ACE AVIATION TO WIND UP OPERATIONS
February 11th, 2012 by admin
ACE Aviation, created in 2004 to hold business units of Air Canada , said it plans to seek shareholder approval to wind up, distribute assets and ultimately dissolve its operations.
The investment holding company with interests in the aviation industry recorded a 2011 loss and reduction in net assets in liquidation of CAD$90 million (USD$90.55 million), which includes unrealised losses of CAD$76 million on its investment in Air Canada.
On Thursday, Air Canada, Canada’s biggest airline, reported a higher-than-expected quarterly loss as it grappled with higher costs even as rival WestJet Airlines posted strong results on high-yield revenue growth. Read the rest of this entry »
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AIR CANADA UNION REACHES TENTATIVE DEAL
February 11th, 2012 by admin
The union representing Air Canada’s baggage workers, mechanics and purchasing agents said on Friday it has reached a tentative contract deal with the airline.
The International Association of Machinists and Aerospace Workers said the proposed four-year agreement provides wage increases, improved benefits and secures a defined benefit pension fund for about 8,500 workers. It did not specify the size of the wage increases.
Contract talks began in late 2011 and were completed with a government conciliator, who joined negotiations on January 9. The previous contract expired March 31, 2011. Read the rest of this entry »
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LUFTHANSA TO ‘REBUILD’ BY CUTTING COSTS
February 11th, 2012 by admin
Executives at Lufthansa said they will “knock down and rebuild” Germany’s largest airline via a cost reduction initiative to secure investments of EUR€9 billion (USD$12 billion) over the next three years.
Lufthansa earlier this week started the SCORE programme to improve operating profit by at least EUR€1.5 billion by 2014.
In an employee newsletter published Friday, chief executive Christoph Franz said the programme was necessary so that Lufthansa could deal with competition from low-cost airlines and fast-expanding Gulf airlines. Read the rest of this entry »
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TIGER SHARES RISE AS CHAIRMAN UPS STAKE
February 11th, 2012 by admin
Shares of Singapore budget carrier Tiger Airways Holdings rose almost 4 percent on Friday after its chairman, Joseph Yuvaraj Pillay, bought 200,000 shares in the company at SGD$0.73 (USD$0.58) each.
“Yesterday they made an announcement that the chairman doubled his stake in Tiger Airways. That gives the market a boost of confidence,” said Daniel Lau, an analyst at CIMB Research.
“Tiger can also be considered a laggard in the current market rally. Investors are also starting to see that operationally, Tiger has been seeing a lot of improvements,” he added.
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AIR CANADA UNION REACHES TENTATIVE DEAL
February 11th, 2012 by admin
The union representing Air Canada’s baggage workers, mechanics and purchasing agents said on Friday it has reached a tentative contract deal with the airline.
The International Association of Machinists and Aerospace Workers said the proposed four-year agreement provides wage increases, improved benefits and secures a defined benefit pension fund for about 8,500 workers. It did not specify the size of the wage increases.
Contract talks began in late 2011 and were completed with a government conciliator, who joined negotiations on January 9. The previous contract expired March 31, 2011. Read the rest of this entry »
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ACE AVIATION TO WIND UP OPERATIONS
February 11th, 2012 by admin
ACE Aviation, created in 2004 to hold business units of Air Canada , said it plans to seek shareholder approval to wind up, distribute assets and ultimately dissolve its operations.
The investment holding company with interests in the aviation industry recorded a 2011 loss and reduction in net assets in liquidation of CAD$90 million (USD$90.55 million), which includes unrealised losses of CAD$76 million on its investment in Air Canada. Read the rest of this entry »
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LUFTHANSA TO ‘REBUILD’ BY CUTTING COSTS
February 11th, 2012 by admin
Executives at Lufthansa said they will “knock down and rebuild” Germany’s largest airline via a cost reduction initiative to secure investments of EUR€9 billion (USD$12 billion) over the next three years.
Lufthansa earlier this week started the SCORE programme to improve operating profit by at least EUR€1.5 billion by 2014.
In an employee newsletter published Friday, chief executive Christoph Franz said the programme was necessary so that Lufthansa could deal with competition from low-cost airlines and fast-expanding Gulf airlines. Read the rest of this entry »
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TAM SAYS CEO BARROSO STEPS DOWN
February 11th, 2012 by admin
Brazilian airline TAM said on Friday its chief executive Libano Barroso is stepping down to take another role in the holding.
The carrier said he will be replaced by Marco Bologna.
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FRANKFURT AIRPORT GROUND STAFF THREATEN STRIKE
February 11th, 2012 by admin
Apron controllers at Frankfurt airport have threatened to strike next week, in move that would severely disrupt Germany’s largest hub.
The airport’s operator Fraport has rejected a mediator’s proposal in negotiations over wages for 200 apron control staff, who work around aircraft parking positions, the union of German air traffic control workers GdF said on Thursday.
The union will decide by the middle of next week over a possible strike, which could take place Thursday, February 16, at the earliest, it said. Read the rest of this entry »
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HOCHTIEF EXAMINES OPTIONS ON BUDAPEST AIRPORT
February 11th, 2012 by admin
German construction company Hochtief and its partners, operators of Budapest Airport, said on Thursday they were examining possible claims for compensation over the collapse of airline Malev, which robbed the airport of a large chunk of passenger traffic.
Hochtief and four other investors bought a 75 percent stake in Budapest airport in 2007 and now own all of it.
“The airport and its owner-partners are currently examining possible claims for compensation. This will take some time,” Donatella Gasser, head of communication for Hochtief Airport said. Read the rest of this entry »
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