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 2008z with exports posting a 2.8 per cent year-on-year decline in … [Read more...] about CHINA: IMF cuts China’s growth forecast

China Eastern Airlines is targeting a breakeven 2010 and a profitable 2011, newly appointed Chairman Liu Shaoyong said this week, adding that the carrier is open to consolidation and a potentialmerger with Shanghai Airlines. The carrier hopes to off set the impact of heavy losses for 2008 by selling off its stakes in certain units and cutting orders for new planes, the Wall Street Journal reported. Liu Shaoyang, the company chairman, admitted that the chances of turning a profit this year … [Read more...] about CHINA: China Eastern: break even 2010, profit 2011

FedEx Express began operating out of its new Asia Pacific hub at the Baiyun International Airport in Guangzhou, China on 6 February signalling the end of its Subic Bay hub in the Philippines which the express giant has called homefor the last 14 years. “The launch of our new Asia Pacific hub is a significant milestone for FedEx and reinforces our long-term commitment to this region,” said Michael L. Ducker, president, International, FedEx Express. FedEx invested US$150 … [Read more...] about CHINA: FedEx opens Guangzhou hub, closes Subic

China’s air travel growth fell into single digits, the first time in five years, as a slowing economy hit air travel demand,according to official data. Chinese carriers handled 4.03 million tonnes of cargo last year, up 0.3 per cent from a year earlier, and 191.91 million passengers last year, up 3.3 per cent from 2007, the Civil Aviation Administration of China said on its website. Passenger traffic in December rose 8.2 per cent to 15.67 million, but freight volume fell 15.2 per … [Read more...] about CHINA: China air traffic growth slows to single digits

In the latest development revolving around the global air cargo price fixing scandal, Australia’s competition watchdog has sued three more airlines over allegations they were involved in price fixing. Air France-KLM, Martinair and Cargolux have joined Singapore Airlines, Qantas Airways and British Airways over the same allegations made by the Australian Competitionand Consumer Commission. The three have agreed to pay fines, with Cargolux saying it has agreed to fines of A$5 million … [Read more...] about AUSTRALIA: Australia competition watchdog fines three more carriers