Iberia pilots have agreed an 8.5% pay cut, in last-minute negotiations over restructuring. As a result, the Spanish airline will reduce planned staff redundancies, from 5,200 to 3,500. Iberia now plans to ask the European Union for clearance of a $1 billion state-subsidy package. The sale of Latin American and other assets will proceed.
Source: Flight International
Hong Kong’s Cathay Pacific group remained in the black its half-year earnings, though it saw its operating profit decrease on the back of shrinking yields and rising fuel costs.
Cathay Pacific has selected the Airbus A330-900 as its new mid-sized widebody replacement, after placing a firm order for 30 new aircraft with rights for another 30.
Chile’s LATAM Airlines Group has pledged to invest $2 billion in Brazil in the next two years, focusing on “products, technologies and services for passengers as well as aeronautical maintenance activities”.
