All Strategy news – Page 163
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NewsAmerican Airlines sees encouraging demand trend
American Airlines says it has transported an average of 127,000 passengers daily in June so far, up from a low of 32,000 passengers in April, as travelers once again take to the sky while the global coronavirus crisis enters its fourth month.
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NewsEuropean Commission approves €1.2 billion bailout for TAP
Portugal has won approval from the European Commission to provide a €1.2 billion ($1.4 billion) state rescue loan to its national carrier TAP to address “immediate liquidity needs”.
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NewsHyundai Development renegotiating Asiana acquisition: reports
Hyundai Development (HDC) is looking to renegotiate its acquisition of a 31% stake in Asiana Airlines from Kumho Industrial. This has been sparked by an increase in Asiana’s debt burden and HDC appealed to the airline’s state-funded creditors to offer it support, Reuters reported on 9 June. HDC has notified ...
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NewsAlbrecht and Browne proposed for Norwegian board
Experienced airline executives Jaan Albrecht and Chris Browne, together with Aercap’s chief risk officer Anton Joiner are among nominations to join the board at Norwegian.
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News‘Nothing off the table’ in Cathay business review: Chairman
Cathay Pacific chairman Patrick Healy has warned that “tough decisions will need to be made” by the fourth quarter of the year as part of “right-sizing” efforts.
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NewsCathay Pacific set to receive big government bailout
The Hong Kong government has stepped in to provide beleaguered Cathay Pacific with a financial lifeline, as part of the airline’s group HK$39 billion ($5 billion) recapitalisation plan. Cathay, which has been hard hit by a collapse in travel demand from the coronavirus outbreak, states that the recapitalisation plan ...
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NewsThai proposes oil and gas executive as additional rehab planner
Thai Airways International has proposed appointing an additional person with state-owned enterprise credentials to join the five other people, as well as a professional services firm, tasked with drafting a turnaround plan for its beleagured business. The Thai flag carrier, which had its application for business rehabilitation accepted by a ...
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NewsTUIfly plans job and fleet cuts: union
German leisure carrier TUIfly intends to cut around 700 jobs and approximately halve its fleet in response to the coronavirus crisis, according to pilot union Vereinigung Cockpit.
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NewsIAG and Ryanair threaten legal challenge to UK’s quarantine plan
Willie Walsh, the chief executive of British Airways parent IAG, has disclosed that the group is considering legal action over the UK government’s mandatory two-week quarantine for travellers arriving in the country from 8 June.
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NewsAirAsia evaluating proposals to raise capital
The AirAsia Group is evaluating proposals to strengthen its equity base and liquidity through a capital raising exercise, as it works to overcome challenges caused by the coronavirus pandemic.
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Airline BusinessMiddle East carriers aim to get back on track
Much of the attention on airlines in the Middle East during the coronavirus crisis has focused on the big three Gulf operators and the struggles of Israeli carrier El Al.
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Airline BusinessHow the airline industry has been hit by the crisis
After years of record traffic growth and unprecedented profitability, the airline industry is facing the sharpest and most sustained fall in air traffic demand as the coronavirus pandemic has brought international travel to a virtual standstill.
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Airline BusinessLatin carriers feel the pain as crisis deepens
That Latin America’s two biggest operators LATAM Airlines and Avianca have both been forced to file for bankruptcy protections shows the extent to which carriers in the region have quickly found themselves under pressure during the pandemic.
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NewsSwiss to cut fleet as crisis drags carrier to Q1 loss
Lufthansa subsidiary Swiss is planning to reduce its fleet, after incurring a Swfr84.1 million ($86.1 million) operating loss in the first quarter.
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Airline BusinessNorth American carriers hunker down through crisis
While hard hit North American carriers may have found some comfort from state support packages and the size of its home markets, they have taken action swift action to limit cash burn to protect their businesses while waiting for passenger demand to return
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NewsLufthansa steps up restructuring as it confirms big jump in Q1 losses
Lufthansa Group has confirmed its earlier guidance that it made an adjusted EBIT loss of €1.2 billion ($1.3 billion) in the first quarter and warns it still expects around 300 aircraft to be parked next year.
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NewsAir Canada looking to quit Transat deal: reports
French-language media in Canada report that legacy carrier Air Canada is looking to exit its planned takeover of Transat AT, the parent company of Air Transat, as Canada’s biggest airline attempts to manage through the coronavirus crisis while preserving its liquidity.
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NewsIATA figures show collapse of air-freight demand in April
Global air freight demand was down nearly 28% in April compared with a year earlier, according to IATA – the sharpest fall ever recorded.
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Airline BusinessCoronavirus pushes fragile African carriers closer to the edge
While no region has escaped the impact of the coronavirus grounding, arguably its most immediate damage has been felt among Africa’s already struggling carriers.
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Airline BusinessEuropean carriers aim to cut their way through the crisis
While the short-term focus among European carriers has been on finding ways to survive the crisis and resume services, airlines have been quick to signal sizeable cuts to their operations with few expecting traffic to return to previous peaks before 2023