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xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_crime-law"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/crime-law/courts" aria-hidden="true" tabindex="-1">Courts</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/property" aria-hidden="true" tabindex="-1">Property</a><button aria-expanded="false" aria-controls="header_sub_section_property" aria-label="Show Property sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_property"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/property/residential" aria-hidden="true" tabindex="-1">Residential</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/property/commercial-property" aria-hidden="true" tabindex="-1">Commercial Property</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/property/interiors" aria-hidden="true" tabindex="-1">Interiors</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/food" aria-hidden="true" tabindex="-1">Food</a><button aria-expanded="false" aria-controls="header_sub_section_food" aria-label="Show Food sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_food"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/food/drink" aria-hidden="true" tabindex="-1">Drink</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/food/recipes" aria-hidden="true" tabindex="-1">Recipes</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/food/restaurants" aria-hidden="true" tabindex="-1">Restaurants</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/health" aria-hidden="true" tabindex="-1">Health</a><button aria-expanded="false" aria-controls="header_sub_section_health" aria-label="Show Health sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_health"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/health/your-family" aria-hidden="true" tabindex="-1">Your Family</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/health/your-fitness" aria-hidden="true" tabindex="-1">Your Fitness</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/health/your-wellness" aria-hidden="true" tabindex="-1">Your Wellness</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/health/your-fitness/get-running" aria-hidden="true" tabindex="-1">Get Running</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/life-style" aria-hidden="true" tabindex="-1">Life & Style</a><button aria-expanded="false" aria-controls="header_sub_section_life-style" aria-label="Show Life & Style sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_life-style"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/life-style/fashion" aria-hidden="true" tabindex="-1">Fashion</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/tags/beauty/" aria-hidden="true" tabindex="-1">Beauty</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/life-style/fine-art-antiques" aria-hidden="true" tabindex="-1">Fine Art & Antiques</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/life-style/gardening" aria-hidden="true" tabindex="-1">Gardening</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/life-style/people" aria-hidden="true" tabindex="-1">People</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/life-style/travel" aria-hidden="true" tabindex="-1">Travel</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/culture" aria-hidden="true" tabindex="-1">Culture</a><button aria-expanded="false" aria-controls="header_sub_section_culture" aria-label="Show Culture sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_culture"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/culture/art" aria-hidden="true" tabindex="-1">Art</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/culture/books" aria-hidden="true" tabindex="-1">Books</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/culture/film" aria-hidden="true" tabindex="-1">Film</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/culture/music" aria-hidden="true" tabindex="-1">Music</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/culture/stage" aria-hidden="true" tabindex="-1">Stage</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/culture/tv-radio" aria-hidden="true" tabindex="-1">TV & Radio</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/environment" aria-hidden="true" tabindex="-1">Environment</a><button aria-expanded="false" aria-controls="header_sub_section_environment" aria-label="Show Environment sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_environment"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/environment/climate-crisis" aria-hidden="true" tabindex="-1">Climate Crisis</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/technology" aria-hidden="true" tabindex="-1">Technology</a><button aria-expanded="false" aria-controls="header_sub_section_technology" aria-label="Show Technology sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_technology"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/technology/big-tech" aria-hidden="true" tabindex="-1">Big Tech</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/technology/consumer-tech" aria-hidden="true" tabindex="-1">Consumer Tech</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/technology/data-security" aria-hidden="true" tabindex="-1">Data & Security</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/technology/gaming" aria-hidden="true" tabindex="-1">Gaming</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/science" aria-hidden="true" tabindex="-1">Science</a><button aria-expanded="false" aria-controls="header_sub_section_science" aria-label="Show Science sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_science"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/science/space" aria-hidden="true" tabindex="-1">Space</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/media" aria-hidden="true" tabindex="-1">Media</a></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/abroad" aria-hidden="true" tabindex="-1">Abroad</a></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/obituaries" aria-hidden="true" tabindex="-1">Obituaries</a></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/transport" aria-hidden="true" tabindex="-1">Transport</a></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/motors" aria-hidden="true" tabindex="-1">Motors</a><button aria-expanded="false" aria-controls="header_sub_section_motors" aria-label="Show Motors sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_motors"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/motors/car-reviews/" aria-hidden="true" tabindex="-1">Car Reviews</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/listen/" aria-hidden="true" tabindex="-1">Listen</a></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/podcasts" aria-hidden="true" tabindex="-1">Podcasts</a><button aria-expanded="false" aria-controls="header_sub_section_podcasts" aria-label="Show Podcasts sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div 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page-item-next "><a class="page-link" href="/transport/50/"><svg xmlns="http://www.w3.org/2000/svg" width="30" height="30" fill="none"><path fill="#191919" d="M23.39 15.963 13.303 26.051a1.246 1.246 0 0 1-1.762 0l-1.176-1.177a1.246 1.246 0 0 1-.002-1.76l7.994-8.031-7.994-8.032a1.246 1.246 0 0 1 .002-1.76l1.176-1.176a1.246 1.246 0 0 1 1.762 0L23.39 14.202a1.246 1.246 0 0 1 0 1.761Z"></path><mask id="b" width="14" height="24" x="10" y="3" maskUnits="userSpaceOnUse" style="mask-type:luminance"><path fill="#fff" d="M23.39 15.963 13.303 26.051a1.246 1.246 0 0 1-1.762 0l-1.176-1.177a1.246 1.246 0 0 1-.002-1.76l7.994-8.031-7.994-8.032a1.246 1.246 0 0 1 .002-1.76l1.176-1.176a1.246 1.246 0 0 1 1.762 0L23.39 14.202a1.246 1.246 0 0 1 0 1.761Z"></path></mask><g mask="url(#b)"><path fill="#191919" d="M0 0h30v30H0z"></path><path fill="#fff" d="M0 0h30v30H0z"></path><path fill="#2C5472" d="M0 0h30v30H0z"></path></g></svg></a></li></ul></nav><hr/></div></div></div></div><div class="c-stack 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0.273466 20.6414 1.1311 19.8243L8.71733 12.5593C8.91647 12.3686 8.92364 12.0527 8.73336 11.8531L0.748709 3.47961C-0.108924 2.6625 0.0713963 1.88627 1.13096 0.799122Z"></path></svg></span></h2></div></div></a></div></div></div><div><div class="c-stack b-numbered-list" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="c-stack b-numbered-list__items" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="c-stack b-numbered-list__item" data-style-direction="horizontal" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><p class="c-paragraph">1</p><a class="c-link" href="/opinion/2025/03/25/irelands-delightful-love-triangle-is-ending-in-a-nasty-divorce/"><h2 class="c-heading">Ireland’s delightful love triangle is ending in a nasty divorce</h2></a><a class="c-link b-numbered-list__item-image" href="/opinion/2025/03/25/irelands-delightful-love-triangle-is-ending-in-a-nasty-divorce/" aria-hidden="true" tabindex="-1"><img data-chromatic="ignore" alt="" class="c-image" loading="lazy" src="https://www.irishtimes.com/resizer/v2/DBEBXCQRQU4BDEXA4CXGMJ5YUM.jpg?focal=2153%2C419&auth=2494260e108b0bb321bb4792a5b96e3bd34c1c19b03aac8c97ce788cf32849eb&width=274&height=182" srcSet="https://www.irishtimes.com/resizer/v2/DBEBXCQRQU4BDEXA4CXGMJ5YUM.jpg?focal=2153%2C419&auth=2494260e108b0bb321bb4792a5b96e3bd34c1c19b03aac8c97ce788cf32849eb&width=137&height=91 137w, https://www.irishtimes.com/resizer/v2/DBEBXCQRQU4BDEXA4CXGMJ5YUM.jpg?focal=2153%2C419&auth=2494260e108b0bb321bb4792a5b96e3bd34c1c19b03aac8c97ce788cf32849eb&width=274&height=182 274w, https://www.irishtimes.com/resizer/v2/DBEBXCQRQU4BDEXA4CXGMJ5YUM.jpg?focal=2153%2C419&auth=2494260e108b0bb321bb4792a5b96e3bd34c1c19b03aac8c97ce788cf32849eb&width=548&height=364 548w" width="274" height="182"/></a></div><hr aria-hidden="true"/><div class="c-stack b-numbered-list__item" data-style-direction="horizontal" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><p class="c-paragraph">2</p><a class="c-link" href="/health/2025/03/25/auditors-uncover-more-than-200-cases-of-overpayment-in-hse/"><h2 class="c-heading">Auditors uncover hundreds of cases of overpayment in HSE worth more than €5 million</h2></a><a class="c-link b-numbered-list__item-image" href="/health/2025/03/25/auditors-uncover-more-than-200-cases-of-overpayment-in-hse/" aria-hidden="true" tabindex="-1"><img data-chromatic="ignore" alt="" class="c-image" loading="lazy" src="https://www.irishtimes.com/resizer/v2/IFHDSOW7WJBFTPCUUX5YDDAOBQ.png?smart=true&auth=ec1397a77e41d70f9e7469e1c5e702a60c98c04a3c22756af616f1638f1ba689&width=274&height=182" 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Airbnb cracked down on “party houses” last year after a fatal Halloween night shooting at a listed home in California.","type":"text"},{"_id":"GJ7SXVYMVNCC5AEVXJ26PGE7AM","content":"The coronavirus-induced lockdowns have hurt Airbnb’s core business, which makes money from people renting residences to travellers. Sales growth slowed and profit was squeezed as travel came to a halt around the world amid widespread shelter-in-place orders to curb the spread of Covid-19.","type":"text"},{"_id":"D3BDI7ISURGHZCLFWXKMWRSWHY","content":"In a sign that it expects to bounce back, the company filed confidentially for an initial public offering on Wednesday. – Bloomberg","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Occupancy capped at 16 people as home rental company tries to enforce social distancing"},"display_date":"2020-08-20T15:23:40Z","headlines":{"basic":"Airbnb bans parties and events in homes booked on website"},"promo_items":{"basic":{"_id":"OY4EYK6DOWRQM2O3QKMZULI2JE","auth":{"1":"f1c0824e5f9c3ef94830cabba8dc112e8e0cc93144c89bddc1f659b9792fd2a1"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/OY4EYK6DOWRQM2O3QKMZULI2JE.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/airbnb-bans-parties-and-events-in-homes-booked-on-website-1.4335010","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"53YWGWZQ6UCMPPCV4YG4WKQNWU","additional_properties":{},"canonical_url":"/business/transport-and-tourism/politicians-show-ignorance-on-public-transport-in-latest-covid-19-advice-1.4334290","content_elements":[{"_id":"4ONUMNTIWZDEPG7SXO2CE2HXL4","content":"The Government has advised that public transport should be avoided “where possible”, which raises the curious suggestion that hordes of people are prone to taking bus, train and tram journeys in the middle of a pandemic just for fun, and not because that’s their only means of making a necessary trip.","type":"text"},{"_id":"UJ46VON35FHAPGIMMFYFYV5BYU","additional_properties":{},"content":"The vague advice recalls an infuriating Irish Rail campaign from 2019 that sought to educate commuters about the phenomenon of trains being quieter outside rush hour, as if passengers were simply crowding into carriages at peak times for the thrill of it.","type":"text"},{"_id":"NYOJEQTPZRAFZKOMHGPTCHEOJM","additional_properties":{},"content":"For Dublin city centre business group Dublin Town, the remarks, combined with the instruction for office workers to stay at home, were unhelpful, especially as they came with little explanation of the perceived risk of taking public transport or its role in the transmission of Covid-19.","type":"text"},{"_id":"SAZXAOOCZJAUXIWTJD6A5JVG6I","content":"“City footfall is struggling and this announcement is likely to depress it further,” the group, which represents 2,500 businesses, said in the hours after the Government’s muddled Tuesday news conference.","type":"text"},{"_id":"2IDUK7N4LZF53CRK4IFZJ2ONVM","content":"“The city’s business community would like to know to what extent has a link between public transport use and the spread of the virus been established, particularly given the widespread compliance with the wearing of face masks.”","type":"text"},{"_id":"23BOM4ECLFB7JNUSHRPQFNVZ5Y","additional_properties":{},"content":"Closing down","type":"header"},{"_id":"DQY44HDUUNFQRKJ564AMZ66BHM","additional_properties":{},"content":"Dublin Town chief executive Richard Guiney was blunt in his conclusion: many businesses in Dublin's hollowed-out city centre are on the verge of permanent closure, and for some, a decision to shut down will have been hastened by the Government's words.","type":"text"},{"_id":"TI5MCNK36JBSJOMCYWVOWDDEOE","content":"If this is the price of controlling the virus, then fair enough, some might argue. But it’s hard to avoid the suspicion that politicians haven’t joined the dots between public transport advice and retailers’ survival because they do not themselves travel that way to go shopping, or indeed use public transport to do anything besides indulge in the occasional photo opportunity.","type":"text"},{"_id":"NAO4QESGEBDJNHSLZPK4QLQUSQ","content":"Nothing is stopping anybody from going on a staycation, Taoiseach Micheál Martin insisted at one point on Tuesday, again failing to consider that for some people this trip might require a frustrated, protracted experience with the Republic’s poor excuse for a public transport network – the very network we are supposed to avoid. Car owners, meanwhile, are being given a clear signal to clog the roads and ruin the environment . . . in the name of public health.","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Cantillon: New guidance fails to consider why people use public transport network"},"display_date":"2020-08-20T05:10:05Z","headlines":{"basic":"Politicians show ignorance on public transport in latest Covid-19 advice"},"promo_items":{"basic":{"_id":"56XR5C5FBJGEMS4V6UDHY4IFQU","auth":{"1":"4c8254651f4896f4108bcd35cb3d14d69246c457106a230616fdef3c53291671"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/56XR5C5FBJGEMS4V6UDHY4IFQU.jpg"}},"subtype":"opinion","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/politicians-show-ignorance-on-public-transport-in-latest-covid-19-advice-1.4334290","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"LOKOMZL2UGOFSZ3FHR7BWHYUXA","additional_properties":{},"canonical_url":"/business/transport-and-tourism/public-health-officials-mismanaging-covid-19-crisis-says-ryanair-chief-1.4334114","content_elements":[{"_id":"5W3ATXRTAZFLFCBCMSG7GPPRLY","additional_properties":{},"content":"Ryanair chief executive Michael O'Leary on Wednesday accused public health officials of mismanaging the Covid-19 crisis and closing the Republic to business by advocating an \"isolationist\" travel policy.","type":"text"},{"_id":"AXBS2AWUWBCBFL4QIBR3RUGPCI","additional_properties":{},"content":"Mr O'Leary warned that Ryanair may have to cut flights and jobs in the Republic, or ask staff here to take unpaid winter leave, if restrictions requiring travellers from most European Union countries to quarantine for 14 days remain.","type":"text"},{"_id":"QA6WA7O7M5ASJP5NPMPNLKSMXA","content":"The airline recently struck deals with its Irish unions that avoided the need for redundancies in the Republic, but its chief executive indicated that current travel restrictions could force it to reopen talks.","type":"text"},{"_id":"XPL6LZGVAFEKHNMJB6THPT7DBU","additional_properties":{},"content":"<iframe allow=\"autoplay\" frameborder=\"no\" height=\"166\" scrolling=\"no\" src=\"https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/878484379&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true\" width=\"100%\"></iframe>","type":"raw_html"},{"_id":"5K2VOCT5IVEURLGYBS2WEVN6OA","additional_properties":{},"content":"He was speaking after Ryanair Holdings, Europe's biggest airline, called on the Government to add Germany and the UK to its green list of countries from which travellers do not have to quarantine.","type":"text"},{"_id":"SB5RRV3MRRF3HJDLJVV3JUVGKE","content":"Mr O’Leary pointed out that Government has pledged to add countries with lower Covid-19 rates to the list. “Germany and the UK have lower Covid rates, so add them to the list,” he said.","type":"text"},{"_id":"UWCEVTYF3BCNHNJOIGFCHCNKX4","additional_properties":{},"content":"He argued that the National Public Health Emergency Team (NPHET) has mismanaged the crisis, claiming had failed to prevent a recent spike in Covid cases in the Republic.","type":"text"},{"_id":"76GOPCXB5ZFPLGSUA52HPRERWU","content":"Mr O’Leary noted that most other EU states followed medical advice that flying was safe, while the Republic uniquely ignored this, but still experienced an increase in infections.","type":"text"},{"_id":"M5GJKOTD2VEERJV4IEN3L7MURQ","additional_properties":{},"content":"\"All the same medical experts across Europe say flying is safe, this the only European country that's been closed for business, and our Covid cases are deteriorating,\" he said.","type":"text"},{"_id":"ZMZHQYCGW5HZNL7C2XDQAM46NY","additional_properties":{},"content":"\"The point we are making is that in Germany, Italy and the UK they have been flying freely, and they have materially lower Covid cases than in Ireland, \" Mr O'Leary added.","type":"text"},{"_id":"NPDEY7SWRVC57MIO2MV3TJGOCU","additional_properties":{},"content":"Tracking and tracing","type":"header"},{"_id":"BWBIFORY4NFK7NTNQG4Y65KVRI","content":"He maintained that the Health Services Executive and NPHET had failed to introduce effective tracking and tracing.","type":"text"},{"_id":"WEHZVIOWUZCVPI5SSNLA5KY5F4","content":"Passengers arriving in German airports are tested and told of the result within 24 hours, he explained. However, results take several days to process here.","type":"text"},{"_id":"NVK6C4BJINEM7HAB7D33PQ7PJA","content":"Mr O’Leary said Ryanair made wearing face masks mandatory in May, while NPHET was still questioning the scientific rationale for this. “But, suddenly they introduce mandatory face mask wearing on the 10th of August,” he said.","type":"text"},{"_id":"HEH2ZBSPUBBD7PPD2N37IQCDQE","content":"He warned that as a small island on the edge of Europe, the Republic could not continue to pursue an “isolationist” travel policy that ran counter to what its major trading partners, the UK and Germany, were doing.","type":"text"},{"_id":"IFPJWRVMLRBLDI5SNUJYOWBSGA","content":"“Business has got be to allowed to get back up and running,” he said. The airline chief called on the Government to govern and stop simply accepting the NPHET’s advice without question.","type":"text"},{"_id":"ZWGMVYQ7EBCODOINCXL2UCZMF4","content":"The airline boss stressed that other EU states were learning to live with Covid-19 getting back to as near normal as possible, and argued the Republic would have to do the same.","type":"text"},{"_id":"2LEGW7WKRZGCFLSJZ72ZSSAUGU","content":"Ryanair has been calling for the Government to add all EU states and the UK to the green list since it restarted flying 40 per cent of its schedule at the start of last month.","type":"text"},{"_id":"NBUCTIQPSBHJFO5VWO7JATKFKY","content":"Mr O’Leary said bookings outside the Republic were robust enough, but they remained weak here in the face of travel restrictions.","type":"text"},{"_id":"2DV3U3EPHFACFCVD5IGRLMUOQM","content":"Earlier, the airline issued a statement saying that the continued “isolationist” travel policy had made the Republic “laughing stock of Europe”.","type":"text"},{"_id":"53BV6H3HE5FXRC47VIUQICJGLI","content":"Most EU states opened to flights from other nations within the bloc on July 1st, following advice from the European Union Aviation Safety Agency and the European Centre for Disease Control.","type":"text"},{"_id":"J2BP4OYCBJHZLNKHVEXLHNS25U","additional_properties":{},"content":"The Department of Health, which is responsible for the NPHET, did not respond to several requests for a comment.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Airline may have to cut flights and jobs in Republic, Michael O’Leary warns"},"display_date":"2020-08-19T20:25:49Z","headlines":{"basic":"Public health officials ‘mismanaging’ Covid-19 crisis, says Ryanair 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truckers, setting the stage for a clash when Brexit trade negotiations resume on Wednesday.","type":"text"},{"_id":"3X2KEHOOIJG55IY5UDDBYYPFWM","content":"UK road haulage groups warned that failure to strike a deal by the end of the post-Brexit transition on December 31st would hurt hauliers and businesses on both side of the channel, driving up costs and reducing availability for pan-EU supply chains.","type":"text"},{"_id":"DJWICA3HHNDDHBMUV23GAGQPVM","additional_properties":{},"content":"The European Commission has told EU member states that the British request for trucking access was \"fundamentally unbalanced\".","type":"text"},{"_id":"Z2RZ4536DJCA5ERNXLPCWORNKU","additional_properties":{},"content":"<iframe allow=\"autoplay\" frameborder=\"no\" height=\"166\" scrolling=\"no\" src=\"https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/878484379&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true\" width=\"100%\"></iframe>","type":"raw_html"},{"_id":"RSARHSQJLNC2BBPZKQQMN7RSY4","content":"The UK wants British truckers to be allowed to continue making pick-ups and drop-offs both inside EU member states – known as “cabotage” – and between them, according to two people familiar with the negotiations.","type":"text"},{"_id":"LB7IDTSCYRFCNLF2BKAHKOLJSE","content":"The commission has warned member states that the UK request for cabotage rights is too similar to pre-Brexit levels of access to the EU single market, and does not commit to enough level playing field guarantees to ensure EU hauliers are not undercut.","type":"text"},{"_id":"MFUMT7AMZVFI3NZQLNN23T7UIE","content":"“The commission view is that the UK request is fundamentally unbalanced and would give rights to UK hauliers that are extremely close to single market membership,” said a person briefed on the talks. “We cannot allow the UK to maintain pretty much the same access as it has today,” another added.","type":"text"},{"_id":"CRB2DLSOL5FILO2XHTDQ6EYREA","additional_properties":{},"content":"Striking a deal","type":"header"},{"_id":"2H62IOQ2IBBBDJARMV7WRC5G6U","content":"Negotiations over the proposed EU-UK trade deal remain stalled on multiple fronts, leaving the two sides little time to strike a deal for when the transition period ends.","type":"text"},{"_id":"XUMWNAM6MJADJJU52SYYUIUYBE","content":"Participants had low expectations for imminent progress during this week’s round of talks in Brussels, with fishing rights and state subsidies the two key sticking points.","type":"text"},{"_id":"NL3MOMVV6NAX3F4YHYYRVIMYEY","content":"Both sides will need to clear the way for a deal in September or at the very latest October if they are to have a chance of securing ratification by the end of the year.","type":"text"},{"_id":"WBUEV5UV5RB4ZEBRYITDHJIHBQ","additional_properties":{},"content":"Michel Barnier, the EU's Brexit negotiator, warned publicly in London last month that the UK could not expect the same levels of access to the EU after Brexit, singling out road haulage as an area where the UK \"continued to request single market-like benefits\".","type":"text"},{"_id":"I4VODWPDB5ARRDSJPY4JO5ANNE","additional_properties":{},"content":"The UK is requesting full transit rights for trucks crossing the EU to destinations such as Turkey; the right to make two drop-offs inside an EU member state; and the right to make three stops in total in the EU between member states.","type":"text"},{"_id":"JBLETVQSHVB5ND3P2AS57WU7TQ","content":"The UK request is very similar to the existing rules for EU drivers, who are entitled to perform up to three cabotage operations within a seven-day period, although they can do these within a single member state.","type":"text"},{"_id":"PWBNDV4T6VAGVLKKWQJVSVE75Q","content":"British negotiators also want unlimited travel for unladen lorries; the rights for concert and tour operations to cover a music group or orchestra performing multiple tour dates in the EU; and additional rights for coach operators.","type":"text"},{"_id":"H63LKO77VRAPTJLVXBBYD35EGI","additional_properties":{},"content":"In return, the UK is offering EU drivers transit rights across the UK to other countries – which is particularly vital to Ireland as it uses the UK as a \"land bridge\" for exports heading into Europe – and the right for two cabotage stops within the UK.","type":"text"},{"_id":"SHUCIIRWHNHPDMQY24ILVRE6LY","additional_properties":{},"content":"‘Reasonable’ request","type":"header"},{"_id":"MFLGST4NO5G35LPSQBNCCSGIQM","additional_properties":{},"content":"Richard Burnett, chief executive of the Road Haulage Association, said the British request for two stops was \"perfectly reasonable\" and it was in the interest of both parties to reach a deal.","type":"text"},{"_id":"LLYP6GMS2FGVFMEIKVGF3DXNUU","content":"“Two stops is a reasonable ask in order to keep trade moving. And if the EU don’t agree to that, it will constrain the ability of EU hauliers to come to the UK, which will act reciprocally. That doesn’t benefit anyone,” he said.","type":"text"},{"_id":"RBZZWX6YRFGWNPWLRL6544XSWY","content":"Mr Burnett added that he was sceptical about the EU’s concerns about maintaining a level playing field on trucking, given that UK hauliers were already facing stiff competition from EU drivers, particularly from the bloc’s lower-wage economies.","type":"text"},{"_id":"N5ZBEBNSTJCBVCQTQRP4X5XU44","content":"However, EU diplomats stress the political sensitivity of the sector, as well as the role regulatory regimes play in driving costs for the industry.","type":"text"},{"_id":"ZSF3ZXFCVJGC5BZSX4UBDR7MHA","content":"The commission on Tuesday published a draft legal text on road transport requirements following consultations with member states which have taken different views on how far to make concessions to the UK.","type":"text"},{"_id":"RHYJRITRRJFIJA6S3RYRRVQBCU","content":"The 36-page document sets out level playing field requirements in areas including worker mobility, driving and rest times, working hours, and technical requirements for motor vehicles, including use of tachographs.","type":"text"},{"_id":"GM5JP5AXBBETXEPUXGFTDTGEGI","content":"Although EU diplomats familiar with the negotiations did not rule out EU concessions on road transport, given the mutual interest in keeping road freight moving, they said they would be linked to the UK signing up to shared rules.","type":"text"},{"_id":"WXWXXZMIZJFPDKMP27GBAHEJQM","content":"A UK spokesperson said: “Our discussions with the EU are in line with the UK’s approach to the negotiations, which we published earlier this year.” – Copyright The Financial Times Limited 2020","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{}},"name":"Peter Foster"},{"additional_properties":{"original":{}},"name":"Sam Fleming"}]},"description":{"basic":"UK wants British truckers to continue making pick-ups and drop-offs in EU"},"display_date":"2020-08-19T11:14:52Z","headlines":{"basic":"Brexit trade talks set to stall again over British truckers’ EU access"},"promo_items":{"basic":{"_id":"LRSX7EGYAVD3347SMQETULH4HU","auth":{"1":"80e52d686ab38ca3f72a08ecafe923d0fa4d8934bf2cdc21822f2d7f32c506f7"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/LRSX7EGYAVD3347SMQETULH4HU.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/brexit-trade-talks-set-to-stall-again-over-british-truckers-eu-access-1.4333944","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"W4NLKQV2SRGXPO23XZSHP3BRFU","additional_properties":{"audio_url":"https://d22tbkdovk5ea2.cloudfront.net/audio/projects/4555/podcasts/809175/media/e08b1a552d1ee81f0404787da366f15b_compiled.mp3"},"canonical_url":"/business/transport-and-tourism/row-over-rosters-stalls-daa-efforts-to-reach-deal-with-dublin-airport-staff-1.4333470","content_elements":[{"_id":"QCJT5OGUKBAXNJKFPUXJ4CECHA","content":"A row over rosters has stalled State company DAA’s efforts to reach a deal on work practice changes with about 800 Dublin Airport security staff.","type":"text"},{"_id":"HPYDCJTW3ZBRPD3X7MWBSS5NSY","additional_properties":{},"content":"Most workers at Cork and Dublin airports, both run by DAA, will vote soon on new work practices agreed by the company with unions Fórsa, Mandate and Siptu. The company is losing €1 million a day as coronavirus restrictions decimate travel.","type":"text"},{"_id":"OFOYTJ4PIFHSBHTEFABK5WWKRY","content":"Dublin Airport security staff have rejected DAA’s rostering proposals however, saying they will lead to unpredictable hours and pay for some of that group.","type":"text"},{"_id":"LSU4MREHKVGGXEUWRDUA7OMZXU","content":"Neil McGowan, aviation sector organiser with Siptu, which represents security staff, says DAA wants one in four of those employees to work flexible rosters.","type":"text"},{"_id":"PFNS3VVZEFHQVDUXO7OUQDEL2E","content":"He explained that the flexible rosters only guaranteed the staff involved 20 hours per week, rising to 40 if needed, while the hours could change on seven days’ notice.","type":"text"},{"_id":"LXCZR4AM6BACHLBZTJYGXFVENM","additional_properties":{},"content":"Sceptical","type":"header"},{"_id":"QRMPHEIQSFBYZFSSFBIIIQ75GM","content":"The 25 per cent of security workers on the flexible rosters would get 30 days’ advance notice of the hours they would be required to work.","type":"text"},{"_id":"KFM35WYVWJALZPPKNQCBU7B2WA","content":"A DAA spokeswoman pointed out that they would get a minimum of a weeks’ notice of an increase in their hours over the course of any one roster. However, the day won’t be changed, nor will their hours be shortened.","type":"text"},{"_id":"X6FAGCJ3WZH5FDJ7D6YHWIE4FM","content":"She also noted that 75 per cent of staff would have more certainty about their hours than in the past. “They will know from one end of the year to the other what their rosters are,” she added.","type":"text"},{"_id":"NIJPAECEWFFKTHV2W7GVWZTSUY","content":"Mr McGowan argued that anyone in the flexible roster pool would have very little stability, while their earnings could vary a lot over a year.","type":"text"},{"_id":"HXZPEKTZRNH5NPXQ6IBVXXXPMQ","content":"He said that while DAA told Siptu that security staff can express interest in working in the flexible pool, the union was sceptical about this approach.","type":"text"},{"_id":"GPAEXFQSTRDZBN4YXOPWF52BIY","content":"“It is likely to be the most junior people in the company, who are also the people on the lowest rates of pay,” Mr McGowan said.","type":"text"},{"_id":"44LWRTOUGJFZJDVPVHBCBLZW4Y","content":"DAA also wants to cut the number of Dublin Airport security staff from 800 to about 750 through voluntary redundancy.","type":"text"},{"_id":"NQIF5SUTKJAG5GBXAAGKNQGUOU","content":"Siptu argues that even it this was achieved, 25 per cent of 750 would still be a large number.","type":"text"},{"_id":"GLE4XRR6KNGH3H3M75RTF2ZNPY","content":"DAA is only accepting voluntary redundancy proposals from employees in sections where work practice changes have been agreed, so cutting security staff numbers hinges on a deal on rosters.","type":"text"},{"_id":"RLHKONTV5NDDBA34HWERRBIVEQ","additional_properties":{},"content":"Pay rates","type":"header"},{"_id":"4DAJK3R6IBEAJIGAIYQVDX6XKI","content":"Mr McGowan confirmed that Siptu was open to continuing talks with DAA. “But we have heard nothing from management since,” he added.","type":"text"},{"_id":"GKLU7ERILFFONPQMVHU7HH765U","content":"Security staff, known as the airport search unit, are one of the biggest divisions within the DAA, which employs 3,500 people in the Republic.","type":"text"},{"_id":"AL63COQCDVGN7ORCQDW57U26RY","additional_properties":{},"content":"Dalton Philips, DAA chief executive, recently warned that the company could not guarantee current pay rates beyond August 29th to staff in areas that had not agreed new work practices.","type":"text"},{"_id":"4N45DKHS2NEAZGUQZU3R3OMPDQ","content":"All the company’s workers accepted a 20 per cent pay cut in April when coronavirus first hit air travel. DAA then guaranteed this until August 29th.","type":"text"},{"_id":"QBENLHNPCNALRJD3E635UHB2WQ","content":"Mr Philips pledged that once staff voted for new work practices, the company would continue paying them 80 per cent of their original rate, and work to restore this to 100 per cent.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Security staff have rejected proposal, saying it will lead to unpredictable hours and pay"},"display_date":"2020-08-19T00:00:00Z","headlines":{"basic":"Row over rosters stalls DAA efforts to reach deal with Dublin Airport staff"},"label":{"audio_project_id":{"text":"joanna_us"}},"promo_items":{"basic":{"_id":"MQB53MVGVMHCNBIO7FKKGJEJ4Q","auth":{"1":"3798e6ffa11e25cfeeb492482fc1e8ee4a32e0be0efa6fd9fb08b873fc9d45e3"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/MQB53MVGVMHCNBIO7FKKGJEJ4Q.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/row-over-rosters-stalls-daa-efforts-to-reach-deal-with-dublin-airport-staff-1.4333470","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"B3QHNICJA4ZGKQBCTOSUKUQQJI","additional_properties":{},"canonical_url":"/business/transport-and-tourism/bombardier-to-cut-a-further-95-jobs-at-belfast-operation-1.4333282","content_elements":[{"_id":"BC7XUSI4HFDHLL4JI3MQZM3BXY","additional_properties":{},"content":"Bombardier intends to cut a further 95 roles at its Belfast-based operation due to the Covid-19 crisis. This is in addition to the planned 400 job cuts announced in June.","type":"text"},{"_id":"OG3JQNDWWNBITCW5AAPI74YXXQ","content":"In a statement, Bombardier, one of the largest private-sector employers in the North, said it “deeply regrets” the impact the additional job losses will have on its workforce and their families. However, it said it needed to ensure it has a sustainable long-term future.","type":"text"},{"_id":"ZJ6Z4TMQC5AHLAC6LMZKTQBOYQ","content":"“The company will be lodging a formal HR1 redundancy notice with the Department for the Economy, following which there will be a 30-day consultation period when we will explore every opportunity to mitigate the number of redundancies,” it said.","type":"text"},{"_id":"OYAPXM3BRFFTDHNKB5HNWNXNCE","content":"The plane and train maker in early June said it intended to cut 2,500 jobs - equivalent to about 11 per cent of its aviation-focused workforce, as the coronavirus pandemic’s impact on the air industry deepens.","type":"text"},{"_id":"CEBKO3YKWZEU3E45T3MRAJRPTU","content":"Bombardier, which has nearly 60,000 employees overall, said it would book a $40 million (€33.5 million) charge related to the earlier job cuts.","type":"text"},{"_id":"KAI3UGZ6UBDRBKLZEZ33KIJ4QY","additional_properties":{},"content":"The company employed 3,600 staff in Belfast prior to the coronavirus pandemic. Workers in the North were spared cuts earlier this year after the company exited the commercial aviation market and its decision to sell its stake in the A330 aircraft programme to Airbus.","type":"text"},{"_id":"WOJAH4TECVALZC6EELKKJPHP5Q","additional_properties":{},"content":"The troubled company is also in the process of selling its rail business to French train maker Alstom for up to €6.2 billion.","type":"text"},{"_id":"BMLAUEVGMJCFJJUHLLPZGJBGEY","content":"Bombardier was removed from Canada’s main stock index in mid-June as its share price slipped below one Canadian dollar earlier in March. The Montreal-based company’s shares have slumped over 75 per cent this year.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Charlie Taylor"}},"name":"Charlie Taylor"}]},"description":{"basic":"Plane and train maker announced 400 job losses at plant in June due to Covid-19 crisis"},"display_date":"2020-08-18T14:52:47Z","headlines":{"basic":"Bombardier to cut a further 95 jobs at Belfast operation"},"promo_items":{"basic":{"_id":"DTLXYGWMKLVGEMBKXNMKJJZBUA","auth":{"1":"d1e5d8f35706adc2445560f15c8a33062a527520a6f2fac57021f3d6536f5f8a"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/DTLXYGWMKLVGEMBKXNMKJJZBUA.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/bombardier-to-cut-a-further-95-jobs-at-belfast-operation-1.4333282","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"G7YFBFNHGOZ4I3IRPMU6N7HHQU","additional_properties":{},"canonical_url":"/business/transport-and-tourism/ryanair-flight-cuts-provide-neat-illustration-of-industry-s-challenges-1.4332500","content_elements":[{"_id":"YNA6ZSYANFGOPISGSX2O62MJ2A","content":"Ryanair’s announcement that it will cut flights in September and October provides a neat illustration of the challenges that the Irish airline group - and its industry - faces as the world struggles to get airborne again.","type":"text"},{"_id":"TEGYTSA3JZCW3GFUXPVBB3EZMU","content":"Government restrictions and weak bookings have prompted the airline to cut the frequency of flights on some routes for next month and the following one. The overall reductions across its network will be 20 per cent.","type":"text"},{"_id":"KOUSDNRIFZBFTBAUJEAXNG5NR4","additional_properties":{},"content":"Among the restrictions Ryanair highlights are those in place here, which the airline says include the most limited green list of safe travel destinations in the EU. Countries, such as Germany, with lower rates of Covid-19 infection, remain off the list.","type":"text"},{"_id":"A33PZRRH3FGTPE2QTHHOGVFB3I","additional_properties":{},"content":"Ryanair's cuts will be heavily focused on countries including Spain and France, whose recent rises in coronavirus cases have prompted other nations to impose restrictions on travellers from there.","type":"text"},{"_id":"FJWIKLVOTVAFHLXXB6PT2FYDU4","additional_properties":{},"content":"Late last week, the UK government took France off its green list, hitting the share price of both Ryanair and Aer Lingus owner, International Consolidated Airlines' Group, in the process.","type":"text"},{"_id":"VJHIIIPHDRH7FDD65CAEPFUPAE","additional_properties":{},"content":"Hand-in-hand","type":"header"},{"_id":"4A7U6RGAFRDSJMIJPJP6ASXT7M","additional_properties":{},"content":"Restrictions and weak bookings obviously go hand-in-hand. The two things are likely to be a continuing feature of life over the near future. Ryanair Designated Activity Company chief executive Eddie Wilson last month reminded the Oireachtas Special Committee on Covid-19 Response that the virus is likely to flare up in different regions around Europe.","type":"text"},{"_id":"JKO37J4XZBDDZASG64AKZTONQU","additional_properties":{},"content":"Ryanair has also noted that the Republic's travel restrictions failed to prevent a recent rise in Covid-19 cases here. The airline contrasted our situation with that of Italy, which has been open to EU travel since July 1st, yet whose 14-day Covid-19 case rate is half of ours.","type":"text"},{"_id":"IUZNGWBW7VGZ3N4WXFHY73NQHA","content":"Spikes in infection rates are something that airlines, national governments and travellers are going to have to manage. However, the cuts announced on Monday must pose an immediate threat to Ryanair’s own hopes to restore around 70 per cent of its normal schedule for September.","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Cantillon: Government restrictions, weak bookings prompt cuts on some routes"},"display_date":"2020-08-18T04:08:32Z","headlines":{"basic":"Ryanair flight cuts provide neat illustration of industry’s challenges"},"promo_items":{"basic":{"_id":"O2WANEQFPVNXYVR5EWMX3KMSYY","auth":{"1":"a53ca2159ce9ac6bb088df1343027a7ca3118a2070187b9694725f3205b7c7c5"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/O2WANEQFPVNXYVR5EWMX3KMSYY.jpg"}},"subtype":"opinion","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/ryanair-flight-cuts-provide-neat-illustration-of-industry-s-challenges-1.4332500","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"UKQDBC6AXCMXUGVMB4YBLIAHFE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/ryanair-to-cut-flight-capacity-by-20-for-september-october-as-bookings-fall-1.4332109","content_elements":[{"_id":"2IIG7ARJAJGRPEISNMKW2BXT2Y","additional_properties":{},"content":"Ryanair said it would cut its flight capacity by 20 per cent for September and October as the resurgence of Covid-19 cases in some EU countries weakened bookings.","type":"text"},{"_id":"VCB452OOGFHPVN2CQGXHPYVPUQ","content":"The airline has also called for the Government to expand its “green list” of countries that do not require quarantine for visitors.","type":"text"},{"_id":"RHWIEMELERASTGQXV23STPDE2U","additional_properties":{},"content":"The airline said its bookings had noticeably fallen in the past 10 days. Routes will see frequency reductions rather than closures, with cuts focused on countries with increased Covid-19 rates where travel restrictions have tightened such as Spain, France and Sweden. Routes to Ireland are also likely to be cut, with Ryanair citing the current restrictive green list.","type":"text"},{"_id":"PHVJIERHIJD3HH37YWSP2FCJYI","content":"The company said the capacity cuts were “unavoidable”, and passengers affected in September had already been contacted by email, with October passengers due to be contacted later on Monday.","type":"text"},{"_id":"M5JF4B6NSNH3ZLKETTSHQJTSQA","content":"“Over the past two weeks as a number of EU countries have raised travel restrictions, forward bookings especially for business travel into September and October have been negatively affected, and it makes sense to reduce frequencies so that we tailor our capacity to demand over the next two months,” a spokesperson for the company said.","type":"text"},{"_id":"6FRXKELIMJE73HAZUMYQI5YJIE","additional_properties":{},"content":"The airline has called on the Government to add EU countries with lower or similar Covid case rates to Ireland's green list to allow business and family travel to resume in September. That would see Germany, the UK, Austria, Portugal and Poland added. Ireland's 14-day Covid incidence rate is currently at 22.1, ahead of the countries Ryanair has named.","type":"text"},{"_id":"IDI7BVYCFZFFZO47FTDH7ONRVA","additional_properties":{},"content":"\"We again call on the Irish Government to amend its green list of travel countries to include those EU countries with lower or similar 14-day Covid case rates, most notably Germany whose Covid case rate is 25 per cent lower than Ireland, and which will allow for some resumption of normal business and economic travel in September and October once the schools reopen,\" the airline said, saying the \"isolationist\" green list had failed to prevent the recent rise in Covid-19 case rates.","type":"text"},{"_id":"2CRO56TUINEWZO3J6XXQ4RBYPI","content":"“Proper testing at airports, and effective tracing (as is being conducted in Germany and Italy) is the only realistic and proportionate method of supervising safe intra-EU travel while effectively limiting the spread of the Covid-19 virus,” Ryanair said.","type":"text"},{"_id":"QBVZH7CKL5DEHPO7UGW7NBJ3R4","additional_properties":{},"content":"The airline has been a vocal critic of the Government's policy on overseas travel and visitors to the country. It is challenging the State's international travel restrictions in the High Court, claiming they are unlawful, amount to a disproportionate interference of individual's rights and are detrimental to its business. A hearing is set to take place in September.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Ciara O'Brien"}},"name":"Ciara O'Brien"}]},"description":{"basic":"Cuts to focus on countries with rising Covid-19 rates including Spain, France, Sweden"},"display_date":"2020-08-17T14:45:16Z","headlines":{"basic":"Ryanair to cut flight capacity by 20% for September, October as bookings 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numbers.","type":"text"},{"_id":"7FCK47BDO5D7POCZMFQPUY6XWI","additional_properties":{},"content":"DAA, the State company responsible for both airports, is losing €1 million per day while Covid-19 restrictions continue to hit air travel.","type":"text"},{"_id":"DAY5WRE3QBGYNGZ2G5XICPWCTE","additional_properties":{},"content":"Dalton Philips, DAA chief executive, told staff on Friday that unions representing the \"vast majority\" of working groups will be recommending agreed changes to staff.","type":"text"},{"_id":"EPIOIDUVDJAWDESDYX6EA2DWHY","content":"As a result, unions including Mandate, Siptu and Fórsa will shortly begin balloting members in these areas.","type":"text"},{"_id":"2QW2MSPKDFEQJLCVFE3G3LI2PI","content":"Mr Philips noted that DAA has already opened applications for voluntary redundancy to these staff.","type":"text"},{"_id":"IQUUNBVUV5BXJK6PWDZRXPUAJQ","content":"However, craft unions Unite and Connect, and security staff, represented by Siptu, have not yet reached agreement with DAA, so are not in a position to ballot members.","type":"text"},{"_id":"X7DPNHCBWJCIFPKSMCX2UQPMAU","content":"As a consequence, Mr Philips said DAA could not guarantee that those workers will continue to receive 80 per cent of their pay beyond August 29th, nor could it open applications for voluntary redundancy to staff in those areas.","type":"text"},{"_id":"62MEQPG3XNHQBI2CSUE5GS6LYM","additional_properties":{},"content":"DAA staff took a 20 per cent pay cut in April after air travel was largely grounded across Europe and the US, but the company pledged there would be no further reductions until August 29th.","type":"text"},{"_id":"V5WSAZTCPJBWNNHCQAR75Q6RMU","content":"The company says that workers who are balloting will continue to receive 80 per cent of their pay beyond that date.","type":"text"},{"_id":"MKKBYQDJWNC6TEDMGPUWLEJCAQ","content":"Mr Philips confirmed that, assuming a yes vote in a ballot, DAA would continue to guarrantee staff 80 per cent of their pay while working to restore this to 100 per cent as quickly as possible.","type":"text"},{"_id":"YJXZKOEH6FFTZOGWAMJUHYHFGQ","additional_properties":{},"content":"Surprise","type":"header"},{"_id":"S4BNVU3NQ5HNDJL3MFMKJRK234","additional_properties":{},"content":"Unite regional officer, Willie Quigley, who represents airport workers, expressed surprise at the DAA chief executive's remarks.","type":"text"},{"_id":"FNRLCS5B3NEKRCYCZI72DEXNQQ","content":"He explained that the union was not at the point where it could make a recommendation to DAA members, and thus could not hold a ballot.","type":"text"},{"_id":"LL52DKFBLVEZHGZPV2IGJUYEYQ","content":"“But we do intend to get to that point, we are trying to get to that point as soon as possible,” Mr Quigley said.","type":"text"},{"_id":"W2PFSJSXK5DKBEGGNJXKHGS7CY","content":"Dublin Airport handled 12,747 passengers on Thursday, down from around 100,000 normally at this time of year.","type":"text"},{"_id":"AIRH3SFIARBZDIST2VCCNMFRJE","content":"Just 1,465 people passed through Cork, which could have expected 10,000 passengers.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Operator is losing €1m per day while Covid-19 restrictions continue to hit air travel"},"display_date":"2020-08-14T20:16:21Z","headlines":{"basic":"Staff at Dublin and Cork airports to vote on work practice 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its full-year outlook intact but warned that the coronavirus crisis bears indiscernible risks for its operations.","type":"text"},{"_id":"M74DDW5ACFAGTOMDH6O62X6WAQ","additional_properties":{},"content":"\"We have not put the pandemic behind us. Compared to a normal situation, customers' booking behaviour is volatile,\" chief executive Rolf Habben Jansen told Reuters.","type":"text"},{"_id":"LIVNLFE3F5DQVC353YSE5EFZAI","content":"Transport volumes at Hapag-Lloyd, the world’s number five in the industry, were down 3.5 per cent year-on-year at 5.8 million 20ft equivalent units.","type":"text"},{"_id":"UMUWJJLI75CQJHDCJQGQMDKJ4E","additional_properties":{},"content":"Lockdown contraction","type":"header"},{"_id":"E23GAGRZWVCLVKHDNS2MYQUN6E","content":"Mr Habben Jansen said those volumes were recovering but were unlikely to reach their 2019 level this year as economies worldwide had contracted amid lockdowns.","type":"text"},{"_id":"OTSYVLOLJRFPZI5C5QVIMX76HU","content":"Net profit between January and June soared by 95 per cent to €285 million versus €146 million in comparable 2019. Mr Habben Jansen partly attributed the improvement to capacity discipline plus lower shipping fuel costs in the second quarter.","type":"text"},{"_id":"VU7TDDPV6NGCJI55NMTY5SRIFA","content":"Earnings before interest, tax, depreciation and amortisation (Ebitda) in the full year should be between €1.7 billion and €2.2 billion and earnings before interest and tax (Ebit) between €500 million and €1 billion, he reiterated. – Reuters","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Transport volumes at fifth-biggest player down 3.5% year-on-year"},"display_date":"2020-08-14T18:18:45Z","headlines":{"basic":"Container line Hapag-Lloyd almost doubles profit in first half of 2020"},"promo_items":{"basic":{"_id":"EEBGMBYMVGVWCKIUWD26XKI74M","auth":{"1":"5a9615977d6c4d0aabc6e4ee599e7cafa167fb891255655c93a044a40431675f"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/EEBGMBYMVGVWCKIUWD26XKI74M.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/container-line-hapag-lloyd-almost-doubles-profit-in-first-half-of-2020-1.4330613","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"DZ5RREA3VYZS5HGYDYQ2PK6KHE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/lenders-to-baggage-handler-swissport-offer-rescue-deal-1.4329789","content_elements":[{"_id":"P37AIUTIVZB3XGOW4XX44L4HLY","additional_properties":{},"content":"Lenders to the world's biggest airport baggage-handling group Swissport have offered a rescue package that would restructure its €2.1 billion of net debt and could transfer ownership to them from struggling Chinese conglomerate HNA Group.","type":"text"},{"_id":"PVWWF36EHZD3DCV6UEQFADJXKA","content":"The owners of €1.4 billion of senior secured bonds issued by Swissport have promised to invest in the business to help it survive the pandemic, which has hit its operations hard with the grounding of flights.","type":"text"},{"_id":"ZIDIAFFUNFBMLI4QINPHB7GAFU","content":"Swissport is the world’s largest provider of airport ground services and air cargo handling, with operations at 300 airports in 47 countries. It employs more than 800 staff in Ireland","type":"text"},{"_id":"KVC7DTQ5MVDJDH3JODDQ6FGNKM","content":"The group needs funding of between €450 million and €570 million over the next 14 to 18 months, according to Reorg Research.","type":"text"},{"_id":"2C65VCZC7BAPLISJ2NT6SQBR6A","content":"The investor group also includes the majority of those who own “payment in kind” (PIK) notes – a type of debt where the borrower can pay interest in additional notes rather than cash – according to a person close to the proposal. The bondholders are said to include Apollo Global Management and SVP Global.","type":"text"},{"_id":"4JI27NRXPJFMTAJQEE7IW5KNAU","content":"The proposed debt-for-equity swap is likely to involve the senior bondholders and PIK note-holders taking control of the group, according to the person. This could wipe out the equity ownership of HNA and the more junior debt, depending on the final structure of a deal. HNA declined to comment.","type":"text"},{"_id":"BV5LABM7ONFZBPJDLRCAGSABKY","content":"A spokesman for Swissport said it had been in discussions with lenders and investors since the start of the crisis.","type":"text"},{"_id":"MUITVUGGAVG6TIY37JNTWMQQRM","content":"“We have been exploring several possible options to raise additional liquidity and to put Swissport on a stable financial foundation. These discussions are still ongoing, and there has been significant and tangible progress, but nothing is finite yet.”","type":"text"},{"_id":"OIHQONVSN5B23HFIXRKECAAC7Y","content":"Swissport has attempted to restructure its loans to raise more money but has faced opposition from some lenders. – Copyright The Financial Times Limited 2020","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"name":"Daniel Thomas"},{"name":"Robert Smith"}]},"description":{"basic":"Restructuring of €2.1bn net debt could transfer ownership to lenders from Chinese conglomerate HNA Group"},"display_date":"2020-08-13T19:44:56Z","headlines":{"basic":"Lenders to baggage-handler Swissport offer rescue deal"},"promo_items":{"basic":{"_id":"OUV2I3XWSKJ7KOZCYREMPSVYQU","auth":{"1":"4c9e3b41cf4ea7947f1a69aac1c0e5dc7767db6784c4b03cf7cc67c409124dae"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/OUV2I3XWSKJ7KOZCYREMPSVYQU.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/lenders-to-baggage-handler-swissport-offer-rescue-deal-1.4329789","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"37BWOKEC5SIZZMESB2JZK46KGE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/pandemic-pushes-holiday-company-tui-to-1-1bn-quarterly-loss-1.4329307","content_elements":[{"_id":"UTGNOCAFV5BNFJ465Z345MMOQY","content":"Tui reported a €1.1 billion quarterly loss, a day after the world’s biggest tour operator secured more aid to prop it up through winter.","type":"text"},{"_id":"FU27P77FY5BKVE6FK7FQHOFJAQ","content":"Revenue fell 98 per cent for the three months through June after business was essentially shut down by the Covid-19 outbreak, the company said on Thursday in a statement.","type":"text"},{"_id":"6UKEF225EREVDGA4BJMA3DRL3A","content":"Tui’s underlying Ebit loss of €1.1 billion for the three months to June 30th compares to the €102.3 million it made in the same period last year.","type":"text"},{"_id":"GBWX3N6QOZHLNMRDZLPVBPGTN4","content":"Summer bookings are off 81 per cent, reflecting the impact of travel restrictions.","type":"text"},{"_id":"QBA6XYL5FFGWZI6SUMIF6HPXLI","content":"Like other travel companies, Tui has been devastated by the Covid outbreak, which forced lockdowns and brought air travel to a virtual halt. Recent surges of the virus in Spain and elsewhere forced countries to pull back from a reopening, spoiling the chances of airlines and hotels salvaging part of the busy summer season.","type":"text"},{"_id":"63QFBNIXXRG5LE2REYY7LRXWUY","content":"Tui said on Wednesday that it reached agreement with Germany for an extra €1.2 billion in aid, bringing its total bailout to €3 billion. The government acquired convertible bonds that could give it a stake of 9 per cent.","type":"text"},{"_id":"IGXGXRZ3GJHQLPZ6HEDOED4AYI","content":"Bookings for summer 2021 stand at 145 per cent of what they should have been in 2020 had coronavirus not happened, chief executive Fritz Joussen said on a conference call, reflecting the desire of customers who chose not to travel this year for a break next summer. Prices for summer 2021 are also higher, he said.","type":"text"},{"_id":"4LAXH73A4BDJPFINXZZWOU3T5A","content":"Tui expects to end cash outflows in the quarter ending September 30th. – Bloomberg/Reuters","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Tui has said it reached agreement with Germany for an extra €1.2bn in aid, bringing its total bailout to €3bn"},"display_date":"2020-08-13T16:35:34Z","headlines":{"basic":"Pandemic pushes holiday company TUI to €1.1bn quarterly loss"},"promo_items":{"basic":{"_id":"FKKXMTUIVLJWRZRRQDYW5JGPMI","auth":{"1":"eed1347cde445e7a63c328986ad0f2db069ee4e987c650f832507a5a15dcd7e7"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/FKKXMTUIVLJWRZRRQDYW5JGPMI.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/pandemic-pushes-holiday-company-tui-to-1-1bn-quarterly-loss-1.4329307","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"F5JMYEV2ELDY4DR5ODKRDX27VA","additional_properties":{},"canonical_url":"/business/transport-and-tourism/tesla-to-split-shares-to-make-stock-less-expensive-for-individual-investors-1.4328371","content_elements":[{"_id":"2HSBZA7VGJCFJOQEVB6JPFLGGU","additional_properties":{},"content":"Tesla is splitting its richly-valued shares in a 5-for-1 exchange, a move designed to make the stock less expensive for individual investors after the company became the world's most valuable automaker.","type":"text"},{"_id":"HII5L6AJ7FCJRIOSLV3UHA7N3Y","content":"Each stockholder of record on August 21st will receive a dividend of four additional shares of common stock for each one they own, the electric-car maker said in a statement.","type":"text"},{"_id":"37BKNJUO75A2THYVRQUVWSNVSY","content":"The shares, which have more than quadrupled since March to close above $1,600 (€1,360) last month, rose 7 per cent before the start of regular trading on Wednesday.","type":"text"},{"_id":"GN6D67ZWLZCZJFMFGWTQWTMFDM","additional_properties":{},"content":"The split aims to capitalise on and support Tesla's recent surge, which has pushed its market capitalisation to more than $256 billion, exceeding the value of Toyota and Ford combined. The massive rally for the shares has priced them out of reach for some smaller retail investors just as the electric vehicle (EV) industry is capturing their imagination.","type":"text"},{"_id":"PRJZD5IE35HPFFZI7GCHENF4AU","additional_properties":{},"content":"\"At a time where the appetite for the stock and overall EV story continues to gain momentum, I think it's a smart move,\" said Dan Ives, an analyst at Wedbush, who rates the shares the equivalent of a hold. Tesla is taking after Apple, which Ives said other tech giants are likely to emulate.","type":"text"},{"_id":"DNQJGPL5RBDVTJQNLMOHMNO4MQ","content":"Apple announced a 4-for-1 stock split after the close on July 30th, and retail traders have piled in to bet on further gains. Tesla will start trading on a split-adjusted basis on August 31st.","type":"text"},{"_id":"27S4AXBCV5FUBFVWREIIWVRXY4","content":"Tesla has been a favourite stock for day traders and other retail investors lately. At one point last month nearly 40,000 Robinhood account holders added shares of the carmaker during a four-hour span. The surge has been a boon to other electric-car companies, some of which have yet to actually produce a vehicle.","type":"text"},{"_id":"K3VEEYQOYFFFBN6JS3JRHAIZKU","additional_properties":{},"content":"Transportation","type":"header"},{"_id":"XPHZWIBLSNFLDEFUWEIWSJI2MA","additional_properties":{},"content":"\"The stock split is a recognition of the fact that the market is increasingly influenced by individual investors, including those looking to gain exposure to next-generation transportation,\" Ben Kallo, a Robert W Baird analyst who rates Tesla the equivalent of a hold, wrote to clients.","type":"text"},{"_id":"IZXOC2RIRVBCDDZNKL5OWAWADE","content":"Tesla’s gains have been partly fuelled by speculation the company is likely to join the SandP 500 after it reported the latest in a string of profitable quarters. That would make the stock a must-buy for mutual and exchange-traded funds that seek to mimic the benchmark index.","type":"text"},{"_id":"OMLGBRXCHVD3JFJPK4ABEB4SRM","content":"The timing of the split may have come as a surprise to close followers of Tesla chief executive Elon Musk’s Twitter feed. He was asked on June 30th if he had any thoughts about a Tesla stock split, and said it was worth discussing at the company’s annual meeting, which is not until September 22nd. – Bloomberg","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Shares in the world’s most valuable car-maker have quadrupled since March"},"display_date":"2020-08-12T17:14:47Z","headlines":{"basic":"Tesla to split shares to make stock less expensive for individual investors"},"promo_items":{"basic":{"_id":"4XV74AQOPK5LHSSRZJ37LGU2S4","auth":{"1":"8900e4e8173dfc0cffe66bc35ad57680c6565a9927673038f7f697c43df200be"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/4XV74AQOPK5LHSSRZJ37LGU2S4.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/tesla-to-split-shares-to-make-stock-less-expensive-for-individual-investors-1.4328371","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"MUQCUOK4YJ27JSC5R7L5HVWUGY","additional_properties":{},"canonical_url":"/business/transport-and-tourism/revenues-plunge-69-at-hostelworld-due-to-covid-restrictions-1.4328251","content_elements":[{"_id":"XYWSST5YNNBPXESIVD64ISLQZY","additional_properties":{},"content":"Revenues fell 69 per cent to €12 million at Hostelworld during the first six months of the year due to Covid-19-led travel restrictions.","type":"text"},{"_id":"5HMA3C4C4FB4ZG3LYAJDXZ4HQU","content":"The hotel booking group said net bookings fell 67 per cent during the period leading to a pretax loss of €18.8 million. Net average booking value totalled €9.45 as against €12.40 a year earlier on the back of increased cancellations.","type":"text"},{"_id":"YR5SLHKQ6FBZ7GFX4NQVRFJP2M","additional_properties":{},"content":"\"We entered the year in a strong position having delivered a return to net bookings growth during the fourth quarter of 2019. However, Covid-19 drove a sharp reduction in our trading performance. We reacted swiftly and purposefully to protect the business, and to enable us to navigate through this crisis,\" said chief executive Gary Morrison.","type":"text"},{"_id":"BMUHS55S6ZANHB6HMLQDXZ4PDA","content":"“While the short-term outlook for the travel industry remains extremely challenging, I remain confident that Hostelworld will emerge from the Covid-19 crisis stronger than before.”","type":"text"},{"_id":"EGLK4R2D5RGFDFWP6I3LW7PDZ4","content":"Hostelworld raised £13.8 million (€15.2m) in June after selling new shares in the company as it said it expected net revenues to fall by about 80 per cent this year.","type":"text"},{"_id":"U6WEDDDDO5AN3INPAQ33OSL75E","content":"The company said on Wednesday it had seen an uptick in demand in recent weeks as travel restrictions have eased around the world and it is trading slightly ahead of its forecasts.","type":"text"},{"_id":"E6KCA7QHQJAGLE4GJWQ7CWUWGI","additional_properties":{},"content":"\"This recovery started with very modest growth in domestic bookings in June, and more recently has progressed to very modest growth in domestic and short-haul bookings into Europe, \" the company said.","type":"text"},{"_id":"5SMT3SYTM5BRVOTBTUKPZHXE3M","additional_properties":{},"content":"\"Overall we expect the pace of recovery to mirror changes in travel guidance in individual markets over the coming months, both positive and negative. Elsewhere, source markets in the Americas, Asia and Oceania continue to remain very depressed.\"","type":"text"},{"_id":"HZONHYXV65EQTASXQ34EBUVCOU","content":"Hostelworld forecasts continued improvement in the second half of the year, although bookings would remain at “significantly reduced levels” when compared to 2019.","type":"text"},{"_id":"CUMJNVEBRJH5HCJ67CEYD7YK3U","content":"The company said given continued market uncertainty it was not in a position to provide full-year guidance.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Charlie Taylor"}},"name":"Charlie Taylor"}]},"description":{"basic":"Company sees increased demand in recent weeks, but is unable to offer full-year guidance"},"display_date":"2020-08-12T16:36:22Z","headlines":{"basic":"Revenues plunge 69% at Hostelworld due to Covid 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revealed half-year losses following a \"substantial\" hit from the coronavirus crisis.","type":"text"},{"_id":"TLYOIQVDVRHS5HDAX3AH7BFS4I","content":"The group confirmed it is cutting about 10 per cent of its corporate-level workforce across global operations, but did not provide a regional breakdown.","type":"text"},{"_id":"HOL6SVROQJCKRDR3Y2DV7ZE5MQ","content":"The cuts, which were announced internally in July, come after a raft of job loss announcements by rivals across the sector.","type":"text"},{"_id":"WZM225YFQRAMVOMY44CUQJB2DA","content":"Details of the plans at Intercontinental Hotels Group came as results showed it slumping to a pretax loss of $275 million for the six months to June 30th compared with pretax profits of $375 million a year earlier.","type":"text"},{"_id":"2HFKGNJXWNH3LLWH5U3SUKSZJU","additional_properties":{},"content":"IHG chief executive Keith Barr said: \"The impact of this crisis on our industry cannot be underestimated, but we are seeing some very early signs of improvement as restrictions ease and traveller confidence returns.\"","type":"text"},{"_id":"7XPM2J6KFNBSBKFP3MBVBTF3FM","content":"Global revenue per available room plunged 52 per cent in the first half – and by 75 per cent in the three months to the end of June.","type":"text"},{"_id":"MRFQCWFMJVFTJHKXKPWMUH2VWQ","content":"Intercontinental – which employs about 40,000 staff around the world – said it would not pay out an interim shareholder dividend due to the limited visibility of the pace and scale of market recovery.","type":"text"},{"_id":"MJQFD6YY6ZEXPP2SDQTC5ENY6A","content":"The group still had 317 hotels, or 5 per cent of its global estate, closed at the end of July.","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Chief executive sees ‘signs of improvement’ but warns crisis cannot be underestimated"},"display_date":"2020-08-11T17:30:22Z","headlines":{"basic":"Holiday Inn owner to cut 650 jobs as it plunges to 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allowing regional airline CityJet to successfully exit examinership.","type":"text"},{"_id":"ZJPZKV24LZBKPLAPG4IWF3OJXA","content":"The scheme will allow the Dublin-based airline continue as a going concern, on what was described on “a slimmed-down” basis, with more than 400 jobs at the company being retained out of approximately 1,100 previously employed.","type":"text"},{"_id":"4Q56V46FZBDQ7FCZIN53XWHC2M","content":"That will include 140 out of 400 Dublin jobs. The rest are mostly in Copenhagen, where CityJet operates a service for SAS.","type":"text"},{"_id":"PV2GHYYZENHHLBDI2ZOIJWOXJ4","content":"“The airline is confident of recruiting again once market conditions improve,” a spokesman for the company said.","type":"text"},{"_id":"OXDJ27WNEVHSJBLN2NWPVX6EIM","additional_properties":{},"content":"On Tuesday, Mr Justice Michael Quinn said he was satisfied to approve a scheme put together by the airline's examiner, Kieran Wallace of KPMG, that allowed the airline formally exit examinership.","type":"text"},{"_id":"EQWPBK742FB6FLX4U5UAEFP75A","content":"Late last month the judge, following a formal hearing, said he was minded to approve the scheme after certain steps took place, including the finalising of arrangements made with certain creditors and changes to the airline’s constitution.","type":"text"},{"_id":"N7HCS57M6FC75M2OQPYS622JTE","content":"On Tuesday the court was told those arrangements and changes had been made, and that no modifications to the survival scheme were required. As a result the judge formally approved the scheme.","type":"text"},{"_id":"XFUR2ZM2RFAQ5KPWBPO2G4KAXU","content":"The arrangement, which was supported by a majority of the airline’s creditors and shareholders, sees tens of millions of euro of its debt being written off.","type":"text"},{"_id":"RE2UE7NG3JCATBW2V2G2ICUESQ","content":"CityJet sought the protection of the courts in April, claiming it was insolvent due to financial difficulties exacerbated after its aircraft were grounded due to the Covid-19 outbreak.","type":"text"},{"_id":"4ZQQ6O4RFZEZXP5WMAHDWIWUGQ","content":"The impact of the pandemic also interrupted a planned merger with another airline and a proposed private restructure of the company, it claimed.","type":"text"},{"_id":"G52G4DZUC5BGBNF6GSNNZIJFIM","content":"The airline said it had debts of €500 million and, at the time of entering the examinership process, a net deficit of liabilities over assets on a going concern basis of €186 million.","type":"text"},{"_id":"T6SWMAMEOZFVZBG5FFOBLXWK6I","additional_properties":{},"content":"Creditors include the Triangle Group, several firms involved in the leasing of aircraft, Investec, the Revenue Commissioners, and related related companies.","type":"text"},{"_id":"UQF52IIQPRFNTD7QJHLV5AV2IA","content":"Approving the scheme, Mr Justice Quinn accepted that creditors would do better under the examiner’s proposals than if the airline was liquidated, which the court was told was the only alternative to the scheme.","type":"text"},{"_id":"VLMVDCHUGZAJTOYGF7WEH7YFJM","content":"Under the scheme, most creditors will get dividends ranging between 15 per cent and 1.25 per cent.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"name":"Aodhan O’Faolain"},{"name":"Ray Managh"}]},"description":{"basic":"More than 400 jobs retained as survival scheme wipes millions off Dublin airline’s debt"},"display_date":"2020-08-11T14:51:54Z","headlines":{"basic":"CityJet exits examinership after High Court ruling"},"promo_items":{"basic":{"_id":"ATWR7LORU7VTEUYDC4W2SFOEOY","auth":{"1":"bc00432da926a611be994ce8dc4909455f3728f27be6a9a200c861502d509cb9"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/ATWR7LORU7VTEUYDC4W2SFOEOY.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/cityjet-exits-examinership-after-high-court-ruling-1.4327483","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"EHX65FBP2QVQVKJTSKSQFTGR7Q","additional_properties":{},"canonical_url":"/business/transport-and-tourism/heathrow-airport-passenger-numbers-down-88-amid-ongoing-travel-restrictions-1.4327412","content_elements":[{"_id":"F2E6RQX2YZDWHHIWY74JVFTNSI","content":"Britain’s Heathrow Airport renewed its call for Covid-19 testing at airports on Tuesday as it reported an 88 per cent plunge in July passenger numbers due to ongoing restrictions on travel which it said were strangling the UK economy.","type":"text"},{"_id":"WCZ46CN53VFYZMZRKMBIU6MYG4","additional_properties":{},"content":"Heathrow, which is owned by a group of investors including Spain's Ferrovial, the Qatar Investment Authority and China Investment Corp, said 60 per cent of Heathrow's route network remained grounded, requiring passengers to quarantine for 14 days on arrival.","type":"text"},{"_id":"JQGZ7U6OQ5AYLPM7ISMCOXKPTY","additional_properties":{},"content":"Despite thousands of Britons holidaying overseas after months of lockdown, the government has already reimposed quarantine on arrivals from Spain, Luxembourg, Belgium, the Bahamas and Andorra.","type":"text"},{"_id":"NXOYPZYLF5GPBCNRZQDQSITWNI","additional_properties":{},"content":"Last week finance minister Rishi Sunak said the government would not hesitate to add more countries to its quarantine list when asked whether France could also join it.","type":"text"},{"_id":"RLNLWM7M5BDKPPGVJ2EABPDYTQ","content":"However, Heathrow believes airport testing of passengers could safely keep routes open and restart others to help the UK’s economic recovery.","type":"text"},{"_id":"S63CEISR7NF35AFGDDSTXNQPC4","additional_properties":{},"content":"\"Tens of thousands of jobs are being lost because Britain remains cut off from critical markets such as the US, Canada and Singapore, \" said Heathrow CEO John Holland-Kaye.","type":"text"},{"_id":"T7J2VDNXOFG6ZONAMTBDARODAY","content":"“The government can save jobs by introducing testing to cut quarantine from higher risk countries, while keeping the public safe from a second wave of COVID.”","type":"text"},{"_id":"ZJX7XD656FEQXG6NUYNYYTVIPQ","content":"Over 860,000 passengers travelled through Heathrow in July - down 88 per cent on the previous year, but a slight uplift in traffic since the start of the pandemic, driven by the UK government’s creation of the first “travel corridors” on July 4th. – Reuters","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Airport calls for on-site testing to reopen routes to help economy"},"display_date":"2020-08-11T09:27:03Z","headlines":{"basic":"Heathrow Airport passenger numbers down 88% amid ongoing travel restrictions"},"promo_items":{"basic":{"_id":"C2RVQ7DWUMYMGZKHVWNAWWIOBU","auth":{"1":"8aa0e938dfc31326856773d0a3bf5ff24e94069deb06b02893b5dab8ac511b2f"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/C2RVQ7DWUMYMGZKHVWNAWWIOBU.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/heathrow-airport-passenger-numbers-down-88-amid-ongoing-travel-restrictions-1.4327412","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"TN5DAERT5BSMHENVK7R4YWWSWY","additional_properties":{},"canonical_url":"/business/transport-and-tourism/humble-airbnb-going-back-to-basics-1.4326887","content_elements":[{"_id":"WNGMBCMRW5CVFLDATEWJPSUMMA","content":"Having started the year eyeing a $30 billion stock market flotation and plans for further expansion of its activities globally, the Covid-19 pandemic has resulted in accommodation website Airbnb doing a “reset” and going back to basics.","type":"text"},{"_id":"YZSCQDIIIFDWFICFY5FYTE7JMQ","additional_properties":{},"content":"In an interview with the Sunday Times magazine last weekend, Airbnb co-founder Brian Chesky said the platform needed to change, having being accused by politicians, regulators and protesters in many cities around the world of facilitating over-tourism and reducing the stock of long-term rentals to the detriment of locals seeking to put a roof over their head.","type":"text"},{"_id":"WHMRVM6QUBH6NDNH7J27625OZM","content":"“We grew so fast, we made mistakes. We drifted. We really need to think through our impact on cities and communities,” Chesky said in a wide-ranging mea culpa.","type":"text"},{"_id":"4PZLTJVJ75E6ZLSOLTEVL357ME","content":"“We need to stop talking about changing the world or assuming everything we’re doing is good. The world needs to hear us be humble, and to see us take responsibility.”","type":"text"},{"_id":"VK4PMD6MUNCUTP2KOFCCI6V3EE","content":"The pandemic virtually wiped out Airbnb’s business model overnight. Chesky said it got over $1 billion of cancellations and had to make $250 million available to its estimated 700,000 hosts to help cover their losses.","type":"text"},{"_id":"JX4EOYGKN5A7JIX574NQ5HATOY","content":"In response, Airbnb has decided to cull 1,900 jobs, and has axed a range of ancillary services and its magazine. This is bad news for its operation in Dublin, where its European headquarters is based and where between 500 and 1,000 people are employed.","type":"text"},{"_id":"TVBCWMBPSRFZRPDICGSSKPCRLE","content":"As part of this new normal Airbnb will partner with cities to “find a balance between what works for the city, for people who depend on Airbnb for income, and for customers”, Chesky told the Sunday Times.","type":"text"},{"_id":"NMKLEVA72VCIVH5BUHJW33M6NM","content":"He suggested that this would prioritise “small-scale, everyday hosts” over large-scale landlords, and involve a serious audit of who should be on the platform.","type":"text"},{"_id":"BIVEOQQWF5F6ZDDMGQCCP5RJEY","content":"Chesky also pledged to give cities more data on its operations, “so that they can actually help us to regulate operations”.","type":"text"},{"_id":"Q3RVYI42CZDUTGT7FOXX2MP72A","additional_properties":{},"content":"This will no doubt be of interest to Dublin City Council, which has sought to regulate short-term lets (Airbnb was the biggest but not the only player in this space) with mixed success over the past couple of years during the housing crisis.","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Cantillon: accommodation website says it needs to think through its impact on cities and communities"},"display_date":"2020-08-11T04:12:45Z","headlines":{"basic":"‘Humble’ Airbnb going back to basics"},"promo_items":{"basic":{"_id":"T57XNC3T5QNDPQWBZCQWYBQMGY","auth":{"1":"ad076e4be00377655cec22fc5ec0e31b4b85072ca7bcfb306558c9ae46e1dc70"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/T57XNC3T5QNDPQWBZCQWYBQMGY.jpg"}},"subtype":"opinion","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/humble-airbnb-going-back-to-basics-1.4326887","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"VJZK77UK7MHA7F26SUCMGJDSWE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/shelbourne-hotel-operator-marriott-posts-bigger-than-expected-loss-1.4326711","content_elements":[{"_id":"QYRWLXNQVBHC5P6TTQ7DOS7JSI","additional_properties":{},"content":"US hotel operator Marriott International posted a bigger-than-expected quarterly loss on Monday, as the coronavirus crisis curbed global travel and led to a plunge in room bookings.","type":"text"},{"_id":"CMD7KCJ2DFBXFKXDJHGT4HRD2E","additional_properties":{},"content":"Marriott operates seven luxury hotels in Ireland, including The Shelbourne, The Westin, Aloft and Moxy in Dublin, the Powerscourt Hotel in Co Wicklow, Mount Juliet Estate in Co Kilkenny, and The Sheraton in Athlone.","type":"text"},{"_id":"JAACU72GUBEJJOHFWRAOD34EWI","content":"Marriott’s shares, down 40.3 per cent this year, fell 3 per cent in premarket trading as the company also reported an 84.4 per cent plunge in revenue per available room (RevPAR) – a key performance measure for the hotel industry.","type":"text"},{"_id":"GTZU6IJVPNFUWVCF5LJ6KHXQY4","additional_properties":{},"type":"image"},{"_id":"SZPQVA3TZRF6FCKGWTQPAVQKSM","content":"However, Marriott echoed smaller rival Hilton’s comments from last week, saying it now expects a gradual rise in occupancy rates across the world, although it may take a few years for them to return to pre-Covid period demand levels.","type":"text"},{"_id":"XRUXY2IWL5BOPLHTSQZS2XE7X4","additional_properties":{},"content":"\"While our business continues to be profoundly impacted by Covid-19, we are seeing steady signs of demand returning,\" chief executive Arne Sorenson said in a statement, adding that Greater China continued to lead the recovery.","type":"text"},{"_id":"4OB7PYV57ZDPXJDKAIC57BAQKI","content":"Marriott said it was seeing a recovery across all regions, with global occupancy rates of 34 per cent for the week ending August 1st, up from 11 per cent in week ending April 11th. In China occupancy levels have reached 60 per cent.","type":"text"},{"_id":"DNNV2CQYFVDGBMU66KKCAZQ7II","content":"The company said it has reopened 91 per cent of its worldwide hotels, compared with 74 per cent in April.","type":"text"},{"_id":"KFGP4SZSZZBUFCC42E4Y2CZ3RA","content":"It said the gradual recovery meant cash burn this year was now expected to be slower than previously estimated – $85 million a month down from prior expectation of $145 million.","type":"text"},{"_id":"HHQ5XXYFGNHB7EO22A4ZU3OMJM","content":"On an adjusted basis, Marriott reported a loss of 64 cent per share in the second quarter ending June 30th, bigger than analysts’ expectation of a loss of 42 cent per share.","type":"text"},{"_id":"HYM33NZJYNCMZERDBZUUEKZPLQ","content":"Marriott previously reported a quarterly net loss in 2011 due to a charge related to its now spun-off timeshare business.","type":"text"},{"_id":"NHUYCK6TNBF5XCOXSNM5P4MVBM","content":"Total revenue plunged 72.4 per cent to $1.46 billion (€1.24bn), missing estimates of $1.68 billion. – Reuters/Bloomberg","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Marriott operates seven hotels in Ireland, including Mount Juliet and the Westin"},"display_date":"2020-08-10T18:26:21Z","headlines":{"basic":"Shelbourne Hotel operator Marriott posts bigger-than-expected loss"},"promo_items":{"basic":{"_id":"UIINDWH3VDMZJW4ZKEKHJA6ROU","auth":{"1":"61cfc0693072db03071ed759c28ea42d732a5e50b5032ffd5437a5defd37bfcc"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/UIINDWH3VDMZJW4ZKEKHJA6ROU.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/shelbourne-hotel-operator-marriott-posts-bigger-than-expected-loss-1.4326711","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"MNZ37ZITFKZYDBQSQD5RECQHPE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/refurbished-cafe-en-seine-doubled-sales-to-9-5m-before-pandemic-1.4324701","content_elements":[{"_id":"NGVXIBVN4REAHLEF3D34M27VEY","additional_properties":{},"content":"Cafe en Seine, the Dublin superpub owned by the Mercantile Group, almost doubled its normal annual sales last year to about €9.5 million following a revamp, it is understood.","type":"text"},{"_id":"IIXDAONJ3JDNTHDFEICGWBT6Q4","additional_properties":{},"content":"The huge venue on Dawson Street is among four of the group's venues that have reopened to serve food since the onset of the pandemic, alongside Pichet restaurant, NoLita and Opium, all on the city's southside. The group's prominent gay bar The George remains closed, along with music venue Whelan's, which is next door to Opium on Wexford Street.","type":"text"},{"_id":"WIULP2YTVRCVPOWTXM4VVENALI","additional_properties":{},"content":"The group's Mercantile hotel and sports bar on Dame Street is also closed for now. The group got the go-ahead from An Bord Pleanála during lockdown for a €10 million extension of the hotel, which will more than triple its rooms to about 109.","type":"text"},{"_id":"ETFDUBENGFHWVG4GHLKPUWYY5E","content":"It is expected that, despite the pandemic, construction could start next year on the hotel, provided a dispute is resolved with a tenant in the offices that must be removed to make way for the extension.","type":"text"},{"_id":"SI57KIN5GZGSLHIRXOELHR3ZY4","additional_properties":{},"content":"Accounts for 2018 for Mercantile group company Ardan Advisory, which only became available in the Companies Registration Office this week, show annual sales increased slightly to €29.8 million, even though Cafe en Seine was closed for 22 weeks for refurbishment during the period.","type":"text"},{"_id":"DLGYNIGYLFCDFJMON2O6SD23XM","content":"The directors of the group said in a note to the accounts that Mercantile’s ebitda (earnings before interest, tax depreciation and amortisation – a standard financial metric) were €5.2 million, while it made an operating profit of just under €1 million. The group made a bottom line loss for the year of more than €350,000, after servicing its loans.","type":"text"},{"_id":"D4PGRV6P2RCSLJOT4LQN4UKHCI","additional_properties":{},"content":"Post-virus shakeout","type":"header"},{"_id":"BOEADXRVHNGRFPKUA2BKE6UK4U","content":"The directors’ commentary with the accounts, signed off last November before the pandemic hit, suggests Mercantile is open to making more acquisitions. It is understood that the group is still willing to consider buying other properties if opportunities arise in a post-virus shakeout.","type":"text"},{"_id":"4OV3FMORSVERJERHNLZJNZJMHQ","content":"As the freehold owner of all its properties, Mercantile is well-placed to absorb a hit from the pandemic, with no landlords.","type":"text"},{"_id":"DUMZT7Q5SRBJ3LXGA23DW2AVTI","content":"The 2018 accounts valued its assets at €60 million at the end of that year, while it owed banks about €25 million and its shareholders were owed about €13.5 million, after helping to finance a €30 refurbishment programme at its venues. Staff numbers were about 310.","type":"text"},{"_id":"4QOP4XOCSVGWVHLFPEXXHOGLFM","additional_properties":{},"content":"The Mercantile group is owned by a US-Irish consortium of investors, including builder Maurice Regan and Michael Breslin, who once owned a large US scaffolding business. The group declined to make any comment when contacted.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Mark Paul"}},"name":"Mark Paul"}]},"description":{"basic":"Dublin superpub owner Mercantile Group still open to expansion despite hit from virus"},"display_date":"2020-08-07T14:33:36Z","headlines":{"basic":"Refurbished Cafe en Seine doubled sales to €9.5m before pandemic"},"promo_items":{"basic":{"_id":"PYRIFPDU73DVJRQNWRE3SYTLNI","auth":{"1":"29cf5af4979b4bc71563fcd4612110e57f23e632c7ae2077e6be1c90e2857b07"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/PYRIFPDU73DVJRQNWRE3SYTLNI.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/refurbished-cafe-en-seine-doubled-sales-to-9-5m-before-pandemic-1.4324701","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"IV7PBYXVA3AEY7NNBJTYW2CVKQ","additional_properties":{},"canonical_url":"/business/transport-and-tourism/uber-generates-more-revenue-from-delivering-food-for-first-time-1.4324541","content_elements":[{"_id":"ON5A2F47JRDSNO55T6EJLUGAFI","additional_properties":{},"content":"Uber Technologies generated more revenue from delivering food than transporting people for the first time last quarter, but it failed to offset a steep and prolonged decline in ridership brought on by the coronavirus pandemic.","type":"text"},{"_id":"7IQ4KWCPU5GXTIUHHWPG4OIGIA","content":"Sales fell 29 per cent in the second quarter to $2.24 billion, ending a decade of unchecked growth. The loss in the quarter also widened, but Uber maintained Thursday that it will achieve its goal of turning an adjusted profit by the end of next year.","type":"text"},{"_id":"FTNLM6RAWRCDLKUIMKSTYKXEK4","content":"Delivery revenue, which was growing even before the pandemic, surged 103 per cent during the quarter and is now central to Uber’s strategy.","type":"text"},{"_id":"5J57AVFLCRAM5PZNSNKP6DSO6E","content":"Along with a $2.65 billion deal to acquire Postmates and expand its food delivery operations, Uber has begun delivering other items including groceries, prescriptions and packages. Uber now includes UberEats, its food delivery service, as part of the delivery category.","type":"text"},{"_id":"EE2GPDSH5BCJ7CHFH5TFP2SCJA","content":"“Delivery is clearly one of the major beneficiaries of Covid-19” bolstering UberEats as well as competitors GrubHub and DoorDash, said JMP Securities analyst Ron Josey in an interview.","type":"text"},{"_id":"KZDF2UNJXVFYTJRY34PJ6WZ4WQ","content":"But those same pandemic health restrictions that prompted customers to hunker down and order out froze travel in many of Uber’s most important markets. Mobility, Uber’s new category for rides and scooters, plunged 67 per cent to $790 million in revenue.","type":"text"},{"_id":"AS4K4GENIRE6HE6PLVIJ326IRA","additional_properties":{},"content":"Ride demand has rebounded in cities like Hong Kong that have re-opened, but remains low in San Francisco, Los Angeles and other areas still struggling to contain the virus, chief executive officer Dara Khosrowshahi said during a conference call to discuss the results.","type":"text"},{"_id":"OWOSOLT64JCUHKHFSNEEGIR5YA","content":"He also said he hasn’t seen any signs there will be “permanent damage” to Uber as a result of the pullback, but declined to provide a date for a full global recovery.","type":"text"},{"_id":"R374S5Y4VVAN7O6AFCOPWZCWYU","content":"Daniel Morgan, a portfolio manager at Synovus Trust, said given the number of retailers, schools and workplaces closed or at reduced capacity, transportation use will probably remain low for the foreseeable future.","type":"text"},{"_id":"Q3SLOFSA45FFDPHVCS4BAFVPDA","content":"“Continued high Covid-19 case levels will likely weigh on ride-sharing demand throughout 2020 and into 2021,” he wrote in a note to clients.","type":"text"},{"_id":"FT2UVQ3VMNGGBFKZKI77E5AUNU","content":"In an acknowledgment of the long-term consequences of the pandemic, Uber said this week that its own employees could work from home until the end of June 2021.","type":"text"},{"_id":"LRW72X262FFTBPEB5OFKNHYHFY","content":"As the effects weigh on the business, Khosrowshahi has turned to cost-cutting. He eliminated about a quarter of the workforce in May and shuttered dozens of offices.","type":"text"},{"_id":"IU7LW4NAUFGRRAZLFBA7CYQMRU","content":"Uber even pared back its global food delivery operation by exiting more than a half-dozen markets to make room for expansion in more developed ones.","type":"text"},{"_id":"GFWYRTBRMZDXJONPCUX7L4MACA","content":"After bidding unsuccessfully for Grubhub, Uber agreed to buy Postmates last month in a bid to add more US customers and become the third largest food delivery service in North America, according to SecondMeasure.","type":"text"},{"_id":"DIZ4OAUO3RGV5BCUFUJKMEQZEY","content":"Although the company once trumpeted exotic projects like self-driving vehicles and helicopter rides, those businesses were scarcely mentioned in the company’s financial report, reflecting humbler ambitions and a focus on delivery and mobility.","type":"text"},{"_id":"XKU7U5K5URCCVPNTZS5XISEZM4","content":"In the quarter that ended in June, gross bookings from delivery doubled to $6.96 billion. Mobility, which is predominantly made up of ride-hailing but also includes scooter rentals, declined 75 per cent to $3.05 billion.","type":"text"},{"_id":"4B42EKM6ONBWTBND43INEWDVDQ","content":"Many investors pay close attention to gross bookings to track the total value of spending with Uber. Analysts expected less from delivery and more from ride-hailing in the quarter.","type":"text"},{"_id":"LONFVF43X5GNFFTGE3NDTCLOJE","content":"The loss excluding taxes, interest and other expenses was $837 million. Analysts on average expected an adjusted loss of $883 million, according to data compiled by Bloomberg.","type":"text"},{"_id":"2T7PL35PQRCAVJJG3CB7DW25KU","content":"That loss didn’t include deductions related to restructuring, compensation or other charges during the quarter like Uber’s Covid-19 response.","type":"text"},{"_id":"5ZERDPD36ZCOHEJZ265PY5Q3UE","content":"Uber spent $48 million during the quarter to reimburse drivers for the cost of purchasing their own protective gear and compensate drivers who were either diagnosed with the virus or quarantined because of it and couldn’t work.","type":"text"},{"_id":"2BAQOBUK2VEPJPF6NFTUPWLK5E","content":"“Q2 was a tough quarter, but I am just incredibly proud how the team executed,” Khosrowshahi said on the call. “I think that we pivoted in a big way.”","type":"text"},{"_id":"MC6WG33Y5ZHOJJIZ6HKJJT4QAI","content":"The company ended the quarter with $6.8 billion in unrestricted cash, $1 billion in short-term investments and equity stakes in Didi, Grab and Yandex totalling $9.4 billion.","type":"text"},{"_id":"TOGAO4EVEZDLXFFAVXCYBVJDGE","content":"One dark cloud still lingering over Uber and other gig companies Lyft, Instacart and DoorDash is the potential impact of reclassifying workers as employees.","type":"text"},{"_id":"UG3PAKIQGJFE3K2P5FF24N4GU4","content":"If Uber reclassifies drivers, ride prices would increase as much as 30 per cent in San Francisco and as much as 120 per cent in the less populated Inland Empire where demand is sparse, according to an analysis by Uber.","type":"text"},{"_id":"UAW24LKSEZFTFD2B5DF6P2YXII","content":"Uber was dealt setbacks over the last year in California, where the law is designed to give employee benefits to its workers, and New York, where courts have sided with some drivers. The states represent two of Uber’s largest markets.","type":"text"},{"_id":"HC6EXJA3OZERNGYJOTQKTHG7FA","content":"Khosrowshahi didn’t directly address that threat to the company, focusing instead on the strength of a November ballot measure in California that would overturn the 2020 law.","type":"text"},{"_id":"LWDS2VEUKJA6JKJQ6Q2TEBBB5Y","content":"“Time will tell whether or not the legislature or the voters and the courts agree with our position,” he said.","type":"text"},{"_id":"TP2I7C64N5HWLOJISPPIUXK47Y","content":"The number of people using Uber’s platform each month, a closely watched measure of engagement, shrank 44 per cent in the second quarter to 55 million customers, well below analysts’ expectations of a decline of about 7 per cent.","type":"text"},{"_id":"BHFTVEFLWFAZTFO6JTEIYBMDK4","content":"Shares sank about 3 per cent in extended trading after the financial report. – Bloomberg","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"But company failed to offset steep and prolonged decline in ridership due to Covid-19"},"display_date":"2020-08-07T08:43:47Z","headlines":{"basic":"Uber generates more revenue from delivering food for first time"},"promo_items":{"basic":{"_id":"UR642VL2WEI3R6RWJNL3JJJ7VY","auth":{"1":"6bddc69d0a48a52e3c4d779cc6fdbd482343df2fdfc9b547f709ea9477a8f675"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/UR642VL2WEI3R6RWJNL3JJJ7VY.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/uber-generates-more-revenue-from-delivering-food-for-first-time-1.4324541","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"KDE4XP4QO75PJQVEYMHD4ED6X4","additional_properties":{"audio_url":"https://d22tbkdovk5ea2.cloudfront.net/audio/projects/4554/podcasts/729657/media/a4eabcb4bc62c83a940354de9ff521f8_compiled.mp3"},"canonical_url":"/business/transport-and-tourism/irish-tourism-must-also-help-itself-to-survive-the-pandemic-1.4323932","content_elements":[{"_id":"W4JEA6YOWBHOPAJ3PYOOND6YJA","content":"There is no need to rake over old ground. We already know the tourism and hospitality sectors have been hit like no other by the pandemic and its war on fun.","type":"text"},{"_id":"VFPMYFRLZVEZLMXTRQUXHH5AZE","content":"We could argue over whether this has been compounded by recent Government decisions, such as the petty move to force restaurants to close at 11pm, depriving many of their final evening sitting. (Has somebody discovered that the virus is nocturnal?)","type":"text"},{"_id":"YD3C5FTRFBEJ7HE7N3UVGXZVPA","content":"To those who know the sector best, the State’s overall approach to the sector is weighed down by an overabundance of caution and a tin ear for expertise that doesn’t come wearing a stethoscope and white coat. Policymakers who wearily claim to be just “following the science” would do well to remember that economics is a science too and we should not ignore it when dealing with an industry in mortal danger, like tourism and hospitality. Help it breathe or it will die.","type":"text"},{"_id":"YHVGMHBHMVGMVC66XM4O6PM2UE","content":"But if we have a frightened Government, it is because it is leading frightened people. That fear will not go away until the threat of the virus abates.","type":"text"},{"_id":"IIIMHP3BRNB5LPN2ZWOWIFVICI","content":"Until then, tourism and hospitality businesses – and the 265,000 people once employed in the sector –will remain reliant on State help, much of which has yet to arrive, which is in itself an indictment of Government.","type":"text"},{"_id":"EUZH4YYPYBG47FPAGRJ2IXMW3A","content":"In the meantime, is the industry doing enough to help itself?","type":"text"},{"_id":"K7Q7R7W33VEVJH3BOGUX2H3K64","content":"I spent the last two-and-a-bit weeks travelling around Ireland with my family. Discouraged from taking a foreign break by the quarantining quandary, we turned our “staycation” into an epic road trip, passing through four provinces, two jurisdictions and 17 counties.","type":"text"},{"_id":"IK52BBC2TJD73ITJ3WKSHGQPKM","content":"We made stops in eight counties with varying degrees of tourism pedigree – Fermanagh, Derry, Limerick, Waterford, Kerry, Roscommon, Donegal and Wexford, the latter four accounting for all of the overnight stays. In each, we found evidence of an industry in obvious crisis, with a surfeit of shuttered storefronts in what would normally be hotpots.","type":"text"},{"_id":"Q3DYN7PUJJGPZIE474M4JYZH6Q","content":"But we also found evidence of businesses innovating to survive, such as the tourist pub we visited in Donegal, Biddy’s O’Barnes, which previously only ever served pizza with its pints. It has reopened with a full food menu, a one-way customer system and a canopy in the carpark to allow it function effectively as an open air restaurant, driving much-needed cashflow. The pints were still good.","type":"text"},{"_id":"ZZFGFSGMSBA6ZBL6QDCFXBMM2I","content":"Inevitably, we also found instances where some businesses didn’t appear to be taking the threat of the virus seriously enough.","type":"text"},{"_id":"33XUSYSET5DV7GICOD3VN6ZADI","content":"Masks in shops are a legal requirement from Monday, but they ought to have been a common sense requirement for staff in hospitality businesses everywhere since reopening started in early summer. They are an easy win in the fight against the virus, and also in the parallel battle to win the trust of wary customers. In too many places, masks were still not ubiquitous among staff.","type":"text"},{"_id":"JW2YTVF3FNEEFCONDEFMDNRUBI","additional_properties":{},"content":"Masks","type":"header"},{"_id":"WCDZCYAO3NHIBKWLAV6ZIURIKA","content":"Masks in shops have been law in Britain since July 24th, although not in Northern Ireland. Less than a week before that date, we stopped in a small village in south Fermanagh with the intention of eating lunch sitting on a stone wall: a simple pleasure.","type":"text"},{"_id":"H3RA7PG7E5GR3NTAXWCMJCDRZM","content":"My wife, masked up like Dick Turpin, went into the local shop to buy a sandwich and found she was being stared at as if she really were a robber. Amused, she cheerily asked the shopkeeper why she was the only one wearing a mask. “Ach, we don’t have to do that until next Friday,” he replied, as if the threat of the virus was holding off until that day, too.","type":"text"},{"_id":"M7ZP3TSHONC3TJXT7WPP2Q2UYA","content":"The shopkeeper was mistaken on the date – there was widespread confusion in the North over its opt out from British policy. But his attitude was still baffling.","type":"text"},{"_id":"NZQGKSYNXFAFHIADNE5ZUWSPQU","content":"In Killarney – filled with domestic tourists paying prices tailored for Americans – our waitress wore a visor instead of a mask. But a visor is no use as a virus-fighting tool if it is opened up on its hinge, like a welder on a tea-break.","type":"text"},{"_id":"X6Q2ZKSH4ZDSVFSO64SOKZPOPA","content":"Surprisingly, we found the most impressive adherence to masks in one of the least traditionally “touristy” areas, west Roscommon, where we “glamped” happily in a yurt.","type":"text"},{"_id":"X2T4RG4IUFCGVMEG5QA453RLHQ","content":"The Castlerea pub where we ate lunch, Hesters, appeared to be following every safety guideline to the letter and far more vociferously than anywhere else we visited. Many customers wore masks coming in and some only took them off when their food or drink arrived.","type":"text"},{"_id":"XQJRQAILLZDVPAGJBHJISOLWUI","content":"Many older people even wore masks on the street and nobody made a fuss about it. They were simply getting on with things.","type":"text"},{"_id":"M5PVWHLE7NB4TNYXE5XEYLX45E","content":"This responsible attitude ought to bode well for the reopening of small, rural pubs, if policymakers can ever be convinced to give them a chance. Anecdotally, we found people and businesses in rural areas such as Roscommon were much more responsible than those in the usual urban tourist hotspots.","type":"text"},{"_id":"CL2HS6EVCNDSVLZEC4SHKCJQHM","content":"Enough domestic tourists have ventured out to throng areas that we had expected to be quieter. I was heartened when the woman working in the hotel in which we stayed on the glorious Hook Peninsula in Wexford told me that she didn’t have a room free for weeks.","type":"text"},{"_id":"O5CZ4PUTBBBADNT74K7UPWLIM4","content":"Traffic on the Ring of Kerry, meanwhile, seemed quieter than usual, less snarled by tour buses filled with foreign visitors. Yet a local told me she had never seen the gardens of Muckross House so busy.","type":"text"},{"_id":"ATIJG7BVRND5NAXSMLTBSXV2HU","content":"But, as always, greed is liable to rear its head in the Irish tourism industry, and the virus has yet to kill off this depressing tendency.","type":"text"},{"_id":"GVBVBMW6LRELLIXHONXMAA2AIU","content":"Here is an example. There was little self catering accommodation left in Kerry when we went to book. Through a popular website, I found a reasonable-sized three-bedroom house near Killarney for four nights for €1,000. It had also been available on Airbnb for €1,450, but, obviously, I went for the cheaper price.","type":"text"},{"_id":"CGWO7EWBE5GUVICM4CVMZVDNHY","content":"Shortly after I booked it, and less than a fortnight before I arrived, I noticed that it was back up for rent on Airbnb for the same nights that we had it booked for €1,650, even though I had prepaid for it through a different site.","type":"text"},{"_id":"ENK5LQXUMJBNRDFI6UBSZHYNEM","content":"I contacted the owner to say I feared a double booking and she tried to reassure me, not very convincingly, that it was an “error” and my booking was solid. I didn’t believe her, and feared being gazumped. She was obviously seeking a higher price, even though our booking was confirmed.","type":"text"},{"_id":"IR47NGDTC5CZPLLQUXRKGWKQKY","content":"Lo and behold, two days before we arrived and already 10 days into our road trip, the owner cancelled the booking, leaving us facing the prospect of arriving in Killarney with nowhere to stay. I confronted them over the phone, as well as contacting the website through which I was supposed to have a confirmed booking. The owner relented, proffering another flimsy excuse for the “error”, and the booking was restored. It left a sour taste.","type":"text"},{"_id":"JKWIKDACHBELJMRO7M2IF24QDI","content":"Much of the domestic tourism industry is doing its best to survive while it waits for State help in the pandemic. But some things may never change.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Mark Paul"}},"name":"Mark Paul"}]},"description":{"basic":"Caveat: A 17-county road trip reveals an industry battling fear, as well as its own old failings"},"display_date":"2020-08-07T06:19:51Z","headlines":{"basic":"Irish tourism must also help itself to survive the 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coronavirus pandemic halved its car sales and nearly wiped out its bottom line.","type":"text"},{"_id":"MX5XP43PRZBDFCA53ME5YX6HIM","content":"However, shares in Japan’s top carmaker rose 2.3 per cent in a weaker broader market as analysts had expected a loss, while comments from a company spokesman on a faster-than-expected sales recovery in some countries also provided support.","type":"text"},{"_id":"5WZZRFMCHJAXHBQ2LF33UYD3FU","content":"Toyota’s operating profit plunged 98 per cent to 13.9 billion yen (€111.2 million) for the three months ended June, better than a consensus estimate for a loss of 179 billion yen drawn from a Refinitiv poll of seven analysts.","type":"text"},{"_id":"RM2NEJ5GWJBM5JIFI26NUWBD6I","content":"The sharply lower earnings underlines the challenges the industry is facing due to the pandemic that has shuttered factories and kept customers out of dealerships.","type":"text"},{"_id":"4DAOQFNY5JDHLN6RP52ZM3OQFA","content":"Toyota reiterated its annual operating profit forecast of 500 billion yen, its weakest in nine years, even as it said its vehicle sales would decline less than expected.","type":"text"},{"_id":"VRIIGWVINFBR7OBOCJYDXM2ISQ","additional_properties":{},"content":"\"The pace of recovery in a number of regions has been faster than we had initially forecast,\" Toyota spokesman Ryo Saki said at a briefing on Thursday.","type":"text"},{"_id":"ZI34UJYAKFG3BJ7YG3WG6DVICM","content":"“But the virus situation continues to place many uncertainties on the business outlook ... and we see a possibility that our forecast could change.”","type":"text"},{"_id":"XXX2QKJJ7NFU5KESUOMPPUHTWU","content":"Toyota expects its global sales to fall 13 per cent in the year to March 2021, versus a prior outlook for a 15 per cent drop.","type":"text"},{"_id":"EW6DZE5HCBDIVPK4Y2NOCCTNUM","content":"But that would still mark its lowest sales in nine years.","type":"text"},{"_id":"LIMRXEPFHJFOXKKLB5TJBQAVBQ","additional_properties":{},"content":"The maker of the RAV4 SUV crossover and the Prius gasoline hybrid expects to sell 9.1 million cars this year, versus 10.46 million last year, hurt by a 14 per cent drop in sales in North America - Toyota's biggest market that accounts for about a quarter of its global sales.","type":"text"},{"_id":"Z4ZBCG25YRE7LEB5IFXCP7M7UM","content":"It had earlier forecast sales of 8.9 million units.","type":"text"},{"_id":"RYYNAQS67BBSRPDQZKPWE5BNEY","content":"In the first quarter, consolidated global sales slumped 50 per cent to 1.16 million units, led by a 62 per cent tumble in North America.","type":"text"},{"_id":"SUDWOG374RH75OGFAHMVMCXNEQ","content":"Toyota expects sales returning to normal in January-March 2021, up 5 per cent on the year. – Reuters","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Coronavirus pandemic halves car sales"},"display_date":"2020-08-06T08:12:44Z","headlines":{"basic":"Toyota ekes out weakest first quarter profit in nine 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mismanaged.","type":"text"},{"_id":"WQ4RY3A2X5HITADNBBLVKGTEAI","additional_properties":{},"content":"SOS – Save our Shannon says it fears for the airport's future following signs that Aer Lingus could close its base there as Covid-19 restrictions hit air travel.","type":"text"},{"_id":"CIXPSXOV3ZBKXEYPLI4JOKIL44","additional_properties":{},"content":"The SOS chairman, Ennistymon, Co Clare, music promoter Denis Vaughan, accused State company Shannon Group, whose operations include the airport, of mismanaging the business.","type":"text"},{"_id":"P6DRMEKO4BHMDERFXK5DYAU4AY","content":"“Shannon requires a new board who can reform the whole operation,” Mr Vaughan said on Wednesday. “The board of Shannon Group needs to stand down as a matter of urgency, and be replaced by a group of focused professionals to establish a suitable agenda for the airport’s revival as the sole issue.”","type":"text"},{"_id":"7XQEQ36RQNBZXJBIA6YAYKAPRY","content":"Shannon Group did not comment.","type":"text"},{"_id":"O6VURJNKKFFQ3OIEBKDRCEQMHI","additional_properties":{},"content":"Siptu, the Republic's biggest trade union, recently called for the airport to be returned to the management of State company DAA, from which it was split in 2013.","type":"text"},{"_id":"QQJKJWO37ZEZNEVCDGSPKV52DA","content":"Mr Vaughan said hundreds of thousands of people in the region were backing the campaign, which has about 50 active members.","type":"text"},{"_id":"JY3LMGXVPVA7TEMSOUCIOVDVKA","content":"“People are very worried here,” he said, adding that many in the region relied on Shannon to travel for work, business and other reasons.","type":"text"},{"_id":"JYMFT3ZINVCALCFLAAM3AP6KWU","content":"SOS is demanding that aid given to Aer Lingus must be tied to the airline resuming services from Cork and Shannon airports.","type":"text"},{"_id":"EZSNBJHXPFHGXJ4I4SHPZNRJI4","additional_properties":{},"content":"The organisation plans holding a rally on September 5th at O'Connell Square in Ennis, Co Clare.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"SOS – Save our Shannon group says it fears for the airport’s future"},"display_date":"2020-08-05T19:20:35Z","headlines":{"basic":"Shannon campaigners demand board stands 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safeguards.","type":"text"},{"_id":"HL2XL5O76BA4ZBXVYEK3SSRFMA","content":"Enac, Italy’s civil aviation authority, confirmed on Wednesday that it wrote to Ryanair for violations of its anti-Covid health regulations on board the Irish carrier’s craft.","type":"text"},{"_id":"Z3GT3VS5FND2NBQJBNXARA6U34","content":"Ryanair called the claims “factually incorrect” and said it complied fully with all anti-virus measures set by the Italian government and was doing everything to protect its passengers’ health.","type":"text"},{"_id":"FYMRRMYFQVHIHBSAVZLYNJPMDY","additional_properties":{},"content":"Enac warned that if the breaches continue, it would consider suspending Ryanair flights to and from Italy.","type":"text"},{"_id":"QPXDFLJKEJAFBLDFKMEVRT7SGA","additional_properties":{},"content":"The Italian regulator also said that it has raised the issue with the Irish Aviation Authority, the Republic's air travel watchdog.","type":"text"},{"_id":"RFF4ZBXLRVGW3M3EVOW6EENVGI","content":"Italy has allowed airlines to derogate from social distancing rules if they take other steps to protect passengers from coronavirus instead.","type":"text"},{"_id":"IGMOOWJ6XFBABEQO76SYHKMR7U","content":"Enac’s statement points out that airline crew must enforce safeguards, including wearing face masks, on board each craft.","type":"text"},{"_id":"PXQKHYQWYVDE5LYAOPUKAR72A4","additional_properties":{},"content":"Consistent","type":"header"},{"_id":"4OL2KYL7V5C7HNI456WI2LD4RE","content":"The safety body described Ryanair’s breaches as consistent. It also warned that it would remove the derogation from the carrier, forcing it to sell only half the seats on its craft.","type":"text"},{"_id":"UZWZDL25PNFMTHD77MGIJ4KUEQ","additional_properties":{},"content":"Ryanair said that its procedures were in line with those set out by the European Union Aviation Safety Agency (EASA) and European Centre for Disease Control (ECDC).","type":"text"},{"_id":"4IUJIW5WYFBSFHPSXAW5ZWO4II","content":"“All passengers are encouraged to check-in online, and the boarding process is now contactless to avoid unnecessary contact at airports,” the airline said.","type":"text"},{"_id":"CDMZUVAZHNGSPPE5HZJ4DDSOFM","content":"“Ryanair has also implemented specific boarding procedures to avoid unnecessary gathering of passengers both at boarding gates and onboard the aircraft.”","type":"text"},{"_id":"2TBDJQOELZCEJNAMUIZG25KITA","content":"The company added that it limits carry-on baggage to further limit passengers from congregating, offers limited inflight service and accepts only contactless payments on board.","type":"text"},{"_id":"Z7F56DT3G5EUZKE6PVXY7PYFXA","content":"“All Ryanair passengers and crew must wear face masks at all times throughout the flight,” the airline pointed out.","type":"text"},{"_id":"CDMI7ZG2QJC6VPU6D2L52YWULQ","content":"It noted that aircraft have air filters that remove airborne particles at the same rate as those used in hospitals.","type":"text"},{"_id":"GN6KKZACIJHS5DMOOTGFXZYPXI","additional_properties":{},"content":"Passenger protection","type":"header"},{"_id":"XL2C4Y3RAJHTJBVDKQTRQWHQNI","content":"“Ryanair complies fully with the measures set out by the Italian government and our customers can rest assured that we are doing everything to reduce interaction on both our aircraft and at airports to protect the health of our passengers when flying Ryanair,” the airline said.","type":"text"},{"_id":"DV4SES5VZZBYZARXPCH7JFVNR4","additional_properties":{},"content":"Eddie Wilson, chief executive of Ryanair Designated Activity Company, the group's biggest subsidiary, told Irish politicians last week that the airline operated strictly to the guidelines set out by the EASA and ECDC.","type":"text"},{"_id":"3JD55TL5ABGF5NYVK2CHIS6Y7M","content":"He was arguing the case for the Government to lift its current travel restrictions and add all EU states and the UK to its “green list” of safe travel destinations. Italy is one of the countries on the list.","type":"text"},{"_id":"6UR2AUIRTBEYBIHYAMDTFAGPHY","content":"The EASA and ECDC jointly published the guidelines in May to aid airlines in restarting flights after Covid-19 travel bans across the EU had grounded them for months.","type":"text"},{"_id":"YLF2WVKGHFDJTILKX7PRSHFLCY","content":"The Republic’s restrictions, which include a 14-day quarantine for travellers arriving into the State, and giving their locations to officials, are among the strictest in the EU.","type":"text"},{"_id":"NO7WOYWFDNHR7NMDKDTBBX7RIE","additional_properties":{},"content":"Ryanair restarted flying 40 per cent of its schedules across Europe a month ago. It hopes to increase this to 70 per cent by the end of the year.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Airline says it is complying fully with anti-virus measures"},"display_date":"2020-08-05T18:42:47Z","headlines":{"basic":"Italy threatens Ryanair flight ban for alleged Covid-19 violations"},"promo_items":{"basic":{"_id":"3LLEUH7OCSXVCRKDWTO5OMI6XI","auth":{"1":"7c432ad6c079a61e63cb04cdd4f9339ab78402651a2d3ba74871bd1591527bc3"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/3LLEUH7OCSXVCRKDWTO5OMI6XI.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/italy-threatens-ryanair-flight-ban-for-alleged-covid-19-violations-1.4323049","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"G47SLGZAOKLMCLE5Y24LBM3FOE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/cork-airport-passengers-tumble-to-just-28-000-1.4323038","content_elements":[{"_id":"ABNOLNZWPFE5FFL66OFTE6MEYQ","content":"Passenger numbers at Cork Airport tumbled 91 per cent to just 28,000 last month as Covid-19 travel restrictions continued to hit.","type":"text"},{"_id":"KK6GTGNV75AQDDX62T7AMD5A6U","content":"The airport said on Wednesday that it has hosted one million fewer travellers so far this year than during the same period in 2019.","type":"text"},{"_id":"MPUHBV7ZXFHVBGBHYTNL6N4MJ4","content":"Figures published by Cork Airport show that 28,000 people travelled through there in July, normally its busiest month.","type":"text"},{"_id":"TJTJ2ICKFFECPDZSIK2UKDIOUY","content":"Cork pointed out that it handled 297,000 passengers in July 2019, 91 per cent more than last month.","type":"text"},{"_id":"ETX2HU2JZFA37HMC5XDBZFSAO4","additional_properties":{},"content":"The news comes just days after it emerged that Aer Lingus chief executive, Sean Doyle, had told staff that it could close bases at Cork and Shannon.","type":"text"},{"_id":"WSVGYUZDGBHJTGRA2ASSTYXA5A","content":"The airport expects to lose €23 million in revenues by the end of this year. Just five airlines are flying from there at the moment, against 10 in 2019.","type":"text"},{"_id":"NV4I33JTRNDBFJSTNM67GMEYUM","content":"At the same time, the number of routes from there has almost halved to 27 from 52.","type":"text"},{"_id":"AU36F5G4B5FIRKCOK6WHRZE3IE","content":"Cork Airport managing director Niall MacCarthy warned that aviation needed a clear path to recovery.","type":"text"},{"_id":"NIXBYZZ2MFAU5K4HLBJSZBFZGM","additional_properties":{},"content":"He suggested that this could involve agreements on passenger testing with other countries, as suggested by DAA, the State company responsible for Cork and Dublin airports, last week.","type":"text"},{"_id":"D3MJCNZ34NCBJLNFXZ3JTAA4DI","content":"“We have seen our passenger numbers plummet by over one million in the last seven months alone and we expect passenger numbers to decline by two million by the end of the year,” Mr MacCarthy said.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Traffic collapses 91 per cent during airport’s busiest month of July"},"display_date":"2020-08-05T18:36:53Z","headlines":{"basic":"Cork Airport passengers tumble to just 28,000"},"promo_items":{"basic":{"_id":"Z5BTBV74UZWJIWQKRISM26YO2A","auth":{"1":"0b70338afd1143eb85f8f5256e1048ca7510f6734ac5de3e6fb69d8cd3479bfc"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/Z5BTBV74UZWJIWQKRISM26YO2A.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/cork-airport-passengers-tumble-to-just-28-000-1.4323038","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"UEOS4BOTA3QHPW5MRU56X2BRKE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/ryanair-and-state-agree-accelerated-hearing-of-challenge-to-travel-restrictions-1.4322897","content_elements":[{"_id":"FYFFEQDLPZALNFI7MSDKKYD4GA","additional_properties":{},"content":"Ryanair and the State have agreed to an accelerated hearing of the airline's High Court challenge against the Government's international travel restrictions.","type":"text"},{"_id":"OJUAZ3PACBBSPLIS4T3VP4T7FU","content":"In an action launched last week, Ryanair claims that the ‘restrictions’, arising out of the Covid-19 pandemic, are unlawful, amount to a disproportionate interference of individual’s rights and are detrimental to its business.","type":"text"},{"_id":"5OHSKUGEUVGXZA3UIS37FDMAWA","additional_properties":{},"content":"In its action against An Taoiseach, Ireland and the Attorney General the airlines seeks and order setting aside the measures. Aer Lingus Ltd is a notice party to the action.","type":"text"},{"_id":"WM442ELDR5E2BEO7XISHNYFWA4","content":"The State, which opposes the action, says the measures are advisory, and not mandatory in nature, as alleged by Ryanair. The State also claims that there is no basis for a legal challenge against the measures.","type":"text"},{"_id":"ZM462H2DAJF6ZDOT5ABZ46FNUI","content":"The High Court had directed last week that Ryanair make its application for permission to bring its challenge on notice to, or in the presence, of lawyers for the State.","type":"text"},{"_id":"XUAQBQ55JRGJJKWVXJ34NIWXUI","additional_properties":{},"content":"That application was due to be heard next week. However, on Wednesday evening lawyers for the parties told Mr Justice Mark Sanfey that they had reached an agreement that will accelerate the process.","type":"text"},{"_id":"34ZZBTTTABDVXJXGXCBNBTODFI","additional_properties":{},"content":"‘Telescoped’ hearing","type":"header"},{"_id":"CYSWC4DIDFCH5IL3EKSJCVAJMQ","content":"Eoin O’Shea BL for Ryanair said it had been agreed that there would be what is known as a ‘telescoped’ hearing, where the application for leave and the full challenge itself would be heard at the same time.","type":"text"},{"_id":"P2OSMCK52BFPFJ7W54XZ6ISOW4","content":"The parties were seeking a hearing sometime in mid-September, and the case would take two days to hear, counsel said.","type":"text"},{"_id":"KN3W5F2CQNHG3IGFRL6V4LNRSQ","content":"Frank Callanan SC for the State said the State respondents had consented to a telescoped hearing, and a timetable for the exchange of legal documents had also been agreed.","type":"text"},{"_id":"DQA3G22PWVEHBP2HFOEZG3MWRY","content":"Counsel said it is his client’s case that the measures are “advisory” and cannot be challenged before the court, and that a common sense and practical view had been taken in regards to the hearing of the airline’s action.","type":"text"},{"_id":"4YA67BIDX5FY5ACUU7Q5BC4QQM","content":"Francis Kieran BL for Aer Lingus said that the measures challenged have “serious and significant implications” for his client. Aer Lingus was also agreeable to the matter being heard next month.","type":"text"},{"_id":"BGY4VGLMABFZRNMS4VTIA4UJ6A","content":"Mr Justice Sanfey vacated next week’s hearing of the leave application and adjourned the matter to a date in September, and provisionally fixed the 14th and 15th of September for the hearing of the action.","type":"text"},{"_id":"WDNA7GWANJFCZKXRUIYL3ZFOCI","content":"The judge expressed his hope that the case which he said raises important issues can be heard on the provisional dates.","type":"text"},{"_id":"ENAEKBSCXVH6ROXO4P4YKXSNIM","additional_properties":{},"content":"Essential travel","type":"header"},{"_id":"Q2O7RAH4Z5FXBCDJCF5VZJVNX4","content":"In its action Ryanair is challenging measures, announced on July 21st last, including that persons not travel outside the Island of Ireland, save for essential purposes, and that everyone holiday at home in 2020.","type":"text"},{"_id":"R3PTVV4UJRHF5NFU5POW6HKYHM","content":"It is also challenging the requirement for persons returning to the State from countries not on a designated green list to restrict their movement and self-isolate for a period of 14 days.","type":"text"},{"_id":"G4ZQZ3SOJVDB7CRCSW4ZEUOQZA","additional_properties":{},"content":"Ryanair claims the measures are mandatory in nature and have the same effect as regulations it says should have, but were not voted on or approved by the houses of the Oireachtas.","type":"text"},{"_id":"QNQYLCFVGFEJ5FQC5VEWOJPGAY","content":"Ryanair claims the restrictions are unconstitutional and in breach of the 1970 and 2020 Health Acts, the European Convention of Human Rights and the European Charter of Fundamental Rights.","type":"text"},{"_id":"V5R2BP3Q55DT5LSGISGOBIQDCU","content":"The State claims its Covid-19 travel advisory notice in relation to non-essential travel are necessary, proportionate and are transparent measures designed to deal with the global health emergency.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"name":"Aodhan O'Faolain"},{"name":"Ray Managh"}]},"description":{"basic":"‘Telescoped’ hearing to take place next month"},"display_date":"2020-08-05T16:11:47Z","headlines":{"basic":"Ryanair and State agree accelerated hearing of challenge to travel restrictions"},"promo_items":{"basic":{"_id":"AKCN4USH75PSYKYLLUBYTQPIYI","auth":{"1":"5b220606503665b86ebb4988851a74943f40dd462263e41735f5a7f2947321ed"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/AKCN4USH75PSYKYLLUBYTQPIYI.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/ryanair-and-state-agree-accelerated-hearing-of-challenge-to-travel-restrictions-1.4322897","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"TRVNYJ2WHZZC5GXZUJSAVYVI5Q","additional_properties":{},"canonical_url":"/business/transport-and-tourism/covid-sales-slowdown-hits-bmw-for-record-loss-1.4322770","content_elements":[{"_id":"YVW4OUF52ZDJPPVVTR76BGGGVE","additional_properties":{},"content":"BMW expects to make a profit this year if demand continues to recover, despite posting a record loss for its car division in the second quarter after sales slumped 25 per cent because of coronavirus lockdowns, it said on Wednesday.","type":"text"},{"_id":"UB5BTJGOXFFIDGQPSDCNGTSFAU","additional_properties":{},"content":"The German manufacturer of BMWs, Minis and Rolls-Royces said sales had started to recover during the latest three-month period, including a 17 per cent jump in deliveries in China, but the rebound would not fully make up for sales lost to Covid-19.","type":"text"},{"_id":"TQDSVWFUUFEADAMR35LSURFXGI","content":"As a result of the sales slide, and higher costs for developing low-emission cars, BMW posted a pretax loss of €498 million, its first in over 11 years, and an operating loss of €666 million for the quarter.","type":"text"},{"_id":"Q3MW72EST5GPBMBKKLDGVPIRZQ","content":"Shares in BMW fell 3 per cent following the results, with some analysts saying they had not expected such a big loss in earnings before interest and taxes (Ebit).","type":"text"},{"_id":"VFGVWPEPPRDZZBDN3KABWFEEWM","additional_properties":{},"content":"Second wave","type":"header"},{"_id":"TG6YK25FJRDUJAF65Z6MEQ25SM","content":"BMW said, however, that its outlook did not factor in the potential impact of a second wave of Covid-19 infections, nor the prospect of a more sustained or deeper recession than expected in its key markets.","type":"text"},{"_id":"AI7PGFNUKJAUDFJPZPP6X44Z3M","additional_properties":{},"content":"Chief executive Oliver Zipse said Covid developments in the United States were \"extremely worrying\". Sales in the US made up 12.6 per cent of deliveries in the first half of 2020, down from 15.2 per cent in 2020.","type":"text"},{"_id":"PGV3GWXUQFHOPMXVNQ756JQZU4","content":"Overall, BMW said it expected global demand for luxury cars to fall by a fifth this year.","type":"text"},{"_id":"XFSRHTH2XBEUJFYTSETEXQTOSI","content":"BMW reiterated that it expected to make a pretax profit in 2020, albeit well below 2019 levels and for car deliveries to customers to fall significantly this year. – Reuters","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Carmaker says sales are recovering and it expects full-year profit"},"display_date":"2020-08-05T14:02:19Z","headlines":{"basic":"Covid sales slowdown hits BMW for record loss"},"promo_items":{"basic":{"_id":"G6RYRZ5JFVE7JP5SY5ECVG26YU","auth":{"1":"2432c8a04ec4a8b9b8f515f1d4ec7685e2a70d02b73b4e9747c55ca2ddb878ca"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/G6RYRZ5JFVE7JP5SY5ECVG26YU.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/covid-sales-slowdown-hits-bmw-for-record-loss-1.4322770","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"3R65PYPKRE4YBYYFYE5UBVNPCE","additional_properties":{},"canonical_url":"/business/transport-and-tourism/branson-says-virgin-atlantic-will-run-out-of-cash-unless-rescue-plan-approved-1.4322487","content_elements":[{"_id":"DXJFC7CXHZFT7IENZNEJNPWTVI","additional_properties":{},"content":"Richard Branson's Virgin Atlantic Airways told a London court that it will run out of cash next month unless it secures approval for a £1.2 billion (€1.33 billion) rescue package announced in July.","type":"text"},{"_id":"75W2RSZWU5GX5P3LFP25B6XUCI","content":"Without the funds, available cash will drop to about £49 million by late September, below the £75 million specified in bondholder contracts, Virgin told a judge Tuesday. That would require the sale of Heathrow airport slots against which the bonds are secured, forcing the carrier to fold.","type":"text"},{"_id":"XQOFNY3P4BC57O3IWH2V2XHW7E","additional_properties":{},"content":"Virgin Atlantic said it obtained an order from the court to convene four creditor meetings on August 25th to vote on the restructuring as part of a process that will bind all debt classes to the rescue plan. The carrier said that creditors in three of the groups have agreed in advance to back it.","type":"text"},{"_id":"BFWWGK76WBCZLCPL4OPDHPDVFQ","content":"“With support already secured from the majority of stakeholders, it’s expected that the restructuring plan and recapitalisation will come into effect in September,” a spokeswoman said. “We remain confident in the plan.”","type":"text"},{"_id":"OCA6HGT6XRFHZLSF74FY6Q2KFM","additional_properties":{},"content":"The restructuring must be approved at a hearing scheduled for September 2nd, after the creditor meetings, or will be placed into administration mid-month with any assets sold, David Allison, a lawyer for the company, told the court.","type":"text"},{"_id":"4XHP4J4OOZHARJKIYPXCR2FIWM","content":"Virgin Atlantic unveiled the rescue plan on July 14th after the coronavirus crisis shut down flights and the carrier was told that its credit ratings disqualified it from support through a state-backed loans programme.","type":"text"},{"_id":"ZUK5DMMRJVAQ5JND6K255JOAME","additional_properties":{},"content":"Under the proposals, US hedge fund Davidson Kempner Capital Management will provide about £170 million in secured financing, while Mr Branson himself will contribute £200 million after raising money from space venture Virgin Galactic Holdings.","type":"text"},{"_id":"2DLEILCANVCOLPMD7SKZUJHLYA","additional_properties":{},"content":"The plan also includes £450 million of creditor deferrals and £400 million of payment delays or waivers from Branson's Virgin Group and co-owner Delta Air Lines.","type":"text"},{"_id":"3WF3Q3TFYNHRTD4TXQ22AH2GUM","content":"Among Virgin’s proposals for the creditor groups are a fully drawn $280 million revolving credit facility secured against aircraft and engines will become a term loan with a longer maturity and a margin that’s 1 per cent higher. One engine will be freed up to be used as security for a new $30 million facility.","type":"text"},{"_id":"TMHSVJSYBRHBDF7G6DFD2UBYJU","content":"The plane-leasing firms that own 24 Virgin jets will be offered three options: a 15 per cent cut in fees until September next year at least, an 80 per cent reduction for the full term, or the termination of leases and the return of aircraft in their current condition.","type":"text"},{"_id":"EWEC6FCTWJCSVHUN7BCHBFRCRE","content":"So-called connected creditors including 49 per cent shareholder Delta will get preference shares in return for capitalisation of money owed.","type":"text"},{"_id":"TI4O65W3OJA2JP5K2CGK44CJFY","content":"Trade creditors will take a 20 per cent haircut, with 10 per cent of the remaining balance paid in cash and the rest in quarterly sums through September 2022. Suppliers of goods and services critical to Virgin, such as airports, will be exempt from the proposals. – Bloomberg","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"£1.2bn package includes £450 million of creditor deferrals"},"display_date":"2020-08-05T08:03:00Z","headlines":{"basic":"Branson says Virgin Atlantic will run out of cash unless rescue plan approved"},"promo_items":{"basic":{"_id":"Y5PBZ3VAWX4QDB5DQ3M7N4LLYY","auth":{"1":"a66f1974aff9cfda65881f3e9253eff76a4e66df9f7ac1b219dfd89038fa1f9b"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/Y5PBZ3VAWX4QDB5DQ3M7N4LLYY.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/branson-says-virgin-atlantic-will-run-out-of-cash-unless-rescue-plan-approved-1.4322487","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"RKQCCHO326TGSHPDLOY2GWPHMM","additional_properties":{},"canonical_url":"/business/transport-and-tourism/new-car-sales-down-14-in-july-1.4321625","content_elements":[{"_id":"6UX47Y4YBJGQVANR5VZ2Z4DVRI","content":"New car sales fell 14.05 per cent in July, the first month of the new 202 registrations. It means sales are down just under 30 per cent for the year to date, according to figures from the Society of the Irish Motor Industry.","type":"text"},{"_id":"JX3WFTQZQRFN5G5B27MZ3D2YII","content":"Total new car sales in July came to 21,213, bringing registrations for the year to date to 74,069, down from 105,439 this time last year.","type":"text"},{"_id":"M7C76G4XMRCQNMKPHTXOOTUL5U","content":"July is the second most important month for new car sales after January.","type":"text"},{"_id":"UAICD2L5XZELBLGZTKG6FLMKQE","content":"With sales down over 96 per cent in April and 72.5 per cent in May due to Covid-19 lockdown restrictions, it had been feared that economic uncertainty would drive motorists away from major financial outlays like cars. In that context, there is a sense of relief within the motor trade at the July sales figures.","type":"text"},{"_id":"U2VBNGHZ2JCBDGXBWHJEAICBHU","content":"Dealers say there has been a noticeable pick-up in used car sales as well since showrooms reopened on May 18th.","type":"text"},{"_id":"2BNTXYZOSVGW7HEU4GEOMFRY3Y","additional_properties":{},"content":"A July sales surge by Volkswagen saw it overtake rival Toyota to take the top spot with 8,879 registrations so far this year. Toyota is in second place just three vehicles behind, while Hyundai is in third with 7,105, Skoda is fourth with 6,310 and Ford in fifth place with 5,574.","type":"text"},{"_id":"UQFWPGTW2RBJNMOUHY5STDAEUY","content":"The best-selling model remains Toyota’s Corolla with 3,385 registrations, ahead of the Hyundai Tucson on 2,696 and the VW Tiguan on 2,552.","type":"text"},{"_id":"FY6UVWFSVBAVVAQI464X4XAGKY","additional_properties":{},"content":"Only two brands have recorded sales growth this year: Tesla and Porsche. Elon Musk's all-electric car brand has seen sales rise from 60 this time last year to 477 for the year to date. Porsche, which opened a new sales outlet in the Republic, saw sales rise from 54 to 89 in the same period.","type":"text"},{"_id":"BGIYL65YANF77FLZAAFK57Y55Q","additional_properties":{},"content":"For the new 202 registrations, Ford is the only top-10 mainstream brand to record sales growth in July, up 14.5 per cent, but premium brands BMW, Land Rover and Mercedes-Benz also recorded sales growth compared to the same month last year.","type":"text"},{"_id":"PIFHBNTXSVBUPDYF3JGQJK5UFI","additional_properties":{},"content":"Rental market","type":"header"},{"_id":"6AP6SKMA3BAZ5I7ZUSTFXSHKWQ","content":"One major issue for the Irish motor trade is the collapse in the car rental market. Registrations of new hire-drive cars represented 18 per cent of new car sales figures: so far this year they account for less than 4 per cent. Last July 3,854 new cars were registered as hire drives. Last month that fell to just 64.","type":"text"},{"_id":"XFOKJXUBARBPZOHAAPUVOXCIFU","content":"The growth in hybrid and all-electric car sales continues, with 771 new electric cars registered last month, up over 5 per cent on the same month last year, while plug-in hybrids sales hit 749 cars, compared to 255 in July last year.","type":"text"},{"_id":"7RHZJP4V3JCUTP33YCRSIL2GVQ","content":"All-electric cars now account for 3.6 per cent of all new car sales, regular hybrids 12.3 per cent, and plug-in hybrids 2.6 per cent.","type":"text"},{"_id":"FC4C6RXBAVHAVOEAYFYH6IXX2E","content":"Diesel is still the best selling power source for new cars, accounting for 44 per cent of new sales so far this year, while petrol accounts for 37.5 per cent.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Michael McAleer"}},"name":"Michael McAleer"}]},"description":{"basic":"Tesla and Porsche the only brands to record sales growth this year"},"display_date":"2020-08-04T14:23:03Z","headlines":{"basic":"New car sales down 14% in July"},"promo_items":{"basic":{"_id":"EKBEAJTWRXMBEMWZFGM2EHYPEY","auth":{"1":"9dd84a5349aa302e142fecd19a5f562c318216349f976641bf2095dc9d09f810"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/EKBEAJTWRXMBEMWZFGM2EHYPEY.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/new-car-sales-down-14-in-july-1.4321625","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"JQ26K3BZWEXD2H4HYMVRE46GME","additional_properties":{},"canonical_url":"/business/transport-and-tourism/easyjet-sees-faster-rebound-in-passenger-demand-1.4321605","content_elements":[{"_id":"VQOCXF3NNJCONFKGAICBCURK74","additional_properties":{},"content":"EasyJet said it's seeing a faster than expected rebound in passenger demand following the lifting of lockdowns and is accelerating the addition of flights.","type":"text"},{"_id":"OFCGBSCRHJFONG5FSU3DPGOIP4","content":"Aircraft operated with 84 per cent of seats full in July, EasyJet said in a statement Tuesday. With bookings for late summer ahead of projections it will operate 40 per cent of capacity in the quarter through September, up from the planned 30 per cent.","type":"text"},{"_id":"NOH3UQ4QVRE4ZONSKHLLDMUUUA","additional_properties":{},"content":"\"I am really encouraged that we have seen higher than expected levels of demand,\" chief executive Johan Lundgren said in the release. \"We have now completed more than one month of restart operations and are seeing encouraging performance across the network.\"","type":"text"},{"_id":"5EQNVKQRVRHP7FSFS3F4RZODLU","additional_properties":{},"content":"With Covid-19 infection levels declining in most of Europe, governments have been easing travel restrictions. Britain's biggest discount carrier was among the first European airlines to begin building up services as lockdowns eased, though the reintroduction of UK curbs on people arriving from Spain may weigh on demand for flights there.","type":"text"},{"_id":"K2W4FQRHSFHT5NRLMXZB4R6XGU","content":"EasyJet posted just £7 million (€7.7 million) in revenue for the fiscal third quarter ending June 30th, down from £1.76 billion a year earlier, after resuming flights mid-month following a near grounding of its fleet at the height of coronavirus lockdowns. It posted a loss of £324 million versus a profit of £174 million.","type":"text"},{"_id":"TJDQHJN6ABFJDM2L3OIRXY7PJM","content":"EasyJet, which raised £419 million in a share sale in June, said it’s planning to sell more planes to raise about £245 million, before leasing them back. – Bloomberg","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Bookings for late summer are ahead of projections"},"display_date":"2020-08-04T07:40:36Z","headlines":{"basic":"EasyJet sees faster rebound in passenger 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said.","type":"text"},{"_id":"R4227JNOWBFVTK5MSIJLG26AHY","additional_properties":{},"content":"While air services have resumed with Ryanair at 40 per cent of its planned schedule in operation, passenger numbers have been significantly impacted.","type":"text"},{"_id":"4OY5WW7JTZAT3AL2NYSX74R45I","content":"By the end of July, passenger numbers will have declined by 350,000 compared with the same period in 2019 and the full-year forecast for 2020 will result in a 75 per ent decline in passenger numbers to just over 200,000, a level last seen almost 20 years ago in 2001.","type":"text"},{"_id":"5NZCO3CQW5BBVN6FFUY5KRQVBM","content":"“This will have a devastating impact on the hospitality and tourism industries in the west and northwest of Ireland that rely heavily on the overseas connectivity and the 250,000 inbound visitors annually that travel through the airport,” the operator said.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Eoin Burke-Kennedy"}},"name":"Eoin Burke-Kennedy"}]},"description":{"basic":"Authorities warn of ‘devastating’ impact of coronavirus"},"display_date":"2020-08-04T04:10:57Z","headlines":{"basic":"Passengers at Knock Airport set to decline by 75% in 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aid the airline.","type":"text"},{"_id":"Z2O75KJIORDRPFZ4RQYCIVTB2Q","content":"People’s unwillingness to travel in the face of State Covid-19 restrictions has left Aer Lingus workers fearing the airline could effectively halt operations for the winter and lay many of them off.","type":"text"},{"_id":"PVNXZO73NNGZRCAW2LTCIP6JXI","additional_properties":{},"content":"Pilots and other workers launched an online petition over the weekend, calling on the Government to support Aer Lingus financially if it is not willing to drop its advice against \"non-essential\" travel.","type":"text"},{"_id":"7NR2PZQV2NAUTH2CXKHQXLHDWM","content":"“If it doesn’t this Government will go down in history as the one that presided over the wind-up of Aer Lingus,” the petition warns.","type":"text"},{"_id":"N3COXG2BI5FVXAD7XB35IXAJPU","additional_properties":{},"content":"\"Since the emergence of Covid-19 we have been operating under the most stringent travel restrictions in Europe. At the same time we are the only major European carrier not to have received any State assistance.","type":"text"},{"_id":"7TLP6UQKXBGDPEKXBTRZEWEUC4","content":"“The demise of Aer Lingus, and the consequent loss of thousands of jobs, would be nothing short of a national tragedy,” it says.","type":"text"},{"_id":"BFOLXPZ2FBENRIAJ5JTXFOTUW4","content":"More than 8,000 people have already signed the petition.","type":"text"},{"_id":"NQGB2ZOU5VETZO3AYG7FRL6MQA","additional_properties":{},"content":"Aer Lingus chief executive Sean Doyle, speaking to staff on Friday, said he could not rule out compulsory job losses. The airline is in talks with unions, including Siptu, the Irish Airline Pilots' Association and Fórsa, about cutting 500 of its 4,500 jobs.","type":"text"},{"_id":"VUH4P33E55GCRIBZO24YRWBK4Y","content":"The petition’s organisers say the airline staff believe they could face a worst-case scenario over the winter, the slowest period for airlines.","type":"text"},{"_id":"M47QQWEJ6JHHLE7EQEVXQKVOMU","content":"“If you look at what’s happened in Cork and Shannon, they have stopped flying from those places,” said one. “If there are no forward bookings they could furlough everybody for a few months while they wait this out.”","type":"text"},{"_id":"U7VNRJS2KVE43DNSLRPC5EPUE4","content":"Government travel advice and restrictions are deterring Irish people from flying, the petition authors say.","type":"text"},{"_id":"NCFL623A5NCLBDFSMZWM5GQN7A","content":"They also note that the policy is prompting “shaming” of Irish people who do travel from those that do not.","type":"text"},{"_id":"EC5HTJVQKRH3JJEYCYB62M2UWQ","content":"Most of the airline’s 700 pilots have written 30 letters each to TDs pressing for aid for the airline.","type":"text"},{"_id":"CSKICVER35ENHKJ5ZVQLLR644U","additional_properties":{},"content":"Support","type":"header"},{"_id":"7NJXMMGGYBGVVMSMDLVBYYJ4EE","additional_properties":{},"content":"The people behind the petition point out that British Airways and Spain's Iberia – both part of International Consolidated Airlines' Group (IAG) along with Aer Lingus – are getting support from their governments.","type":"text"},{"_id":"IXO3MA3ZWBBPDFSGF5PVZ6PSWY","content":"The petition notes that as an island nation the Republic relies on air travel more than most countries.","type":"text"},{"_id":"VTLNGKSKNFEBBHXDUICQUOYLXY","additional_properties":{},"content":"\"When this pandemic is over, or at least sufficiently mitigated, hundreds of thousands of jobs in Ireland will depend on this connectivity,\" it says.","type":"text"},{"_id":"FELQXYQT6RE25MNQKLGSX446VA","additional_properties":{},"content":"Willie Walsh, IAG chief executive, last week warned that the carrier would be a smaller, slower-growing company if Government travel restrictions persisted. However, he dismissed speculation that the carrier could be wound up.","type":"text"},{"_id":"HENFEH6ZWRCGVHKZ46EJTAZ3CA","content":"Aer Lingus did not comment on the petition on Sunday.","type":"text"},{"_id":"4LVK6ZG53ZDG3BZCL43XBAVANY","content":"A video accompanying the petition – We Are Aer Lingus, with music donated by Irish artist Lyra – shows that all staff, from pilots and cabin crew to ground crew, engineers and others, support the move.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Airline workers fear winter shutdown as Government persists with travel restrictions"},"display_date":"2020-08-02T14:18:37Z","headlines":{"basic":"Thousands back petition demanding State aid for Aer Lingus"},"promo_items":{"basic":{"_id":"H3SBF5IO4H3PIU7OCNTABSIGL4","auth":{"1":"5831626afce82c04d7f5c7f8befdde6255b2fcc1d136c958e764f83ccd0ccb18"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/H3SBF5IO4H3PIU7OCNTABSIGL4.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/thousands-back-petition-demanding-state-aid-for-aer-lingus-1.4319987","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"PSXZOQ6W374SMLADQHLMPYZHSU","additional_properties":{},"canonical_url":"/business/transport-and-tourism/ryanair-seeks-to-challenge-government-s-international-travel-restrictions-1.4318919","content_elements":[{"_id":"HDS2S3BGCFFQNI3ERF3FSG3NL4","additional_properties":{},"content":"Ryanair is seeking permission to bring a High Court action aimed at setting aside international travel \"restrictions\" announced by the Government earlier this month.","type":"text"},{"_id":"4T7PWBQL2BHKVCZDMC2USD2AYU","content":"Its application for leave for judicial review will be heard next month, the High Court directed on Friday.","type":"text"},{"_id":"AJC4NEXR5ZHJZNB77AHYCGQVGA","content":"Ryanair claims what it calls “restrictions” arising out of the Covid-19 pandemic are unlawful, a disproportionate interference with individual rights and are detrimental to its business.","type":"text"},{"_id":"674WZYCYCZA75GXYB4DNYOWMMY","additional_properties":{},"content":"<iframe allow=\"autoplay\" frameborder=\"no\" height=\"166\" scrolling=\"no\" src=\"https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1166050777&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true\" width=\"100%\"></iframe>","type":"raw_html"},{"_id":"LMDCX7H37BHEPGSC6HT72WEOGA","content":"The case concerns Government advice announced on July 21st concerning travel outside the island of Ireland, save for essential purposes, and for people to holiday at home in 2020.","type":"text"},{"_id":"GMLEUAUOGNHWRJNIDSJPD4U5T4","content":"The airline is also challenging the requirement for persons returning to the State from countries not on a designated green list to restrict their movements and self-isolate for 14 days.","type":"text"},{"_id":"5PCZ2BBJFBGYLCVOTYBJ5V7NTY","additional_properties":{},"content":"Ryanair claims the \"restrictions\" are mandatory in nature and have the same effect as regulations which it says should have been, but were not voted on or approved, by the Oireachtas.","type":"text"},{"_id":"3Q3AMMAPB5EFZDW4CS4YRSV6Y4","content":"It claims they are unconstitutional and in breach of the 1970 and 2020 Health Acts, the European Convention of Human Rights and the European Charter of Fundamental Rights.","type":"text"},{"_id":"KZCX554PVVECRJBXRQC3T7XTBA","additional_properties":{},"content":"Ryanair's action is against the Taoiseach, Ireland and the Attorney General. Aer Lingus Ltd is a notice party to the action.","type":"text"},{"_id":"SDMJIVN4T5H6ZCIYZO4MWSHDLU","content":"In correspondence opened to the court, the State says the measures challenged are advisory, not mandatory, and are not unlawful. It said there is no basis for a legal challenge against the measures.","type":"text"},{"_id":"JCDYFKDOPVALFK6AEPF5KJF77M","content":"It said its Covid-19 travel advisory notices in relation to non-essential travel are necessary, proportionate and transparent measures designed to deal with the global health emergency.","type":"text"},{"_id":"ECXIIZ6A4NCVPLZPC2ORXTWUHY","content":"It said the green list of countries will be reviewed on a fortnightly basis based on advice from public health officials.","type":"text"},{"_id":"I4VYD7KAA5CCPL3HLVYSVLESCY","content":"The airline, represented by Martin Hayden SC and Eoin O’Shea Bl, claims that what is involved is more than just advice from the Government regarding travel to and from Ireland.","type":"text"},{"_id":"UKCY6MGNZVH3TEDJLXMCCL7RXI","content":"Mr Hayden agreed with Mr Justice Charles Meenan its case is essentially that the Government has introduced effectively “mandatory” regulations “under the cloak of advices.”","type":"text"},{"_id":"KJ5UUZNWURGYZA5HKYUUKWC3QY","content":"This represents law making by the executive which ought to have been made law by the Oireachtas, counsel said. Without going through the proper processes the measures lack the proper checks and balances, counsel added.","type":"text"},{"_id":"AJD7IXDVAZGRDN4LG22XQ5TCCM","content":"Mr Hayden said the “restrictions” have a real effect on people including on ability to go back to work after returning to Ireland from a country not on the green list without going into a 14 day isolation.","type":"text"},{"_id":"2FG7DRYKZNGZHN7OMZ4Z2NOPYY","content":"There were also insurance implications and serious questions for the entire airline industry in Ireland, he said.","type":"text"},{"_id":"RJQPFYJYLNBFPFNBO573Y7N5SU","content":"The airline wants the disputed measures quashed as unconstitutional and in breach of the EU Charter of Fundamental Rights and the ECHR.","type":"text"},{"_id":"ST5ESVY2VVAFVLW6MDKKBNGFSI","content":"Mr Justice Meenan said Ryanair had raised important issues and directed its ex parte application for leave for judicial review be made on August 12th in the presence of lawyers for the State respondents.","type":"text"},{"_id":"P2FSQXHNRNB33LVFMG4MDDH7PY","content":"Given the urgency of the case, it may be possible to have a telescoped hearing, where both the application for leave and the challenge itself are heard at the same time, he added.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"name":"Aodhan O'Faolain"}]},"description":{"basic":"Airline claims measures are unlawful, disproportionate and detrimental"},"display_date":"2020-07-31T15:58:31Z","headlines":{"basic":"Ryanair seeks to challenge Government’s international travel 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crisis.","type":"text"},{"_id":"G637SMEFVRAVLJ4A745YELO7TY","content":"The company said in a statement that in addition to 1,500 job losses, some 1,500 temporary contracts will not be renewed and 2,000 jobs will be suppressed via a voluntary departure scheme.","type":"text"},{"_id":"CX7JOI45WZARXCDDIWRCCP75VE","content":"The group also expects “natural attrition through retirement” to help cut an extra 500 jobs.","type":"text"},{"_id":"E54T7GIYYVFLNDSKT6TFKTQUNQ","content":"KLM said it does not expect demand to fully recover before 2023 or 2024 and said further staff reductions are possible “given the high level of uncertainty”.","type":"text"},{"_id":"7CCHULUWUZBEJNIDTUSKXQKTRI","additional_properties":{},"content":"Earlier this month, the European Commission approved a bailout package of €3.4 billion in loans offered by the Dutch government to help the company navigate the crisis.","type":"text"},{"_id":"LE4XRGS2KZHYRAXLQD2CDOT6PY","content":"The Dutch government is backing KLM’s bailout on condition it cuts emissions by 50 per cent by 2030.","type":"text"},{"_id":"L437I534IRACJMYBBCFJ7IUX2A","content":"“We are going to make a plan to make sure we pay off those loans,” Pieter Elbers said, adding that the environmental goal was attainable.– AP/Reuters","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Dutch carrier does not expect demand to recover before 2023 or 2024"},"display_date":"2020-07-31T10:00:02Z","headlines":{"basic":"KLM to cut up to 5,000 jobs"},"promo_items":{"basic":{"_id":"PYLIUI43XXLX2H5NFXWOLTUHDM","auth":{"1":"58735f0926d81dec0b3f1819382b85983c29d3706616f8f09f513e8f43b8c6aa"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/PYLIUI43XXLX2H5NFXWOLTUHDM.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/klm-to-cut-up-to-5-000-jobs-1.4318600","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"2IFWSEG3MYYIHTPNV5ZNOBARSY","additional_properties":{},"canonical_url":"/business/transport-and-tourism/aer-lingus-not-ruling-out-compulsory-job-cuts-and-closures-at-cork-and-shannon-1.4318511","content_elements":[{"_id":"KLSE7IQEPBBMFKXD53XDHPMVYY","additional_properties":{},"content":"Aer Lingus is not ruling out compulsory job cuts and closing bases at Cork and Shannon airports as it grapples with Government travel restrictions.","type":"text"},{"_id":"IPRNUHNX6NE6DNOCJGG5RELQPI","additional_properties":{},"content":"The news comes as it emerged that the Irish airline lost €316 million during the first six months of the year when Covid-19 travel bans hit Europe and the United States.","type":"text"},{"_id":"LOLXK6H27JHUXA7CIOHXMZTLBI","additional_properties":{},"content":"Sean Doyle, Aer Lingus chief executive, told staff on Friday that jobs would be cut on a \"compulsory basis if necessary\" but stressed that redundancies would be voluntary if possible.","type":"text"},{"_id":"ZUOXRSHRVBFHVCK4NVKHYXEGL4","additional_properties":{},"content":"<iframe allow=\"autoplay\" frameborder=\"no\" height=\"166\" scrolling=\"no\" src=\"https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1166050777&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true\" width=\"100%\"></iframe>","type":"raw_html"},{"_id":"ZU46QJTL7NDWLNPBFUAFI5PZZU","content":"The airline recently signalled it may cut up to 500 jobs from its workforce of 4,500. Mr Doyle confirmed this week that it was in talks with unions.","type":"text"},{"_id":"6HBR7JFXENDD5OYWNODPHS3YSY","content":"His comments sparked an angry response from Neil McGowan, head of trade union Siptu’s aviation division, who represents around 1,500 Aer Lingus ground crew and support staff.","type":"text"},{"_id":"MLBZCHM4XNCT7OE772A67S4RHA","content":"“It was wholly improper to make comments like that given that we commenced the consultation process with Aer Lingus this week,” he said.","type":"text"},{"_id":"4ZHWIYO75ZBNHHYEFDAG66VD34","content":"Mr Doyle went on to tell workers there were no meaningful signs of an immediate restart to flights from Cork and Shannon airports.","type":"text"},{"_id":"3BIMBQSTEJC7HKDEBQM7KLHZPU","content":"“As such, we are reviewing the scale of our flying programme from these airports and the ongoing viability of our regional bases there,” Mr Doyle warned.","type":"text"},{"_id":"QZFTIWMHFNEH5PVW5GSDKQLL4U","content":"Mr McGowan argued the regional airports’ woes demonstrated that the Government should intervene in aviation.","type":"text"},{"_id":"MKZX7BVVWJF4NEO5HC7LGNW5KM","additional_properties":{},"content":"\"Any financial support given to those airports needs to be made conditional on Aer Lingus maintaining the bases in both those airports,\" he stressed, adding that Siptu represented 100 Aer Lingus workers in each.","type":"text"},{"_id":"HNI7O6I5UFEZ3EYORBP6Y7TH4Q","content":"Mr Doyle claimed that the company had been unable to make progress to date with unions representing cabin crew and ground staff.","type":"text"},{"_id":"FIFC2YW3ZNFMZE7IQR6RX4XNCM","additional_properties":{},"content":"At the same time, he said the Government had failed to act on the recommendations of its own Aviation Recovery Task Force, which include a call to ease travel restrictions.","type":"text"},{"_id":"QNWVURZR2ZFVFD7UQBPNR22NQ4","additional_properties":{},"content":"\"Essentially there has been a failure in Ireland amongst a number of key stakeholders to understand or appreciate the scale and depth of this crisis in the aviation sector,\" Mr Doyle told workers.","type":"text"},{"_id":"HK4MUVMK7FDHRIR6LIRBV5IDPM","content":"Figures published on Friday show the carrier’s revenues slumped by almost two-thirds to €377 million during the first half of the year from €968 million during the same period last year, according to its owner.","type":"text"},{"_id":"LJIBR6XLBFA25GBLD4UK5BKD4M","content":"Aer Lingus’s operations lost €189 million, while an exceptional loss of €127 million brought the total deficit for the first half to €316 million. The airline’s profit for the same period last year was €78 million.","type":"text"},{"_id":"6V4BQGDRE5DWTEKPTYD2KFIUZI","additional_properties":{},"content":"Willie Walsh, chief executive of Aer Lingus parent, International Consolidated Airlines Group (IAG), warned the Irish carrier would become a smaller business employing far few people, should Government travel restrictions persist.","type":"text"},{"_id":"YFN3RAQOEBC3VNSBBCWKQBF6XY","content":"Mr Walsh said the fact that Aer Lingus lost €98 million in the second three months of this year, against €52 million in all of 2001, when terrorist attacks hit air travel, showed that this was the worst crisis ever faced by aviation.","type":"text"},{"_id":"UUXQQ6Z6UVDCNAKAYN3VYVRFZU","content":"However, he said that Government appeared not to grasp what was happening.","type":"text"},{"_id":"TSPPT76Y3ZD4JNYSZQQOM6VFWY","content":"“We are not alone in that; all the airlines operating in and out of Ireland are frustrated,” Mr Walsh added.","type":"text"},{"_id":"XMYG36IZ3RDB7K25KWGF53S6OA","additional_properties":{},"content":"IAG, which also owns British Airways and Spanish airlines, Iberia and Veuling, lost €4.2 billion during the first half, including once-off charges of €2.1 billion, against a €1 billion profit in the first six months of 2019.","type":"text"},{"_id":"FLTOBCPAUJFBVME3MN6FNAG7YY","content":"It confirmed plans to raise €2.75 billion from shareholders to repair the coronavirus-sized hole in its finances and brace for a more chaotic future. Walsh said the plan, backed by biggest shareholder Qatar Airways, was needed to survive the most severe crisis in aviation history after the group lost more in one quarter than it has ever lost in a year.","type":"text"},{"_id":"YTQXX255BNFNDPTOA5SFEDTZUM","content":"“These are really extreme times,” Walsh told the BBC, adding IAG had hoped to be flying at about 50 per cent capacity by July, but was instead at 20 per cent.","type":"text"},{"_id":"KDQA7C3STRDQZITW34U6UE3YKY","content":"IAG announced that independent director, Javier Ferrán, will succeed Antonio Vázquez as chairman in January 2021.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Airline loses €316m in first half as travel bans hit Europe, US"},"display_date":"2020-07-31T06:45:22Z","headlines":{"basic":"Aer Lingus not ruling out compulsory job cuts and closures at Cork and Shannon"},"promo_items":{"basic":{"_id":"XTI6UPNLL5XG5MC43EKRX3OVOM","auth":{"1":"09d67f8402d0189d3d8f74936242300e1587b311a19e989a5a64854892723e34"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/XTI6UPNLL5XG5MC43EKRX3OVOM.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/aer-lingus-not-ruling-out-compulsory-job-cuts-and-closures-at-cork-and-shannon-1.4318511","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"RGVGIYYRSB5DL34ORMGJ7FASRE","additional_properties":{"audio_url":"https://d22tbkdovk5ea2.cloudfront.net/audio/projects/4554/podcasts/691113/media/7929b37da2129898e9ec863b0f984784_compiled.mp3"},"canonical_url":"/business/transport-and-tourism/aviation-fears-travel-restrictions-will-push-out-recovery-until-2024-1.4317919","content_elements":[{"_id":"MTZGRNNW6JF5PD526XFM3XL2SE","additional_properties":{},"content":"Ryanair executive, Eddie Wilson, gave politicians a stark warning this week. If the Republic does not act now to attract back air traffic \"we are going to lose it and we are going to lose it forever\".","type":"text"},{"_id":"DYE6W6L6G5ETFAB7VOSM5QFIWI","additional_properties":{},"content":"A year ago, airlines flew from the Republic to more than 200 destinations stretching from Los Angeles to Hong Kong, including key European and US cities, along with most holiday destinations favoured by Irish people. Passenger traffic through the three State-owned airports, Cork, Dublin and Shannon, was around 37 million in 2019.","type":"text"},{"_id":"6O37ZWOCG5FK3NTKEJUSB24RRA","content":"Dublin handled a record 33 million passengers last year. Cork became the Republic’s fastest growing airport in 2019 while initial figures showed it was poised for another strong 2020. It increased travellers in the traditionally slow months of January and February.","type":"text"},{"_id":"OCFFCADJ3RCPLNCQ37B63W7RN4","additional_properties":{},"content":"Things are very different today. Addressing the Oireachtas Special Committee on Covid-19 Response, on the same morning as Wilson, Ray Gray, chief financial officer of DAA, the State company responsible for Cork and Dublin airports, revealed that the organisation's losses this year are around €100 million.","type":"text"},{"_id":"G64RKLSS3REDLFL6OBDG2EPJDI","content":"Between 10,000 and 15,000 people pass through Dublin every day, compared to the 110,000 to 120,000 it would normally expect.","type":"text"},{"_id":"LOMVHFBLJNAXXLN6CEL5B5PP74","additional_properties":{},"content":"Revenues at Cork have suffered to the point where DAA now believes it should be included in a Government aid programme used to support Donegal, Kerry and Knock airports. The State company is seeking voluntary redundancies from its 3,500 workers.","type":"text"},{"_id":"4M22GWAPIFES5CJBJP2ABUZW2E","additional_properties":{},"content":"Mary Considine, chief executive of Shannon Group, responsible for the mid-western airport and its properties, said that revenues there will fall €47 million this year, around 60 per cent. She told the same gathering of politicians that this amounted to €1.3 million a week.","type":"text"},{"_id":"HFRQH5C5F5HA5O5PY43MUDT3XU","additional_properties":{},"content":"Limited flying resumed this month. Ryanair is operating 40 per cent of its schedule around Europe, while Aer Lingus has re-started part of its services as well, including three to the US.","type":"text"},{"_id":"IHLBUZARHBCI3JHTHSRNDYA6GE","content":"Most direct flights available now are to Europe, with some to the US and Middle East. Wilson told the committee bluntly that the two Irish carriers are currently responsible for almost all the Republic’s links to the outside world.","type":"text"},{"_id":"4O4ANA3Q3FFTLEWMXY2MVZDFXY","additional_properties":{},"content":"Both he and Aer Lingus chief executive Sean Doyle made it clear that Government policies are making it difficult to maintain even these services, let alone get close to where the Republic was in 2019.","type":"text"},{"_id":"YF67HPVIE5DHPFYC7JXT2ZORQM","content":"Current travel restrictions require arriving passengers to quarantine for 14 days after getting here. They must fill out a form giving their location for that time, allowing the State to follow up to ensure they are abiding by self-isolation requirements.","type":"text"},{"_id":"TPQY57NXXJAV7MA6OUWGSQ2SOM","content":"<strong>Green list</strong>","type":"text"},{"_id":"NRGSQDIBMZCGFCRZ32KKQX3I5Y","content":"A bigger sticking point is the Government’s green list of countries designated as safe for travel. Those travelling from the states on this list do not have to quarantine, fill out forms or be answerable for their movements over the succeeding two weeks.","type":"text"},{"_id":"Y2PDVVLJA5DGBEJDCWORC4IUNY","additional_properties":{},"content":"Its 14 destinations include Greenland and Monaco, to which there have never been direct flights from the Republic. It excludes key trading partners such as the US and UK, also the biggest source of tourists, and Germany, the biggest buyer of Irish exports within the EU. Also off the list is Spain, a popular destination for Irish holidaymakers. It does include Greece, which is also big with sunseekers.","type":"text"},{"_id":"KV3L3Q2I4NC35ITDVRKUFQL7KY","content":"Government bases the list on advice from the National Public Health Emergency Team. It has pledged to revise it regularly. The latest indications are that ministers will not look again at it until August 4th. Aviation industry sources fear that it may be cut back rather than expanded.","type":"text"},{"_id":"WN44TIC3QJGYXM3HBM3WKMP5WE","content":"Few quibble with the exclusion of the US, which is still grappling with Covid-19. However, excluding much of the EU and the UK prompted many to question the Government’s rationale. Ryanair wants the coalition to put the EU 27 and UK on the list, arguing that excluding European countries with lower rates of coronavirus infection than the Republic’s makes no sense.","type":"text"},{"_id":"JFZ6247XSRHZPAMSTFVF7T6HIE","content":"Wilson highlighted Germany as the EU country with the “gold standard” approach in terms of testing, tracking and controlling coronavirus. It was one of the first states to ease travel restrictions. Questioned by committee members about concerns expressed by public health officials there recently about the risk of an increase in Covid cases, he pointed out there were going to be flare-ups and spikes in the disease.","type":"text"},{"_id":"75MPOIL6GVAFFJVFTTLQT5NJV4","content":"Living with coronavirus will involve managing this, he argued. Wilson repeated several times that the Republic has to strike a balance between public health risks and a functioning economy. “And a functioning economy means people are going to have to travel,” he said.","type":"text"},{"_id":"2WAJLKWYWZEPRHA2SLNFE72NUI","content":"Ryanair is going to court to challenge the restrictions and green list. Its opening statement to the committee appears to give some sense of the direction that the case will take. The airline group points out that the Government simply announced these measures, so they are not based on any statute.","type":"text"},{"_id":"JAKDS4GMCZDZRMBNUTLUVUEJNU","content":"“Consequently, the Oireachtas has been denied the opportunity to consider the travel restrictions, and they have not been subjected to the democratic scrutiny, or the safeguards, checks and balances for such a draconian measure,” the group says.","type":"text"},{"_id":"R7UBVGSPFVAR5OKNQUIRNWHVI4","additional_properties":{},"content":"It adds that the Government has failed to clearly define \"essential travel\" (the advice is to avoid non-essential travel). Similarly, Ryanair says there appears to be no rationale behind the countries selected for the green list. Figures from the European Centre for Disease Control (ECDC) show the Republic has similar rates of Covid-19 infection to 95 per cent of the EU. \"Yet we have acted on some other advice to cut ourselves off from countries who have identical rates to Ireland, \" the group says.","type":"text"},{"_id":"JSOGIJHUKBGHJC3OJPYTGFPORA","additional_properties":{},"content":"That summarises both Doyle's and Wilson's key arguments: the Republic is an \"outlier\" in the EU, persisting with travel restrictions while other states with similar or lower coronavirus infection rates are working to open up. Those countries are basing their approach to advice jointly issued almost three months ago by the ECDC and European Union Aviation Safety Agency (EASA).","type":"text"},{"_id":"HDPYGBTB3JD3LG2QMZPADYPGPM","content":"These measures include managing social distancing in airport queues, wearing masks on board aircraft, cleaning and disinfecting aircraft between each flight, using electronic rather than printed boarding passes and so on. Both Irish airlines say they comply fully with the protocols.","type":"text"},{"_id":"U3SGYME7UFHHHDV677Y5PAM5ZY","content":"<strong>Job losses</strong>","type":"text"},{"_id":"OZH7YSCQNFD7HMSS7BRNO364OU","additional_properties":{},"content":"The Government's stance of not falling into line with the rest of the EU is costing airlines dearly. Aer Lingus has already said that it is seeking to cut 500 of its 4,500 jobs. Irish Airline Pilots' Association president, Evan Cullen, suggested at last week's committee hearing, that with costs running at €1.5 million a day, the airline could eventually close.","type":"text"},{"_id":"BVU7IW37QBGQDGEHGJN4VSCVAI","additional_properties":{},"content":"Doyle did not tackle this head on when committee members questioned him about the possibility this week. Instead, he said that the measures Aer Lingus was taking itself, combined with the Government implementing recommendations of its own Task Force on Aviation Recovery, would ensure the airline had a future when all this was over. The task force recommendations included easing travel restrictions and applying the EASA-ECDC advice.","type":"text"},{"_id":"U5LUP7OASJH4REMZPXLC3CVD2A","content":"A clear picture of the impact of Covid-19 on Aer Lingus should emerge today when its owner, International Consolidated Airlines’ Group, reports figures covering the weeks when coronavirus lockdowns were at their most severe. Ryanair earlier this week said that it lost €185 million in the three months to the end of June, while passenger numbers all but evaporated.","type":"text"},{"_id":"QDVDTLKJIFB4ZJZNSNQIFRA5LU","content":"That was obviously across Europe. In the Republic it has negotiated 20 per cent pay cuts with pilots and crew that it says should eliminate the need for redundancies. As things stand, those deals allow for pay to be restored over four years.","type":"text"},{"_id":"VBITL5CLH5HHPMTW32RYFUMP7Y","content":"While it is no secret that airlines are suffering, Doyle and Wilson warned that ongoing travel restrictions have ramifications beyond aviation. That industry employs 40,000 directly with a further 100,000 jobs tied to it indirectly. In addition, the Republic’s tourism businesses, which depend on the visitors the airlines fly in, employ 350,000 people.","type":"text"},{"_id":"SBTK2MUADFGI5AWUCZESS2O644","content":"Wilson warned that the structural damage to the economy will be felt within months and last for years if the Government continues with current policies. Doyle pointed out that the Republic’s success in luring multinational investors, particularly US companies, which employ 150,000 people, was tied heavily to the ease with which business people can get here.","type":"text"},{"_id":"M5GWF2NGHFHSBPUW3CKG6CNOGE","additional_properties":{},"content":"Earlier this month, Martin Shanahan, chief executive of IDA Ireland, the agency charged with bringing in those multinationals, acknowledged that there was no real substitute for travelling here when it came to convincing investors to set up shop in the Republic.","type":"text"},{"_id":"SCZMYBVQUJB2FH3URSF5T5ZGRA","content":"At this stage, the Republic appears to be facing a period where countries will be competing to attract fewer aircraft. Gray told the committee that DAA’s conversations with airlines showed few willing to increase capacity here for the moment, limiting our links with trading partners and tourists.","type":"text"},{"_id":"JON2TB2R7BFNTKNYVK4DJVGWBQ","content":"He also noted that most of the industry now agrees with the airport company’s original view that it would be 2023 or 2024 at least before we see a return to something like normal. But the Irish aviation industry seems to agree that failing to act now will severely harm the prospects of that recovery. Wilson warned the committee that “an airport with no passengers is not an airport, it’s just a building”.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Airlines and airports believe Government policies make it hard to maintain even limited services"},"display_date":"2020-07-31T04:09:35Z","headlines":{"basic":"Aviation fears travel restrictions will push out recovery until 2024"},"label":{"audio_project_id":{"text":"brian_uk"}},"promo_items":{"basic":{"_id":"Z4Y5DV7Q3HDJKO2ETNJDEVZV6U","auth":{"1":"36b116a187559e39eeba77c599ff55089ac5a243ed7f4c0eb533884b2fa9ad61"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/Z4Y5DV7Q3HDJKO2ETNJDEVZV6U.jpg"}},"subtype":"feature","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/aviation-fears-travel-restrictions-will-push-out-recovery-until-2024-1.4317919","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"WVUXCTAKU7YBW7UDBCEKADVO7I","additional_properties":{},"canonical_url":"/business/transport-and-tourism/occupancy-rates-at-irish-hotels-plummet-as-overseas-visitors-stay-away-1.4317986","content_elements":[{"_id":"BQNKU4K7JVDRFKTJSKDGKR3EKY","content":"Occupancy rates at Irish hotels were down by over half in July despite a rise in the number of people taking holidays locally.","type":"text"},{"_id":"BRFP4DEFCJCSPOC5GTCIZAOGDU","additional_properties":{},"content":"New figures published by the Irish Hotels Federation (IHF) shows average room occupancy nationally stood at 42 per cent for the month compared to over 90 per cent for July 2019 as bookings from overseas collapsed due to the coronavirus crisis.","type":"text"},{"_id":"U4JRRUN74FHOVONC3ZPF3YSWKE","content":"This is the largest year-on-year decline ever recorded by the Irish hotels sector for the peak summer season and fears are that bookings for the rest of the year will also be considerably lower.","type":"text"},{"_id":"CLGK2HRNARHMPOARMCJZVS23CM","content":"The federation said bookings for August are at levels broadly in line with this month, with occupancy levels at 24 per cent nationally for September.","type":"text"},{"_id":"J3B6KZO46NFA7CXRXB4EGFIIA4","additional_properties":{},"content":"The decline in occupancy levels comes as recent figures published by the Central Statistics Office show the number of overseas visitors fell by 97 per cent last month.","type":"text"},{"_id":"NB3FGQAFJFCWJDQUASLLU4DEGY","additional_properties":{},"content":"Best-case scenario","type":"header"},{"_id":"BCEPUB25DNFCTMTBR43D4BQ2TE","content":"The survey results are based on the response from 305 hotels, which together have a combined stock of 29,500 rooms.","type":"text"},{"_id":"CKILWCKXFVCWTEGEJ3H6W3NK2M","additional_properties":{},"content":"IHF president Elaina Fitzgerald Kane said that the latest figures highlight the need for additional measures to support the tourism sector.","type":"text"},{"_id":"SWO75WYD45BRHEALXABLK3SZVU","content":"“Even in a best-case scenario we are effectively looking at occupancy levels of less than 30 per cent for the year as a whole. This is nothing short of disastrous for our sector with serious implications for the tourism industry and wider economy,” she said.","type":"text"},{"_id":"EYAU5RGTJZHUVNO3U4TPJDC77E","content":"“Unfortunately the stimulus package recently announced by the Government just doesn’t go far enough given the scale of the crisis we are facing. The measures fail to deliver the required supports around competitiveness and liquidity, which is very disappointing and could have long-term consequences for tourism and the almost 270,000 livelihoods it supports,” Ms Fitzgerald Kane added.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Charlie Taylor"}},"name":"Charlie Taylor"}]},"description":{"basic":"Irish Hotels Federation forecasts occupancy levels of less than 30% for the year as a whole"},"display_date":"2020-07-31T04:05:00Z","headlines":{"basic":"Occupancy rates at Irish hotels plummet as overseas visitors stay away"},"promo_items":{"basic":{"_id":"S3NTZQEXVWFGWLTAZMSTCMHFUA","auth":{"1":"834996a86a1803a0ee875e5df36d788a7cf939b67c23d5e8ec5c99798ad363cb"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/S3NTZQEXVWFGWLTAZMSTCMHFUA.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/occupancy-rates-at-irish-hotels-plummet-as-overseas-visitors-stay-away-1.4317986","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"EDQ7QUVEU3GWMKNQ4BOJHWG74M","additional_properties":{},"canonical_url":"/business/transport-and-tourism/ryanair-owes-boeing-more-than-5bn-for-delayed-737-max-planes-1.4318042","content_elements":[{"_id":"OGN3THH3VFDVBFN6UZIEVB5EME","additional_properties":{},"content":"Ryanair owes US aircraft maker Boeing €5.1 billion for ordered 737 Max planes, the delivery of which has been delayed since last year.","type":"text"},{"_id":"VP46ED357VC4PA3GRU4HY2SKKQ","content":"US and EU regulators grounded the Boeing 737 Max in March 2019 on safety fears sparked by two crashes before any of the new models were delivered to the Irish airline group.","type":"text"},{"_id":"IZ6TEN3X3BBKLAXPWBXUBJ5S2I","content":"Ryanair’s annual return to US stock market watchdog, the Securities and Exchange Commission (SEC), show its obligations to Boeing for firm orders of the Max, over five years from March 2020, are €5.116 billion.","type":"text"},{"_id":"6RE5HOPEBZEJVNVZNMMQD6K45U","additional_properties":{},"content":"<iframe allow=\"autoplay\" frameborder=\"no\" height=\"166\" scrolling=\"no\" src=\"https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/866619886&color=6d9ddc\" width=\"100%\"></iframe>","type":"raw_html"},{"_id":"4FQVG7P5HBCS3FZMCQKBWOS5N4","content":"That figure covers 135 of the craft for which Ryanair has placed firm orders. The group has options to buy up to 75 more Max 737s under agreements dating back to 2014.","type":"text"},{"_id":"CFRFRH7V2JAXLKHTMJPSUKKMBE","content":"Ryanair points out that the figure is based on Boeing’s list price of $103 million, net of basic credits and advance payments, while taking price rises over the five-year period into account.","type":"text"},{"_id":"43INGDIZSJDYZP2YUB2OEBSVGI","content":"The Irish group notes that it is entitled to further credits from Boeing on the basis that it is a long-standing customer of the US giant, is a launch customer for the Max and is willing to buy up to 210 of the craft.","type":"text"},{"_id":"SKGH6H6PENBNLCUYWLV2QGE74U","content":"The returns add that this “will reduce the average amount payable per aircraft”.","type":"text"},{"_id":"6FYKUZPYSFBLTFTNLYG3HO66CY","additional_properties":{},"content":"Suspended advances","type":"header"},{"_id":"7RSAWMD5TBEMFF7K6LPFCF5QQQ","content":"The contract obliges Ryanair to pay periodic advances to Boeing, but the airline suspended these pending regulators’ confirmation that the Max can return to service.","type":"text"},{"_id":"FNM6HYAR7BAJPDMNNUXEXLKOGQ","content":"The figure given in its SEC filings is based on Boeing delivering 48 of the craft in Ryanair’s current financial year, which ends on March 31st, 2021, followed by 45 in the 2022 financial year and 42 thereafter.","type":"text"},{"_id":"FAGZWWXQSNE65GJKCZBTTVV524","additional_properties":{},"content":"Ryanair has said that it hopes that the European Union Aviation Safety Agency and the US Federal Aviation Authority will approve the Max later this year, which should allow deliveries to begin in 2021.","type":"text"},{"_id":"QEFWVCVMDFBYDMH5BKGFKSPAOI","content":"However, its returns say that Ryanair can offer “no assurances that its estimation and timelines of aircraft purchase commitments” under the Boeing contract will not change.","type":"text"},{"_id":"HCQQQ6XBDVBU3K7BT3H6QM2COI","content":"The Max is the latest version of the Boeing 737 flown by Ryanair and used throughout the globe on short and medium length flights.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Barry O'Halloran"}},"name":"Barry O'Halloran"}]},"description":{"basic":"Obligations relate to orders for 135 of aircraft grounded by regulators on safety concerns"},"display_date":"2020-07-31T03:35:17Z","headlines":{"basic":"Ryanair owes Boeing more than €5bn for delayed 737 Max planes"},"promo_items":{"basic":{"_id":"3CTK5GZZMQ4HR2CLETIKCAACAM","auth":{"1":"9823cae9fcccf7871c5c6b05c1b22d0e96980c232958b5adb87e11e9d56a8298"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/3CTK5GZZMQ4HR2CLETIKCAACAM.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/ryanair-owes-boeing-more-than-5bn-for-delayed-737-max-planes-1.4318042","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"WPAZX5IM3B5AWSIWXX7OM5MWBM","additional_properties":{},"canonical_url":"/business/transport-and-tourism/ryanair-fails-to-win-injunction-against-skyscanner-1.4317873","content_elements":[{"_id":"AMLLC67DOBH67OHV55KSLXBORY","additional_properties":{},"content":"Ryanair has failed to get a High Court injunction requiring Skyscanner to provide it with email addresses of customers who use the price comparison website to book through online agencies.","type":"text"},{"_id":"5EH2RS7INVEIHDZCJRS7CP34HA","additional_properties":{},"content":"Ryanair is seeking to restrain Skyscanner and two associated companies from allegedly facilitating the sale of the airline's flights through other online agents such as <a href=\"http://www.lastminute.com\">lastminute.com</a> and <a href=\"http://www.kiwi.com\">kiwi.com</a> in an action yet to be heard.","type":"text"},{"_id":"FRNOLB3GTNAW5FKPX7GX4HLKIQ","content":"In that action Ryanair claims unlawful “screen scraping” by Skyscanner involving the use of software to interact with its website to extract and use for commercial gain information such as prices and timetables. It says this is in breach of the use of the terms of its website and its intellectual property rights.","type":"text"},{"_id":"YCUKBL3PQNFBPPRGQOS7YM2AUU","content":"Pending the outcome of the full hearing, the airline wanted an injunction to stop this activity, whether done through Skyscanner itself or the linked agents, unless Ryanair were to be provided with personal email addresses and/or phone numbers of the customers.","type":"text"},{"_id":"2J6VOCQ53VABNNV4P5RLHVRQHA","content":"Skyscanner opposed the injunction application.","type":"text"},{"_id":"FOLZUKJCSFHELP3OMADOOHQ35Q","content":"It rejects the claims of “screen scraping” and says the term is meant to demonise something lawful: the compilation and use of data in the public domain.","type":"text"},{"_id":"L4T2ZGXTPVDTDOVS3RB242W2J4","additional_properties":{},"content":"On Thursday, Mr Justice Michael Twomey refused the injunction application.","type":"text"},{"_id":"PSY66FQH3ZGVTJF3HHC6IZEK3A","content":"He said Ryanair wanted the injunction to deal with situations where its flights were booked by one of the online agents for a passenger via Skycanner.","type":"text"},{"_id":"W5U4IWP6MVFHZBITQCK5ZWCECE","content":"He noted just four of the 300 online agencies using Skyscanner put an agent-created email address into the Ryanair website rather than the personal email of the passenger.","type":"text"},{"_id":"4RX2R7ZFCRA3NGNZN73NUTFRGQ","content":"He said Ryanair claimed it wanted to ensure online agents did not provide what it called “fake” email addresses for passengers.","type":"text"},{"_id":"6CWGPCT4A5CARJ2JGGCVROSGHA","content":"The airline said it wanted to be able to directly contact people using its flights rather than having the passengers contact an email address of the online agent.","type":"text"},{"_id":"ZYWFUG6HZ5FPBERU4MJ2E2RZXM","additional_properties":{},"content":"Inconvenience argument","type":"header"},{"_id":"2LD2OMJTDNDEPMY7KWW2HF7NBM","content":"The judge said Ryanair’s argument relied primarily on inconvenience to passengers who could not pass through the airline’s security identification procedure or call centre using the booking reference and their own personal email addresses.","type":"text"},{"_id":"NLGBXTHAXFG6RDDL4FZ5252RKQ","content":"This was because a passenger may not appreciate that his or her personal address was not used by the online agent but an agent-created email was used instead when the flight was being booked, it said.","type":"text"},{"_id":"HLVBS6VZZBH43CZDHTJCVI6XZY","content":"A stated example of potential inconvenience was one passenger with mobility issues who encountered a delay in receiving confirmation she would receive assistance boarding/disembarking because she was unable to confirm her identity initially due to Ryanair not having the online agent address for her, it said.","type":"text"},{"_id":"GSXLL2OEL5ACFPQGDTKHVDG36M","content":"Ryanair also argued personal emails were important for it to market services such as car hire and hotels to passengers.","type":"text"},{"_id":"G4D5BDBUANHLRMMOHGCLQFJ6OI","content":"Skyscanner claimed Ryanair did not wish to lose significant revenue from those services to the online agents.","type":"text"},{"_id":"HBF7XPITTZB6HJK3YGDHUAXSIA","content":"Mr Justice Twomey rejected Ryanair’s contention for a number of reasons.","type":"text"},{"_id":"BYQWIK7GW5HUDKPN4RIPMKKVBE","content":"These included that the claimed inconvenience to passengers could be alleviated by the airline itself by, for instance, confirming passenger identity by using date of birth or other personal ID information.","type":"text"},{"_id":"V7DG5O32GFDHRK7X3UD4EZPDGI","content":"It could also lessen inconvenience by not using chatbot software that simulates human responses to communicate with passengers.","type":"text"},{"_id":"4VNNAZI4HBHG5MWDYOSMVGVIHI","content":"The inconvenience and other prejudice claimed by Ryanair was not sufficient for the court to conclude the balance of justice lay in favour of granting the injunction, the judge held.","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Airline wanted online comparison service to provide it with customer email addresses"},"display_date":"2020-07-30T14:39:59Z","headlines":{"basic":"Ryanair fails to win injunction against Skyscanner"},"promo_items":{"basic":{"_id":"UBNDK6LYP7BDA4KWXJLVTI3WVQ","auth":{"1":"80a27fee15060476f27cf1111969908b3804d7e9227b118171e17caf58c50474"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/UBNDK6LYP7BDA4KWXJLVTI3WVQ.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/ryanair-fails-to-win-injunction-against-skyscanner-1.4317873","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"3QSPU6EXNPQ6U6BPP4LWEPPN6M","additional_properties":{},"canonical_url":"/business/transport-and-tourism/avolon-records-162m-second-quarter-loss-due-to-covid-crisis-1.4317731","content_elements":[{"_id":"WPTFMQ5BBFFVFLS7OZP662EQJA","additional_properties":{},"content":"Irish aviation lessor Avolon recorded a $162 million (€137.5 million) loss in the second quarter as revenues declined year-on-year from $678 million to $619 million due to the Covid-19 crisis.","type":"text"},{"_id":"PJ6I3SDK2ZF7DEGZP72Z7EBBSQ","content":"The company, which had reported a $185 million profit for the same three months in 2019, ended the quarter with $5.1 billion of available liquidity.","type":"text"},{"_id":"Q534BLW74FF3RFOS3SSOB7BYWM","content":"It said profit before impairment and accelerated amortisation totalled $152 million.","type":"text"},{"_id":"5MHPOQ7LHVEQVOAMLNECJCNX2U","additional_properties":{},"content":"<iframe allow=\"autoplay\" frameborder=\"no\" height=\"166\" scrolling=\"no\" src=\"https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/866619886&color=6d9ddc\" width=\"100%\"></iframe>","type":"raw_html"},{"_id":"LEWJTJ7WGBHTDNQ5OCQQ6H6HCM","content":"“The second quarter was undoubtedly a challenging period for the aviation sector, and our results clearly show the impact of this crisis. The lockdown of the global economy caused severe disruption to the demand for air travel and uncertainty remains around the pace and timing of a recovery,” said chief executive Dómhnal Slattery.","type":"text"},{"_id":"5BERU2FIWFBAPGHJTFUTT6VHKA","content":"He said the company had taken “decisive action” since the start of the year to boost capital, through measures that include buying back $639 million of unsecured bonds at a discount and removing $7.9 billion of near-term commitments.","type":"text"},{"_id":"XOOYQWEZFNGZ5IJHJ6RVRMZSLQ","additional_properties":{},"content":"Cancelled orders","type":"header"},{"_id":"4XF52GPXWJAGRDGXAIRVXZVZLY","content":"Avolon announced earlier this month it had cancelled orders for a further 27 Boeing aircraft in the three months to June 30th, having already cancelled 75 Max aircraft in the first quarter. During the second quarter, seven of 12 Avolon airline customers that had deferred rents fully repaid the Irish company.","type":"text"},{"_id":"GBWQWGFHAFBIJNLFTAKKSCMMY4","content":"At the end of June, Avolon owned or managed 547 aircraft, and had ordered a further 277 from manufacturers. It had 145 airline customers in 62 countries.","type":"text"},{"_id":"RIOTG3QBWVER7IBGU2PSHDXSB4","content":"“While at an early stage, we have seen traffic trends in certain markets that suggest that the structure and quality of our portfolio leaves us well positioned to take advantage of the recovery when it does take hold,” said Mr Slattery.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"additional_properties":{"original":{"byline":"Charlie Taylor"}},"name":"Charlie Taylor"}]},"description":{"basic":"Aviation lessor signals uncertainty about the pace and timing of recovery in sector"},"display_date":"2020-07-30T11:37:48Z","headlines":{"basic":"Avolon records $162m second-quarter loss due to Covid crisis"},"promo_items":{"basic":{"_id":"AV47YBLFEFRJFSOH2ZLKWASLTE","auth":{"1":"7fc42ecd9b275a75cd6a907725450295fee1e6f762907f47337b7dc90e555596"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/AV47YBLFEFRJFSOH2ZLKWASLTE.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/avolon-records-162m-second-quarter-loss-due-to-covid-crisis-1.4317731","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"4HLEZJRQLOLDLZ3SJQO67LBG7Y","additional_properties":{},"canonical_url":"/business/transport-and-tourism/travel-company-tui-to-shut-166-stores-in-uk-and-ireland-1.4317717","content_elements":[{"_id":"Z53TNQGJLBDGVNEQFJ4TKUIFHI","additional_properties":{},"content":"Travel company TUI said it will shut 166 stores in the UK and Ireland in response to the downturn in travel caused by the coronavirus pandemic, in a move which could lead to some job losses.","type":"text"},{"_id":"3BGTAUPDOVH7PEHWYYBTX7MT4U","content":"It is not yet clear how its Irish operations will be impacted by the closures. TUI has 10 stores here, but did not confirm the number of people employed in Ireland.","type":"text"},{"_id":"UMI3OEZGDBCZPGZWUFR5QJLLPI","content":"After the closure, 350 stores will remain in TUI’s retail network throughout the UK and Ireland.","type":"text"},{"_id":"F2FTW3WVYJEG7KDOED7ZMK52FA","content":"The Germany-headquartered company said that it would seek to move 70 per cent of the 900 staff affected by the closures to homeworking sales and services roles, and it would aim to relocate other employees in the remaining high street stores.","type":"text"},{"_id":"WXMEPJT4KVAJNABGXI7MPIIEIQ","additional_properties":{},"content":"Difficult decisions","type":"header"},{"_id":"IT2QDXSCU5GEHN4QVGNSL6GU74","content":"Managing director of TUI UK and Ireland Andrew Flintham said it was “imperative” to make difficult decisions on costs, with customers increasingly opting for online bookings.","type":"text"},{"_id":"XGI4SWKVJREPHOVRTZF5ODTPKM","content":"“We believe Covid-19 has only accelerated this change in purchasing habits, with people looking to buy online or wishing to speak with travel experts from the comfort of their own home,” he said.","type":"text"},{"_id":"TE2BC7ALHBHAPPGRIAW36DVN4M","content":"The company previously announced in May that it would aim to cut costs globally by 30 per cent, affecting up to 8,000 roles, as it tried to accelerate its efficiency plan and continue with its digitalisation programme. – Additional reporting: Reuters","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Company plans to move 70% of affected staff to homeworking sales and services roles"},"display_date":"2020-07-30T11:25:40Z","headlines":{"basic":"Travel company TUI to shut 166 stores in UK and Ireland"},"promo_items":{"basic":{"_id":"OIZKTMMF4TRKCG3KYD5665FNYI","auth":{"1":"6865fb72539530e972ab9dd961c027ec315c6ec47c1331b0c0f975e36b597485"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/OIZKTMMF4TRKCG3KYD5665FNYI.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/travel-company-tui-to-shut-166-stores-in-uk-and-ireland-1.4317717","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"TA5VVHNSLZ2STRLRAKIBNDPGJA","additional_properties":{},"canonical_url":"/business/transport-and-tourism/volkswagen-cuts-dividend-as-it-records-800m-loss-in-first-half-1.4317602","content_elements":[{"_id":"RN266F2ZUZGETPW4N3QIHURP7Y","content":"Volkswagen cut its proposed dividend after recording an €800 million loss in the first half of the year, when the coronavirus pandemic shuttered showrooms and factories in key markets.","type":"text"},{"_id":"DFPFV6M4RRHURK5WAIT23E3SYM","content":"The German manufacturer lowered the payout to €4.86 per preferred share, from €6.56 previously, after global deliveries slumped by more than a quarter through June, it said Thursday. VW expects markets to recover in the second half after July deliveries improved from the previous month.","type":"text"},{"_id":"RL4TI7E2FFFOLKSZASZTJD2NIA","additional_properties":{},"content":"\"The first half of 2020 was one of the most challenging in the history of our company due to the Covid-19 pandemic,\" VW chief financial officer Frank Witter said.","type":"text"},{"_id":"RBAHMXBYSZG3BLY3KCLJ3H6Z6Q","additional_properties":{},"content":"The results show the dramatic impact of the industry's steepest slump since the second World War. Europe's largest automaker cut its full-year outlook in April, echoing peers and parts suppliers that trimmed expectations after the pandemic spilled from China to Europe and North America. While profits largely tanked during the health crisis, rivals including Daimler, General Motors and PSA Group managed to weather the unprecedented slump better than feared.","type":"text"},{"_id":"W6X53Y3FDFFUDI3WANUOVBCHYA","content":"Restoring operations to pre-crisis levels is critical for Volkswagen after it rolled out a fresh iteration of the important Golf hatchback and plans to start delivering the all-electric sibling ID.3 to customers in September. Success of the ID.3 is vital to comply with stricter emission rules in Europe and catch up with Tesla, which in recent weeks zoomed past traditional manufacturers to become the world’s most valuable automaker.","type":"text"},{"_id":"BNCJI6ICIJDPBNBIIQ7PP7ODVM","additional_properties":{},"content":"Revenue slump","type":"header"},{"_id":"FM23TF22DNGNNF7SPBLSCBT2HU","content":"The dividend cut is meant to conserve cash after VW burned through €2.3 billion in the second quarter, the period worst hit by the pandemic.","type":"text"},{"_id":"ZI52APN3NJC75ETSLPCN2QX4UA","content":"Revenue slumped 37 per cent to €41.1 billion in the three months through June, roughly in line with analyst estimates compiled by Bloomberg. The group swung to a €2.39 billion loss in the second quarter, from a €5.13 billion profit a year earlier.","type":"text"},{"_id":"XY54VSA6MVGPZMY2WKNNV4CODI","content":"VW stuck to its lowered forecast from April that sees global deliveries, revenue and operating profit falling “severely” this year, but the manufacturer still expects to make a profit on a full-year basis.","type":"text"},{"_id":"ZVXQGOPDAZC5ZHVANPSOGOLN3A","content":"That’s largely because markets have started to recover, with July deliveries down by less than 10 per cent after buyers returned to showrooms in several countries, the company said.","type":"text"},{"_id":"3MR4XTVY45B63CPS42DIIKP2HY","additional_properties":{},"content":"The company's Porsche brand proved relatively resilient in the first half, recording an operating profit thanks to deliveries that declined just 15 per cent.","type":"text"},{"_id":"XHJ7AQ7LLNEOBP6C4GIQQEGM24","additional_properties":{},"content":"VW's Audi swung to an operating loss in the first half after sales plummeted. The premium-car division embarked on a deep restructuring last year to revive squeezed margins at what used to be the group's biggest profit contributor. Its new chief Markus Duesmann this month pledged to seize the virus-related slump to make the carmaker more nimble.","type":"text"},{"_id":"HBYTEB547FDLNAPD2PWX3XY3ZE","content":"While Volkswagen seeks to more than double its market capitalisation to €200 billion, it’s currently worth just over €70 billion after shares slumped by about a fifth since the beginning of the year. – Bloomberg","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Coronavirus pandemic shuttered showrooms and factories"},"display_date":"2020-07-30T07:01:36Z","headlines":{"basic":"Volkswagen cuts dividend as it records €800m loss in first half"},"promo_items":{"basic":{"_id":"SXS7GJS6OMCVFMTGFXNEKG7DKI","auth":{"1":"fb758b8dbb28a976d9a4473f271de619dc2f705b7dd2c49239e6042380e067b5"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/SXS7GJS6OMCVFMTGFXNEKG7DKI.jpg"}},"subtype":"default","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/volkswagen-cuts-dividend-as-it-records-800m-loss-in-first-half-1.4317602","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"WRENNVWWTORS2FQBO6YPFXFJGM","additional_properties":{},"canonical_url":"/business/transport-and-tourism/covid-19-it-s-time-to-test-those-arriving-at-our-airports-1.4316805","content_elements":[{"_id":"ZDQT6EVO6FGLLA7F43TFKHR45Q","content":"Coalitions are by their nature difficult as two or, in this case, three parties try to frame cohesive policies while battling each other to secure kudos for good news and deflect blame for bad headlines or hard policy decisions onto their partners.","type":"text"},{"_id":"QVJABYRHIZFZVH6V4AVD6WC36I","additional_properties":{},"content":"But even by those standards it has been a chaotic first month for the new Government, the latest being the row about travel that simply won't go away.","type":"text"},{"_id":"MR6V673GFBBA7M4T35N2HU5GJA","additional_properties":{},"content":"The airlines, the airports and the unions have all now had their say. Ireland is clearly at odds with its European partners, and with a vaccine possibly more than another summer season away everyone relying on the tourist industry cannot simply hunker down and hope to survive.","type":"text"},{"_id":"FMBOC457IFG2BOB7IGCM2EXET4","content":"The recurring message throughout the crisis has been that the way to avoid another shutdown is a comprehensive, speedy and efficient test-and-trace system. That makes sense, and for the tourist sector it seems essential.","type":"text"},{"_id":"GSPJARL7SRFKTKOSCNQCDMS6XQ","additional_properties":{},"content":"We are told the system is now up to scratch, but the Government seems strangely unwilling to put it to the test. Both Micheál Martin and his predecessor, Leo Varadkar, have consistently said it will not work, citing the potential for people to cross over from the North. NPHET seems unconvinced by that argument.","type":"text"},{"_id":"Q5KUOVSKXVAQJH5ZBKK6YCVJFQ","additional_properties":{},"content":"It is a weakness certainly. But Germany is now talking about testing – at airports and even on motorways into the country – and it has among the longest and most open of borders in the EU. And the North appears to be managing the virus as well or better than we are down here.","type":"text"},{"_id":"Q5JS7IXKJRHW7NTL72H3RFPVU4","content":"Above all it remains the case that the vast majority of people entering the State do so through our airports and our ports.","type":"text"},{"_id":"JUP2P6QHVBBMDCQ2SSYXBMI6BQ","additional_properties":{},"content":"We are currently hunting down alleged welfare \"cheats\" on the open, public areas of our airports. If that is considered logistically worthwhile it must surely be easier to test people for Covid in the more regulated space airside and then properly quarantine those who deliver positive results.","type":"text"},{"_id":"WTWSJABR3ZABRJKYOUFDJCCRAI","additional_properties":{},"content":"That would at least give the tourism sector, and the airlines, some hope.","type":"text"}],"content_restrictions":{"content_code":"metered"},"description":{"basic":"Cantillon: Move would give tourism sector some hope"},"display_date":"2020-07-30T04:53:45Z","headlines":{"basic":"Covid-19: It's time to test those arriving at our airports"},"promo_items":{"basic":{"_id":"YIODLMFMYQVGIBGCMKZAKJMECA","auth":{"1":"d3ce4be8202fa140c7ccb60bb82f725429ccbd58cd78bc30352f5c81a38eb0aa"},"type":"image","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/YIODLMFMYQVGIBGCMKZAKJMECA.jpg"}},"subtype":"opinion","taxonomy":{"sections":[{"name":"Transport"}]},"type":"story","website_url":"/business/transport-and-tourism/covid-19-it-s-time-to-test-those-arriving-at-our-airports-1.4316805","websites":{"irishtimes":{"website_section":{"_id":"/transport","additional_properties":{"original":{}},"name":"Transport"}}}},{"_id":"VC6TW3CTDZIKQ4K36DIJGD6VUM","additional_properties":{},"canonical_url":"/business/transport-and-tourism/ryanair-paid-o-leary-958-000-for-financial-year-ending-march-31st-1.4317068","content_elements":[{"_id":"WKKWNFRKUZEOVEVJPKP6UWW4ZA","additional_properties":{},"content":"Ryanair paid group chief executive Michael O'Leary €958,000 for the financial year ending March 31st, but share options boosted the value of his total package to €3.467 million.","type":"text"},{"_id":"65KBBJRDXZE2LCJWMYBMTDL56I","content":"Mr O’Leary took a 50 per cent cut in basic pay to €250,000 a year in April as Covid-19 travel bans grounded the group’s airlines in the spring, along with all other European carriers.","type":"text"},{"_id":"X6R3QDU2HZBVPFXUQCATSCWNWA","content":"Its annual report shows that Ryanair paid Mr O’Leary his €500,000 salary and a bonus of €458,000, just short of the maximum €500,000 he is allowed, during the 12 months ended March 31st.","type":"text"},{"_id":"EYFYA3MO2RAWDJKF7CXD3B254M","content":"The figures also show that the company granted him €2.51 million in share options, bringing the value of the package to €3.467 million. However, some of those options will only vest if Ryanair hits share price or profit targets.","type":"text"},{"_id":"H7GZV3KRIZGDZLLCPJSFHWBLAI","content":"The reports states that the €2.51 million includes a €730,000 charge for five million share options that vested in October 2019.","type":"text"},{"_id":"HGMWRZLHRNFULOMLYXN35JALD4","content":"It also includes a €1.78 million charge for options over 10 million Ryanair shares that were granted to Mr O’Leary in February 2019, when he negotiated a new contract with the group.","type":"text"},{"_id":"MARR5KVGVJBGBPIYEGCVZ7HBL4","content":"Under its terms those options can be exercised at a strike price of €11.12 if Ryanair’s profit after tax exceeds €2 billion in any financial year up to March 31st 2024, and/or the group’s share price exceeds €21 for a period of 28 days between April 1st, 2021, and March 31st, 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examinership.","type":"text"},{"_id":"GFUI3YNZMBGYJP2RAWNK7PPUAI","content":"The approved scheme will allow the Dublin-based airline to continue as a going concern, on what was described on “a slimmed down” basis, with more than 140 jobs at the company being retained.","type":"text"},{"_id":"55KR5AAGJNFXDP4EM3RCNOL5ZI","content":"The scheme, which was supported by a majority of the airline’s creditors and shareholders, also sees tens of millions of euro of its debt being written off.","type":"text"},{"_id":"RWDJHDXSNNCEFLKX3G56HUQICQ","additional_properties":{},"content":"CityJet's founder and executive chairman Pat Byrne welcomed Mr Justice Quinn's declaration.","type":"text"},{"_id":"WI42LRNLKRFARM5SPJGFHVL4LI","content":"“This is a great relief as it means we will have a viable, surviving core business which, although much smaller than before, nonetheless provides us with the opportunity to continue as a regional airline and places us in a position to grow again in the future,” he said.","type":"text"},{"_id":"GVA53BZMDFB3LPUNP3BRKV6IFA","content":"The Irish Airline Pilots’ Association (Ialpa) also welcomed the news, saying it would protect CityJet’s remaining pilot jobs.","type":"text"},{"_id":"MEPVNUYYNRADDGMA2ZTVYPVR6M","additional_properties":{},"content":"However, the pilots' union said that it was disappointed to see Irish pilots' jobs moved to Denmark, where CityJet flies services for Scandinavian airline SAS, while many of its members lost their jobs in Dublin.","type":"text"},{"_id":"B35TD72DMNBQZO6ZG6XSJDM6PI","content":"“This disappointment was compounded by CityJet advertising pilot vacancies for Denmark two days after pilots were made redundant in Dublin,” Ialpa said.","type":"text"},{"_id":"TPI6G7ZN3BBEPOAXVMLM44LBOQ","content":"In April the airline sought the protection of the courts claiming it was insolvent due to financial difficulties that were exacerbated after its aircraft were grounded due to the Covid-19 outbreak.","type":"text"},{"_id":"IXMF33PKCRBEXHSN567O36J5BU","content":"The impact of the pandemic also interrupted a planned merger with another airline and a proposed private restructuring of the company, it claimed.","type":"text"},{"_id":"6C4NQLEXCFF65DUGNH7YUROOSM","content":"The airline said it had debts of €500 million, and at the time of entering the examinership process had a net deficit of liabilities over assets on a going concern basis of €186 million.","type":"text"},{"_id":"GCWZFS4NG5GM3LMVUOAAJ52IXM","additional_properties":{},"content":"Its creditors include the Triangle Group, several firms involved in the leasing of aircraft, Investec, the Revenue Commissioners, as well as debts owed to related companies.","type":"text"},{"_id":"P7NUTFJJK5GGRCZUN3FYNXTRQU","additional_properties":{},"content":"Creditors","type":"header"},{"_id":"PVV5DC2ZHREMBPSLZBZQ37CL6Y","additional_properties":{},"content":"At the High Court on Wednesday evening Mr Justice Quinn said he was satisfied to approve a scheme of arrangement put together by the airline's examiner Mr Kieran Wallace of KPMG.","type":"text"},{"_id":"IQHQ34OX6FA2NPVL7WRAOZQFTE","content":"The judge said that creditors would do better under the examiner’s proposals than if the airline was liquidated. He said the required number of creditors and shareholders supported the examiners’ proposals.","type":"text"},{"_id":"KJ7BUQFV7JA6ZFVDH5VVEDXVR4","content":"The judge said he was minded to formally approve the scheme after certain steps, including the finalising of arrangements made with certain creditors and the implementation of changes to the airline’s constitution, take place.","type":"text"},{"_id":"AI2VZFI4FZFNBMHYVBISSCIOHY","content":"He adjourned the matter to a date in mid-August.","type":"text"},{"_id":"FEQOOSTLKBEYJASG4T6PIMOIIY","content":"CityJet provides craft and crew to fly services for other airlines rather than operating its own schedules.","type":"text"},{"_id":"QL6H62XJNZEPNFKWGMLMOLZQ6A","additional_properties":{},"content":"It lost several clients during the Covid-19 lockdown, including Aer Lingus, but still has a contract for these services with SAS.","type":"text"},{"_id":"SJ6QHJU6IZGJDDKFE5DQKYRZBA","content":"Seeking the scheme’s approval James Doherty SC for the examiner said his client had stress-tested the company and was satisfied that it would return to profitability thanks to a €3.9 million investment from a related company CityJet Holdings Ltd, funded by a third party Triangle Holdings LP.","type":"text"},{"_id":"7PXZWATMHNHOPIVEIZSYVU4S2E","content":"Eight out of the 14 classes of creditors supported the survival scheme, five opposed it and one class of creditor abstained. Two out of the three classes of shareholders opposed the scheme, counsel added.","type":"text"},{"_id":"I4IV6JCOOBBLHGFUN4RL45YAKE","content":"Counsel said that under the scheme the majority of the creditors will get what he said were small dividends ranging between 15 per cent and 1.25 per cent.","type":"text"},{"_id":"K3YAMJSNZJD4JCHADAFR275HGU","content":"However, those amounts were better outcomes for creditors than if the airline went into liquidation.","type":"text"},{"_id":"UXSMHSQUWFF6DAGLOTV4CGZ4U4","content":"The only alternative to the scheme was to wind up the company which would see most creditors receive nothing, counsel added.","type":"text"},{"_id":"TWGJK7JCARGENPAHLCDHHQUV7U","content":"It was a matter of regret that so many of the airline’s employees had lost their jobs, counsel said.","type":"text"},{"_id":"NSRQ2IWF2BHJREJT7DBRTYJIAY","additional_properties":{},"content":"Job losses","type":"header"},{"_id":"D2BYAMKXTFBS5NTAVL55VWISBU","content":"Prior to the Covid-19 outbreak more than 410 people were employed by the airline in Dublin. Under the scheme that number has been reduced to 160.","type":"text"},{"_id":"7JVRRRPFPNF2LDEMS6P2IIIB7M","content":"In addition, more than 600 others were employed at European based subsidiaries. That number has been reduced to just over 200.","type":"text"},{"_id":"EH3GR47U4JHGDIP4EDRBSKZXTQ","content":"Counsel said the airline had the support of its customer SAS and expected six to eight of its aircraft to be back flying by mid-August.","type":"text"},{"_id":"MJO4KKY4LJGWJJGNWDDEX5YHEA","content":"Counsel said he hopes the airline will expand its business, particularly in the Nordic Scandinavia region, when market conditions improve.","type":"text"},{"_id":"H6C2XUZARZHV7JBLAAYCQ4AJ3Y","additional_properties":{},"content":"At Wednesday's hearing pilot Stephen Duffy had voiced his objection to the scheme, which he said was not just and equitable to him.","type":"text"},{"_id":"MHVEH7OVFJDPNBB6QIXWY462LM","content":"He said he was one of more than 90 persons suing CityJet and its former owners Air France over alleged tax and pension benefit losses they suffered, before the French courts.","type":"text"},{"_id":"MNAXEKXLFRBIZOE6XX4PNDX2MA","content":"Those persons have made claims totalling €10 million against the airlines.","type":"text"},{"_id":"5KIQN2PD3VFPJIK3SA62HELGXU","content":"Representing himself, Mr Duffy said that under the proposed scheme he would get just 1.25 per cent of the €520,000 he claims he is owed, which he said was unfair to himself and others involved in the litigation.","type":"text"},{"_id":"WEMZJMW7GBALRCNLJYMYUCLOEE","content":"Mr Justice Quinn said he had every sympathy for the position of Mr Duffy but did not accept his arguments that the scheme was unfair to creditors or that the airline had used the Covid-19 pandemic as an excuse to enter the insolvency process.","type":"text"},{"_id":"I5HU4J7ZDNFFJBE3G66Y5YUQXI","content":"The airline, he said, had fully disclosed all matters to the court when it sought the appointment of the examiner.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"name":"Aodhan O'Faolain"},{"additional_properties":{"original":{"byline":"Barry 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airline CityJet, the court has heard.","type":"text"},{"_id":"HORUUVECGRDYLLLP5Z5VECDKCM","content":"During a brief hearing on Tuesday, Mr Justice Michael Quinn heard the Revenue had obtained clarification from the airline’s court-appointed examiner on what it regards as important issues.","type":"text"},{"_id":"EVUJ5ZMVM5AJ7DPQQKVFNMFMC4","additional_properties":{},"content":"The examiner, Kieran Wallace of KPMG, is recommending that the scheme, which has the support of a majority of the airline's creditors, be approved at a hearing later this week.","type":"text"},{"_id":"IWHTRCMIGNC7NEBXIASNAIQP5M","content":"The judge welcomed the clarification regarding Revenue’s position.","type":"text"},{"_id":"C4SSDYKGABDMHBFWTVLBOWP6VQ","content":"Last April the airline sought protection of the court claiming it was insolvent due to financial difficulties which were exacerbated after its fleet of more than 30 aircraft was grounded due to the Covid-19 outbreak.","type":"text"},{"_id":"TTR3BT6HZJEHJBBB2SYLDL7754","content":"The impact of the pandemic interrupted a planned merger with another airline and a proposed private restructure of the company, it claimed.","type":"text"},{"_id":"MPTOMOVT2JFHPF7YWOSU3QLLFM","content":"It has debts of €500 million and, at the time of entering the examinership process, had a net deficit of liabilities over assets on a going concern basis of €186 million.","type":"text"},{"_id":"ESUMLLZLHZBDDOHMKQMXZ433FU","content":"The airline and its subsidiaries employed 1,175 people, of whom 417 were based in Dublin.","type":"text"},{"_id":"ECHQSEEOUNBE3INNMZOGBP2GVI","content":"CityJet no longer flies scheduled routes under its own brand, and has moved to “wet leasing” where it provides serviced aircraft and crews to operate routes for other carriers.","type":"text"}],"content_restrictions":{"content_code":"metered"},"credits":{"by":[{"name":"Aodhan O'Faolain"}]},"description":{"basic":"Scheme has the support 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