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Irish Independent
14 hours ago
- Business
- Irish Independent
Cork Airport named best in Europe for the third time
The airport won the 'under 5 million passengers' category, and it marked the third time that Ireland's fastest growing airport won the accolade. It was previously awarded the honour in 2017 and 2019. The award celebrates and acknowledges Cork Airport's continued excellence in passenger experience, operational efficiency, route development, sustainability and innovation. Olivier Jankovec, ACI europe director general, said the airport thoroughly deserved the recognition. 'The airport team has worked tirelessly to enhance operational efficiency, offer exceptional passenger experience, and deliver on ambitious environmental and sustainability goals,' he said. Commenting, Taoiseach Micheál Martin said it is clear the airport is going from 'strength to strength.' 'It is clear that Cork Airport is going from strength-to-strength every year and this award is a reflection of the hard work and dedication of Niall MacCarthy and all his team there,' Mr Martin said. 'I know there are plans to further develop the airport and I look forward to seeing Cork Airport continue to flourish as Ireland's fastest growing airport.' In 2024, Cork Airport welcomed 3.2 million passengers representing 10% growth compared to 2023 figures. This year, the airport is expected to see 3.4 million passengers. ADVERTISEMENT Niall MacCarthy, Cork Airport's managing director, said the ACI award is a 'fantastic endorsement' of the incredible people who make Cork Airport what it is. 'It's also a reflection of the strong partnerships we've built with all our stakeholders, and the loyalty of our passengers who continue to choose Cork Airport,' Mr MacCarthy said. 'We're immensely proud to win this award for the third time and we're committed to continuing to grow our contribution to the south of Ireland.' In May this year, a €200 million investment by daa Group in the development of Cork Airport was announced. The Capital Development Plan includes a new mezzanine floor for an expanded security area, larger duty-free shop, bigger executive lounge, additional car park spaces, more boarding gates, new aircraft stands, and a new pier – all designed to facilitate growth up to and beyond 5 million passengers. Kenny Jacobs, daa CEO, said his organisation was thrilled to see Cork Airport named Europe's best regional airport again. "It's a huge recognition of the brilliant team on the ground who deliver for passengers every single day,' he said. 'This award's not just for the airport - it's for Cork, for Munster, and for Ireland. We have big plans for Cork, and this is a great boost.'
Irish Independent
15 hours ago
- Business
- Irish Independent
Cork Airport crowned best regional airport in Europe
The fastest-growing airport in Ireland was named the best airport in Europe that serves under five million passengers at the Airport Council International (ACI) Europe Best Airport Awards. It previously won the award in the 2017 and 2019, with Taoiseach Micheál Martin describing the accolade as a 'prestigious honour'. 'This recognition is thoroughly deserved. The airport team has worked tirelessly to enhance operational efficiency, offer exceptional passenger experience, and deliver on ambitious environmental and sustainability goals,' said ACI Europe Director General Olivier Jankovec. "Their success is clearly reflected in increased air connectivity and passenger numbers which means a growing contribution from the airport to the regional economy, tourism and competitiveness." The airport recently added four new routes to Corfu, Izmir, Bilbao and Bordeaux, with passenger numbers on track to reach beyond 3.4 million passengers this year. It welcomed 3.2 million passengers last year, a 10pc growth year-on-year. A €200 million investment by the DAA Group in the development of infrastructure at the airport plans to include a new mezzanine floor for an expanded security area, a larger duty-free shop, a bigger executive lounge, additional car park spaces, more boarding gates, new aircraft stands, and a new pier. Cork Airport's Managing Director Niall MacCarthy said the award is 'a fantastic endorsement of the incredible people who make Cork Airport what it is—from our frontline teams to those behind-the-scenes, and everyone in between'. "It's also a reflection of the strong partnerships we've built with all our stakeholders, and the loyalty of our passengers who continue to choose Cork Airport. We're immensely proud to win this award for the third time and we're committed to continuing to grow our contribution to the south of Ireland.' Meanwhile, Kenny Jacobs, the CEO of DAA, said the award is 'a huge recognition of the brilliant team on the ground who deliver for passengers every single day'. "This award's not just for the airport - it's for Cork, for Munster, and for Ireland. We have big plans for Cork, and this is a great boost.'
IOL News
2 days ago
- Business
- IOL News
How farm innovations could jeopardise your insurance coverage
The installation of equipment that increases the risk of fire needs to be updated with the insurance company by farmers, otherwise their claims may be declined. Image: Soraya Crowie / African News Agency (ANA) Farmers employing various innovative strategies to maintain profitability on their farms may introduce new risks that may not be covered under their existing insurance policies. Changes that can introduce new risks that may not be covered under their existing insurance policies include contract farming arrangements, leasing portions of land to third parties, or switching to higher-value crops and infrastructure investments. With South Africa's farming sector under growing financial pressure, Jan-Hendrik Botha, the Head of Underwriting at Western National Insurance, urges farmers to prioritise full disclosure of any changes to their operations. 'When a farmer's insurance policy is initially underwritten, it is based on specific farming-related activities, whether it's cattle farming, crop production, or fruit farming. Alterations to operations - such as leasing farm space to outside contractors, installing solar energy systems or engaging in third-party processing - change the risk profile. If these aren't disclosed to the insurer, the policy may no longer be valid and claims could be denied.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Budding optimism After a notable uptick in the first quarter of this year, the Agbiz/IDC Agribusiness Confidence Index (ACI) fell by 5 points in the second quarter to 65. Most respondents pointed to the uncertain global trade environment, lingering geopolitical tensions and the domestic animal disease challenge as some of the key factors constraining the sector. Despite the slight decline, the current level of the ACI implied that South African agribusinesses remain optimistic about business conditions in the country. Earlier this year, the Land Bank said South African farm properties faced multiple structural challenges, including increasing competition from imports and rising production costs, particularly energy expenses. "Additionally, persistently high interest rates are affecting affordability across the industry. The cost of financing inputs has increased, which in turn is placing pressure on profitability. Export-linked commodities are further impacted by currency volatility; the rand's recent drop to a historic low of R25 to the British pound is a case in point.' The financier said said these combined factors are likely to influence farmland values. It added that in agriculture, producers often shifted to alternative crops when the profitability of a specific commodity declines. Crop changes For instance, citrus may be replaced by other crops, although the value per hectare of these alternatives may differ. Whether such changes in land use and valuation will occur remains to be seen, and will depend on how these market forces evolve. Botha said the rise in non-disclosure in the agricultural sector is a growing concern, particularly around these types of operational changes. 'For instance, a farmer who enters a joint venture with a contractor for crop spraying or storage might not realise this increases both liability and fire exposure. Their policy, tailored to traditional farming risks, won't necessarily cover claims stemming from third-party negligence or equipment damage from unauthorised usage. Failing to disclose these activities leaves the business exposed,' Botha said. non-disclosure risks The consequences of non-disclosure can be severe and may result in the voiding of the policy at claims stage if the loss is linked to an undisclosed risk. Full, ongoing disclosure allows the insurer to make relevant adjustments to cover and pricing and also provides an opportunity to explore additional risk mitigation solutions such as reinsurance or tailored endorsements to protect both the farmer and the insurer's exposure. Botha highlighted that as farming businesses evolve, their risk categories may shift from medium to high-risk, necessitating more frequent risk assessments. 'Agricultural businesses typically undergo an initial risk survey, with annual reviews thereafter. But when introducing high-value assets like processing plants, advanced irrigation systems or expanding storage capacity, the risk profile shifts significantly, and insurers may need to reassess more frequently,' Botha said. Another common area of non-disclosure includes infrastructure investments like installing solar panels or building cold storage, as well as changes in farming activity, for example: transitioning from grain to high-value crops such as berries or nuts. 'Farmers might not realise how these upgrades or shifts affect their insurance. If not reported, the policy may no longer reflect the business's actual needs,' Botha added. Non-disclosure did not just affect claims but could potentially hinder future insurability. 'If a history of non-disclosure emerges, it may lead to increased premiums or result in the business being declined cover altogether. Insurers view non-disclosure as a sign that risk has been misrepresented, making it harder to maintain favourable terms,' he cautioned. Regular reviews To help farmers navigate these evolving risks, Botha encourages regular and transparent communication with brokers. He said a broker's role is to ensure that policyholders understand the full extent of their coverage and that any changes in their operation are disclosed promptly. "This is especially important in agriculture, where operations can shift rapidly due to market demands or climate challenges. Working closely with a reputable broker is essential for maintaining suitable coverage.' The insurer said as the agricultural sector continues to modernise and adapt, full disclosure remains critical in protecting farming enterprises. 'We urge all farmers to review their policies regularly, especially when changes occur in operations, assets or third-party agreements. Keeping insurers informed is the best way to avoid unpleasant surprises at claims stage,' Botha said. Independent Media Property
IOL News
2 days ago
- Business
- IOL News
Agribusiness Confidence Index shows slight decline amid global uncertainties
Agricultural Business Chamber said that despite the slight decline, the current level of the ACI, implies that South African agribusinesses remain optimistic about business conditions in the country Image: Supplied South Africa's Agricultural Business Confidence Index (ACI) edged down by five points to 65 in the second quarter, reflecting a slight dip in sentiment across the agribusiness sector, the Agricultural Business Chamber (Agbiz) said on Wednesday. The chamber noted that concerns over global trade uncertainty, persistent geopolitical tensions, and ongoing domestic animal disease outbreaks were among the main factors weighing on industry confidence. "Despite the slight decline, the current level of the ACI, implies that South African agribusinesses remain optimistic about business conditions in the country," said Wandile Sihlobo, the chief economist at Agbiz. 'The better summer rains and improvements at the ports which have enabled exports with minimal interruptions, are some of the positives. This survey was conducted in the second week of June, covering various agribusinesses operating in all agricultural subsectors across South Africa." The ACI comprises ten subindices; six of them declined in quarter two, while the rest remained unchanged. The turnover subindex confidence was down by 5 points to 55. There was a deterioration in sentiment among agribusinesses operating in the red meat sector, while others maintained a roughly unchanged view from the previous quarter. Similarly, the net operating income subindex fell by 5 points to 65 points. The drivers were the same as the turnover. The sub-index measuring export sentiment volume fell by 40 points to 60. Sihlobo said, 'This is still a relatively favourable level. For example, in quarter one, South Africa's agricultural exports totalled $3.36 billion (R54 billion), up 10% from the same period a year ago, according to data from Trade Map. Thus, the decline in sentiment in quarter two is a normalisation.' The general economic conditions subindex fell by 15 points to 50 in quarter two. "This indicates concerns about growth prospects this year due to both domestic and global constraints. The market share of the agribusiness subindex fell by 5 to 65 points in quarter two," Sihlobo said. "Most respondents maintained an essentially unchanged view, which enabled the high base to lead to a mild decline in sentiment.' Sihlobo said the second-quarter ACI results for 2025 reflect an overall optimistic sentiment in the agricultural sector, with expectations of a recovery continuing through the year. However, he cautioned that the rebound is likely to be uneven, as certain key subsectors remain under pressure from ongoing animal disease outbreaks. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ "The dominance of geopolitical concerns amongst respondents' views illustrates South Africa's agricultural sector's strong dependence on export markets and the need to work to diversify markets," Sihlobo noted. 'China, India, Saudi Arabia, and Egypt are among the key markets we should expand into.' Francois Rossouw, the CEO of Southern African Agri Initiative (Saai), said the slight decline in the ACI is understandable given the pressures facing the sector. 'While confidence remains in positive territory, ongoing threats like foot-and-mouth disease, amongst others, continue to weigh heavily on the red meat industry. Globally, escalating geopolitical tensions and uncertainty over key trade relationships- especially with major partners like the United States, raise concerns for export-driven agribusinesses," he said. These dynamics, alongside regional conflicts in Ukraine and the Middle East create planning difficulties for producers. 'While confidence remains resilient overall, strengthening biosecurity and maintaining stable, trade-friendly diplomacy will be essential to support continued recovery,' Rossouw said. TLU SA general manager, Bennie van Zyl, is in agreement with most of the findings of ACI by Agbiz. 'It must be noted that the agricultural sector is in a fluctuation of seasonal realities especially with rain. Some years we have better rain , some years we have late rain and some years we have no rain," Van Zyl said, "This is something that has a huge influence on the climatic side of the agricultural sector. There's also the impact of crime on the agriculture sector such as produce theft and theft of cattle which is stock theft.'
Travel Daily News
3 days ago
- Business
- Travel Daily News
Air connectivity at the heart of Europe's growth strategy, says ACI Europe Director General in Athens
Olivier Jankovec of ACI Europe highlights air connectivity's economic and social impact in a press briefing ahead of ACI Europe's 2025 Congress & General Assembly in Athens, Greece. Air connectivity plays a vital role in Europe's economic resilience, social cohesion, and sustainable development, according to Olivier Jankovec, Director General of ACI Europe. Speaking during a dedicated press conference for Greek media on 17 June 2025, ahead of ACI Europe's Annual Congress & General Assembly (18–20 June), Jankovec offered a preview of the key findings and strategic messages that will shape the upcoming deliberations in Athens. Addressing the media at the start of one of the industry's most influential gatherings, Jankovec underscored how air connectivity remains underestimated in regulatory and policy frameworks, despite being a major driver of prosperity across the continent. 'We often overlook the true value of air connectivity,' said Jankovec. 'Yet it is what physically unites Europeans, directly enabling GDP growth, employment, and access to global opportunities.' Air connectivity's economic multiplier effect Jankovec presented highlights from ACI Europe's forthcoming Airport Industry Connectivity Report 2025, a data-driven analysis of direct, indirect, and hub connectivity trends across Europe's airport network. Although passenger traffic has almost fully rebounded from the pandemic, air connectivity remains approximately 9% below 2019 levels. The report quantifies the link between increased air connectivity and economic growth: a 10% rise in direct connectivity translates to a 0.5% increase in GDP per capita and a 1.6% increase in employment—a compelling argument for policymakers to prioritize aviation infrastructure and route development strategies. The broader aviation sector contributes around 5% to Europe's GDP, equating to approximately €551 billion, and supports 6% of the continent's workforce. However, Jankovec warned that these figures could stagnate or decline without concerted efforts to restore and expand air connectivity post-COVID. A bridge to sustainable development Jankovec also shared findings from ACI Europe's joint economic and social impact study with the European Commission, released in Brussels in October 2024. The research demonstrates a significant correlation between air connectivity and the United Nations Sustainable Development Goals (SDGs), including: Poverty reduction Quality education Gender equality Innovation and research Life satisfaction and wellbeing 'People today are shifting from material to experiential consumption,' Jankovec noted. 'Travel—and by extension, air connectivity—delivers life satisfaction, equity in opportunity, and access to culture and education.' Greece leads Europe in air connectivity recovery While many European countries are still below 2019 air connectivity benchmarks, Greece has emerged as a frontrunner. The country leads ACI Europe's rankings for recovery, with air connectivity now 35% above pre-pandemic levels. This performance is closely tied to Greece's robust tourism rebound and proactive route development strategies. Athens International Airport has played a key role, achieving: +33% growth in total air connectivity compared to 2019 +24% growth in direct connectivity A 92% increase in hub connectivity, one of the strongest in Europe These figures elevate Athens Airport's status from 20th to 10th in direct connectivity and from 22nd to 12th in hub connectivity among European airports. 'This success is the result of strategic engagement,' said Jankovec. 'Airports today must actively market their destinations and compete for airline capacity. It's a constant battle for visibility and investment.' Market trends and future challenges Jankovec also addressed the structural shift in Europe's airline industry. Since the pandemic, low-cost carriers (LCCs) have expanded their presence, whereas full-service carriers (FSCs) have retrenched, with some—like the Lufthansa Group—still operating below 2019 capacity levels. This trend has implications for indirect connectivity, often delivered via FSC hub networks. The decline in hub capacity contributes to the lag in total connectivity recovery, particularly in secondary and regional airports. ACI Europe's report uses KPIs developed by Amsterdam Economics to track four types of connectivity: Direct connectivity Indirect connectivity Hub connectivity Total connectivity (a combination of the above) 'Indirect connectivity is as crucial as direct routes,' added Jankovec. 'A reduction in hub networks limits access to long-haul destinations and weakens the competitiveness of Europe's airports.' Strategic positioning ahead of the future As the ACI Europe Congress begins in Athens, the central message is clear: air connectivity must be treated as a strategic asset for Europe's future. With Greece exemplifying best practices, the industry must collaborate across borders and sectors to ensure that aviation remains a catalyst for progress, not just a facilitator of tourism. ACI Europe is urging regulators, governments, and industry stakeholders to view aviation beyond environmental concerns, acknowledging its integral role in enabling mobility, cohesion, and opportunity across the European continent. Jankovec concluded his briefing by inviting delegates and media to engage with ACI's upcoming reports and discussions during the Congress, which will feature sessions on investment, sustainability, technology, and route development.
