UK carrier British Airways says total traffic for the month of July was up one per cent, capacity was down 2.7 per cent from a year ago and passenger load factor was up 3.1 per cent compared to last year. The remaining northern summer holiday months are expected to help all European carriers’ loads and yields, but BA added that yields will be “under pressure from the year-on-year impact of lower fuel surcharges, exchange movements and mix”. BA’s cargo business has been hit even harder, with “significant excess capacity driving lower prices”. Cargo revenue collapsed by 28.1 per cent in the first quarter, as freight tonne-kilometres (FTKs) declined by 11.5 per cent and cargo yields fell 18.8 per cent, “driven by lower levels of fuel surcharges as the oil price fell and significant price declines”.