British Airways has confirmed Thursday that its proposed merger with Spanish carrier Iberia will go ahead after concluding a £4.2 billion (US$7 billion) deal. The merger – 18 months in the making – creates the world's third largest airline group and will see BA take control of 55 per cent of the combined group, rising to 56 per cent when cross shareholdings held by the two companies are cancelled next year. Willie Walsh, BA's chief executive will become the head of the … [Read more...] about Long-awaited BA/Iberia merger signed
Carriers
First B747-8 Freighter emerges from assembly
Boeing towed the first 747-8 Freighter – destined for launch customer Cargolux – out of its Everett, Washington assembly hangar on Thursday in preparation for painting and flight testing. The 747-8 Freighter is 76.3 metres long, which is 5.6 metres longer than the 747-400 Freighter. The stretch provides customers with 16 per cent more revenue cargo volume compared to its predecessor, which translates to four additional main-deck pallets and three additional lower-hold … [Read more...] about First B747-8 Freighter emerges from assembly
Emirates posts 1H net profit of US$200M
Emirates posts 1H net profit of US$200M Emirates airline produced a net profit of Dhs 752 million (US$205 million), for the first six months of its current financial year ending 30 September 2009. This represents a 165 per cent improvement compared to Dhs 284 million (US$77 million) net profits for the same period in 2008. During this period Emirates SkyCargo carried 700,000 tonnes of cargo, which it said was “in line with last yearâ€Â. Emirates carried a total of 13 million … [Read more...] about Emirates posts 1H net profit of US$200M
Cathay pacific reports only 1.9% drop in cargo for Oct
Cathay Pacific Airways reported cargo and mail tonne kilometres fell by 1.9 per cent in October, while passenger numbers were down 3.9 per cent to two million, but this was still, by far its best month of the year to date. Passenger load factors fell 6.8 percentage points to 82.3 per cent, with a 10.1 per cent capacity reduction This includes the operations of both Cathay and its subsidiary Dragonair. General manager cargo sales and marketing Titus Diu said strong demand from Hong Kong and … [Read more...] about Cathay pacific reports only 1.9% drop in cargo for Oct
SIA reports second straight quarterly loss
Singapore Airlines (SIA), the world's largest airline by market value, has posted its second straight quarterly loss with a second quarter net loss of S$159 million (US$114.6 million) compared with a net profit of S$324 million a year ago. This follows from a net loss of more than S$300 million in the first quarter of this financial year. SIA Cargo posted an operating loss of US$193 million with yields averaging just $0.20 per load tonne kilometer, down almost a third over the same period in the … [Read more...] about SIA reports second straight quarterly loss
UPS looking at acquisitions
United Parcel Service Inc (UPS) is looking for acquisitions to bolster its supply-chain and freight-forwarding units, according to its CEO Scott Davis. UPS has made more than 40 purchases in the past decade, and there are “likely to be some more†in the coming year, with China, India and the Middle East at the “top of the list†for expansion, said Davis according to a Bloomberg report. “We’re strengthening ourselves in emerging markets, the Middle East, … [Read more...] about UPS looking at acquisitions