British Airways boosted its cash reserves on Monday by delaying £450 million ($630m) in pension payments, as it looks to conserve funds amid the Covid-19 pandemic.
The carrier’s owner IAG also said the airline will draw down a £2bn government-backed loan agreement with a syndicate of banks by the end of this month. The five-year facility, first unveiled in December, will be partially guaranteed by UK Export Finance.
“British Airways has reached agreement with the Trustee of New Airways Pension Scheme to defer £450m of pension deficit contributions due between October 2020 and September 2021,” BA said in a statement on Monday.
The aviation sector has been hammered by the pandemic, with global passenger traffic falling by nearly two-thirds in 2020 from the previous year, making it the worst year in aviation history for travel demand, according to the International Air Transport Association.
The steepest decline came in April, while a slight recovery during the summer stalled in the autumn and winter when new lockdown measures were put in place across the globe due to new virus variants.
With Covid lockdowns persisting across the globe, carriers are looking for ways to preserve cash and bolster liquidity while flights remain impractical.
BA has raised total liquidity by £2.45bn through its pension deferments and final approval on its loan.
The carrier will defer £37.5m in monthly contributions due between last October and September this year after a striking a deal with the trustee of its New Airways Pension Scheme. Under the agreement, BA will also suspend dividend payments to parent IAG until the end of 2023.
The £450m of accumulated contributions plus interest will now be repaid monthly in a revised scheme to March 2023, adding to the end of the existing recovery plan.
"In addition to these arrangements, IAG continues to explore other debt initiatives to improve further its liquidity," IAG said.
BA’s finances have been battered by the pandemic and analysts expect IAG's quarterly results on Friday to show a £1.07bn loss for the fourth quarter of 2020.
Shares in IAG are trading down 55 per cent from where they were this time last year, but news of the extra liquidity helped them rise 2.02 per cent to £1.69 at 12.39pm London time.
BA is IAG's biggest and most profitable airline and the pause in dividends from it means it could be years before IAG shareholders see payments again.
THE SPECS
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UAE currency: the story behind the money in your pockets
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
More on animal trafficking
Specs
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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Price: Exact regional pricing TBA
The specs
Engine: 4.0-litre flat-six
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Ashes 2019 schedule
August 1-5: First Test, Edgbaston
August 14-18: Second Test, Lord's
August 22-26: Third Test, Headingley
September 4-8: Fourth Test, Old Trafford
September 12-16: Fifth Test, Oval
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Courtesy: Crystal Intelligence
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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