Strategy – Page 133
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NewsAzul banks on flexibility to weather coronavirus
Brazil’s Azul is banking on its fleet flexibility to match increasing demand for travel in the second half of the year after the coronavirus pandemic took a toll on the carrier in the second quarter.
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NewsIATA downgrades forecast for European passenger numbers in 2020
IATA is warning that the impact of the coronavirus on Europe’s aviation industry will be even greater than it estimated in June.
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NewsSlow recovery prompts London City to put terminal extension on hold
Plans for a terminal extension at London City airport are being reviewed after the operator decided to pause its development plans at year-end as it adjusts to the post-pandemic travel demand.
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NewsTUI revenues all but wiped out for June quarter
European travel operator TUI Group incurred an operating loss of €1.1 billion ($1.3 billion) for the three months ending 30 June 2020 as revenues were down more than 98% on the same quarter last year.
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NewsCebu Pacific’s losses worsen in second quarter
Cebu Pacific’s financial losses deepened in the second quarter of this year as the impact of the Covid-19 pandemic began to be felt more severely. The Philippine airline and its subsidiaries made an operating loss of Ps6.29 billion ($129 million) in the three months ended 30 June, it reports. This ...
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NewsTaiwanese carriers bounce back to profitability despite global downturn
China Airlines and EVA Air reported operating profits for their latest quarterly financial results, placing them among the few airlines to turn a profit during a pandemic-induced economic downturn. For the three months ended 30 June, both carriers made a strong comeback from a loss-making previous quarter — despite ...
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NewsCathay not cancelling 777-9 orders, as it warns of bleak second half
Cathay Pacific has stressed that it is in discussions with Boeing about deferring — not cancelling — its orders for the 777-9 widebody. At a briefing after it disclosed record first half losses, Cathay chief operations and service delivery officer Greg Hughes says it is a “deferral of all 21 ...
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NewsCathay plunges to record HK$8.7 billion loss in ‘most challenging’ first half
Cathay Pacific Group reported a staggering operating loss of HK$8.7 billion ($1.13 billion) for its half-year financial results, in what its chairman called the “most challenging” period for the group in its 70-year history. Cargo proved to be the sole bright spot for the troubled group, which in recent months ...
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NewsThai AirAsia posts big operating loss amid broader group woes
Thai AirAsia’s dismal financial performance in the second quarter underlines the devastating impact of coronavirus for the AirAsia Group. Thai AirAsia parent Asia Aviation saw its operating loss for the quarter ended 30 June more than double to Bt1.8 billion ($58 million), from Bt798 billion a year earlier. Revenue fell ...
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NewsMesa bets on Cargo as operating profit falls 12%
Mesa Air Group reported a $15 million operating profit during the third quarter despite the travel downturn during the coronavirus pandemic.
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NewsCourt clears Irish regional CityJet to exit examinership
An Irish High Court has cleared Irish regional carrier CityJet to leave the formal financial restructuring process it entered in April as the coronavirus crisis struck.
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NewsJet2 parent has ‘sufficient liquidity’ for a year without flights
UK leisure carrier Jet2’s parent company Dart Group has concluded from a modelling exercise that it would have “sufficient liquidity” for a scenario in which no flights could be operated until August of next year.
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NewsTUIfly returns more than half its 737s to service
German leisure carrier TUIfly has reactivated more than half of its fleet since restarting regular flights on 15 June.
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NewsAir Arabia dragged to half-year loss as second quarter revenues collapse
Air Arabia recorded a net loss of Dhs239 million ($65 million) in the second quarter as the pandemic virtually wiped out passenger revenues during the period and dragged the low-cost carrier into the red for the first-half.
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NewsIndiGo aims to raise up to Rs40bn through equity placement
Low-cost carrier IndiGo’s parent Interglobe Aviatoin has outlined plans to raise up to Rs40 billion ($533 million) through a planned institutional placement.
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NewsQantas raises only $51.4 million with share-purchase plan
Qantas has raised only A$71.7 million ($51.4 million) from a share-purchase plan (SPP) intended to raise as much as A$500 million, according to a 10 August filing to the Australian Securities Exchange.
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NewsBritish Airways staff receive redundancy notices
British Airways has begun informing thousands of staff whether they will be made redundant, as part of its plan to cut 12,000 positions.
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NewsChina Airlines to pump up to $68 million into Tigerair Taiwan
Taiwanese flag carrier China Airlines plans to inject as much as NT$2 billion ($68 million) of equity into low-cost subsidiary Tigerair Taiwan.
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NewsUnited begins removing seats from regional aircraft
United Airlines has begun removing seats from Embraer 175 regional aircraft, a strong indication that broad pilot furloughs are imminent.
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NewsCopa’s second-quarter results shattered by travel restrictions
Copa Holdings, the parent of Panama City-based Copa Airlines, reported a second-quarter loss of $386 million as the coronavirus, coupled with numerous government-imposed measures to stop its spread, decimated the company’s business.