All Finance articles – Page 35
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Lufthansa Cargo to shed 800 jobs worldwide
Lufthansa Cargo is to shed up to 800 jobs worldwide in order to cut costs, management at the German carrier have announced.As part of its "Cargo Evolution" plan the German cargo carrier said it aimed to reduce the number of full time employees by between 700-800 positions, a move that ...
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Qantas completes share buy-back
The Qantas Group has completed the $500m share buy-back announced at its half year results in February 2016.Combined with the $505m capital return and associated share consolidation completed on 6 November 2015, Qantas Airways ordinary shares on issue have decreased by 12.6% since 30 June 2015 and the group has ...
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Venezuela blocking $3.8bn in airline funds says IATA
Venezuela and Nigeria top an IATA list of five countries blocking the repatriation of airline funds, a global problem which exceeds $5bn in total.IATA has called on governments to respect international agreements obliging them to ensure airlines are able to repatriate their revenues.According to statistics issued by IATA, Venezuela is ...
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Banks expand ATSG's secured credit facility
US freighter lessor Air Transport Services Group (ATSG) has obtained commitments for an expansion of the revolver portion of its secured credit facility with a consortium of banks led by SunTrust by $100m, to $425m.ATSG, which in March signed a deal with internet retail giant Amazon to operate an air ...
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NewsASL confirms purchase of TNT Express airline operations
ASL Aviation Group of Ireland has acquired the airline operations of TNT Express, comprising TNT Airways in Belgium and Pan Air Líneas Aéreas in Spain.The two airlines are to be renamed ASL Airlines Belgium and ASL Airlines Spain respectively, bringing the number of airlines in ASL's portfolio to nine.ASL’s offer ...
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HNA looks to tap into Portuguese airline
Chinese conglomerate HNA Group, which owns ground handler Swissport, is preparing to take a stake of up to 20% in Portuguese national airline TAP, according to French news agency AFP.It is reported that HNA will buy an initial 7% stake in Atlantic Gateway, the private consortium that owns 61% of ...
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Asian lessor BOC Aviation to list on Hong Kong with IPO
Aircraft lessor BOC Aviation is to list its shares on the main board of the Hong Kong Stock Exchange after launching a US$1.1bn initial public offering (IPO).The HK$42.00 price per share will raise net proceeds of approximately US$547m for Singapore-based BOC Aviation and a similar amount for Bank of China, ...
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Qatar ups stake in IAG to 15.01%
Qatar Airways has raised further its stake in British Airways-owner International Consolidated Airlines Group (IAG) to 15.01% and may consider acquiring more of the company over time, the airline told Reuters.Less than a month ago Qatar Airways raised its stake in IAG to just under 12% from 9.99%.Speaking at a ...
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CEVA profits stay strong despite soft market
Logistics firm CEVA says it maintained profitability in the first quarter of 2016 despite “market headwinds” that continue to affect all industry players.Excluding currency factors, revenue dropped 5.3% from $1.7bn in first quarter 2015 to $1.6bn during the same period this year as a result of rate decreases.Earnings were up ...
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Dachser revenues benefit from exchange rate gains
Logistics firm Dachser's Air and Sea Logistics business saw revenues climb by 8% last year to €1.6bn.The German company said the increase in revenues was largely thanks to exchange rate gains, with tonnage experiencing “anaemic growth”.“From this you can see that, as in Road Logistics, we will not lower our ...
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Metro Supply Chain buys Evolution Time Critical
Canada’s Metro Supply Chain Group has acquired Evolution Time Critical, the Europe-based specialist in automotive emergency logistics.The deal — financial terms were not disclosed — provides 3PL provider Metro with an opportunity to increase its automotive industry presence beyond North America.“We have the platform from which to expand our capabilities ...
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Alaska Airlines confirms Virgin America purchase
Alaska Air Group, parent company of Alaska Airlines, and California-headquartered Virgin America have confirmed their boards of directors’ approval of a deal under which the former will acquire Virgin America’s shares for $2.6bn; including Virgin America’s debt and aircraft lease obligations, the transaction is valued at approximately $4.0bn.The merger will ...
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Airlines quiet, but KPMG sees busy year for mergers in 2016
There were relatively few airline mergers and acquisitions in 2015, reported analyst KPMG in its latest Transport Tracker.Activity, at £3.1bn ($4.4bn) of completed transactions, remained low mainly primarily because of restrictions on foreign ownership of airlines by governments, it said.Meanwhile, though, airlines will continue to push co-operation through alliances and ...
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NewsOz court upholds cartel fines on Garuda and Air New Zealand
Australia’s Federal Court has upheld an appeal by the Australian Competition and Consumer Commission (ACCC) over air cargo cartel allegations against Garuda Indonesia and Air New Zealand.A majority ruling by the full court found that price fixing conduct engaged in by Garuda and Air New Zealand relating to agreed surcharges ...
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Lufthansa Cargo’s earnings fall 40% in 2015
Lufthansa Cargo’s earnings contribution to the parent group airline declined 40% to €74m in full year 2015 as seasonal “sizeable overcapacities” in the airfreight market hit load factors and yields.In addition to the excess capacity from the beginning of the summer onwards, cargo earnings were also depressed by the strike ...
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LATAM cargo revenues go south
Cargo revenues at South America’s LATAM Airlines Group dropped by 26.8% in the final quarter 2015, driven by a 13.4% decline in cargo traffic and a 15.4% decline in cargo yields over the like period in the prior year.The Chilean-headquartered carrier stated: “During the quarter, cargo demand remained weak, especially ...
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Cathay cargo revenues fall 9% in 2015
Cathay Pacific’s group cargo revenue fell 9% in full year 2015 to HK$23.1bn, reflecting a reduction in fuel surcharges due to lower fuel prices.The Hong Kong-based combination carrier said: “Air cargo demand, which came under pressure during the second quarter of the year, remained weak in the second half.”Cargo capacity ...
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DHL forwarding looks to a better year ahead after a 'transitional' 2015
DHL Global Forwarding is hoping a new IT system will help improve performance in 2016 after it recorded declines in airfreight volumes, revenues and an earnings before interest and tax loss (ebit) in 2015.Deutsche Post DHL’s Global Forwarding, Freight division recorded a 0.2% decline in revenues to €14.9bn, while ebit ...
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Turkish Airlines sees cargo revenues slide despite improved demand
Turkish Airlines recorded a decrease in revenues generated by its cargo division despite an increase in demand.For the full-year 2015, Turkish Airlines recorded a 3.9% year-on-year decline in cargo revenues to $935m, with both its bellyhold and freighter services contributing towards the decline.Meanwhile, its cargo and mail traffic climbed by ...
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IAG Cargo reports 'challenging' 2015
IAG Cargo recorded a 3.2% rise in unadjusted 2015 full-year commercial revenue to just over €1bn as “challenging” market conditions saw like-for-like overall yield down 4% on prior year due to flat volumes while capacity grew by 3%.However, after adjusting the prior year's figures to reflect a directly comparable operation, ...