International Air Transport Association (IATA) DG and CEO Giovanni Bisignani said the organisation's December forecast of an industry-wide US$2.5 billion loss in 2009, based on a 5 per cent drop in cargo volumes and a 3 per cent drop in passenger numbers, "is now looking very optimistic." He said IATA will release a revised forecast next week, adding that, "the only good news is that the spot price of fuel is low. Unfortunately, immediate relief is being delayed by hedging at higher prices," he … [Read more...] about IATA: $2.5B loss in ’09 is optimistic
recession
IATA: $2.5B loss in '09 is optimistic
International Air Transport Association (IATA) DG and CEO Giovanni Bisignani said the organisation's December forecast of an industry-wide US$2.5 billion loss in 2009, based on a 5 per cent drop in cargo volumes and a 3 per cent drop in passenger numbers, "is now looking very optimistic." He said IATA will release a revised forecast next week, adding that, "the only good news is that the spot price of fuel is low. Unfortunately, immediate relief is being delayed by hedging at higher prices," he … [Read more...] about IATA: $2.5B loss in '09 is optimistic
Qatar boldly continues global expansion
While global carriers scramble to trim and reorganise their networks, Qatar Airways has announced bold expansion plans including new services to Australia and expanded operations in India and Europe. Chief executive officer Akbar Al Baker said: “Qatar Airways’ robust expansion is continuing undeterred by the current economic climate.†“Sydney and Melbourne have been on our radar screen for many years. We can finally look forward to entering the Australian market with … [Read more...] about Qatar boldly continues global expansion
Virgin Atlantic cuts Mumbai service
Virgin Atlantic Airways will cease operations - at least temporarily - on its Mumbai-London service from May as the economic crunch continues to take its toll on the global aviation industry. “We have decided to temporarily suspend operations to Mumbai with effect from May 4. We are suspending this service until rational conditions re-emerge and it can resume service on this important route,†said Neha Lidder Ganju, senior marketing manager- India, Virgin Atlantic Airways. … [Read more...] about Virgin Atlantic cuts Mumbai service
Chinese exports plunge 26% in February
China's exports declined 25.7 percent year-on-year in February, the fourth straight monthly decline, according to China's General Administration of Customs. Total foreign trade was US$124.95 billion in February, down 24.9 per cent year-on-year. Total Chinese exports in February amounted to US$64.9 billion, reflecting weak demand for Chinese goods in the US and Europe. The country's imports also slumped 24.1 per cent to $60.05 billion. China's trade surplus narrowed to US$4.84 billion, less than … [Read more...] about Chinese exports plunge 26% in February
China’s cargo traffic down 28% in Feb
China's air cargo traffic volume declined 28 per cent year-on-year in February due to the deepening global economic crisis, Li Jiaxiang, director of the Civil Aviation Administration of China (CAAC), said according to a Chinadaily.com report. … [Read more...] about China’s cargo traffic down 28% in Feb