Lufthansa's chief executive said he now foresees a full-year operating loss for the company's cargo business as the global economic crisis continues to depress the air freight market. In 2008 the cargo division posted a €164 million operating profit in 2008, equal to 12 per cent of the group total. "It is apparent that the (cargo) market will remain at this extremely low level," Lufthansa CEO Wolfgang Mayrhuber said at the company's annual shareholders' meeting. Lufthansa Cargo's volumes … [Read more...] about Lufthansa Cargo likely to posts '09 loss: CEO
airways cargo
Qantas makes deep cuts and defers A380s
Plummeting profits and declining freight and passenger traffic will see Qantas Airways slash as many as 1750 jobs, sell aircraft and defer its order for four Airbus A380 superjumbos. Qantas announced plans earlier this week to cut about 500 management positions and confirmed it was considering a further 1,250 redundancies out of a company-wide total of more than 34,000. Last year the carrier already cut 1,500 jobs. Qantas employees will also be asked to take long service leave, work part time … [Read more...] about Qantas makes deep cuts and defers A380s
Jade Cargo B747 skids off runway in Seoul
Jade Cargo International has isssued a statement confirming an incident on its cargo flight JI 7432 Frankfurt - Incheon upon landing at Incheon Airport, Seoul. Its Boeing 747-400 Cargo ERF skidded off the runway during landing. The extent of the damage is not currently known but there were no injuries from the incident. Jade Cargo said it was in close cooperation with the local authorities to identify the cause of the incident. … [Read more...] about Jade Cargo B747 skids off runway in Seoul
Cathay Pacific makes further capacity cuts
Reporting a 22 per cent decline in turnover for the first quarter of 2009, year-on-year, Hong Kong-based Cathay Pacific Airways Ltd. said Thursday that it will cut capacity and ask its staff to take unpaid leave over the course of the next twelve months. The carrier said that from May 2009, overall planned cargo capacity will be reduced by 11 per cent while passenger capacity at Cathay Pacific will be reduced by 8 per cent and at subsidiary Dragonair by 13 per cent. The company also said it is … [Read more...] about Cathay Pacific makes further capacity cuts
FedEx pulls 14 aircraft from service
FedEx Corp is pulling capacity as the ongoing downturn hits its global express business, with the US-based carrier announcing in a notice to the Securities and Exchange Commission earlier this week that it will remove 10 Airbus A310-200s, four Boeing MD10-10s from service between now and the end of the quarter ending May 31. "This decision reflects management's ongoing efforts to optimise the company's express network in light of continued excess aircraft capacity due to weak economic conditions … [Read more...] about FedEx pulls 14 aircraft from service
Semiconductor decline may be moderating
Global semiconductor sales declined again in February, down 30.4 per cent year-on-year to US$14.2 billion, but there is some indication the rate of decline is moderating from the fourth quarter of last year, according to the Semiconductor Industry Association (SIA). "The global semiconductor industry is going through one of the steepest corrections in its history," said George Scalise, SIA president. "While it would be premature to conclude that the sales decline has hit bottom, there are some … [Read more...] about Semiconductor decline may be moderating
