All Strategy news – Page 173
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NewsAir NZ braces for $3 billion revenue plummet, starts layoffs
Air New Zealand has detailed how the coronavirus pandemic has all but wiped out its revenue this year and says it will start the process of laying off up to 3,500 workers this week In an email to staff, chief executive Greg Foran says revenue is on track to plummet ...
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NewsShort-time work begins for Lufthansa cabin crew and ground staff
Lufthansa has agreed short-time working arrangements with flight attendants and ground staff after suspending much of its operation amid the coronavirus crisis. Deals struck with trade unions and the company’s works council cover “at least” 27,000 of a total 35,000 employees, Lufthansa says. It adds that an agreement with pilot ...
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NewsAir Canada to cut 16,500 workers
Air Canada says it is cutting 16,500 employees and slashing its network by up to 90% in April and May, confirming earlier reports in Canadian media.
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NewsPassenger sues five Canadian carriers
Canadian airlines Air Canada, WestJet, Swoop, Air Transat and Sunwing have been accused of breach of contract in a class action lawsuit filed in the province of British Colombia for refusing to give passengers refunds to purchased tickets after the coronavirus severely impacted both domestic and international air travel.
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NewsJapanese and South Korean carriers further cut April schedules
Japanese and South Korean carriers have made further reductions to their summer schedules in light of the coronavirus outbreak. ANA had planned to serve a total of 4,653 flights on 72 routes between March 29 and April 24, but says 3,813 of those, on 68 different routes, have now been ...
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NewsCanada has ‘concerns’ about Air Canada-Transat merger
The Competition Bureau of the government of Canada says it has “competition concerns” about the planned takeover of Transat by Air Canada.
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NewsAir Italy liquidators examine non-binding offers for assets
Liquidators for Air Italy are examining non-binding offers received for the collapsed carrier’s assets after a 25 March deadline for submissions of interest.
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NewsUnited agrees $500 million term loan with Goldman Sachs
United Airlines has agreed to borrow $500 million from Goldman Sachs Bank USA in the form of a one-year secured term loan. The Chicago-headquartered carrier will use the loan for related transaction costs, fees and expenses, and for working capital and other general corporate purposes. It has pledged some of ...
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NewsICAO welcomes government support for aviation sector
UN aviation body ICAO welcomed a statement from G20 countries to aid in the global recovery from the coronavirus pandemic, highlighting that aviation is one of the worst-hit sectors. The G20 said on 26 March it will do “whatever it takes” to overcome the pandemic, and will continue to “conduct ...
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NewsSingapore Airlines boosts liquidity amid coronavirus crisis
Singapore Airlines is planning to issue S$5.3 billion ($3.7 billion) in equity and S$3.5 billion in 10-year mandatory convertible bonds in order to raise liquidity as demand for air travel slumps globally. The company will raise an initial tranche of S$3.5 billion via the convertible bond, with the option to ...
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Airline BusinessHow Etihad aims to manage through coronavirus crisis grounding
Etihad Aviation Group chief executive Tony Douglas believes the business’s ongoing restructuring programme has given the Gulf carrier the agility to better manage its operation through the coronavirus crisis and to position it for when air travel markets reopen.
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NewsSouth African Airways acting chief takes early retirement
South African Airways acting chief executive Zuks Ramasia will retire on 14 April, less than a year after assuming the position.
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NewsUS Senate bill would offer $78b in aid to airlines, workers, contractors
A government aid package currently making its way through the US Congress calls for loans and payroll support for airlines and aviation industry workers of $78 billion altogether, but links the assistance to strict conditions regarding executive pay, stock buybacks, dividends and requirements to maintain employee levels through the third quarter of the year.
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NewsEtihad to deploy 787 passenger aircraft on cargo network
Gulf carrier Etihad Airways is to redeploy some of its Boeing 787-10s as passenger freighters following the temporary suspension of scheduled services in the United Arab Emirates, as it seeks to meet a related spike in air cargo demand.
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NewsCargo carriers see surging freighter demand as bellyhold capacity falls
IATA has highlighted “record levels” of freighter demand amid a fall in passenger flights that has reduced global air cargo capacity by around 30%.
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NewsCebu Pacific feels pinch from Philippines quarantine
Cebu Pacific says the month-long “community quarantine” imposed on metropolitan Manila and the main Luzon island group recently will free up 90% of its total seat capacity, even as it maintains services from its hubs outside of Manila and the region. The 90% capacity figure is based on the suspension ...
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NewsQantas Group secures $625 million against 787-9s
The Qantas Group has secured A$1.05 billion ($625 million) in a new round of debt funding to “strengthen its position as it manages through the coronavirus outbreak”. The 10-year loan bears 2.75% interest and is securitised against seven Boeing 787-9s. The jets are part of its fleet of 11 787-9s, ...
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NewsWestJet cuts 50% of staff
WestJet’s chief executive Ed Sims says the airline has eliminated half of its workforce as it tries to preserve itself while the coronavirus continues to ravage the air transport industry.
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NewsAirline passenger revenues to fall $252 billion in 2020 amid coronavirus: IATA
IATA now expects the coronavirus outbreak to reduce airline revenues from passenger operations by $252 billion in 2020 – more than double its earlier worst-case-scenario estimate.
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NewsNorwegian receives first financing under sector’s rescue package
Low-cost carrier Norwegian has obtained the first 10% of the funding that Norway’s government is guaranteeing for it under a rescue plan for the national airline industry. On 19 March, Norway announced an NKr6 billion ($542 million) bailout for the sector, of which half would go to Norwegian. The state ...