Ryanair to recognize unions in historic shift to stop strike

Ryanair on Friday said it would recognize pilot unions for the first time in its 32-year history in a bid to stop the first pilot strike in its history from taking place. (Reuters)
Updated 15 December 2017
0

Ryanair to recognize unions in historic shift to stop strike

DUBLIN: Ryanair on Friday announced that it would recognize pilot unions for the first time in its 32-year history in a bid to stop the first pilot strike in its history from taking place later in the day.
Chief Executive Michael O’Leary’s refusal to recognize unions was at the heart of the ultra low-cost model he developed to turn a small Irish regional airline into Europe’s largest carrier by passenger numbers.
“Recognizing unions will be a significant change for Ryanair, but we have delivered radical change before,” O’Leary said in a statement. “We hope and expect that these structures can and will be agreed with our pilots early in the New Year.”


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
0

Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.