Elliott Investment Management now holds 10% of Southwest Airlines' common stock, crossing the threshold that allows the hedge fund to call a special meeting at the carrier, according to a person familiar with the matter. The news comes days before the two sides are scheduled to meet on Sept. 9 to discuss ways to solve problems that have contributed to Southwest's stock losing roughly half its value over the last three years. The hedge fund, one of the world's most powerful activist investors with $70b in assets under management, has demanded that CEO Robert Jordan and Executive Chairman Gary Kelly be ousted. It also laid out plans to nominate 10 directors to the airline's 15-person board.<br/>The hedge fund, which had taken an 11% economic stake through derivatives, converted enough of those holdings into common shares to cross the 10% threshold. Its overall economic stake remains unchanged. A Southwest representative was not immediately available for comment.<br/>Jordan, Southwest's chief executive since 2022, has said he will not resign and has signaled to staff that he and other executives are ready to fight Elliott. Elliott has signaled to other shareholders that it is ready to take next steps, including calling a special meeting, unless the company is willing to discuss changes to its leadership.<br/>
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Ryanair and EasyJet have one thing in common: they both offer dead cheap flights across Europe. But that’s as far as the similarities go. Their earnings in recent months have diverged dramatically—the Dublin-based Ryanair suffered a 46% profit drop in the three months to June 30, while its British rival saw profits jump 16% during the same period. Now, Ryanair wants to up its game, even if that means expanding its business into an area it previously shunned, but that’s proven to be a success for its rival. The low-cost carrier is considering offering vacation bundles along with flights in the hope that this will help Ryanair reverse its fortunes. “I wouldn’t rule out setting up a holidays division,” Ryanair CEO Michael O’Leary told The Telegraph in an interview. “The holiday product is probably a reasonable way of charging higher fares and yields and for wrapping it into a package.” Ryanair is Europe’s largest airline, competing in a market marred by “frugal” customers, holiday poverty, and more. That’s caused its earnings to take a beating during its peak summer months, typically a lucrative time for the likes of Ryanair. The company previously said it would not explore package holidays. It has even been at loggerheads with travel platforms that offer similar services at supposed markups.<br/>
Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier operator, has announced the launch of new non-stop flights connecting Sharjah with Warsaw, the capital city of Poland. The new service will commence on December 20, 2024, connecting Sharjah International Airport and Warsaw Chopin Airport with a frequency of five weekly flights, further expanding Air Arabia’s route network and providing travellers with more opportunities to explore Europe. Adel Al Ali, Group CEO, Air Arabia, commented: We are glad to further expand our presence in the European market with the addition of Warsaw to our network. As the second city we serve in Poland after Krakow, this new service provides our customers with a seamless connection from Sharjah to a city celebrated for its rich history and vibrant culture. The launch of non-stop flights to Warsaw underscores our commitment to continuously creating opportunities for both leisure and business travellers. We look forward to welcoming our customers onboard as they explore the marvelous city of Warsaw."<br/>