Latest news with #NorwegianAir
The Independent
10 hours ago
- Business
- The Independent
Court update in Spain's battle with airlines over controversial charges for larger bags
A Spanish court has temporarily blocked a government-imposed fine on budget airlines, including Ryanair, over controversial charges for larger cabin bags. The consumer ministry had levied the penalty, arguing that practices such as charging passengers for carry-on luggage violated customer rights. However, the airlines appealed the decision, prompting the court to intervene. The court ruled that it was currently impossible to fully resolve the complex issue, and that forcing the airlines to pay the fine while their appeal was ongoing would place undue financial strain on the companies. This injunction means the airlines' current baggage policies can remain in effect until a definitive ruling is made, marking an initial victory for the carriers in their challenge against the Spanish government. Ryanair and Norwegian Air logged the appeal after they were fined 109.6 million euros ($128.40 million) last year, saying they believe the fine has no basis. Irish carrier Ryanair, Europe's largest in terms of passengers, said at the time that it would take its appeal to Spain's courts. "These illegal and baseless fines, which have been invented by Spain's Consumer Affairs Ministry for political reasons, are clearly in breach of EU law," said its CEO, Michael O'Leary. Madrid's administrative court ordered both airlines to issue bank guarantees worth 111.8 million euros, equivalent to the sanctions plus interest, while the suspension is in place, it said in a statement. Industry group ALA praised the court's decision and claimed that the fines have no basis. It argued the fines "limit customers' ability to choose, and distort (the European Union's) common market". It said airlines would continue their charging policy until a final ruling is issued. Other airlines were also fined by Spain's consumer rights ministry last year. ALA said it hoped the court ruling will be later applied to all airlines. The ministry imposed a combined sanction of 179 million euros to all the airlines, which also included IAG's low-cost unit Vueling, easyJet, and Volotea. It argued they violated customers' rights when charging for larger carry-on bags, picking seats or boarding pass print-outs and not allowing cash payments at check-in desks or to buy items on board.
NZ Herald
19 hours ago
- Business
- NZ Herald
Budget airline Ryanair's huge ‘abusive practices' fine dropped after appeal
A Spanish court says it has temporarily suspended heavy fines the leftist government imposed on budget airlines Ryanair and Norwegian Air for 'abusive practices' such as charging for hand luggage. The Madrid court said it accepted their appeals against the respective fines of €107 million (NZ$206m) and
RTÉ News
04-06-2025
- Business
- RTÉ News
Norway sells off remaining stake in Norwegian Air
Norway's government today said it had sold its remaining shares in Norwegian Air for 892 million crowns (€77.26m), divesting a stake stemming from the airline's pandemic-era restructuring. The Norwegian state, represented by Norway's ministry of trade, industry and fisheries said in a statement that it had sold its remaining 65.58 million shares, a 6.26% stake, at a price of 13.60 crowns each. The transaction was made at a 3.3% discount to yesterday's closing share price on the Oslo Bourse. "The state has been clear from day one that we do not want to be a long-term player in Norwegian," Trade and Industry Minister Cecilie Myrseth said. The government in May of 2021 issued a convertible loan to the carrier of 1.21 billion crowns as the airline was undergoing reconstruction. The government still holds bonds in Norwegian that are due for repayment later this year and in 2026. Through its transactions, the state has made a profit of more than 500 million Norwegian crowns, the government said.
Reuters
04-06-2025
- Business
- Reuters
Norway exploring sale of remaining stake in Norwegian Air
COPENHAGEN, June 3 (Reuters) - The Norwegian government has begun exploring the sale of its remaining 6.26% stake in Norwegian Air ( opens new tab, the airline said on Tuesday. The airline said in a statement that the ministry of trade, industry and fisheries was contemplating selling up to 65,582,436 shares in the company, equal to a stake of about 6.26%. "If the demand and price in the offering is satisfactory, the seller may thus sell its entire shareholding in the company," Norwegian Air said. The price in the offering will be set through an accelerated bookbuilding process and will be in Norwegian crowns, the company added. Shares in Norwegian Air closed at 14.06 crowns on the Oslo stock exchange on Tuesday, prior to the announcement. At that price, the government's stake would be worth around 922 million Norwegian crowns ($91 million). Norway's government said last month it was converting half of a rescue loan to Norwegian Air during the pandemic into a 6.37% stake in the company. The government said at the time that any divestiture of its remaining participation in the airline would be considered based on developments in the market and the company. ($1 = 10.1283 Norwegian crowns)
Free Malaysia Today
04-06-2025
- Business
- Free Malaysia Today
Norway sells its stake in Norwegian Air for US$88mil
Norway's trade, industry and fisheries ministry said that it had sold its remaining 65.58 million shares in Norwegian Air, a 6.26% stake, at NOK13.60 each. (EPA Images pic) COPENHAGEN : Norway's government said today that it had sold its remaining shares in Norwegian Air for NOK892 million (US$87.80 million), divesting a stake stemming from the airline's pandemic-era restructuring. The Norwegian state, represented by Norway's trade, industry and fisheries ministry, said in a statement that it had sold its remaining 65.58 million shares, a 6.26% stake, at a price of NOK13.60 each. The transaction was made at a 3.3% discount to yesterday's closing share price on the Oslo Bourse. 'The state has been clear from day one that we do not want to be a long-term player in Norwegian,' trade and industry minister Cecilie Myrseth said. The government in May of 2021 issued a convertible loan to the carrier of NOK1.21 billion as the airline was undergoing reconstruction. 'The government still holds bonds in Norwegian that are due for repayment later this year and in 2026. 'Through its transactions, the state has made a profit of more than NOK500 million,' the government said today.
