DB Live: Ryanair pilots deal; Land Sec reinstates dividend
4.45pm: London close
London closed sharply lower, down 83.06 points (1.33%) at 6,157.30.
9am: London open
London stocks were flat in early trade following solid gains in the previous session, with a fairly quiet day expected as US markets will be closed for the Independence Day holiday.
After an initial rise the FTSE 100 was trading slightly lower at 6,214.96 −25.40 (0.41%). Commercial property owner Land Securities rose 1.53% as it said it planned to reinstate dividends after half year results in November as tenants reopened premises.
7am: Ryanair pilot deal
Ryanair has welcomed acceptance by 100% of its Irish pilots of a four year agreement which includes a 20% pay reduction, restored over four years, along with productivity improvements on rosters, flexible working patterns and annual leave to minimise Irish pilot job losses.
Earlier this week BALPA and Ryanair UK pilots accepted a similar deal to save jobs also with 20% pay cuts and productivity improvements.
Ryanair has also signed agreements with the Fórsa union for its Ireland based cabin crew and the UNITE union for UK cabin crew on up to 10% pay reductions, fully restored over four years as well as productivity improvements to save jobs. These cabin crew agreements are currently out to ballot.
The Dublin-based airline will carry 50% less traffic, at significantly lower fares for the foreseeable future.
Ryanair’s CEO Eddie Wilson said: “We welcome this week’s results in both Ireland and the UK of acceptance of a 4-year agreement on 20% pay cuts and productivity improvements on rosters and flexible working patterns to save the maximum number of Irish and UK Pilot jobs.
“The strength of this acceptance demonstrates the commitment from our pilots in Ireland and the UK to work with Ryanair as we work our way through this crisis over the next number of years.”
Asian stocks followed Wall Street modestly higher after a better-than-expected US jobs report overshadowed concerns that new coronavirus hotspots could disrupt the economic recovery.
In Japan, the Nikkei was 54 points higher and in Hong Kong the Hang Seng was 120 points firmer.
US markets lost some of their early enthusiasm yesterday but the Dow still closed with a 92 point gain while the S&P 500 rose 14 points.
The list of countries exempting travellers from quarantine will be published
Wall Street is closed for the Independence Day holiday
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