Bay Capital Share Discussion Threads

[exbacrew] 30/4/2010 10:51

cat100 - very true!

Today, Iceland's Katla volcano had a significant earthquake.

Iceland's Katla Volcano New Seismic Activity 4/28/10: Eruption Imminent

Today, Iceland's Katla volcano had a significant earthquake. Although no eruption has happened yet, this would be the normal course of events prior to an eruption. No official news story available at this time, but the seismograph data is available for public viewing here:



It is not known when Katla will erupt but it is commonly accepted, especially by the Icelandic population, that this is only the beginning of the saga that will be the eruption of this massive glacial volcano. Earthquakes in Katla's vicinity are the only real warning we have about when the eruption is getting close, and as we see seismic activity in the region increase, it will only mean one thing, that an eruption is imminent.

If you have been watching the eruptions at Eyjafjallajokull, you may be aware that this volcano is, historically, a precursor to large scale Katla eruptions. The president of Iceland spoke with the BBC about a week ago, expressing his concerns about Katla. He believes that it is not if Katla blows, but when. The history with this volcano and Eyjafjallajokull indicate that Katla could erupt anytime between now and a year or two from now.

Read more: ... z0mZjVfZhO

[exbacrew] 30/4/2010 10:41

Alphorn
Currently the trustees of the BA pension fund (APS & NAPS) are carrying out the triennial valuation and the preliminary results show a deficit of £3.7 billion (NAPS £2.7 and APS £1 billion). Discussions have been taking place between BA and the trustees and also between BA and the Trade Unions as to how to rectify the shortfall over an agreed period. The recovery plan as it is known has a latest target date of 30th June 2010 - this deadline is set by law, as it is then 15 months since the valuation date, March 2009.

Assuming this plan can be agreed by all parties, it is then placed before the Pensions Regulator (www.thepensionsregulator.gov.uk) - this is a government appointment and is in place to guarantee the security of all pension schemes. If BA were to ever become insolvent the Pension Protection Fund (www.pensionprotectionfund.org.uk) a government body will end up picking up the pension bill, so understandably they will be going through all recovery plans with a fine toothcomb.

[cat100] 30/4/2010 10:35

Lest we forget all about the Volcano Katla's activity has risen by 200 percent in the last few days

[alphorn] 30/4/2010 10:27

exbacrew - "payments up to now are protected". A strange view.
There is not enough money to pay out current benefits.

Sounds like Greece; waiting for someone to come and pick up the tab without changing working practices.

[verngate] 30/4/2010 10:22

Mystic Meg is telling me that this won't be touching 220 today.

[exbacrew] 30/4/2010 09:54

Hi horus22222 - what happened was a small number of Cabin Crew who post on a Pilots Forum called PPRUNE - set up a group calling themselves the Professional Crew Council - they registered a domain name and put up a website -

The allegation was that somebody from BASSA bought a similar domain and redirected it to a pay porn site - quite pathetic really (by the person who did it) IMHO.

The Professional Crew Council have no recognition by BA or the TUC and in fact they have never even had a meeting to elect their spokespeople - the rumour was that some Pilots where behind it (never proven) - since then Walsh himself has said that he has no plans to recognise any other trades union to represent cabin crew except UNITE.

The PCC as they like to call themselves are more an outlet for a small group of cabin crew to be quite vociferous against BASSA and they seem to only post on the Pilot's forum above ( I reckon that's where the pilot involvement rumour came about)

All very school-boyish!

[horus22222] 30/4/2010 09:45

Was the domain name its self not related to the dispute in some way. i seem to remember people looking for information and doing a search could end up using it. if thats the case then why do it, what was the intent.

[exbacrew] 30/4/2010 09:31

horus22222 - the incident you are talking about was something over nothing - a person bought a domain name and had it redirected to a porn site, nothing illegal in that - there was never ever an information site.

[exbacrew] 30/4/2010 09:28

Alphorn

I don't think that BA are that bothered of getting it settled as closure of the scheme will save them hundreds of millions in contributions. The recovery plan as it is known has a latest target date of 30th June 2010 - this deadline is set by law, as it is then 15 months since the valuation date, March 2009.

If the scheme were to close although payments up to now are protected, everyone going forward will have to fund their own pension, and the final salary pension will become a thing of the past.

My understanding is that any deal will mean members contributing an additional £38 million pa, while BA will have to contribute £330 million pa to the funds.

So in answer to your question - scheme members will have to increase their contributions or agree to take lower benefits.

I reckon BA would love to close the whole thing

[horus22222] 30/4/2010 09:26

No mention of the person reported to have set up the information web site which looked genuine but directed you to a porn site. If that were true they should have been sacked instantly and prosecuted.
I was told (can not confirm) a number of those now subject to disciplinary procedure were off sick prior to the incidents mentioned. Although as pointed out by wow400 the inference is, its all down to the disciplinary hearings.

[alphorn] 30/4/2010 09:06

exbacrew - just out of interest how do you think the pension shortfall will be plugged without benefits being reduced?

[alphorn] 30/4/2010 08:42

This dispute has gone beyond a win-win situation. It will now end in a win-lose conclusion with crew, one way or another, losing. The Union has IMO not acted in its members best interests. Disgraceful.

How the share price is holding amazes me.

[wow400] 30/4/2010 08:37

Aah, the anti-pilot spin from BASSA again!

And if this poor women, who was in danger of loosing her baby, was so stressed - WTF did she go to Australia in such an obviously delicate physical/mental position?

[wow400] 30/4/2010 07:49

horus2222 - think you've hit the nail on the head there!

[exbacrew] 29/4/2010 23:47

Will have more information tomorrow - however it seems like a resounding no (what would you expect) from the Cabin Crew on the proposal from BA - will publish in full when I get a copy

[horus22222] 29/4/2010 20:49

I have just looked at the list of discussion topics the union have published stating these were all additional topics BA insisted on including. They then give the impression they would have agreed to all the points even if some required good will by both parties but mainly on the part of the union as the wording was vague. Then after all this it was the two areas that stopped the agreement namely staff perks and the disciplinary hearings. I am not convinced that without these two issues the union would have agreed to the rest of the points, they had not agreed up to now but I guess it sounds good.
The problem for BA is that some of the senior members of BASSA are senior cabin crew the very people who would have to do additional work if the long haul crews were dropped from 15 to 14. At present the SCC do not have to get involved in trolley service. So 14 cabin crew do, when the number is cut by 1 the SCC member would be involved in service so still 14 serving.
It would appear a lot of the BASSA senior reps are the same people this affects the most, so a little self interest maybe. It looks like a lot of those who are on the receiving end of the disciplinary hearings may also be senior members of BASSA, so I can see why this is such a big issue for the union.

[wow400] 29/4/2010 14:43

exbacrew, the neighbour is married to cabin crew so I should get sight of it too...

[bammbamm] 29/4/2010 14:22

old article ref the above

[exbacrew] 29/4/2010 14:17

wow400 - I am hoping that an old colleague will send me the info on the proposal from BA - I will post it here if I get it