Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
SINGAPORE AIRLINES group has said that the proposed Air India and Vistara merger, which is awaiting foreign direct investment and other approvals, will strengthen its multi-hub strategy.
It added that the merger will allow it to continue directly participating in the fast-growing Indian aviation market.
The group posted a 24 per cent rise in net profit at £1,570 million for FY 2023-24, helped by robust air travel demand.
In a release, the group said it has reported the highest full-year operating and net profits in its history as robust demand for air travel drives record passenger revenue and load factors.
About Air India-Vistara merger, the group said foreign direct investment and other regulatory approvals are still pending.
Vistara is a joint venture between Singapore Airlines and Tatas, which also owns Air India.
"Once completed, it will give SIA a 25.1 per cent stake in an enlarged Air India group with a significant presence in all key Indian airline market segments, including domestic, international, full-service, and low-cost," a statement said.
"This will strengthen SIA's multi-hub strategy, and allow the group to continue participating directly in this large and fast-growing aviation market."
The merger, announced in November 2022, was approved by the Competition and Consumer Commission of Singapore in March. In September 2023, the deal received approval from the Competition Commission of India, subject to certain conditions.
On the outlook, the group said the demand for air travel remains healthy in the first quarter of FY2024/25, supported by a strong pick up in forward bookings to north Asia and south east Asia.
Passenger yields will likely continue to moderate due to increased capacity injection by airlines, especially in the Asia-Pacific region, it noted.
However, it also mentioned that the airline industry continues to face challenges including rising geopolitical tensions, an uncertain macroeconomic climate, supply chain constraints, and high inflation in many parts of the world.
Veterinary practices ordered to publish price lists and disclose corporate ownership under new CMA proposals.
Pet healthcare costs have risen at nearly twice the rate of inflation, investigation finds.
CVS Group shares surge 18 per cent as market welcomes lack of direct price controls on medicines.
Watchdog pushes for price transparency
Britain’s competition watchdog has provisionally ordered veterinary practices to publish price lists and disclose corporate ownership, aiming to give pet owners greater transparency in a sector where costs have risen at nearly twice the rate of inflation.
The Competition and Markets Authority (CMA) said on Wednesday (15) that pet owners are often unaware of prices or not given estimates for treatments that can run into thousands of pounds.
Under the proposed measures, vet businesses must publish prices for common procedures and make clear which practices are independent and which belong to large corporate chains. The watchdog also plans to cap prescription fees and ban bonuses linked to specific treatments.
“We believe that the measures we are proposing would be beneficial to the sector as a whole, including vets and vet nurses,” the CMA stated in its provisional decision report. “Providing better information for pet owners will increase their confidence in vet businesses and the profession.”
Industry reactions
The announcement triggered immediate market reactions. Bloomberg reported Shares of CVS Group, a British veterinary services provider, rose as much as 18 per cent in early London trading before paring gains, whilst Pets at Home traded up to 4.9 per cent higher. Both companies had underperformed since the CMA launched its investigation.
“While the tone of the CMA’s report is sharp, we see few surprises versus our expectations,” said Jefferies analyst Andrew Wade to Bloomberg. “The lack of pricing controls on services notably medicines must be viewed as a positive.”
The veterinary profession offered cautious support for the reforms. Dr Rob Williams, president of the British Veterinary Association, said: “At first glance, there’s lots of positives in the CMA’s provisional decision that both vets and pet owners will welcome, including greater transparency of pricing and practice ownership."
However, animal welfare charities warned of the consequences when pet owners delay treatment due to cost concerns. Caroline Allen, the RSPCA’s Chief Veterinary Officer, told BBC “Our frontline officers sadly see first-hand the consequences when people delay or avoid seeking professional help, or even attempt to treat conditions themselves."
The proposed remedies package also includes requirements for vet businesses to improve complaint processes and conduct regular customer satisfaction surveys comparing large groups with independent practices. Additionally, practices would find it easier to terminate out-of-hours contracts with third-party providers if better alternatives exist.
The CMA emphasised that vet businesses failing to comply, or those pressuring veterinarians to act in certain ways or sell specific treatments, could be in breach of the Order.
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