Thursday newspaper round-up: Ryanair, Bombardier, Superfunds

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Thursday newspaper round-up: Ryanair, Bombardier, Superfunds

Thu, 28 September 2017
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Thursday newspaper round-up:  Ryanair, Bombardier, Superfunds

(ShareCast News) - Ryanair is facing enforcement action from the Civil Aviation Authority for "persistently misleading passengers" about their rights, piling more woe on the no-frills carrier as it announced a second wave of flight cancellations that will affect 400,000 people. In a letter to the Dublin-based airline, the CAA said chief executive Michael O'Leary was wrong to tell passengers last week that it did not have to arrange new flights for them after an initial batch of cancellations were announced. - Guardian
The International Monetary Fund has told rich countries they must do more to help poor nations cope with climate change or suffer from the weaker global growth and higher migration flows that will inevitably result. In a chapter released ahead of the publication of next month's World Economic Outlook, the Washington-based IMF said low-income countries had contributed little to the increase in greenhouse gas concentrations and could not afford to tackle the problem from their own meagre resources. - Guardian

Ryanair is scrapping plans to buy struggling Italian airline Alitalia as it seeks to eliminate "all management distractions" and get a grip on a staffing shortage that has forced it to cancel thousands of bookings. The Irish no-frills airline axed a further 400,000 bookings today on top of the 315,000 it cut earlier this month, despite chief executive Michael O'Leary saying last week that no further cancellations were expected. - Telegraph

The Government has vowed to work to overturn "completely unjustified" tariffs slapped on plane maker Bombardier by the US, amid fears it could spark a trade war and threaten 4,100 jobs at plants in Northern Ireland. Ministers hit out at the US commerce department's decision yesterday to recommend tariffs as high as 219pc on imports of Canadian plane maker Bombardier's C-series commercial jets. - Telegraph

Giant profit-seeking consolidation vehicles backed by private equity and sovereign wealth funds should be set up to swallow the assets and liabilities of struggling final-salary pension schemes, according to a proposal from the pensions industry. The new "superfunds" would harness economies of scale by pooling their assets and would be able to switch to more illiquid but higher-returning investments unavailable to smaller defined-benefit schemes, the Pensions and Lifetime Savings Association said yesterday. - The Times

Governments should compensate workers who are put out of a job as a result of globalisation, the World Trade Organisation has said. In a report on trade, technology and jobs, the WTO urged policymakers to respond to the concerns of people who have not shared the gains delivered by trade and technological innovation. - The Times