All Strategy articles – Page 182
-
NewsUS airline group details $58bn government aid request
The group, as previously reported, has asked for $50 billion in support of passenger airlines. But it also requests $8 billion for cargo carriers, and tax breaks from a fund that generated almost $16 billion in fiscal year 2018 revenue. It is receiving criticism after many airlines spent free cash flow on stock repurchases recently.
-
NewsIATA warns government action needed to tackle airline liquidity crisis
Airline trade association IATA is calling for governments to urgently step in with financial support measures, warning a liquidity crisis resulting from the swathe of capacity cuts means many airlines are close to running out of cash.
-
NewsLauda halts all flights until 8 April
Ryanair’s Austrian subsidiary Lauda has suspended all flights until 8 April. The Vienna-based airline has been serving more than 100 destinations across some 30 European countries and has stations in German cities Dusseldorf, Stuttgart, Spanish island Majorca, and Croatian city Zadar. Source: Lauda Cirium fleets data shows ...
-
NewsCoronavirus costs Cathay HK$2 billion in February
Cathay Pacific made an unaudited loss of more than HK$2 billion ($257 million) in February, as it takes a hit from the coronavirus outbreak. Meanwhile, Singapore Airlines saw falling passenger numbers for the month, and warns of weakened travel demand in the near term.
-
NewsQantas to ground nearly entire widebody fleet, cut capacity further
Australia’s Qantas Group will ground 150 aircraft — including “almost all” of its widebody fleet —amid deeper capacity cuts across both its international and domestic networks.
-
NewsIATA: ‘urgent measures’ needed to support air cargo
The International Air Transport Association (IATA) has appealed to governments to take “urgent measures” to support cargo operations, which is instrumental to transport essential medical supplies and keep the economy functioning as airlines cut passenger service up to 75%.
-
NewsTrump promises to ‘help’ US airlines
US president Donald Trump says the government will back airlines as they struggle to manage the fallout from the global coronavirus pandemic.
-
NewsUS airlines ask for $50 billion in government aid
US airlines are seeking at least $50 billion in aid to support them as they manage through the coronavirus crisis that has caused a sharp drop in demand, leading to mounting losses for an industry accustomed to years of progressive profit growth.
-
NewsAir Canada to request government help
Air Canada says it is retracting its financial guidance and cutting its operations as the global coronavirus pandemic hits the airlines, while asking the Canadian government to help with the financial losses it expects to suffer in the coming months.
-
NewsPilots and United to ask for ‘government assistance’: Pilots union
United Airlines will ask the US government to help airlines as they suffer deep losses following the drop-off in demand as the coronavirus engulfs the industry.
-
NewsBank expects Lufthansa Group to make €1.5bn operating loss in 2020
Credit Suisse is forecasting that Lufthansa will make an operating loss of €1.5 billion ($1.7 billion) this year, and is advocating a move toward leasing aircraft as a means of improving the group’s cash position. The bank had previously predicted an adjusted EBIT of €2.2 billion. Source: Austrian ...
-
NewsNorwegian to cancel 85% of flights and temporarily lay-off 90% of staff
Norwegian is suspending a big majority of its services and laying off 7,300 employees as it seeks to weather the coronavirus outbreak. “The Covid-19 situation is escalating by the hour and due to stagnating demand and enforced travel restrictions by authorities worldwide, Norwegian will gradually cancel most of its flights ...
-
Airline BusinessEurope’s carriers lurch into full crisis-mode as capacity slashed
From the moment the World Health Organisation (WHO) director-general Tedros Adhanom Ghebreyesus on 13 March stated that Europe was now the epicentre of the coronavirus pandemic, further drastic cuts to air travel in the region seemed an inevitability.
-
NewsVirgin Atlantic to cut 80% of flights and ground 75-85% of fleet
Virgin Atlantic will reduce its flight schedule by 80% and park three-quarters of its fleet by 26 March, in addition to asking staff to take eight weeks of unpaid leave as it seeks to conserve cash and safeguard its future. The UK carrier says it is taking the “drastic measures” ...
-
NewsEasyJet may ground ‘majority’ of fleet
EasyJet has warned that the impact of the coronavirus may force it to ground “the majority” of its fleet and threatens the viability of the aviation industry in Europe.
-
NewsAir France A380s and KLM 747s grounded amid major capacity cuts
Air France is to ground its Airbus A380s and its Dutch sibling carrier KLM its full Boeing 747 fleet as part of wider capacity cuts the group expects will result in in potential cuts in its ASK capacity of between 70% and 90%.
-
NewsKorean Air utilises passenger aircraft and routes for cargo
Korean Air is using passenger aircraft as freighters on suspended routes, as it seeks “new opportunities in the market amid unpredictable changes such as suspensions of flights and the US’ restrictions on European countries”. On 13 March, the flag carrier transported emergency supplies and agricultural products from South Korea to ...
-
NewsAir NZ triggers trading halt, readies for redundancies
Air New Zealand has triggered a self-imposed trading halt from Monday to allow itself “more time to more fully assess the operational and financial impacts of global travel restrictions”. It does not state when this will be lifted. The airline says in the same statement: “As a result of the ...
-
NewsAir Baltic to suspend flights until 14 April as Latvia tightens restrictions
Air Baltic is to temporarily suspend flights from 17 March until 14 April following the Latvian government’s decision to suspend international air traffic as part of measures to counter the coronavirus crisis.
-
NewsNorway to temporarily shut its airports
Norway is to temporarily close its airports from 16 March as part of wide-ranging restrictions aimed tackling the spread of the coronavirus pandemic.