News from FlightGlobal – Page 561
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NewsFAA cuts control tower service to 100 US airports
The FAA has reduced air traffic control services at 100 airports around the United States as the coronavirus crisis has made a significant impact on the volume of air traffic at secondary and tertiary airports across the nation.
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NewsAirbus rekindles support from export credit agencies
Airbus believes the support of export credit agencies will be important to assist the funding of deliveries to customers during the air transport crisis. But the airframer is not intending to extend financing itself, unless particular circumstances warrant such a measure. Airbus chief financial officer Domink Asam, speaking on 29 ...
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NewsEight Thai carriers seek $771m loan from Thai govt: reports
Eight Thai carriers have sought a soft loan of around Bt25 billion ($771 million) from the Thai government, according to a 24 April Reuters report that cites a Thai AirAsia executive. Tassapon Bijleveld, the executive chairman of Thai AirAsia and its parent company Asia Aviation, added that the carriers ...
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NewsAirbus staying prepared for aggressive single-aisle rebound
Airbus is expecting the single-aisle market to recover faster than the long-haul sector, but the airframer is stressing that the pattern of deliveries is the most difficult part of its business to forecast. It has not offered any guidance in its newly-issued first-quarter financial statement. Airbus chief executive Guillaume Faury, ...
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NewsFinnair to launch €500m rights offering as coronavirus losses mount
Finnair is to launch a €500 million ($542 million) rights offering to rebuild its equity after disclosing it expects to lose around €2 million a day during the second quarter.
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NewsSouthwest plans for recession after $900 million cash burn
Southwest Airlines paired its 28 April disclosure of a first-quarter net loss of $94 million and a cash burn of $900 million in April with the announcement of additional liquidity enhancements, as it looks ahead to a near-term environment virtually devoid of travel demand.
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NewsEurocontrol scenarios illustrate need for co-ordinated recovery
Pan-European air navigation organisation Eurocontrol has underlined the importance of a co-ordinated approach to operational procedures and lifting of national restrictions during recovery from the coronavirus crisis. It has illustrated the potential difference between scenarios based on co-ordinated measures — which Eurocontrol estimates would result in the loss of 45% ...
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NewsSouthwest delays deliveries of 59 737 Max to post-2021
Southwest Airlines, among the world’s top Boeing 737 Max customers, has pushed back deliveries of 59 Max aircraft in response to the travel downturn caused by the coronavirus pandemic.
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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 ...
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NewsIcelandair cuts staff and salaries to survive
Icelandair is axing 2,000 staff and imposing reduced working hours and wage cuts on its remaining employees as it looks to shore up its finances.
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NewsAir cargo capacity crunch to vanish as recession takes hold: IATA
The current capacity shortage in the air cargo market is likely to be resolved – but not in the industry’s favour – as the global economic crisis depresses demand for such services, according to IATA. “The capacity crunch will, unfortunately, be a temporary problem,” states the airline association’s director general ...
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NewsSouthwest to boost liquidity with concurrent deals
Southwest Airlines will enhance its liquidity position through a common stock offering and a $1 billion convertible bond, both announced 28 April.
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NewsSAS initiates work on cutting up to 5,000 jobs
Scandinavian carrier SAS has begun work on cutting up to 5,000 full-time positions from its future workforce as it warns it is likely to take “some years” before air travel demand returns to pre-crisis levels. SAS will hold talks with unions over the proposed cuts, which will apply to staff ...
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NewsCoronavirus punishes ANA’s profitability and revenue
The parent company of All Nippon Airways (ANA), ANA Holdings, saw coronavirus hurt both profitability and revenue during its 2019 fiscal year, as it painted a bleak outlook for the immediate future. Consolidated operating profit of for the 12 months ended 31 March fell 63% to Y61 billion ($569 million), ...
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NewsChinese carriers shift more operations to Beijing Daxing
The third wave of operational transfers to Beijing’s Daxing international airport has taken place, with China Eastern Airlines and Xiamen Airlines shifting to the Chinese capital’s newest airport. China Eastern states that from 26 April to 2 May, it will gradually move 57 daily flights from Beijing Capital to ...
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NewsSwiss to modify 777s for cargo-only flights
Swiss intends to reconfigure three Boeing 777s as cargo aircraft under a plan to operate more than 100 freight services to Asia and North America by the end of May. The Lufthansa Group carrier says it will establish “a new network of cargo-only services” to operate up to three daily ...
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NewsPakistan and India ease lockdowns but flights remain grounded
Pakistan and India are easing some of their coronavirus-related lockdown measures, though it will still be at least more than two weeks before aircraft flying scheduled international flights take to both countries’ skies as Pakistan has extended its flight ban and India’s remains subject to review. The lockdown in Pakistan ...
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NewsNorwegian sets out survival plan and sounds warning on cash
Norwegian will run out of cash by mid-May if it does not secure the remainder of its state aid package, the Scandinavian budget carrier has warned in a report to bondholders which lays out plans for a “new Norwegian” that will not start to take off until 2021.
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NewsStobart agrees to buy back regional unit and aircraft lessor
Stobart Group has agreed with the administrators of Connect Airways to buy back Irish regional carrier Stobart Air and aircraft lessor Propius in a deal aimed at handling outstanding financial commitments.
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NewsEstonia makes merger a condition of Nordica capital increase
Estonia’s government is to increase the share capital of local carrier Nordica by €30 million ($33 million) to help the airline through the coronavirus crisis – an investment which is conditional on the merger of Estonian aviation assets.