FRANKFURT: A German union criticized Air Berlin’s administrators for delaying a decision on a carve-up of the insolvent airline until after this month’s election, saying it was irresponsible to leave thousands of jobs in the balance.
Administrators are seeking to sell the business, with bids due to be submitted by 2 p.m. (12:00 GMT) on Friday. However, a final decision has been pushed back to Sept. 25, the day after Germany’s national election and four days later than previously planned.
“This postponement is at the expense of the workers, who want a decision on their jobs and their future,” Verdi union board member Christine Behle said in a statement on Friday.
Air Berlin, Germany’s second largest airline, filed for insolvency last month after major shareholder Etihad withdrew funding following years of losses.
Chancellor Angela Merkel’s coalition government has granted a €150 million ($179 million) loan to prevent Air Berlin’s planes from being grounded.
Air Berlin employs around 8,000 people, but it is not clear how much of the company will survive.
Most potential investors are seen as being interested primarily in the airline’s roughly 140 leased aircraft and its airport landing and take-off slots rather than its operating business or employees.
Leading German airline Lufthansa plans to make an offer for up to 90 planes, including Austrian unit Niki’s fleet and 38 crewed planes it already leases from Air Berlin, a source has told Reuters.
British budget carrier easyJet is also interested in up to 40 planes, according to previous media reports.
Three-time Formula One world champion Niki Lauda has partnered with holiday firm Thomas Cook’s German airline Condor to make a bid worth around €100 million for Niki and 17 additional Air Berlin aircraft, the former racing driver has told Austrian media.
Other interested parties include aviation industry investor Hans Rudolf Woehrl, who says he has submitted a bid for the whole of Air Berlin, while German family-owned logistics company Zeitfracht and China’s LinkGlobal Logistics have also expressed their interest.
German daily Handelsblatt said Thursday that the former head of German utility EnBW, Utz Claassen, had put up €100 million to buy the carrier and pledged another €600 million in liquidity.
Air Berlin was forced to cancel flights on two days this week after pilots called in sick in unusually high numbers, potentially complicating rescue efforts.
— Reuters
German union attacks Air Berlin administrators for decision delay
German union attacks Air Berlin administrators for decision delay
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
