Word: eastern
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...billion hostile bid, Beijing actually steered the proceedings toward what it really wants: by consolidating China's fledgling and fragmented airline industry, regulators aim to form a Chinese "supercarrier" capable of competing on international routes against the world's largest airlines. An alliance between Air China and China Eastern - the government is majority owner of both - is a first step toward this ambition. The two airlines ranked as the 13th and 14th largest in the world by number of scheduled passengers flown in 2006, according to the International Air Transport Association. Combined, they would be the fourth largest...
...government's tacit approval of the CNAC-China Eastern alliance marks a potentially significant policy shift by the Civil Aviation Administration of China (CAAC), the country's aviation regulator. Just as Beijing has opened up its backward banking sector to overseas investment in order to tap the expertise of foreign financiers, in recent years the CAAC has been allowing foreign airlines to take small stakes in domestic carriers, hoping that outside partners could improve airline management. Air China, for example, has a cross-shareholding agreement with Hong Kong-based Cathay Pacific, and in 2005 American financier George Soros invested...
...introducing new aircraft should go hand in hand with the recruitment of new staff and the improvement of safety standards," he said. China clearly needed to change course. Although the market has grown about 10% a year for the past five years, the top three players - China Southern, China Eastern and Air China - are filling less than three-quarters of their seats with paying customers. During a recent price war, tickets were discounted by as much as 70%, according to local media reports. Rising fuel costs and fare caps enforced by Beijing have sliced profit margins. Air China earned about...
...Others are skeptical that travelers will gain much through mergers of domestic carriers such as Air China and China Eastern. Air China has little expertise to lend its potential new partner when compared with Singapore Airlines, which is known for top-flight service. "Bring in Singapore, and you can be confident service levels will go up," says Pinkham, the Centre for Asia Pacific Aviation analyst. "With Air China, the improvement is a lot less certain...
...approved by the E.U.'s 27 governments and the European Parliament, and the Commission can expect resistance from rich E.U. member-states such as France and Germany, who will be asked to bear the brunt of the emissions-cutting targets. By contrast, new and poorer countries in central and eastern Europe will be allowed to increase their emissions by up to 20% from 2005 levels, reflecting their desire to catch up with the higher standard of living in western Europe...