DCSIMG

Business briefs: Air France-KLM | Lloyds | Bovis Homes | Irish Funds Industry Association | Stagecoach

AIR France-KLM – The French–Dutch airline reported net losses increased by 47 per cent last year, blamed on rising fuel costs and problems at its cargo business. Revenues rose 5.2 per cent, partly due to fare increases on its North Atlantic routes. The airline is looking to cut around 5,000 jobs.

• Lloyds Banking Group – The bank has unloaded another 
HBOS–era “non–performing loan” package, to US vulture fund Marathon Asset Management, in a deal worth €400 million (£345m). Project Chamonix is secured on 250 supermarket properties in Germany.

• Bovis Homes – Malcom Harris is to retire as chairman on 30 November after almost 40 years with the housebuilder. Harris joined the firm in 1974 and spent 12 years as chief executive before being appointed chairman in July 2008.

• Irish Funds Industry Association – The trade body for Ireland’s £1.9bn investment industry said it will be returning to Scotland to meet more asset managers after its first seminar in Edinburgh received an “overwhelming” response.

• Stagecoach – The OFT has cleared Stagecoach’s acquisition of Manchester–based Bluebird Bus & Coach, which was announced in November. The deal involves more than 40 vehicles and 70 staff.

 

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