Lorry Drivers Forced to Keep to EU Working Hours

July 7, 2010 By Leave a Comment

KENT, UNITED KINGDOM, Jul 06 (MARKET WIRE) —
It has been revealed that self-employed lorry drivers will not be made
exempt from the working time directive, following events on June 15th.
MEPs voted against the move to make self-employed drivers exempt from EU
rules on working hours.

A European Commission proposal on the issue provoked a concentrated
debate from MEPs, largely centring on regulations and restrictions
already facing small businesses versus lorry drivers’ safety when working
long hours.

Flint Insurance, a leading HGV Insurance company reported how the
directive was first brought out in 2002 to regulate EU working times and
independent lorry drivers had been made exempt since 2009. However, they
will now be forced to adhere to the 48 hour maximum working week as well
as ensuring they take regular breaks.

It had been a concern to the Commission that some drivers purportedly
work over 80 hours a week, which raised the matter of over worked lorry
drivers prone to dangerous driving because of exhaustion.

A spokesperson for Flint, who specialise in Lorry Insurance , commented:
‘It is very important for drivers to make sure they take frequent breaks
and stay alert. Many lorry drivers are forced to work for lengthy
stretches on the roads, putting them at major risk of losing their
concentration. It is therefore vital that drivers avoid this by taking
appropriate measures whenever they feel extremely fatigued’.

The Commission hopes to prevent such situations so that drivers are not
at peril of putting their own life or others’ in danger. But some MEPs
claim that there is no evidence to show that lorry drivers are involved
in many accidents due to tiredness.

The main question to come out of the debate is whether or not small
businesses can realistically cope with the potential work hour
restrictions and organise themselves appropriately, while maintaining
their income and not overstretching resources.

Some MEPs have argued that they cannot and this latest restriction is
simply unnecessary. It remains to be seen whether or not the proposal
will go ahead or not.

About Flint Insurance:

Flint Insurance is an independent insurance broker. With over 30 years’
experience in the trade, they can offer a range of cover for businesses
including specialist HGV insurance cover throughout the UK. By using a
panel of over 35 insurers, they can provide the most appropriate and
cost-effective cover for their clients.

For further information, please visit: www.flintinsurance.co.uk or call
0800 021 4501.

Contacts:
HGV Insurance Public Relations – Flint Insurance
Dave Stoneman
Kent, United Kingdom
0208 309 5000
Davestoneman@flintinsurance.co.uk

Copyright 2010, Market Wire, All rights reserved.

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UPDATE 1-ING could retain Belgian insurance arm – paper

June 26, 2010 By Leave a Comment

BRUSSELS, June 25 (Reuters) – Dutch bancassurer ING Groep (ING.AS) may retain its Belgian insurance activities rather than divest the business because of risks the unit may not be viable otherwise, Belgium’s De Tijd newspaper said on Friday.

ING agreed to split its banking and insurance operations as part of a restructuring deal with the EU’s executive arm, the European Commission (EC), after it got 10 billion euros ($13.4 billion) in state aid to help it through the credit crisis.

The group plans to dispose of the insurance business and has said its preferred route would be an IPO, which would not come until 2011 at the earliest, but financial daily De Tijd cited sources as saying ING might keep its Belgian insurance business.

“That option is being considered and ING prefers it,” the newspaper cited a source as saying.

Another source said the banking and insurance activities are so closely intertwined that a split would be very costly and could threaten the viability of the Belgian insurance arm.

The group therefore hopes to obtain EU approval to retain the Belgian insurance business, De Tijd said.

An ING spokesman said it was possible the Belgian insurance and banking operations could remain together. Belgian insurance was mainly sold through banking operations, he said.

“All scenarios are being looked at,” the spokesman said, when asked if ING could keep its Belgian insurance operations.

“We very much like the bank to remain an important distribution channel for insurance activities. We are looking now how that can be done in the best way,” the spokesman said.

He declined to say if the insurance unit’s viability was at stake if it were to be split from the banking operations.

There were other countries where it was also a “bit more difficult” to separate banking and insurance operations but ING kept its target to separate its banking and insurance operations by the end of 2013, the spokesman said.

Analysts said convincing the EU could be difficult, given that ING has a pending appeal against its EC restructuring order. ING struck a one-time deal with the Dutch state for lower penalties on the early repayment of some aid; the EU counted the penalty discounts as additional aid, however.

“The challenge will be to convince the EC to accept this option knowing that ING is already in a legal dispute with the EC regarding the reduction of the penalty upon redemption of the core capital securities, which the EC considers to be state aid as well,” KBC Securities said in a research note.

ING had previously identified Belgium as one of a small group of countries with a high degree of bank and insurer integration and with dependencies that, if not resolved by the time of separation, “may hinder the operational integrity of the separated business unit”.

ING shares eased 0.4 percent by 0827 GMT in Amsterdam, while the European insurance sector .SXIP was flat. (Writing by Antonia van de Velde; additional reporting by Gilbert Kreijger and Ben Berkowitz in Amsterdam; editing by Simon Jessop and Michael Shields) ($1 = 0.7453 euro)

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ING could retain Belgian insurance arm-paper

June 26, 2010 By Leave a Comment

June 25 (Reuters) – Dutch bancassurer ING Groep (ING.AS) is considering retaining its Belgian insurance activities rather than divesting the business as part of its European Union-mandated restructuring, Belgium’s De Tijd said.

Financials

ING agreed to split its banking and insurance operations as part of a restructuring deal with the EU’s executive arm, the European Commission, after it got 10 billion euros ($13.42 billion) in state aid to help it through the credit crisis.

The group plans to dispose of the insurance business and has said its preferred route would be an IPO, which would not come until 2011 at the earliest, but De Tijd on Friday cited sources as saying ING might keep its Belgian insurance business.

“That option is being considered and ING prefers it,” the newspaper cited a source as saying.

Another source said the banking and insurance activities are so closely intertwined in Belgium that a split would be very costly and could threaten the viability of the Belgian insurance arm.

The group therefore hopes to obtain EU approval to retain the Belgian insurance business, De Tijd said.

An ING spokesman said it was possible the Belgian insurance and banking operations could remain together. Belgian insurance was mainly sold through banking operations, he said.

“All scenarios are being looked at,” the spokesman said, when asked if ING could keep its insurance operations in Belgium.

“We very much like the bank to remain an important distribution channel for insurance activities. We are looking now how that can be done in the best way,” he said.

There were other countries where it was also a “bit more difficult” to separate banking and insurance operations but ING kept its target to separate its banking and insurance operations by the end of 2013, the spokesman said.

He declined to say if the insurance unit’s viability was at stake if it were to be split from the banking operations. ($1=.7453 Euro) (Writing by Antonia van de Velde; additional reporting by Gilbert Kreijger; editing by Simon Jessop)

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EU opens investigation into Syngenta sunflower deal

June 23, 2010 By Leave a Comment

June 22 (Reuters) – European Union competition authorities said on Tuesday they have opened an investigation into Swiss group Syngenta’s (SYNN.VX) proposed acquisition of the sunflower seed business of U.S. company Monsanto (MON.N).

“The Commission’s initial market investigation indicated potential competition concerns with respect to the breeding and commercialisation of sunflower seeds and sunflower seed treatment products in Europe,” the European Commission, which regulates EU-wide competition, said in a statement.

The Commission now has 90 working days to take a final decision on the proposed acquisition of Monsanto’s global sunflower seed operations.

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Barroso: risks serious but EU to overcome crisis

June 12, 2010 By Leave a Comment

June 11 (Reuters) – European Commission President Jose Manuel Barroso said on Friday there are serious economic and social risks stemming from the global financial crisis and the recession, but Europe should be able to overcome them.

“There are serious economic and social risks, risks of populism and defeatism. But I think Europe will overcome those,” Barroso told reporters in Lisbon.

He said earlier he believed that the crisis could lead to better European integration.

(Reporting by Andrei Khalip and Daniel Alvarenga; Editing by John Stonestreet)

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EU to decide on Comcast, NBCU deal by July 15

June 12, 2010 By Leave a Comment

June 11 (Reuters) – EU competition regulators set a July 15 deadline either to clear or prevent U.S. cable provider Comcast’s (CMCSA.O) proposed takeover of NBC Universal, the European Commission said on Friday. The Commission, competition watchdog of the 27-country European Union, may also challenge the deal by seeking concessions but doing so could mean extending the deadline by 35 working days.

Stocks | Mergers & Acquisitions | Global Markets

The Commission is expected to canvas views from consumers and rivals before deciding whether to clear the transaction.

The U.S. Justice Department and the Federal Communications Commission are reviewing Comcast’s plan to buy a controlling stake in General Electric’s (GE.N) NBC Universal in a $30 billion joint venture.

Consumer and public interest groups have expressed concerns about possible higher prices for consumers as a result of the deal. (Reporting by Foo Yun Chee, editing by Dale Hudson)

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EU to rule on BA, Iberia merger by July 15

June 12, 2010 By Leave a Comment

June 11 (Reuters) – EU competition regulators will decide by July 15 whether to clear or block a planned $8 billion merger between British Airways (BAY.L) and Spain’s Iberia (IBLA.MC), the European Commission said on Friday.

Stocks | Regulatory News | Mergers & Acquisitions | Global Markets | Airlines

The Commission could also ask the carriers, which notified European Union regulators of their merger plans the previous day, to provide concessions — such as giving up airport slots — to ease possible concerns that the deal may dent competition.

The airlines aim to complete the merger by December and hope it will enable them to compete better with rivals Lufthansa (LHAG.DE) and Air France (AIRF.PA) as well as low-cost carrier Ryanair (RYA.I). It will also clear the way for a tie-up with American Airlines (AMR.N). The Commission, competition watchdog of the 27-country EU, is expected to seek views from customers and rivals on the BA-Iberia merger. It can extend its review by 35 working days if it has concerns or if the two carriers offer concessions. (Reporting by Foo Yun Chee, editing by Dale Hudson)

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EU to raise pressure on Israel over Gaza blockade

June 12, 2010 By Leave a Comment

(Reuters) – European Union foreign ministers will call on Israel next week to lift a three-year-old blockade of Gaza which they describe as “unacceptable and counterproductive” — including to Israel’s security.

World

In a draft statement prepared for a meeting on Monday, the foreign ministers will condemn the use of violence during Israel’s operation to stop a flotilla of aid ships reaching Gaza in which Israeli forces killed nine Turks.

They will also call for a “credible, impartial and independent” investigation.

The EU also says it is prepared to contribute to a new mechanism for getting goods in and out of Gaza, which would be based on more regular land access and possibly sea crossings to the coastal territory of 1.5 million people.

“The policy of closure is unacceptable and counterproductive, including from the point of view of Israel’s security,” a copy of the draft seen by Reuters reads.

“The EU calls for a change of policy leading to an unfettered flow of humanitarian aid, commercial goods and persons” into Gaza in line with a U.N. resolution.

Israel has maintained a blockade on Gaza since mid-2007, when the Hamas militant movement took full control of the territory from its rival Fatah, a year after winning a parliamentary election.

Israel says the measures are designed to prevent arms being smuggled to Hamas and other militant groups.

CALL FOR POLICY CHANGE

The EU is the biggest supplier of aid to the Palestinian territories, with member states and the executive European Commission providing about 600 million euros ($722.3 million) a year. The EU is pushing to free up trade with the territories.

In an opinion piece published in European papers on Friday, the foreign ministers of France, Italy and Spain said Israel needed to turn its blockade policy on its head by opening the borders and blocking some listed items, rather than completely closing the borders and allowing in only a few goods.

“To guarantee full security of supplies, we propose that inspections supported and funded by the EU should be put in place there in conditions acceptable to all in order to ensure that consignments bound for Gaza contain neither weapons nor explosives,” the three foreign ministers wrote.

“A similar regime could be considered for maritime consignments bound for Gaza, for example, by deploying EU monitoring teams in Cyprus.”

In their statement on Monday, the foreign ministers of all 27 EU countries will reiterate that a two-state solution — a Palestinian state made up of Gaza and the West Bank living side by side with Israel — remains the only long-term solution to the conflict, in which the peace process has stalled.

“The aim is a peace deal within 24 months as agreed by the Quartet (in March),” the draft statement says, referring to the United States, Russia, the EU and the United Nations, who monitor Middle East peace efforts.

“All efforts to achieve Palestinian reconciliation must be accelerated. Comprehensive peace must include a settlement between Israel and Syria and Israel and Lebanon.”

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UPDATE 1-Roche wins wider EU label for arthritis drug

June 9, 2010 By Leave a Comment

June 8 (Reuters) – Roche (ROG.VX) said on Tuesday the European Commission had extended the label for its drug Roactemra to reduce the rate of progression of joint damage and improve physical function in patients with rheumatoid arthritis, when given in combination with the older drug methotrexate.

The move had been expected following a positive recommendation from the European Medicines Agency in April.

The drug, which is known as Actemra in the United States, is currently approved for use in combination with methotrexate to treat adults with moderate to severe rheumatoid arthritis who respond inadequately to other treatments.

The new label extension is a recognition that Roactemra can also inhibit structural damage to joints, reinforcing its effectiveness.

(Writing by Ben Hirschler)

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Ireland to bail out Anglo Irish again this year: PM

June 3, 2010 By Leave a Comment

(Reuters) – Ireland expects to provide more capital to nationalized Anglo Irish Bank this year on top of the 4 billion euros ($4.86 billion) paid in 2009 and 10.3 billion so far this year, Prime Minister Brian Cowen said.

“The current estimate is that the overall capital requirement could be of the order of a further 8 billion euros,” Cowen told parliament on Wednesday. It wasn’t immediately clear if all of that sum would be provided this year.

Finance Minister Brian Lenihan, who gave Anglo 8.3 billion euros in March and another 2 billion on Monday this week, already said in March a further 10 billion could be required but did not give any timeframe.

Anglo Irish, which was nationalized last year after deposit and loan scandals and exposure to a property market crash, wants to be split into a “good” and a “bad” bank, but the option of a wind-down is also being considered in talks with the European Commission.

Cowen said an immediate liquidation of the bank, which some opposition parties are demanding, would mean a fire sale of assets and capital losses of at least 40 billion euros to the state.

If the bank was immediately wound up, the government would also need to provide 70 billion euros of cash to meet deposits, bondholders and liabilities to the European Central Bank, Cowen added.

“It’s a bank of systemic importance,” Cowen told deputies. “Even if it weren’t, let’s recall that Lehman Brothers is a much smaller bank in the U.S. system than this bank was in the Irish system and we know the consequences when that bank was let go to the wall.”

The capital injections into Anglo Irish last year gave Ireland the biggest budget deficit in the European Union compared with the size of its economy. The bailouts this year have been done by way of a promissory note, which means actual payments will be spread out over up to 15 years.

($1=.8231 Euro)

(Reporting by Andras Gergely; Editing by Jon Loades-Carter)

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UPDATE 1-Ireland to bail out Anglo Irish again this year-PM

June 3, 2010 By Leave a Comment

DUBLIN, June 2 (Reuters) – Ireland expects to provide more capital to nationalised Anglo Irish Bank [ANGIB.UL] this year on top of the 4 billion euros ($4.86 billion) paid in 2009 and 10.3 billion so far this year, Prime Minister Brian Cowen said.

“The current estimate is that the overall capital requirement could be of the order of a further 8 billion euros,” Cowen told parliament on Wednesday. It wasn’t immediately clear if all of that sum would be provided this year.

Finance Minister Brian Lenihan, who gave Anglo 8.3 billion euros in March and another 2 billion on Monday this week, already said in March a further 10 billion could be required but did not give any timeframe.

Anglo Irish, which was nationalised last year after deposit and loan scandals and exposure to a property market crash, wants to be split into a “good” and a “bad” bank, but the option of a wind-down is also being considered in talks with the European Commission.

Cowen said an immediate liquidation of the bank, which some opposition parties are demanding, would mean a fire sale of assets and capital losses of at least 40 billion euros to the state.

If the bank was immediately wound up, the government would also need to provide 70 billion euros of cash to meet deposits, bondholders and liabilities to the European Central Bank, Cowen added.

“It’s a bank of systemic importance,” Cowen told deputies. “Even if it weren’t, let’s recall that Lehman Brothers is a much smaller bank in the U.S. system than this bank was in the Irish system and we know the consequences when that bank was let go to the wall.”

The capital injections into Anglo Irish last year gave Ireland the biggest budget deficit in the European Union compared with the size of its economy. The bailouts this year have been done by way of a promissory note, which means actual payments will be spread out over up to 15 years. ($1=.8231 Euro) (Reporting by Andras Gergely; Editing by Jon Loades-Carter)

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EU’s Barroso set to call for faster financial reform

June 1, 2010 By Leave a Comment

(Reuters) – European Commission President Jose Manuel Barroso will push for a quicker pace of financial reform in the 27-country bloc next week, officials said on Friday.

Next Wednesday, the head of the European executive plans to ask member states to act more promptly on fresh proposals to change laws for a financial industry that is blamed for triggering the worst economic slump in a generation.

The European Union is embarking on an overhaul of rules for the sector, ranging from curbs on bonuses to demanding lenders set aside more for unpaid loans.

“The idea is to seek a commitment from countries to deal with reforms as soon as possible when they are put on the table,” said one official, who asked not to be named. “We want a unified strong political message on reform.”

Michel Barnier, the EU’s financial markets chief, plans to join Barroso and economics and monetary commissioner Olli Rehn at an event on Wednesday to outline his vision for a regulatory overhaul, the officials said.

In particular, the former French foreign minister will examine the role of credit rating agencies, viewed critically in Brussels after they downgraded struggling countries while Euro zone members scrambled to win back market confidence.

“We will deal with how the credit rating agencies fit into the new supervisory structures that we will be creating over the next few months,” said one official, referring to powerful new pan-European watchdogs for financial services.

Late on Friday, Fitch downgraded Spain’s credit rating.

The European Commission is also mulling how to improve the effectiveness of non-executive directors at banks, according to a document seen by Reuters which blames these managers for failing to spot trouble ahead.

Officials are suggesting a cap on the number of company posts they can take.

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Italy deplores killing of civilians on flotilla

June 1, 2010 By Leave a Comment

May 31 (Reuters) – Italy on Monday condemned the killing of civilians during Israel’s storming of an aid flotilla bound for the blockaded Gaza Strip as “very grave” and asked for an EU investigation to ascertain the facts.

“I deplore in the strongest terms the killing of civilians. This is certainly a grave act,” said Foreign Minister Franco Frattini.

Referring to the European Commission, he said it was “indispensable that there be an inquest to ascertain the facts, which are still not clear.”

He also said he had asked the Israeli ambassador for clarification and hoped that it would not hurt efforts on the part of Israel and Turkey to cooperate in the search for Middle East peace.

(Editing by Samia Nakhoul)

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EU envoys to meet on storming of Gaza ship

June 1, 2010 By Leave a Comment

May 31 (Reuters) – European Union governments’ envoys to Brussels will meet on Monday to discuss Israel’s storming of aid ships headed for the Gaza Strip, a spokesman for the executive European Commission said.

“EU ambassadors have called a special meeting in Brussels,” the spokesman told a news briefing.

The EU has called for an enquiry into deaths aboard the ships and urged Israel to allow the free flow of humanitarian aid into the Palestinian territory. (Reporting by Justyna Pawlak, Editing by Timothy Heritage)

(timothy.heritage@reuters.com; +32 2 287 8632; Reuters Messaging: timothy.heritage.reuters.com@reuters.net))

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EU exec okays extended Irish bank guarantee plan

June 1, 2010 By Leave a Comment

May 31 (Reuters) – European Union competition regulators approved on Monday Ireland’s plan to extend a government guarantee scheme to help banks faced with a liquidity squeeze due to the credit crisis.

“The (European) Commission found that the prolongation of the scheme is in line with its (rule on state aid) … to overcome the financial crisis,” the EU executive said in a statement.

It said the Irish guarantee scheme would be extended by one month until the end of June.

(Reporting by Bate Felix; Editing by Justyna Pawlak)

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EU exec okays extended Irish bank guarantee plan

June 1, 2010 By Leave a Comment

May 31 (Reuters) – European Union competition regulators approved on Monday Ireland’s plan to extend a government guarantee scheme to help banks faced with a liquidity squeeze due to the credit crisis.

“The (European) Commission found that the prolongation of the scheme is in line with its (rule on state aid) … to overcome the financial crisis,” the EU executive said in a statement.

It said the Irish guarantee scheme would be extended by one month until the end of June.

(Reporting by Bate Felix; Editing by Justyna Pawlak)

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EU urges Greece to stick to austerity, pension plan

May 26, 2010 By Leave a Comment

The European Union sent Greece a letter to remind it to stick to the terms of a 110-billion euro ($134.6 billion) bail-out deal, officials said ahead of talks this week on Athens’ pension reform plans.

The comments came after Greece’s Labour Minister said on Monday that the EU and IMF were asking the debt-choked country to stiffen its draft pension reform, which is required by a multi-billion euro “aid for pain” deal agreed this month.

A European Commission spokesman dismissed suggestions the letter related to any shortcomings in Athens’ adherence to the plan, but said the EU executive had to closely monitor Greece’s implementation of the aid programme.

“We at the European Commission are obliged to keep a close eye on all the various elements involved in applying the memorandum,” Amadeu Altafaj said.

“This is a normal exchange between the Greek authorities and the Commission services on a draft law which has to follow parameters that have been set up under the memorandum of understanding,” he told a regular news briefing.

Pension reform is a key performance benchmark for Greece under the three-year bailout programme, the biggest ever for an individual country. Any glitch over pensions could raise doubts about the Greek government’s resolve to carry out the programme.

The draft pension bill allows retirees to draw a full pension after 37 years of contributions, three years earlier than set out in the bailout deal agreed earlier this month.

The bill also fully implements reform in 2018, three years after an EU-IMF deadline.

“We are discussing with Greece how to make the pension reform compatible with the memorandum of understanding,” European Commission’s Director General for Economic and Monetary Affairs Marco Buti had told Reuters earlier on Tuesday.

A joint delegation of the EU, the IMF and the European Central Bank will discuss the issue with senior Greek labour ministry officials in Athens on Thursday.

“2018 seems too late for them and they tell us to go ahead in 2015,” Greek Labour Minister Andreas Loverdos said in a television interview on Monday, commenting on the letter.

Altafaj said the letter was part of regular correspondence with Athens.

“The letter contains strictly nothing new in reference to the memorandum (signed between the European Commission, Greece, the International Monetary Fund and the European Central Bank),” the spokesman said. “It was quite simply to remind people of the terms of the memorandum on this question.”

Greece will submit on Friday an actuarial study to back up its arguments in talks with EU and IMF officials, Loverdos said.

The pension bill is expected to be submitted to parliament in the coming days and to be voted on in June. The socialist government has a comfortable parliamentary majority.

The main labour unions oppose the bill, saying it will put a further burden on the poor who have already been hit by other sweeping austerity measures.

The reform aims at containing public pensions spending by cutting benefits, raising the retirement age for women and discouraging early retirements.

The IMF’s chief economist Olivier Blanchard said on Monday Greece must show determination in implementing the plan agreed with the EU and the International Monetary Fund.

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Facebook considers simplifying complicated privacy settings

May 20, 2010 By Leave a Comment

London, May 20 (ANI): Social networking site Facebook has been noting the complaints about its privacy settings being too complex and is considering simplifying them.

It has decided to take up the matter after criticism of its privacy policy came from US senators, the European Union and civil liberty groups.

The site also stated that it was listening to the message from users that it has “made things too complex”.

“We’re working on responding to these concerns,” the BBC quoted a spokeswoman as saying.

“Watch this space,” she added.

At the end of last year Facebook changed its default privacy settings, allowing profile information to be shared with the wider web, unless users specifically opted out.

Last month it moved a step further, opening up Facebook data to third-party websites, described by founder Mark Zuckerberg as a move towards “a web where the default is social”.

While Facebook sold the idea as a way to offer a more personalised surfing experience, critics were concerned that users were losing control over their information.

It prompted a letter from the European Commission saying changes to its privacy settings were “unacceptable”.

The move caused outrage among some users, who have organised a “Quit Facebook” day, scheduled for May 31. (ANI)

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EU takes Greece to court over illegal shipyard aid

April 15, 2010 By Leave a Comment

BRUSSELS, April 14 (Reuters) – The European Union executive said on Wednesday it was taking Greece to court over a failure by Athens to recover about 230 million euros ($314 million) of illegal state aid granted to Hellenic Shipyards.

The European Commission, competition watchdog of the 27-nation EU, said in a statement that it was referring Greece to the European Court of Justice for not complying with a 2008 decision that found the state aid for the eastern Mediterranean’s largest shipyard to be unlawful.

“The Commission allows member states to pay out large sums in state subsidies to business every year, but in those cases where the aid is found to be illegal it must be recovered swiftly to restore the level playing field,” EU Competition Commissioner Joaquin Almunia said. (Reporting by Bate Felix, editing by Dale Hudson) ($1=.7322 euro)

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Branson slams EU Commission over tie-up – FT

April 12, 2010 By Leave a Comment

LONDON, April 11 (Reuters) – The founder of Virgin Group (VGIAY.PK), Richard Branson, has slammed the European Commission’s handling of a proposed tie-up between British Airways (BAY.L) and American Airlines (AMR.N) in an interview published on Monday.

Stocks | Regulatory News | Industrials

British Airways, American Airlines and Spain’s Iberia (IBLA.MC), members of the Oneworld alliance, want to deepen the pact to take advantage of the U.S./EU “Open Skies” agreement, which liberalises trans-Atlantic aviation.

But Branson, who last month called proposals by Oneworld members to cede a number of lucrative trans-Atlantic slots in an in effort to seal approval for the alliance “woefully inadequate”, said he strongly opposed such an alliance.

“We actually believe the Commission should just say: No way BA-AA’” Branson told the Financial Times.

“The way the Commission is currently going about it is fundamentally flawed and misguided, and to be honest it’s rather a lazy approach,” he said.

Alliances are seen as a lucrative alternative to mergers and large-scale investments. The airlines want to jointly manage schedules, capacity and pricing as well as share revenues on routes between North America and Europe.

The commission opened an investigation into a planned alliance last April. But Branson said the commission should treat the proposed tie-up as a merger.

“In every other way they’ll be behaving as a single entity,” Branson said.

“So we believe that the Commission should be treating it as they would treat any merger situation.”

Last week British Airways and Spain’s Iberia signed an $8 billion merger to create the world’s third-largest airline, bringing a three-way tie-up with American Airlines a step closer. [nLDE63707M] (Reporting by Caroline Copley; Editing by Muralikumar Anantharaman)

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