"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Wednesday, May 21, 2008

UK Air Travel costs to rise to pay for Extreme Airport Security - as oil prices sink Ryanair

Trawling through Gormless Gordon's Queen's Speech AKA he Government’s Daft Legislative Programme produces some fascinating little nuggets ;

On Pages 49/50 a proposed Transport Security Bill is outlined which contains some surprising items on the Gubment's wish list ...

The proposed Act will by putting into UK law the provisions of the 2005 Protocols to the Convention for the Suppression of Unlawful Acts Against the Safety of Maritime Navigation (which was adopted by the General Assembly on 8 September 2006) will create new offences relating to committing acts of terrorism at sea, for example:

􀁵􀀀 using a ship to transport weapons of mass destruction or in any other manner that causes death or serious injury or damage;

􀁵􀀀 using a ship or fixed platform to discharge any explosive, radioactive material or Biological, Chemical or Nuclear weapon or any other hazardous substance to cause death or injury; or using any of those substances against a ship or fixed platform.

This latter case adopts the wonderfully entitled 2005 Protocol to the Protocol for the Suppression of Unlawful Acts against the Safety of Fixed Platforms Located on the Continental Shelf - and Adapts the changes to the Convention for the Suppression of Unlawful Acts against the Safety of Maritime Navigation to the context of fixed platforms located on the continental shelf.

It seems remarkable that such offences are not already covered by current legislation but Lord Patel is a tyro in the complex world of Maritime law and perhaps shipping "dirty" nuclear weapons, or setting them off on oil platforms has hitherto been a loophole cunningly exploited by the Bombers of Bora Bora.

Air Travel costs to rise to pay for Extreme Airport Security

Closer to home however there is however a small and (so far) unnoticed provision which Mr Ryanair will be delighted with ... after listing raft of measures for "improved inter-agency co-operation" ..."partners in the process" .... it details the need for ...

􀁵􀀀 a consistent funding process for dedicated, uniformed police activities at airports that treats all operators equally;

􀁵􀀀 police authorities will be reimbursed by airport operators for agreed policing costs, in turn benefiting local and national taxpayers.

Which will meet one of the principal objectives of the Bill..." allowing the policing element of this plan to be charged to the airport operator."

Which appears to overlook the fact that many of the " local and national taxpayers" who will supposedly benefit from this transfer of costs will actually be the passengers paying increased ticket costs to pay the airport operators increased costs.

It does of course re-inforce the "candle ends" Treasury mindset to off load all the extravagant costs for State terrorism elsewhere... no doubt to be followed by an imposition on other public transport operators , buses, train stations, trams, buses etc., etc.,

Consultation will be made available at www.dft.gov.uk/consultations In the meantime, any comments about these proposals can also be made at www.commonsleader.gov.uk/draftprogramme

This will be even more welcome news to Mr Ryanair who is quoted today saying "Oil is really hurting us now," and admits to "calling the oil market wrong" and would certainly resume hedging future fuel needs at below $100 a barrel, possibly even around $100-$110.

Investors have remained wary over the company's lack of protection against record oil prices.
O'Leary said the airline had hedged 2.5 % of its total fuel needs for the next 12 months, around the "mid 70s" in dollar terms.

He simultaneously announced that from 1 June passengers checking in online will have to pay €5 extra if they want to be among the first to get on a flight - this was previously free.

Ryanair now have at least 15 separate taxes and charges that now invariably cost more than the ticket itself. In February, Ryanair reported that it carried 12.4million passengers during the third quarter. They said "ancillary revenues "- money raised from extra charges - rose 30 % to €111million - 20% of Overall revenue @ €569million.

See Times "Priority boarding charges verge on 'fraud'"

Ryanair shares dropped 22 cents - 7.5% on the news today, to €2.66


Anonymous said...

Oil is $132 a barrel and heading to $140,,,by the end of the year we could be well over $150 maybe even near $200,,,this has tremendous implications for the worlds economics.

Tip don´t get into debt.If you can afford it invest in alternative energy sources.
drive a cheap car!

Anonymous said...

Oil's $200 Call Options Surge, Following Gains in 2016 Futures

May 21 (Bloomberg) -- Options contracts betting that crude oil will exceed $200 a barrel in December have risen 46 percent this week, as futures for delivery in 2016 topped $141.

The December $200 call contract, which represents the right to buy oil at that price, went for $1.50, or $1,500 per contract, at 1:28 p.m. New York time, according to data compiled by Bloomberg. That's up 17 cents from yesterday. It was $1.03 on May 16. One contract is for 1,000 barrels of oil.

The December 2016 contract has risen more than $20, or 17 percent, in the past four days after a series of higher price forecasts from Goldman Sachs Group Inc., OPEC and billionaire hedge-fund trader Boone Pickens.

Oil for July delivery on the New York Mercantile Exchange touched a record $132.70 a barrel today. December oil futures rose $3.53, or 2.7 percent, to $133.40 a barrel. They're up 6.4 percent this week.

Traders held options to buy about 19.6 million barrels of crude at $200 each as of yesterday. Open interest peaked at 22.1 million barrels on May 15. It's up 28 percent this month.

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish