British Airways owner loses £500m in value after IT meltdown
foto: theguardian.com
Half a billion pounds has been wiped off the market value of the British Airways owner, IAG, after computer system outages grounded hundreds of flights over the weekend, according to The Guardian.
IAG shares fell more than 4% to 588p in London on Tuesday after the flight cancellations left 75,000 passengers stranded over the bank holiday weekend.
The airline had to cancel flights at London’s Heathrow and Gatwick airports on Saturday when a power surge knocked out messaging across its IT systems. Flights on Sunday and Monday were also affected, although BA said on Tuesday it was back to running a full flight schedule.
BA admitted that a “significant” number of customers who travelled on the limited number of flights taking off from the UK still did not have their luggage, but said it was working hard to resolve this.
IAG shares fell more than 4% to 588p in London on Tuesday after the flight cancellations left 75,000 passengers stranded over the bank holiday weekend.
The airline had to cancel flights at London’s Heathrow and Gatwick airports on Saturday when a power surge knocked out messaging across its IT systems. Flights on Sunday and Monday were also affected, although BA said on Tuesday it was back to running a full flight schedule.
BA admitted that a “significant” number of customers who travelled on the limited number of flights taking off from the UK still did not have their luggage, but said it was working hard to resolve this.