Latest Airlines news – Page 263
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NewsATSB, ATR clarify ignition settings for flameouts
Following a double engine flameout on a Virgin Australia ATR 72-600, the airframer issued a clarification about the appropriate use of automatic and manual ignition. The incident occurred during the early evening of 13 December 2018 as the aircraft (VH-FVN) operated flight VA660 on the Sydney-Canberra route in stormy weather, ...
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AnalysisMalaysia Airlines’ search for a strategic partner
Nearly six years after Malaysian sovereign wealth fund Khazanah Nasional rescued and privatised Malaysia Airlines, the carrier is still posting losses while its search for a strategic partner continues. Khazanah stated in 2014 targets for the airline to achieve break-even by the end of 2017 and return to profitability the ...
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NewsHainan optimistic of rebound amid steep Q1 loss
Hainan Airlines swung back into the red for its first-quarter results for 2020, joining other Chinese carriers who reported losses amid the coronavirus outbreak. However, the carrier, China’s fourth largest, is optimistic its financial results will improve in the second quarter, as it “adjusts its business strategy” and cuts ...
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NewsIcelandair Group reduces cash drain as it faces $200m first-quarter loss
Icelandair Group is expecting employee cuts to reduce its cash outflow by $12 million per month over the next three months, taking into account measures by the government to pay partial salaries. The company is expecting to reveal a first-quarter loss of $208 million when it details its performance for ...
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NewsJuneyao Air slips into first-quarter loss
China’s Juneyao Air swung to a loss in the first quarter of this year and expects further losses for the remaining first half of 2020 as the coronavirus pandemic puts a damper on demand. The Shanghai-based carrier posted a net loss of over CNY491 million ($69.5 million) in the first ...
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NewsWarren Buffett’s investment firm sells out of four major US carriers
Renowned investor Warren Buffett has dumped his stakes in four major US carriers, four years after joking that his firm Berkshire Hathaway was set to benefit from airlines’ tendency to increase fares ahead of its shareholder events. Buffett disclosed the decision to shareholders during Berkshire Hathaway’s 2020 event on 2 ...
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NewsOpposition heaps scorn on detail-light plan for SAA transformation
South Africa’s political opposition is insisting the government detail an agreement with South African Airways unions setting out plans to establish a successor to the crumbling flag-carrier. In a response accusing the department of public enterprises of undermining SAA’s business rescue practitioners, the Democratic Alliance says it will seek a ...
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NewsFlybe administrators fight to retain carrier’s operating licence
UK regional carrier Flybe’s administrators intend to appeal to the government in a bid to retain the airline’s operating licence, warning that a sale of the business would become improbable if the licence is revoked. Flybe ceased operations on 5 March and voluntarily suspended its operating and maintenance licences. The ...
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NewsFastjet negotiates loan as liquidity squeeze continues
African budget operator Fastjet Group has negotiated a $600,000 loan and is holding discussions to obtain creditor discounts to reduce its liabilities. The loan – initially for a six-month term – has been obtained from shareholder Solenta Aviation Holdings to provide working capital and liquidity while Fastjet’s operations are suspended ...
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NewsIcelandair Group seeks to raise $200m through new shares
Icelandair Group is planning to issue up 30 billion new shares to support its financial position, with the aim of raising up to $200 million in equity. The company has about 5.4 billion shares in issue, giving it a market capitalisation of around IcKr12.9 billion ($88.6 million). Icelandair Group has ...
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NewsRyanair signals 3,000 job cuts as it discusses fleet deferrals
Ryanair is expecting to cut up to 3,000 jobs from July and shut a number of European bases, as it projects that a post-crisis recovery will take at least two years. The airline is negotiating with Boeing to reduce planned deliveries of new 737s for the next 24 months, and ...
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NewsComair expects to remain grounded until at least October
South Africa’s Comair is in “a very difficult financial position” due to coronavirus-related travel restrictions and does not anticipate being able to resume flights until October or November, the carrier has disclosed.
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NewsTransport ministers make voucher case for struggling European airline sector
Debate continues around whether airlines should be allowed to issue vouchers instead of cash refunds for flights cancelled due to coronavirus after a group of European transport ministers called for a temporary relaxation in compensation rules.
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NewsJAL’s full-year profit slumps on coronavirus impact
Japan Airlines’ net profit more than halved in the financial year ended 31 March, with coronavirus crisis cited as the overwhelming factor. “This is the unprecedentedly tremendous event risk ever for the airline industry and its end is not foreseeable at this moment. There is no question that the JAL ...
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NewsIndustry bodies hit out at Argentina move to block flights until September
Airline and airport bodies have warned the Argentinean authorities about the ’imminent and substantial risk’ of its to move to suspend air travel in the country until the start of September.
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NewsCebu Pacific slips into first-quarter loss
Cebu Pacific posted an operating loss of Ps693 million ($13.7 million) in the first quarter of 2020, reversing the Ps3.85 billion operating profit made in the same period last year. Total revenue for the quarter ended 31 March fell 24.9% to Ps15.9 billion, as revenue from passenger, cargo, and ancillary ...
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NewsChinese carriers flag worsening financial impact amid Q1 losses
China’s three largest carriers have warned of deeper financial impact from the coronavirus outbreak, as they each swung to significant first-quarter losses. Air China, China Southern Airlines and China Eastern Airlines all warned of “adverse” and “severe” impact on their first-half financial results, pointing towards “uncertainty” in the development of ...
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NewsMarch figures reveal scale of initial coronavirus hit on airline traffic
Figures from IATA for March show global airline passenger traffic already down by more than 50% and collective load factors down more than 20 percentage points in a further illustration of how sharply the coronavirus crisis has hit the sector.
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NewsBritish Airways mass redundancies reflect pared-back ‘new normal’
British Airways‘ drastic announcement that it could cut up to 12,000 jobs is the latest suggestion that normality in the airline industry is a thing of the past and efforts should turn instead to preparing for a slimmed-down ’new normal’ once travel restrictions begin to lift.
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NewsBritish Airways considers axing 12,000 jobs as parent unveils huge losses
British Airways is proposing a restructuring programme which, it warns, could result in up to 12,000 redundancies. The IAG-owned carrier states that it has notified its trade unions about the measure and – while it remains subject to consultation – the proposal is likely to affect “most” of the UK ...