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$4.2billion in 2006. … [Read more...] about UPS

UAE carrier Emirates has commenced three-times-weekly trans-Tasman Sydney- Auckland flights using its new Airbus A380. The schedule will go daily from May. … [Read more...] about Emirates

Fraport Cargo Services has taken over the management contract of the Kuehne + Nagel logistics centre in CargoCity Southat Frankfurt Airport. … [Read more...] about Fraport Cargo & Kuehne

Russian airline S7 has cancelled a contract to buy 15 Boeing 787 Dreamliners for delivery in 2014 and will seek to lease the planes instead. “S7 retains interest in using the Dreamliner and wants to take the planes under a leasing scheme at an earlier date, for which it is in negotiations with several leasing companies,” the airlinesaid. … [Read more...] about S7

Lufthansa yesterday raised its full-year operating profit projection to €1.3 billion from the previous €1.1 billion. Th e carrier reported a €1.38 billion operating profi t in 2007. Lufthansa said the increase in its forecast is “substantially attributableto a more stable result development in the fourth quarter than was previouslyexpected.” It cited falling fuel prices and“favourable valuation effects” withoutelaborating. … [Read more...] about Lufthansa

Korean Air reported a full-year 2008 net loss of KRW1.96 trillion (US$1.4 billion), reversed from a net profit of KRW11.1 billion in 2007, citing the weak won as the biggest contributor to the heavy decline. It also said yesterday that it is boosting its A380 order from eight aircraft to 10 and will initiate “more aggressive investment” this year with the aim of achieving a “black ink balance” in 2009 while building “a foundation for future growth.” It said it … [Read more...] about Korean Air