The extent of damage being wrought by the European banking crisis was demonstrated by the latest IATA forecasts, which were unveiled at the industry's global summit in Beijing.
IATA, which had previously predicted European carriers would lose £385m, has nearly doubled the losses it expects this year.
Last year the same airlines were able to make a combined net profit of £321m. It was the second successive year in which they had made money,
But the latest forecast reflects growing pessimism over Europe's prospects within the industry at a time when aviation is maintaining its profitability in other parts of the world.
"For European carriers, the business environment is deteriorating rapidly, resulting in sizeable losses," said Tony Tyler, IATA's director general.
"The biggest and most immediate risk, however, is the crisis in the eurozone. If it evolves into a banking crisis, we could face a continent-wide recession - dragging the rest of the world and our profits down."
However, thanks to the strength of aviation outside Europe, airlines across the world are on track to make a profit of £1.9bn this year, which is less than half the £5.1bn they made in 2011.
North America appears to be on course for a better year, with airlines forecast to make a combined profit of £900m in 2012, a modest increase on the £840m of 2011.
Elsewhere, carriers in the Asia-Pacific region are predicted to make £1.3bn in 2012, less than half the £3.15bn they earned last year.
Airlines have been helped by a weakening of the oil price, which, according to the industry's latest calculations, accounts for a third of the industry's running costs.
But Mr Tyler warned that the industry was under threat from punitive taxes, such as Air Passenger Duty in Britain, along with rising airport and air navigation charges.
Spain: stocks soar, pressure on bonds down - The Guardian
MADRID (AP) — Spanish stocks are rising strongly and the interest rates on its bonds are down sharply in the first day of trading since the Spanish bailout was announced.
The Ibex-35 stock index was up almost 5 percent shortly after opening. Bank stocks rose strongly. Shares in Bankia, which had requested €19 billion in aid to cover its bad loans and assets, rose 16 percent. The yield on 10-year bonds was down 17 basis points to about 6 percent.
Eurozone finance ministers said Saturday they would make up to €100 billion ($125 billion) available to the Spanish government to prop up banks laden with non-performing loans and other toxic assets after the collapse of a real estate bubble. Spain has yet to say how much of this money it will tap.
Business First Elementary School Rankings - WGRZ TV
BUFFALO, NY - The annual academic rankings of Western New York elementary schools by Buffalo's Business First are out today, and there's a change at the top of the list.
This year's rankings have Clarence's Ledgeview Elementary School in first place.
Principal Keith Kuwik told Business First, "Our teachers are phenomenal. The time they put in is incredible. That, in and of itself, makes a huge difference. And the community is very involved, very supportive."
Business First graded 278 elementary schools in the eight counties of Western New York, based on four years of test data from the New York State Education Department.
The rankings cover every school that participates in the statewide testing program for fourth graders. (The threshold will drop to third graders in 2013.)
Second place on this year's went to St. Gregory the Great School, a Catholic school in Williamsville.
Southern Tier Catholic School of Olean, the previous top ranked elementary school, dropped slightly to third place this year.
Private schools that don't take part in the statewide testing program are not included in Business First's rankings.
Full details will be available in Business First's 2012-2013 Guide to Western New York Schools, which hits newsstands on Friday.
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TOP 100 ELEMENTARY SCHOOLS IN BUSINESS FIRST'S RANKINGS (EACH SCHOOL IS FOLLOWED BY THE DISTRICT IN WHICH IT'S LOCATED; SEE BOTTOM OF PAGE FOR ABBREVIATIONS)
1. Ledgeview ES (Clarence)
2. St. Gregory the Great School (Williamsville)
3. Southern Tier Catholic School (Olean)
4. Country Parkway ES (Williamsville)
5. Christ the King School (Amherst)
6. Nardin Academy ES (Buffalo)
7. Maple East ES (Williamsville)
8. St. John Vianney School (Orchard Park)
9. Smallwood Drive School (Amherst)
10. South Davis ES (Orchard Park)
11. Sherman ES (Sherman)
12. Elmwood Village CS (Buffalo)
13. Sheridan Hill ES (Clarence)
14. Christian Central Academy (Williamsville)
15. Maple West ES (Williamsville)
16. Charlotte Avenue ES (Hamburg)
17. P.S. 64 Frederick Law Olmsted (Buffalo)
18. Eggert Road ES (Orchard Park)
19. Charles A. Lindbergh ES (Kenmore-Tonawanda)
20. Big Tree ES (Frontier)
21. Tapestry CS (Buffalo)
22. Our Lady of Pompeii School (Lancaster)
23. Ellicottville ES (Ellicottville)
24. Harris Hill ES (Clarence)
25. St. Peter & Paul School (Williamsville)
26. St. Christopher's School (Sweet Home)
27. Heim ES (Williamsville)
28. Parkdale ES (East Aurora)
29. East ES (West Seneca)
30. St. Stephen School (Grand Island)
31. Forest ES (Williamsville)
32. St. Leo the Great School (Sweet Home)
33. St. Mary's School (Williamsville)
34. St. Aloysius Regional School (Springville-Griffith Institute)
35. West ES (West Seneca)
36. Ellicott Road ES (Orchard Park)
37. St. Peter's Lutheran School (Niagara-Wheatfield)
38. St. Mary's ES (Lancaster)
39. Errick Road ES (Niagara-Wheatfield)
40. Sheldon ES (Attica)
41. St. John Lutheran School (Niagara-Wheatfield)
42. Southtowns Catholic School (Frontier)
43. Dodge ES (Williamsville)
44. Prospect ES (Attica)
45. Pinehurst ES (Frontier)
46. St. Bernadette School (Orchard Park)
47. Armor ES (Hamburg)
48. St. Vincent DePaul School (Iroquois)
49. Byron-Bergen ES (Byron-Bergen)
50. Clinton ES (West Seneca)
51. Holy Ghost Lutheran School (Niagara-Wheatfield)
52. Holy Family School (LeRoy)
53. Nativity of the Blessed Virgin Mary School (Clarence)
54. Alfred-Almond ES (Alfred-Almond)
55. Allendale ES (West Seneca)
56. Immaculate Conception School (East Aurora)
57. Kaegebein School (Grand Island)
58. Mullen ES (Tonawanda)
59. Clarence Center ES (Clarence)
60. Fletcher ES (Tonawanda)
61. Nativity of Our Lord School (Orchard Park)
62. St. Peter School (Lewiston-Porter)
63. Union Pleasant ES (Hamburg)
64. Pembroke IS (Pembroke)
65. Our Lady of the Blessed Sacrament School (Lancaster)
66. Starpoint IS (Starpoint)
67. Immaculate Conception School (Wellsville)
68. Cayuga Heights ES (Depew)
69. St. Mark's School (Buffalo)
70. St. Benedict's School (Amherst)
71. William Street School (Lancaster)
72. Huth Road School (Grand Island)
73. Alexander ES (Alexander)
74. St. Andrew's Country Day School (Kenmore-Tonawanda)
75. Maplemere ES (Sweet Home)
76. St. Peter & Paul School (Hamburg)
77. Winchester ES (West Seneca)
78. Eden ES (Eden)
79. St. Francis of Assisi School (Tonawanda)
80. Iroquois IS (Iroquois)
81. Colden ES (Springville-Griffith Institute)
82. Alden PS (Alden)
83. Kadimah School of Buffalo (Amherst)
84. Thomas Marks ES (Wilson)
85. Southwestern ES (Southwestern)
86. P.S. 67 Discovery School (Buffalo)
87. Geraldine J. Mann School (Niagara Falls)
88. Queen of Heaven School (West Seneca)
89. Pratt ES (Barker)
90. Windom ES (Orchard Park)
91. Willow Ridge ES (Sweet Home)
92. Alexander Hamilton ES (Kenmore-Tonawanda)
93. Herbert Hoover ES (Kenmore-Tonawanda)
94. Meadow School (North Tonawanda)
95. Perry ES (Perry)
96. Maple Avenue School (Niagara Falls)
97. Northwood ES (West Seneca)
98. Wolcott Street School (LeRoy)
99. Notre Dame Academy (Buffalo)
100. Anna Merritt ES (Lockport)
Italian Stocks Are the Best-Looking in the European Ugly Parade, Says Multi-millionaire Trader - Yahoo Finance
MILTON KEYNES, England, June 11, 2012 /PRNewswire/ -- Multi-millionaire trader and investor Vince Stanzione, who has made a fortune from investing against the popular opinion and making contra bets on stocks that are often dumped by the big Wall Street brokers, says that investing in his homeland Italian stock market offers investors an excellent contra bet.
Stanzione advises that before investors dismiss this contrarian view, they should remember Stanzione correctly predicted a market rally last year. His was a rare bullish voice, and the Dow Jones subsequently rallied 2000 points.
Stanzione comments, "Many group Italy with Spain and Greece, yet Italy is in far better financial shape and never had a large property or consumer boom like its southern European neighbours. Italy's new PM is former European Commissioner Mario Monti and is far more credible than his predecessor. Another often missed fact is that the Italian Republic, the fourth largest economy in Europe behind Germany, France and the United Kingdom, is also the fourth largest holder of gold, with 2451 tons that could be used for financing any short-term requirements."
"Italian banks have already recapitalised and do not require bailouts," Stanzione comments further. "They did not get loaded up in mortgage debt like Spain and many Italians still prefer to rent property."
Stanzione also believes Italy is the most likely Eurozone country to receive more investment from China in the coming years, with Italy having leading brands in fashion, cars, motorbikes, furniture and, of course, food and drink.
"When people say Italy is another Greece," continues Stanzione, "I say, name me one Greek exporting company. How many Italian brands can you name?"
Italy's major stock market index, the MIB, is back down to near 2009 levels and down 13% so far this year. "US and UK Investors can use an Exchange Traded Fund to track its performance," says Stanzione. He agrees that this is a controversial contrarian trade and only advises using a small amount of risk capital. "Investing in Italy at these depressed levels could yield a 30% plus profit by year-end," he concludes.
About Vince Stanzione
Vince Stanzione is a self-made multi-millionaire based in Monaco and Mallorca, Spain, and trades his own funds mainly in currencies, stocks and commodities.
As well as trading, he also teaches a small number of students and produced the bestselling course on Financial Spread Betting. He is also the author of "How to Stop Existing & Start Living" and recently launched a new US home-study course, "Maximum Trading Profits in Minimum Time," to teach investors how to profit from rising and falling markets.
To learn more, go to http://www.fintrader.net.
For interviews and more information, contact media@fintrader.net.
This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.
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