recession

DHL forecasts 20% cargo drop, 1st improvement 2010

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The head of DHL Global Forwarding (DHL GF), the world's largest forwarder, said the company expects shipping volume - both air and ocean shipments - around the world to decline 20 per cent in the first half of 2009 and 10 per cent for the full year, based on ongoing shipment data this year and reports from customers. Hermann Ude, chief executive officer of DHL Global Forwarding and Freight, said business out of Asia is particularly weak, with exports from China and Hong Kong, leading the … [Read more...] about DHL forecasts 20% cargo drop, 1st improvement 2010

Air China expects first loss in 8 years

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Air China is expecting to post its first annual loss in eight years due to slumping demand and bad bets on fuel prices, state media reported. The company said in a statement filed with the Hong Kong stock exchange on Friday that it lost US$994.5 million on fuel hedging in 2008. Chinese carriers are banned from hedging purchases on fuel used for domestic flights, which in the past made Air China less vulnerable than its competitors to rising fuel prices. But jet-fuel prices have fallen more than … [Read more...] about Air China expects first loss in 8 years

Okay waiting for official ‘OK’ to resume ops

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Okay Airways has applied to the Civil Aviation Authority of China (CAAC) for permission to resume operations after suspending operations in December. Okay Chairman Liu Jieyin told Chinese press that "fund shortages" - estimated to be nearly US$14 million - remain the key obstacle to the Tianjin-based airline's relaunch. Okay operated cargo flights in conjunction with FedEx and hopes to resume its cargo operations once CAAC approval is granted. The carrier suspended operations following a dispute … [Read more...] about Okay waiting for official ‘OK’ to resume ops

Okay waiting for official 'OK' to resume ops

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Okay Airways has applied to the Civil Aviation Authority of China (CAAC) for permission to resume operations after suspending operations in December. Okay Chairman Liu Jieyin told Chinese press that "fund shortages" - estimated to be nearly US$14 million - remain the key obstacle to the Tianjin-based airline's relaunch. Okay operated cargo flights in conjunction with FedEx and hopes to resume its cargo operations once CAAC approval is granted. The carrier suspended operations following a dispute … [Read more...] about Okay waiting for official 'OK' to resume ops

Boeing set to slash 4,500 jobs

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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