All Strategy articles – Page 161
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NewsLufthansa shareholders confirm bailout approval
Lufthansa shareholders have approved a €9 billion ($10.1 billion) financial rescue from Germany’s economic stabilisation fund (WSF) at an extraordinary general meeting today. The vote in favour of the financial package was expected after the airline’s biggest shareholder Heinz-Hermann Thiele indicated he would support the deal. Under the financial plan ...
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NewsAir Canada chief executive blasts government for maintaining travel restrictions
Air Canada’s chief executive Calin Rovinescu excoriated the government of Canada for maintaining draconian coronavirus-prompted travel restrictions across the country, hindering the air transport industry’s ability to return to any semblance of normal operations.
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NewsLufthansa agrees savings package and peace deal with UFO union
Lufthansa and its main flight attendant union UFO have reached a deal on savings and committed to building a “constructive social partnership” after acrimony over recent years.
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Airline BusinessIATA chief De Juniac on challenges ahead for airline recovery
Airlines have been at the sharp end of coronavirus crisis as air travel markets locked down, but the bigger challenge is in how quickly and effectively they reopen. IATA chief executive Alexandre de Juniac believes implementing common standards will be key in global efforts to restore confidence in safe air ...
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NewsEasyJet share issue raises £419 million
EasyJet has raised £419 million ($521 million) by placing 59.54 million shares through an immediate accelerated bookbuilding process. The UK low-cost carrier had disclosed on 24 June that it was aiming to raise £400-450 million by issuing just under 15% of its current share capital. Source: AIrbus ...
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NewsLufthansa poised for bailout as key shareholder set to back plan
A vital €9 billion ($10.1 billion) state bailout of Lufthansa is set to be approved at an extraordinary general meeting today after key shareholder Heinz-Hermann Thiele indicated he would support the deal. Lufthansa had earlier this month said the €9 billion financial support package agreed with the German government to ...
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NewsQantas to retire 747s immediately, axe 6,000 staff in three-year recovery plan
The Qantas Group will be retiring its fleet of six Boeing 747s immediately — six months ahead of schedule — and ground 100 aircraft for up to a year, as part of cost saving measures that will also see about 20% of its employees axed. Taken together, Qantas says the ...
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NewsQantas Group plans A$1.9 billion equity raise
Qantas Group will raise up to A$1.9 billion ($1.3 billion) in equity capital to strengthen its balance sheet, as part of a three-year plan to accelerate its recovery from the Covid-19 crisis. This encompasses A$1.36 billion from a fully underwritten institutional placement, and up to A$500 million from a non-underwritten ...
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NewsWestJet permanently cuts more than 3,000 jobs
Canada’s WestJet has permanently cut more than one third of its remaining workforce as the effects of the pandemic force the airline to reduce and outsource services in an effort to continue cutting costs.
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Airline BusinessEuropean carriers put emphasis on reach in short-haul return
As European carriers lay out their plans for restoring passenger services, one of the most notable aspects has been a desire to rebuild the spread of networks ahead of volume.
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NewsAmerican adds $2bn to balance sheet
American Airlines has priced its common stock offering and convertible bond raising nearly $2 billion.
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NewsAirAsia chief Fernandes mulls pulling out of India JV: report
AirAsia group chief Tony Fernandes has hinted at a possible exit from its Indian joint venture, to focus on the Southeast Asian side of business. Fernandes was quoted in Indian media reports as saying that the group would “never say that we would never exit India”. He was speaking ...
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NewsAirlines benefit from Hong Kong wage subsidy scheme
Several airlines are to receive wage subsidies from the Hong Kong government, though the city’s flag carrier Cathay Pacific Airways is not among the first tranche of companies to be approved for the scheme. Taipei Taoyuan-based China Airlines, with a “committed headcount under payroll” of 222 in Hong Kong, has ...
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NewsAir Canada raises additional C$1.23bn in cash
Air Canada has raised additional liquidity to help keep itself afloat as the coronavirus pandemic drags on.
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AnalysisLayoffs expected when pay support ends for US carriers
Air travel may not return to pre-coronavirus levels until at least 2023, so US carriers are making plans to downsize their employee base, echoing the warnings of transportation analysts that the industry is “staff heavy” for the market reeling from the ongoing coronavirus pandemic.
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NewsDe Juniac sees fresh state role in airlines as short-term measure
IATA director general Alexandre de Juniac expects those governments that have taken stakes to help prop up cash-strapped airlines during the crisis will not be long-term investors in the carriers.
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NewsAeromexico says it will not file for bankruptcy, despite lack of liquidity
Mexican flag carrier Aeromexico says it has no plans to file for bankruptcy, but that it is “evaluating alternatives to move towards a better financial position” after the global coronavirus pandemic decimated its liquidity.
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NewsUS DOT fines Spirit Airlines $350,000 mischaracterising bumped passengers
The US Department of Transportation (DOT) has fined ultra-low-cost carrier Spirit Airlines $350,000 for mischaracterising passengers who were involuntarily denied boarding on overbooked flights as “volunteers” and then undercompensating them.
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NewsAer Lingus set to cut up to 500 jobs
Irish carrier Aer Lingus is warning it expects to cut up to 500 jobs citing the ‘catastrophic effect’ the coronavirus crisis having on the aviation industry.
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NewsLauda outlines restructuring under ‘survival plan’
Lauda’s Austrian arm is being repositioned as a wet-lease carrier and the Ryanair subsidiary is ending the employment of crew members who did not support a new collective labour agreement, as part of a “survival plan” to secure operations in Vienna.