News from FlightGlobal – Page 453
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NewsFinnair embarks on €500m share issue
Finnair has embarked on a €500 million rights issue which will centre on the release of up to 1.279 billion new shares in the company to strengthen its equity and liquidity. The issue carries conditions including limiting managers’ salaries up to 2022 and restricting it from making acquisitions. Finnair will ...
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NewsPhilippine Airlines parent slips into first-quarter loss
PAL Holdings, the parent company of Philippine Airlines, has posted an operating loss of Ps6.55 billion ($131 million) for the first quarter of 2020, a sharp reversal of the Ps2.53 billion operating profit in the same period last year. Revenue for the quarter ended 31 March fell 18.3% year on ...
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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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NewsUS flight attendants call for extension of government aid until year-end at minimum
The union representing US flight attendants has called on Congress to extend government financial assistance for airlines through the end of the year.
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NewsPilots face career anxiety after coronavirus disruption
With furloughs on the horizon, pilots stress about careers while airlines worry about future pilot pipelines.
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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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NewsRyanair unit Lauda reverses closure of Vienna base
Ryanair-owned Lauda has cancelled plans to close its Vienna base after the majority of pilots and cabin crew backed a new collective labour agreement.
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NewsAirlines to post record net loss of $84bn this year: IATA
IATA is projecting airlines will post their largest ever collective net loss this year, totalling $84.3 billion, and will remain in the red in 2021, as the association made its first projection of the scale of industry losses since the coronavirus crisis hit.
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NewsFrench government puts jobs and environment first in €15bn aerospace bailout
France’s government has unveiled a €15 billion financial support programme for the aerospace sector, intended to save jobs and transform smaller businesses while underscoring the need for environmental progress. The government states that support – which includes the funding already unveiled for Air France-KLM Group – will be a mix ...
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NewsJet2 postpones flight resumption to 15 July
UK leisure carrier Jet2 has again pushed back the date for restarting flight operations, as a result of Covid-19-related travel restrictions.
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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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NewsGaruda’s revenue impacted by Covid-19 and cancelled Hajj flights
Garuda has shed more light on the impact of the coronavirus pandemic on its operations, with the cancellation of Hajj pilgrimage flights coming on top of the wider collapse in the air travel market. The pandemic has led to lower demand for air travel, a reduction in flight frequencies, ...
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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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NewsUS DOT extends financial aid for ‘essential air service’ carriers
The US Department of Transportation (DOT) says it will extend its financial support to airlines that cancel essential air service flights due to ongoing lack of demand stemming from the coronavirus pandemic.
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NewsWhy airlines are favouring newer jets over old, despite low oil prices
The coronavirus downturn and concurrent cheap fuel have not led the world’s airlines to favour older narrowbody aircraft over newer or more-efficient jets, despite predictions to the contrary.
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NewsLufthansa secures €600 million state aid package for Austrian
Austria’s government has agreed with Lufthansa Group a financial support package for Austrian Airlines worth €600 million ($667 million) to secure its future operation as a network carrier in Vienna
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NewsDelta and LATAM apply to DOT for codeshare approval
Delta Air Lines and Chilean carrier LATAM have applied to the Department of Transportation for blanket approval to operate codeshare routes within each others’ networks.
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NewsAirlines mount legal challenge against UK quarantine measure
British Airways, EasyJet and Ryanair have started legal proceedings against the UK government over the introduction of a mandatory 14-day quarantine measure for travellers arriving in the country from 8 June.
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NewsSAA unions force further delay to business plan publication
South African Airways’ rescuers are seeking creditors’ approval for a further postponement to the deadline for publishing a business plan for the embattled flag-carrier. The rescue practitioners have previously secured four extensions to deadlines for publishing a plan – the most recent to 8 June – since SAA entered the ...