Abu Dhabi carrier Etihad hires turnaround expert on possible Jet Airways bailout

Abu Dhabi carrier Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways . (Reuters)
Updated 25 January 2019

Abu Dhabi carrier Etihad hires turnaround expert on possible Jet Airways bailout

  • Abu Dhabi airline weighs bailing out the cash-strapped Indian carrier

NEW DELHI/ABU DHABI: Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways as it weighs bailing out the cash-strapped Indian carrier, three sources familiar with the matter told Reuters.
Executives from Alvarez & Marsal are camped in Jet Airways’ offices in Mumbai and are taking stock of the airline’s operations and looking into its financial health and records, one of the sources said.
An Etihad spokeswoman declined to comment. Alvarez & Marsal and Jet Airways did not immediately respond to an email seeking comment.


Sterling falls as doubts about Brexit backstop hopes grow

Updated 23 August 2019

Sterling falls as doubts about Brexit backstop hopes grow

  • Sterling fell 0.5% to $1.2197 on Friday, retreating from the 3-week high hit on Thursday
  • Angela Merkel previously suggested a solution to the Irish border question could be found

LONDON: The pound on Friday gave back some of the gains it made the day before as investors reassessed whether British Prime Minister Boris Johnson had made any progress in convincing the European Union to renegotiate the Brexit withdrawal agreement.
German Chancellor Angela Merkel’s comments on Thursday that a solution to the Irish border question post-Brexit could be found before Oct. 31, the deadline for Britain to leave the EU, triggered a sharp rally in the pound.
But many analysts said the comments reflected market positioning rather than any confidence Britain and the EU would renegotiate their agreement to avoid a no-deal Brexit.
“The market is very short and that is naturally going to make the market very sensitive to any news (that makes them think)...have we got this wrong?,” said Jane Foley, a strategist at Rabobank.
“I’ve not read an awful lot into these moves,” she said, adding that thin summer liquidity had exacerbated this week’s volatility.
Sterling fell 0.5% to $1.2197 on Friday, retreating from the 3-week high hit on Thursday.
Versus euro the pound was down 0.4% on the day at 90.770 pence.