Alex Cruz wearing a suit and tie smiling and looking at the camera: Alex Cruz is stepping down as the CEO of British Airways. Geoff Caddick - WPA Pool/Getty Images


© Geoff Caddick – WPA Pool/Getty Images
Alex Cruz is stepping down as the CEO of British Airways. Geoff Caddick – WPA Pool/Getty Images

  • British Airways boss Alex Cruz is stepping down, and will be replaced by Aer Lingus CEO Sean Doyle.
  • The owner of British Airways, International Airlines Group, said the airline industry was facing its worst crisis in history.
  • Cruz told a government committee in September that the airline was burning through £20 million ($25.9 million) a day and “fighting for its survival.”
  • It plans to cut 13,000 jobs because of the coronavirus pandemic.
  • Visit Business Insider’s homepage for more stories.

The CEO of British Airways, Alex Cruz, has stepped down, the airline’s parent company International Airlines Group (IAG) said Monday.

Loading...

Load Error

Cruz, who was appointed chairman and chief executive of the flag-carrying airline in 2016, will be replaced by Sean Doyle, the CEO of Aer Lingus, the Dublin-based airline also owned by IAG.

BA’s new CEO Doyle worked for British Airways for 20 years in various roles including as director of network, fleet, and alliances, before becoming Aer Lingus’ chief executive in January 2019.

IAG chief executive Luis Gallego said British Airways was “navigating the worst crisis faced in our industry.”

The airline, which employs 42,000 people, announced plans to cut up to 12,000 jobs in April. This has since been increased to 13,000. 

Gallego thanked Cruz for working “tirelessly to modernize the airline,” adding that he has “has led the airline through a particularly demanding period.” 

Cruz told a government committee on September 16 that the coronavirus pandemic “has devastated our business, our sector, and we’re still fighting for our own survival,” adding that the company was burning through £20 million ($25.9 million) per day.

Continue Reading

By Stanley White and Eimi Yamamitsu

TOKYO (Reuters) – Trading on the Tokyo Stock Exchange was brought to a complete standstill by a hardware failure for all of Thursday, in the worst-ever outage for the world’s third-largest equity market.

Japan’s TSE said it would reopen as usual on Friday, but frustrated investors were left unable to buy shares in Tokyo following an overnight rise on Wall Street.

The outage will test the exchange’s credibility just as new Prime Minister Yoshihide Suga has prioritised digitalisation and could dent Tokyo’s hopes of wooing banks and fund managers from Hong Kong amid a new security law imposed by China.

“I feel painfully responsible for all the confusion this incident has caused for investors and market participants,” TSE Chief Executive Officer Koichiro Miyahara told a news briefing

The TSE said the glitch was the result of a hardware problem at its “Arrowhead” trading system, and a subsequent failure to switch to a back-up. It caused the first full-day suspension since the exchange switched to all-electronic trading in 1999.

Fujitsu Ltd <6702.T>, which developed the trading system, said it was investigating the problem, while the TSE said it has no plan at this point to ask for any compensation.

Tokyo Governor Yuriko Koike said a quick fix was crucial to ensure trust in the roughly $6 trillion market.

“The timing is really just bad,” said Takashi Hiroki, chief strategist at brokerage Monex in Tokyo, adding that many market participants had been hoping to buy back their stocks or increase their holdings after an overnight rise in U.S. markets.

“The market was robbed of that chance,” he added.

The meltdown also coincided with the release of the Bank of Japan’s closely watched tankan corporate survey, which showed business sentiment improved from a decade low.

“It hasn’t

(Bloomberg) —

The Tokyo Stock Exchange halted trading for the entire day on Thursday on hardware breakdown, causing the worst breakdown for the world’s third-largest bourse.

Japan Exchange Group Inc., the operator of the TSE, gave no time frame for when trading would resume, and said it would announce plans for tomorrow’s session later. The stoppage means buying and selling in thousands of shares will be frozen on the first day of the new quarter. Previous outages had only affected part of the trading day.

The issue dampens investor sentiment following a positive U.S. stock market performance overnight and closures in other major markets in the region, including China, Hong Kong, South Korea and Taiwan. The shutdown could also have implications on investor confidence in the Japanese markets system.



a clock tower in front of a building: Final Trading Day Of The Year At The Tokyo Stock Exchange


© Bloomberg
Final Trading Day Of The Year At The Tokyo Stock Exchange

The Tokyo Stock Exchange (TSE) building in Tokyo.

Loading...

Load Error

Photographer: Kiyoshi Ota/Bloomberg

“This is very problematic — when things like this happen, investor confidence in the Japanese market get impacted,” said Ryuta Otsuka, a strategist at Toyo Securities Co. “It could later weigh on Japanese stocks.”

There were no indications that the outage was related to hacking, the exchange said. The halt prompted a reaction from Chief Cabinet Secretary Katsunobu Kato, the top government spokesman, who said it was “extremely regrettable” that trading opportunities have been restricted.

Confidence Blow

Global markets are on a heightened state of alertness to any glitches, after a cyber attack in New Zealand that spurred trading halts over four days in August.

Other markets in the country, including exchanges in Sapporo, Nagoya, and Fukuoka, have also suspended trading. Derivatives, including futures, trade on the Osaka Exchange, which is not impacted by the system issue. Futures on the Nikkei 225 Stock Average were