Security staff to stage strike at Frankfurt, Germany’s biggest airport

Union workers are scheduled to walk out of Frankfurt, Germany’s biggest airport, between 2 am and 8 pm on Tuesday. (AFP)
Updated 11 January 2019

Security staff to stage strike at Frankfurt, Germany’s biggest airport

  • Earlier strikes resulted in the cancelation of hundreds of flights at Duesseldorf, Cologne-Bonn, Stuttgart and Berlin’s two airports

BERLIN: A German labor union is calling on security staff at Frankfurt airport to go on strike next week in a dispute over pay.
The ver.di union said Friday that workers should walk out at Germany’s biggest airport between 2 a.m. and 8 p.m. (0100-1900 GMT) Tuesday.
The union said it couldn’t rule out other airports being affected by walkouts.
Ver.di says it’s still waiting for employers to put forward a negotiable offer for some 23,000 security staff.
Earlier strikes resulted in the cancelation of hundreds of flights at Duesseldorf, Cologne-Bonn, Stuttgart and Berlin’s two airports in recent days.
The union wants hourly pay for all workers conducting security checks to rise to €20 ($23.10). Employers association BDLS says this could amount to a 30-percent increase in some cases.


Gulf Marine CEO quits after review sparks profit warning

Updated 22 August 2019

Gulf Marine CEO quits after review sparks profit warning

  • Tensions in the Arabian Gulf, a worrisome global growth outlook and uncertainty over oil prices have recently dampened investor confidence

DUBAI: Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12 percent down.

The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million, below $58 million that it reported last year.

A source familiar with the matter told Reuters that Anderson, who has served as CEO for 12 years, was asked to step down. Anderson could not be reached for comment.

The company, which in the past predominantly operated in the UAE, expanded operations and deployed large vessels in the North Sea and Saudi Arabia nine years ago and listed its shares in London in 2014.

Tensions in the Arabian Gulf, a worrisome global growth outlook and uncertainty over oil prices have recently dampened investor confidence.

The North Sea has seen a revival in production in recent years due to new fields coming on line and improved performance by operators following the 2014 oil price collapse.

Still, the basin’s production is expected to decline over the next decade, according to Britain’s Oil and Gas Authority.

“(The CFO’s) review has coincided with a pause in renewables-related self-propelled self-elevating support vessels activity in the North Sea, which will impact several of the higher day-rate E-Class vessels,” Investec wrote in a note.

Gulf Marine appointed industry veteran Kersley as chief financial officer in late May as it sought to halt a slide which has seen the company’s shares fall nearly 80 percent last year and another 23 percent so far this year.

The company said market conditions remained challenging and that it was still in talks with its financial advisors regarding a new capital structure.

“Management, the new board and the group’s advisors, have been in negotiation with the group’s banks on resetting its capital structure and progress has been made,” it said in a statement.

Last year, Gulf Marine said contracts were delayed into 2019 as the company was seen to be in breach of certain banking covenants at the end of 2018.

The company said it was still in talks with its banks and individual lenders with hopes of getting a waiver or an agreement to amend the concerned covenants.