 (6.3 )
Atlantic 91,473 98,112 (6.8 )
Latin 327,962 341,099 (3.9 )
Total Mainline Enplanements 3,609,902 3,843,035 (6.1 )

YEAR TO DATE
2010 2009 % Change

Mainline Revenue Passenger Miles (000)
Domestic 6,353,625 6,710,358 (5.3 )
Atlantic 862,510 834,784 3.3
Latin 929,848 850,291 9.4
Total Mainline Revenue Passenger Miles 8,145,983 8,395,433 (3.0 )

Mainline Available Seat Miles (000)
Domestic 8,060,480 8,503,245 (5.2 )
Atlantic 1,368,716 1,343,626 1.9
Latin 1,252,312 1,135,360 10.3
Total Mainline Available Seat Miles 10,681,508 10,982,231 (2.7 )

Mainline Load Factor (%)
Domestic 78.8 78.9 (0.1 ) pts
Atlantic 63.0 62.1 0.9 pts
Latin 74.3 74.9 (0.6 ) pts
Total Mainline Load Factor 76.3 76.4 (0.1 ) pts

Mainline Enplanements
Domestic 6,617,578 7,003,531 (5.5 )
Atlantic 211,685 216,113 (2.0 )
Latin 664,395 671,681 (1.1 )
Total Mainline Enplanements 7,493,658 7,891,325 (5.0 )

Notes:
1) Canada, Puerto Rico and U.S. Virgin Islands are included in the domestic results.
2) Latin numbers include the Caribbean.

US Airways Express (Piedmont Airlines, PSA Airlines)

FEBRUARY
2010 2009 % Change

Express Revenue Passenger Miles (000)
Domestic 137,840 148,355 (7.1 )

Express Available Seat Miles (000)
Domestic 209,951 241,407 (13.0 )

Express Load Factor (%)
Domestic 65.7 61.5 4.2 pts

Express Enplanements
Domestic 499,594 554,389 (9.9 )

YEAR TO DATE
2010 2009 % Change

Express Revenue Passenger Miles (000)
Domestic 282,834 294,786 (4.1 )

Express Available Seat Miles (000)
Domestic 454,081 497,446 (8.7 )

Express Load Factor (%)
Domestic 62.3 59.3 3.0 pts

Express Enplanements
Domestic 1,034,906 1,101,886 (6.1 )

Notes:
1) Canada is included in domestic results.

Consolidated US Airways Group, Inc.

FEBRUARY
2010 2009 % Change

Consolidated Revenue Passenger Miles (000)
Domestic 3,158,428 3,380,845 (6.6 )
Atlantic 375,812 378,812 (0.8 )
Latin 456,528 432,087 5.7
Total Consolidated Revenue Passenger Miles 3,990,768 4,191,744 (4.8 )

Consolidated Available Seat Miles (000)
Domestic 3,945,017 4,281,325 (7.9 )
Atlantic 623,079 631,481 (1.3 )
Latin 603,879 566,933 6.5
Total Consolidated Available Seat Miles 5,171,975 5,479,739 (5.6 )

Consolidated Load Factor (%)
Domestic 80.1 79.0 1.1 pts
Atlantic 60.3 60.0 0.3 pts
Latin 75.6 76.2 (0.6 ) pts
Total Consolidated Load Factor 77.2 76.5 0.7 pts

Consolidated Enplanements
Domestic 3,690,061 3,958,213 (6.8 )
Atlantic 91,473 98,112 (6.8 )
Latin 327,962 341,099 (3.9 )
Total Consolidated Enplanements 4,109,496 4,397,424 (6.5 )

YEAR TO DATE
2010 2009 % Change

Consolidated Revenue Passenger Miles (000)
Domestic 6,636,459 7,005,144 (5.3 )
Atlantic 862,510 834,784 3.3
Latin 929,848 850,291 9.4
Total Consolidated Revenue Passenger Miles 8,428,817 8,690,219 (3.0 )

Consolidated Available Seat Miles (000)
Domestic 8,514,561 9,000,691 (5.4 )
Atlantic 1,368,716 1,343,626 1.9
Latin 1,252,312 1,135,360 10.3
Total Consolidated Available Seat Miles 11,135,589 11,479,677 (3.0 )

Consolidated Load Factor (%)
Domestic 77.9 77.8 0.1 pts
Atlantic 63.0 62.1 0.9 pts
Latin 74.3 74.9 (0.6 ) pts
Total Consolidated Load Factor 75.7 75.7 – pts

Consolidated Enplanements
Domestic 7,652,484 8,105,417 (5.6 )
Atlantic 211,685 216,113 (2.0 )
Latin 664,395 671,681 (1.1 )
Total Consolidated Enplanements 8,528,564 8,993,211 (5.2 )

Notes:
1)Canada, Puerto Rico and U.S. Virgin Islands are included in the domestic results.
2)Latin numbers include the Caribbean.

US Airways is also providing a brief update on notable company accomplishments
during the month of February:

* Launched year-round service from Charlotte, N.C. to Melbourne, Fla.; offering
Melbourne customers the ability to connect to more than 125 domestic and
international destinations through the airline`s largest hub. All three daily
flights will be operated by wholly owned US Airways Express carrier PSA
Airlines, utilizing 70-seat Bombardier CRJ700 regional jets.
* Announced a new bilateral codeshare agreement with Brussels Airlines. This
agreement, subject to both U.S. DOT and Belgium government approval, will
provide a convenient, single-source booking, ticketing and baggage connection
option for more than 20 new destinations in Europe and Africa, including points
in Gambia, Senegal, Cameroon and Kenya. Customers may purchase tickets starting
April 3 for flights April 7 and beyond at www.usairways.com or by calling
1-800-428-4322.

About US Airways

US Airways, along with US Airways Shuttle and US Airways Express, operates more
than 3,000 flights per day and serves more than 190 communities in the U.S.,
Canada, Mexico, Europe, the Middle East, the Caribbean, Central and South
America. The airline employs more than 31,000 aviation professionals worldwide
and is a member of the Star Alliance network, which offers its customers more
than 19,700 daily flights to 1,077 airports in 175 countries. Together with its
US Airways Express partners, the airline serves approximately 80 million
passengers each year and operates hubs in Charlotte, N.C., Philadelphia and
Phoenix, and a focus city at Ronald Reagan Washington National Airport. And for
the eleventh consecutive year, the airline received a Diamond Award for
maintenance training excellence from the Federal Aviation Administration for its
Charlotte hub line maintenance facility. For more company information, visit
usairways.com. (LCCT)

Forward Looking Statements

Certain of the statements contained or referred to herein should be considered
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may be
identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,”
“believe,” “estimate,” “plan,” “could,” “should,” and “continue” and similar
terms used in connection with statements regarding the outlook, expected fuel
costs, revenue and pricing environment, and expected financial performance and
liquidity position of US Airways Group (the “Company”). Such statements include,
but are not limited to, statements about future financial and operating results,
the Company’s plans, objectives, expectations and intentions, and other
statements that are not historical facts. These statements are based upon the
current beliefs and expectations of the Company’s management and are subject to
significant risks and uncertainties that could cause the Company’s actual
results and financial position to differ materially from these statements. Such
risks and uncertainties include, but are not limited to, the following: the
impact of significant operating losses in the future; downturns in economic
conditions and their impact on passenger demand and related revenues; increased
costs of financing, a reduction in the availability of financing and
fluctuations in interest rates; the Company’s high level of fixed obligations
and its ability to fund general corporate requirements, obtain additional
financing and respond to competitive developments; any failure to comply with
the liquidity covenants contained in the Company’s financing arrangements; the
impact of the price and availability of fuel and significant disruptions in the
supply of aircraft fuel; provisions in the Company’s credit card processing and
other commercial agreements that may affect its liquidity; the impact of union
disputes, employee strikes and other labor-related disruptions; the Company’s
inability to maintain labor costs at competitive levels; the Company’s reliance
on third party regional operators or third party service providers; the
Company’s reliance on automated systems and the impact of any failure or
disruption of these systems; the impact of changes to the Company’s business
model; competitive practices in the industry, including the impact of industry
consolidation; the loss of key personnel or the Company’s ability to attract and
retain qualified personnel; the impact of conflicts overseas or terrorist
attacks, and the impact of ongoing security concerns; changes in government
legislation and regulation; the Company’s ability to operate and grow its route
network; the impact of environmental laws and regulations; costs of ongoing data
security compliance requirements and the impact of any data security breach;
interruptions or disruptions in service at one or more of the Company’s hub
airports; the impact of any accident involving the Company’s aircraft or the
aircraft of its regional operators; delays in scheduled aircraft deliveries or
other loss of anticipated fleet capacity; the impact of weather conditions and
seasonality of airline travel; the cyclical nature of the airline industry; the
impact of possible future increases in insurance costs and disruptions to
insurance markets; the impact of global events that affect travel behavior, such
as an outbreak of a contagious disease; the impact of foreign currency exchange
rate fluctuations; the Company’s ability to use NOLs and certain other tax
attributes; and other risks and uncertainties listed from time to time in the
Company’s reports to and filings with the SEC. There may be other factors not
identified above of which the Company is not currently aware that may affect
matters discussed in the forward-looking statements, and may also cause actual
results to differ materially from those discussed. The Company assumes no
obligation to publicly update any forward-looking statement to reflect actual
results, changes in assumptions or changes in other factors affecting such
estimates other than as required by law. Additional factors that may affect the
future results of the Company are set forth in the section entitled “Risk
Factors” in the Company’s Report on Form 10-K for the year ended December 31,
2009 and in the Company’s other filings with the SEC, which are available at
www.usairways.com.

-LCC-

US Airways Group, Inc.
Dan Cravens, 480-693-5729

Copyright Business Wire 2010

Logan Airport – Major Mess at Logan – Weather – Equipment Problem Delay Logan Flights – Arrivals at Logan Airport – Boston Airport – Boston Logan Airport – Logan Airport Boston – Logan Airport Delays – TF Green Airport – Bad weather -

Logan Airport  – Major Mess at Logan – Weather – Equipment Problem Delay Logan Flights – Arrivals at Logan Airport – Boston Airport -  Boston Logan Airport -  Logan Airport Boston – Logan Airport Delays – TF Green Airport  – Bad weather

Bad weather continues to dominate Boston City, all the arrivals at Logan Airport are being delayed even longer flights are now three hours behind schedule. As of the low cloud cover and an equipment failure that has shut down the runway most heavily used during bad weather, the FAA said today.

Departures are also being slowed, but by far shorter periods of time. Airport authority is requesting travelers to check with their airlines as per revised schedules.

FAA is closely watching weather conditions.

Door left open paralyses Budapest Airport

Budapest – Passengers at Budapest’s airport faced hours of frustrating delays on Monday – because security staff forgot to close a door.

Operations at Ferihegy International airport were paralysed because passengers on an early morning flight from the Syrian capital Damascus were allowed to mingle with those arriving from Schengen countries, spokesman Mihaly Hardy told the local news agency MTI.

“The Schengen and non-Schengen passengers were mixed up because a service door was unintentionally left open,” Hardy admitted.

All flights are subject to significant delays, and the timetable is only likely to return to normal by the end of the day, said Adam Hegedus, a spokesman for the Hungarian national airline Malev.

Though departures from Terminal 2 are subject to delays, no flights were cancelled and arrivals are not affected by the problem, Hardy added.

Hungary joined Europe’s open-border Schengen zone in December, 2007. Passengers travelling between Schengen countries do not have to undergo the same rigorous security checks as those from outside the zone. (dpa)

Scarlett Johansson’s directorial debut flops

New York, May 3 (ANI): American actress Scarlett Johansson’s first try at being a director has ended in a flop movie.

Johansson, 24, helmed a segment for the upcoming movie “New York, I Love You,” a series of intertwined love stories shot by several auteurs, including Brett Ratner and Natalie Portman.

But unfortunately for Johansson, her segment, starring Kevin Bacon and shot in black and white, was deemed “unwatchable,” sources said.

“It was really bad, so it was cut,” the New York Post quoted an as saying.

But the film’s producer, Emmanuel Benbihy, has revealed that Johansson’s bit ended up in the scrap heap not because it was bad.

“The story did not specifically involve an interpersonal relationship, and it was conceptualised to be filmed in black and white — both of which were extreme departures from the other films,” he said.

“Scarlett presented me with an extremely compelling, albeit unconventional, narrative that appeared as though it would not necessarily conform to the overall approach of the entire collective . . . However, I was very much moved by her vision and I did not want to pass on the opportunity to help her develop it. All that matters to me is the genuine movie language of the author.

“Scarlett and I nonetheless agreed that a final determination of its appropriateness in the context of the other contributions and the overall story would be best made in the editorial process. And after months of editing . . . I had to admit that there were editorial decisions to be made in the interest of serving the overall narrative and composition that resulted in previously filmed scenes and footage not getting used,” Benbihy added. (ANI)

Precaution landings delay flights

Precautionary landings by two flights delayed many others at the Delhi airport on Wednesday evening. A Kolkata-bound JetLite flight and a Kingfisher flight from Dehradun had precautionary landings at Delhi’s Indira Gandhi International Airport, which held up other flights.

A JetLite flight to Kolkata (S2-911) had to return minutes after taking off at 6.40 p.m.

after the pilot suspected a technical snag in the aircraft. The flight carrying 41 passengers landed safely and took off again after the aircraft was thoroughly checked.

“The pilot suspected a snag and that is why the plane was brought back. It made a completely safe landing and no problems were encountered in the aircraft,” an airlines spokesman said.

A Kingfisher flight from Dehradun (IT-4816) also made a priority landing at the airport. The pilot of the flight noticed a warning from the on-board system, which monitors engine parameters in flights, and requested the ATC for a priority landing.

The ATR 42-500 type aircraft with 50 passengers and three crew on board made a safe landing at the airport. The precautionary landings, coupled with bad weather, resulted in many evening departures getting delayed.

“The air-traffic congestion in the evening was not helping matters. And normal operations were also hampered with some flights making priority landings,” a senior airport official said on the condition of anonymity.

“Many departures were held up due to the priority landing and the arriving aircraft had to hover around for close to an hour,” he said. “My flight was expected to land at Delhi airport at 6.20 p.

m. but finally landed at around 7.15 p.

m.

The plane hovered above areas like Karnal before landing in Delhi,” a passenger, who’d arrived from Mumbai, said.

Drop in passengers to India forces PIA to reschedule flights

Karachi, Jan 21 (ANI): The Pakistan International Airlines (PIA) has said that some of its flights to India have been rescheduled after a drop in the number of passengers.

Without revealing that its flights had been cut, PIA said in a handout issued here that passengers to and from Delhi and Mumbai had substantially decreased. “So some of the PIA flights for these sectors are being rescheduled as per the passenger load factor,” it said.

It asked PIA passengers traveling to Delhi and Mumbai from Karachi and Lahore to provide their contact numbers while booking seats so that information could be provided with regard to change of flight schedule, The News reported.

Meanwhile, the national flag carrier has asked passengers for all domestic and international flights to reach airports in Pakistan at least half an hour before the standard check-in time that is four and a half hours for international flights and two and a half hours for domestic flights before the departure time due to security checks.

Airports in Karachi, Lahore, Islamabad, Peshawar and Quetta are witnessing long queues starting right at entry points for vehicle checking, then scanning of luggage at terminals due to which the issue of boarding cards gets delayed and at times confirmed passengers miss their flights.

To maintain timely departures, PIA check-in counters close 45 minutes before departure time for international flights and 35 minutes before departure time for domestic flights. (ANI)