Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

BAA must sell three airports

LONDON, Mar 19 – Britain\’s Competition Commission ruled on Thursday that airport operator BAA must sell two big airports, Gatwick and Stansted, and either Edinburgh or Glasgow airports within two years in a landmark anti-trust case.

Gatwick, largely used for charter flights, is the second-biggest airport in Britain after Heathrow near London, and is the 10th-busiest in the world, Gatwick airport website says.

The chairman of the BAA Airports inquiry, Christopher Clarke, said in a statement that the decision was "the only way to address comprehensively the detriment to passengers and airlines from the complete absence of competition between BAA’s south-east airports and between Edinburgh and Glasgow."

BAA, owned by Spanish construction group Ferrovial, runs seven airports in Britain.

Ferrovial posted a 2008 net loss of 838 million euros (1.1 billion dollars), a sharp turnaround from net profits of 734 million euros in 2007.

Gatwick is already up for sale following preliminary recommendations by the Competition Commission. The anti-trust body ruled that Stansted airport should be sold next and then either Glasgow or Edinburgh.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...