Loss-making FlyLAL Lithuanian Airlines has been purchased by SCH Swiss Capital Holdings for US$1 million plus an agreement to cover debt of some €1 million (US$1.4 million). "We were looking for an airline to purchase, and this is a good company to invest in. FlyLAL can be a very strong regional carrier," SCH CEO Jan Erik Jansson told the Associated Press. The sale will take effect on 23 January. FlyLAL was privatised in 2005 and was held by several Lithuanian investors. It lost LTL8.1 … [Read more...] about Troubled FlyLAL acquired by Swiss investor
asia cargo news
HK sees plummeting volumes
Hong Kong's December air cargo throughput plunged 29.7 per cent from a year earlier, on the back of weak global demand for Asian goods as a result of the deteriorating economic conditions in Western countries where many retailers were offering huge discounts to sell goods over the Christmas period. The decline in trade accelerated from a 19 per cent year-on-year drop in November, according to the latest data from Hong Kong Air Cargo Terminals Ltd (Hactl). "The global economic performance remains … [Read more...] about HK sees plummeting volumes
Boeing set to slash 4,500 jobs
Chicago-based Boeing has announced that it will eliminate 4,500 jobs from its commercial work force in 2009, with 60-day layoff notices going out next month. Most of the jobs will be cut from its Seattle-based commercial airplane division. The job cuts will not be unionized machinists - which paralysed the company with a strike late last year - but rather administrative positions and what the company described as employees in "overhead functions." "This is a difficult and painful decision," … [Read more...] about Boeing set to slash 4,500 jobs
Jet Airways in talks to lease aircraft to Oman Air
India's Jet Airways is in talks with Oman Air on commercial cooperation including possible leasing of its aircraft to Oman Air. "We are in talks with Oman Air for commercial cooperation about leasing of aircraft," Saroj K. Datta, executive director of Jet Airways said according to a Times of Oman report. "We have some surplus aircraft and wanted to know whether Oman Air would be interested in leasing them." The announcement is likely to be made in a couple of weeks, Datta said. Jet Airways has … [Read more...] about Jet Airways in talks to lease aircraft to Oman Air
Air China moves to fully acquire cargo division
China's largest carrier, Air China is to purchase the remaining stake in Air China Cargo Co. Ltd, from Capital Airports Holding Company, which holds a 24 per cent share of Air China Cargo, for an estimated 798 million yuan. Air China currently holds a 76 per cent stake in the cargo subsidiary. Air China Cargo was co-established in March 2003 by Air China, Citic Pacific, and Capital Airports Holding Company. Air China originally held 51 per cent stake of Air China Cargo and later bought the 25 … [Read more...] about Air China moves to fully acquire cargo division
China to take delivery of 241 aircraft in ’09
China to take delivery of 241 aircraft in '09 China is set take delivery of 241 new planes this year, 16 of which are delayed orders from 2008, Dow Jones reported. According to the Civil Aviation Administration of China (CAAC) the new aircraft would increase passenger seat capacity by 16 per cent despite the leases on 43 planes expiring this year. … [Read more...] about China to take delivery of 241 aircraft in ’09
