Word: airlinese
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Aside from bankers and automakers, few can claim as rough a ride in 2008 as those in the airline business. Eye-watering fuel prices in the first half of the year and the onset of a global slump in the second will mean a $5 billion loss for the industry...
On Dec. 10, Virgin Atlantic said it was in talks with Germany's Lufthansa over the future of BMI, a British airline that Lufthansa is currently taking over. This year the German carrier has taken a 42% stake in Austrian Airlines, with plans to pick up the rest later, and...
All that activity reflects the grim prospects facing the industry next year. IATA expects the world's airlines to lose an additional $2.5 billion in 2009. Passenger traffic, it forecasts, will slide 3%, the first fall since 2001. Next year looks particularly bleak for European carriers. Having hedged more than...
Not all the deals will happen, of course. Bosses at both Iberia and Qantas have warned BA that it can join forces with only one of them, and on Dec. 18, Qantas and BA said talks had come to an end after the airlines failed to agree on "key terms...
Those airlines lacking resources and scale may have little choice but to yield to larger ones, analysts say. Alongside Air France-KLM - Europe's biggest airline and still a favorite to grab a minority stake in beleaguered Italian flag carrier Alitalia - and the ever growing Lufthansa, an enlarged BA and...