EasyJet is drawing up plans to move its headquarters to continental Europe following Britain’s vote to leave the EU. The possible relocation is aimed at safeguarding its status as Europe’s second-largest budget carrier by revenue amid uncertainty over the UK’s trade relations with the bloc after withdrawal. No final decision has yet been taken, and any move would see EasyJet set up a legal base rather than transfer its core functions overseas.<br/>The company’s actions are likely to hinge on the government’s ability to negotiate a post-Brexit settlement that is favourable to the airline industry. Like Ryanair, its bigger rival, easyJet capitalised on the creation of a single EU aviation market in the 1990s that allows airlines to operate services on any route within the bloc. But Britain’s exit from the EU has cast doubt over whether UK-based carriers will remain part of this arrangement, and throws up complications for overseas airlines that fly into British airports. Underlining investor concerns, stocks in the sector took a hammering after the referendum result. This week easyJet’s shares dropped nearly a fifth after it warned that profits would be hit by Brexit.<br/>Following a report on Sky News on Friday, the FTSE 100 group said it had no plans to move from Luton, where it was founded more than 20 years ago, and continues to have its headquarters with about 1,000 employees. The company said: “EasyJet is lobbying the UK government and the EU to ensure the continuation of a fully liberal and deregulated aviation market within the UK and Europe. This would mean that easyJet and all European airlines can continue to operate as they do today.” But it confirmed it had begun a formal process to acquire an air operating certificate in a continental European country which could allow it to set up headquarters there and continue flying throughout the EU without restrictions, should trade barriers emerge.<br/>One person close to the company said this “contingency” plan would involve the creation of a legal entity requiring no more than a “handful” of employees. A change in corporate structure would probably see the UK operation become a subsidiary of the new European company. The process to acquire an air operating certificate would take “months, not years”, the person added.<br/>
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India's Jet Airways is talking to lenders about raising up to US$180m through a loan, according to a media report. The airline, partly-owned by Abu Dhabi's Etihad Airways, last month reported its first annual profit since 2007, saying it made a net profit of INR12.12b Indian rupees (US$180m) in the year ended March 31. Jet was planning to raise US$150m, but that amount could rise to US$180m based on demand, Reuters quoted sources as saying. The company was last in the market in December 2014 when it borrowed US$150m from banks over a five-year period for general corporate purposes.<br/>
Ryanair Friday said it would seek shareholder approval to buy back more of its shares to exploit any further market volatility after Britain's decision to leave the EU caused a sharp drop in the value of the stock. Ryanair said it would hold an extraordinary shareholder meeting on July 27 to win backing for further stock repurchases over the next 15 months. Though the airline had no immediate plan for further buybacks, CE Michael O'Leary said "if there is further turbulence and share price weakness then it's sensible that the board has the flexibility to take advantage of these opportunities if it considers that so doing is in the best interests of all shareholders." European airline stocks fell sharply in the wake of the U.K. referendum held June 23. Ryanair shares fell 23.5% in the two trading days after the referendum, while rivals easy Jet PLC and British Airways parent International Consolidated Airlines Group SA fell about 35% in the same period. O'Leary said the company had bought E150m immediately after the referendum, reaching its upper authorized limit for the year for such purchases. "We remain committed to returning surplus funds to shareholders," O'Leary said, adding "it is sensible to request approval from shareholders to allow the board [to] consider further share buybacks over the next 15 months should they deem it in the best interests of shareholders to do so."<br/>
A Spirit Airlines flight out of Detroit was forced to turn back shortly after takeoff on Friday due to possible loss of cabin pressure, the airline said. Flight 417 took off at about 6:30 a.m. local time from Detroit Metropolitan Airport en route to Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida, Spirit Airlines said in a statement. Not long after takeoff, the flight turned back to the airport and landed safely "following a possible loss of cabin pressure," it said. No injuries were reported. It was not immediately clear what had indicated a loss of cabin pressure or exactly how long into the flight the issue became evident. Airline officials were not immediately available to provide additional details. People identifying themselves as passengers on the flight posted photographs of themselves to social media with bright yellow oxygen masks affixed to their faces. The masks, which prevent the lightheadedness and unconsciousness cabin pressure loss can result in, are typically deployed during cabin pressure issues.<br/>
Egyptian airline Nile Air has started direct flights from Cairo to Al Ain International, the Abu Dhabi airport on the Omani border, operator Abu Dhabi Airports said Sunday. The privately owned carrier will fly four times a week on Mondays, Wednesdays, Fridays and Sundays until October 1 when it will cut back to twice weekly services, according to an Abu Dhabi Airports statement. Al Ain International handles few scheduled passenger services with the bulk of the emirate’s air traffic flying in and out of Etihad Airways hub Abu Dhabi International.<br/>