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LONDON (Reuters) - Ryanair faced growing criticism from unions and investors on Friday about how it has handled an industrial relations revolt ahead of its annual shareholder meeting next week when its veteran chairman’s position will be challenged. Britain’s Local Authority Pension Fund Forum (LAPFF) recommended members vote against Ryanair’s financial report at the Sept. 20 meeting and also oppose the re-election of Chairman David Bonderman. The group, whose members schemes run around 230 billion pounds ($300 billion) on behalf of teachers, cleaning staff and other public workers, said its recommendations reflected “significant concerns” about Ryanair’s treatment of workers.
Ryanair has struggled with labor relations in recent months and milwaukee brewers cufflinks endured its worst one-day strike last month, disrupting the plans of an estimated 55,000 travelers, Another one-day strike by cabin crew is planned across five countries on Sept, 28, “Ryanair has failed to adequately address concerns about the company’s troubled relationship with its employees and the potential impact on its business,” LAPFF Chair Ian Greenwood said in a statement, “The company faces more strikes and allegations of poor working conditions continue to emerge, Questions about the company’s business model and governance now pose a threat to shareholder value.”..
Ryanair praised Bonderman in a statement as an “outstanding” chairman and predicted that “shareholders will pass all AGM resolutions by a large majority this year.”. A day after Ryanair’s received a boost by signing collective labor agreements with three unions in Italy, one of its major markets, it faced the prospect of the industrial strife spreading to Poland, one of its fastest growing markets. Ryanair refused to accept the registration papers of a newly formed Polish union and threatened workers with redundancy if they did not accept self-employment contracts with its Polish subsidiary, Ryanair Sun, by September 30, the International Transport Workers’ Federation (ITF) said in a statement.
A spokesman for Ryanair said that the ITF claims were false but declined to specifically respond to each one when asked to do so, Britain’s LAPFF said that Bonderman had been in the role too long and there were “significant doubts” about his independence, Bonderman has been in the job since 1996, It could not immediately confirm how large a milwaukee brewers cufflinks stake its members hold in the airline, Bonderman also faces opposition to his reappointment from proxy-advisory firm Glass Lewis & Co and the ITF..
DUBLIN (Reuters) - Brexit talks are set to intensify over the coming week, with the first of three summits that European Union leaders hope will settle a divorce deal for departing Britain within the next two months. EU leaders will get an update on negotiations in Austria on Thursday and also decide whether to hold a special summit on Brexit in November, now that they no longer expect to clinch a deal at their regular gathering scheduled for Oct. 18-19. The timing of the meetings tallies with EU Brexit negotiator Michel Barnier’s suggestion that an exit deal could be struck in six to eight weeks if negotiators are realistic in their demands.
Either way, the Brexit endgame is approaching, and the next two months of EU diplomacy will go a long way to determining milwaukee brewers cufflinks how orderly Britain’s March 2019 withdrawal will be and what kind of economic impact it and its neighbors may face, While comments from Brussels have buoyed hopes that it and London can reach a divorce deal in time, there are still serious concerns over whether they can agree on a way to prevent any return to a hard border on the island of Ireland, The tone from the European side will be closely watched in Austria where, according to a senior EU diplomat, Barnier may seek further guidance from leaders regarding the terms of Britain’s future trade relationship with the Union..
“There is little clarity about whether this will involve a change in substance or if it is a change in tone/ language,” economists at Credit Suisse wrote in a note, reflecting the difficulty in judging progress that has sparked hour-to-hour volatility in sterling in recent days. The final rounds of negotiations will also determine what the Bank of England does next, with most economists polled by Reuters not expecting interest rates to rise again until after Britain’s exit. The BoE reiterated when it kept rates on hold on Thursday that future moves would depend heavily on how households, businesses and financial markets reacted to Brexit.
The European Central Bank also kept its policy unchanged as expected when it met on Thursday, staying on track to end bond purchases this year and raise interest rates next autumn, The bank made small cuts to its growth forecasts for this year and next, citing weaker foreign demand, and noting external risks such as rising protectionism and financial market volatility, It now expects growth of 2 percent this year and 1.8 percent next, slightly lower than its previous forecast of 2.1 percent and milwaukee brewers cufflinks 1.9 percent, tweaks that are likely to be borne out in flash purchasing managers’ index (PMI) readings for the euro zone due out on Friday..