All Nippon Airways, Japan's second-largest airline, says its business will dip into the red for the first time in six years and it expects a group net loss of JPY9 billion for the year to March 31 instead of a previously projected profit of JPY17 billion. It had a JPY64.1 billion profit the previous year. But the group's revenue from its international cargo operations increased 9.8 per cent during the April-December period from a year earlier to JPY 59.2 billion (US$660.7 million). … [Read more...] about All Nippon sees cargo revenue rise
Carriers
IMF cuts China’s growth forecast
The IMF has cut its growth forecast for China's economy to 6.7 per cent this year from 8.5 per cent and called upon Beijing to focus on boosting domestic demand. "It implies a lot of changes - difficult changes, painful changes - in the Chinese economy," Dominique Strauss-Kahn, IMF managing director, said of the revised projection. China's economic growth slumped to 6.8 per cent in the fourth quarter of 2008 with exports posting a 2.8 per cent year-on-year decline in December. Full-year GDP … [Read more...] about IMF cuts China’s growth forecast
UPS reports full-year '08 profit
UPS reported full-year 2008 net income of US$3 billion, widened significantly from a US$447 million profit in 2007 when its results were skewed by a one-time US$6.1 billion pension payment. But it said it must make "tough decisions" to cope with a "severe decline in economic activity around the world." This was more clearly indicated by its 2008 income which was down 28.6 per cent compared to US$4.2 billion in 2006. … [Read more...] about UPS reports full-year '08 profit
IMF cuts China's growth forecast
The IMF has cut its growth forecast for China's economy to 6.7 per cent this year from 8.5 per cent and called upon Beijing to focus on boosting domestic demand. "It implies a lot of changes - difficult changes, painful changes - in the Chinese economy," Dominique Strauss-Kahn, IMF managing director, said of the revised projection. China's economic growth slumped to 6.8 per cent in the fourth quarter of 2008 with exports posting a 2.8 per cent year-on-year decline in December. Full-year GDP … [Read more...] about IMF cuts China's growth forecast
IATA: International cargo traffic in “free-fall”
The latest international scheduled traffic statistics from the International Air Transport Association (IATA) show that in the month of December global international cargo traffic plummeted by 22.6 per cent compared to December 2007. For the full-year 2008, international cargo traffic was down 4 per cent compared to 4.3 per cent growth in 2007. ¡°The 22.6 per cent free fall in global cargo is unprecedented and shocking," said Giovanni Bisignani, IATA¡¯s director general and CEO. "There is no … [Read more...] about IATA: International cargo traffic in “free-fall”
Penang air freight volumes take a hit
Penang air freight volumes take a hit The electronics and semi-conductor focused Malaysian island of Penang has taken a hit from the global economic downturn, with Penang Freight Forwarders Association (PAFFA) president Joachim Loo saying December was the worst month in the past seven years for the air freight business. ¡°For the air-freight business, the inbound segment dropped by 52 per cent in December to 2,838 tonnes from 5,850 tonnes a year earlier. The export segment declined by 32 per … [Read more...] about Penang air freight volumes take a hit