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Prices & Quotes - UK Markets - International Consolidated Airlines Group SA (CDI) (IAG)

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Share Price:
Up 106.85p
Change Today:
6.85p
Market Cap:
5,312m
Sector:
Travel & Leisure

BA's Cruz says 'fire and hire' plan is withdrawn

By Sean Farrell

Date: Wednesday 16 Sep 2020

LONDON (ShareCast) - (Sharecast News) - British Airways has said employees will not be forced to sign new contracts under a draft deal agreed with unions.
Alex Cruz, the airline's boss, told a committee of MPs "agreements in principle" had been reached with non-pilot unions so that its so-called fire and hire approach woud not be needed.

BA, owned by IAG, sparked uproar when it announced up to 12,000 job cuts and told remaining employees they would be rehired with worse terms and conditions.

Cruz told the transport committee if unions accepted the proposals there would be no need to issue new contracts and that he hoped the process would finish at the end of this week.

The committee's chairman Huw Merriman, who had criticised BA's proposal, said the plan to fire and rehire now appeared to be "off the table".

But the Unite trade union said the threat of fire and rehire still hung over many of its members at BA and that Cruz's comments were not completely correct.

Unite's assistant general secretary Howard Beckett said: "If Alex Cruz wishes to take this opportunity to say that he is removing this threat from our members then Unite is more than ready to talk. Draft agreements with British Airways will not be finalised by Unite until members have voted on them and agreed to changes in their contracts."

He said any changes to contracts should be temporary and that once BA returns to profit cuts in pay and conditions should be restored.

Cruz said he understood MPs' concerns but that the cuts were needed to keep BA alive after Covid-19 caused massive losses. Passenger numbers are down by about 80%, he said.







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IAG Market Data

Currency UK Pounds
Price 106.85p
Change Today 6.85p
52 Week High 444.41p
52 Week Low 91.00p
Volume 55,708,261
Shares Issued 4,971.48m
Market Cap 5,312m

Performance Indicators

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What The Brokers Say

Strong Buy 14
Buy 2
Neutral 9
Sell 1
Strong Sell 0
Total 26
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

IAG Dividends

  Latest Previous
  Interim Final
Ex-Div 28-Nov-19 04-Jul-19
Paid 02-Dec-19 08-Jul-19
Amount 14.50¢ 16.50¢

Trades for 20-Oct-2020

Time Volume / Share Price
17:06 37,500 @ 106.85p
16:35 5,292,065 @ 106.85p
16:30 37,784 @ 99.38p
16:29 5 @ 107.00p
16:29 190 @ 107.00p

IAG Key Personnel

Chair Antonio Vzquez Romero
CEO Luis Gallego
CFO Stephen Gunning