The European Commission has approved Lufthansa’s takeover of Austrian Airlines Group, allowing it start integrating the company in September. Lufthansa is taking over about 42 per cent of the shares of Austrian Airlines owned by the government for about euro336,000 (US$480,000). The commission also approved a euro500 million government restructuring programme, which Lufthansa has said in the past would be necessary to reduce Austrian's debt. The EU made its decision based on the … [Read more...] about EU clears Lufthansa’s Austrian takeover
AF-KLM pulls out of Czech talks
Air France-KLM has pulled out of talks to take over Czech Airlines (CSA) citing the current economic downturn. “The current economic environment has significantly impacted the airline business. Under such circumstances, Air France-KLM believes that CSA might focus on developing and implementing a stand-alone recovery plan aimed at restoring its profitability,†AF-KLM said. The ailing state-owned carrier is up for privatisation and AF-KLM’s withdrawal from talks leaves only … [Read more...] about AF-KLM pulls out of Czech talks
Datamonitor: Positive economic signs a start
Positive economic indicators coming out of Europe, Asia and the US over the last ten days give reason to forecast a recovery in the global logistics and express industry. However, for global freight and parcel volumes and revenues to rebound significantly there will need to be major improvements in consumer confidence, industrial output and subsequent international trade volumes, according to new research by independent market analyst Datamonitor. … [Read more...] about Datamonitor: Positive economic signs a start
IATA: Cargo drop slowed but yield still down
The year long decline in global air cargo slowed in July but revenue and freight rates remain under intense pressure, the International Air Transport Association (IATA) said. Cargo volumes fell 11.3 per cent last month from July 2008, compared with a 16.5 per cent year-on-year decline in June and a 19.3 per cent average for the first seven months of the year, it said. Despite this improvement the July load factor, or capacity utilisation, fell to 47.6 per cent from 49 percent in July 2008. "The … [Read more...] about IATA: Cargo drop slowed but yield still down
Air Berlin shelves plan to sell Liesure Cargo
Air Berlin, Europe’s third-largest discount carrier said it has shelved plans to sell its standalone cargo unit - Leisure Cargo - after failing to attract a bid that matched the company’s own valuation and said it is reviewing an order for Boeing’s 787s. The company intends to hold on to the division after two bidders pulled out and one couldn’t arrange financing, CFO Ulf Huttmeyer told analysts. Air Berlin had been trying since March to unload the … [Read more...] about Air Berlin shelves plan to sell Liesure Cargo
Boeing announces revised 787 schedule
The first test flight of Boeing’s long-delayed 787 Dreamliner passenger plane will happen by the end of 2009, some two years behind schedule, the company has said. Boeing also said it expected to deliver its first Dreamliner in the fourth quarter of 2010, compared with an original delivery date of May 2008. The company added that the new schedule reflects the previously announced need to reinforce an area of the fuselage where the wings meet the body of the aircraft. The company said … [Read more...] about Boeing announces revised 787 schedule
