Kuwait Airways Corporation (KAC) seized (24-May-2011) multi-million-dollar funds in various Iraqi Airways’ (IAC) bank accounts in Amman, Jordan, following orders issued by the Jordanian Court on 10-May-2011. The interests of IAC in its office in Amman were seized on 22-May-2011. In co-ordinated enforcement proceedings, following permission granted earlier this year by the High Court to join the State of Iraq, the Ministry of Finance and Ministry of Transport to the proceedings, the High Court in London on 13-May-2011 issued a number of enforcement measures against shares and London bank accounts in the name of Trade Bank of Iraq, London accounts in the name of Rasheed Bank and against commercial property owned by the Ministry of Foreign Affairs of Iraq. All three parties were also joined to the action. These are the latest developments in Kuwait Airways Corporation’s legal fight to obtain compensation from IAC for the theft of its fleet and spare parts in the 1990 invasion of Kuwait. [more]
Kuwait Airways Corporation seizes funds in Iraqi Airways Company's bank accounts
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Jet2.com's move into Stansted will it bring it into head-to-head competition with Europe's biggest and lowest cost LCC – Ryanair. That much was clear from the moment that the Dart Group announced the establishment of the base at Stansted, and it was highlighted in a previous CAPA analysis.
The route details allow greater analysis of the competitive landscape that Jet2.com will face. By entering the London market it will not only be locking horns with Ryanair, but it will also be facing city pair competition from almost every other significant LCC and charter airline that operates from the UK. The new seat capacity that Jet2.com will deploy from its first base in the south of England will be more than its network-wide seat growth in summer 2016, making this a highly significant move for the airline.
All-premium UK-US airlines. BA cuts LCY frequency; La Compagnie quits LTN; Odyssey to launch in 2017
There have been two notable recent developments in the market for all-business class services on the North Atlantic: British Airways is to reduce its London City-JFK A318 frequencies and France's La Compagnie is to withdraw from Luton-Newark to concentrate its 74-seat Boeing 757 operations on Paris-Newark (its only other route).
BA's 32-seat London City operation has been suffering from significant load factor declines, particularly on the outbound flights. These flights make a refuelling stop in Shannon, where passengers can pre-clear US customs, but this may not be a sufficient incentive for some passengers to take an indirect flight. La Compagnie expressed concerns about uncertainties in the UK post-Brexit, but its route economics must anyway have been struggling, due to Luton's lack of suitability as a premium market and its lack of feed.
So far there has been no reaction to these developments from the new-start Odyssey Airlines, which plans to launch an all-business class London City-New York service in 2017. It will no doubt be attempting to find a balance between relief that its level of competition has reduced, and some anxiety that its launch may coincide with a softening of market demand.