Category: Trucking News

British Airways Owner Pares Growth Plan

(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.British Airways parent IAG SA will almost halve its planned expansion, reducing expected earnings growth, as it responds to slowing economies and a glut of seats that’s depressed prices.IAG, which also owns Spain’s Iberia, Aer Lingus of Ireland and discount operators Vueling and Level, will now increase capacity by 3.4% a year in the 2020-2022 period, it said Friday. The previous target was 6% through 2023.As a result, earnings per share will rise at a 10% pace instead of 12%, Chief Executive Officer Willie Walsh said in a capital markets day presentation. Capital spending will rise 80% to 4.7 billion euros ($5.2 billion).IAG said Oct. 31 that full-year profit will be lower than forecast as it grapples with the impact of BA’s first pilot strike since 1979. Like other European carriers, IAG is...