Lufthansa to cut jobs after reporting €2.1 billion loss
04 June 2020 |
11:00 am
The German airline group Lufthansa says it will undergo "far-reaching restructuring" after reporting a net loss of €2.1 billion in the first three months of the year. The changes will include job cuts at its Brussels Airlines and Austrian Airlines brands. Lufthansa's board agreed on Tuesday to a €9 billion German government rescue loan to help it through the crisis. Also today, shares in French carmaker Renault jumped in early trading in Paris after it formally secured a €5 billion government-backed loan to shore up its finances.
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4 Jun 2019
Even in the midst of a global trade war, Lufthansa's outlook for his industry remains optimistic. Lufthansa CEO Carsten Spohr spoke to Bloomberg's Stephen Engle at IATA's annual meeting in Seoul.
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British Airways has suspended flights to Cairo for seven days over what Britain's Foreign Office has called a "heightened risk of terrorism." Lufthansa has also temporarily canceled its flights to the Egyptian capital.
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A key air crew trade union called off a Sunday strike at Lufthansa after the airline offered them a pay rise. However, they still plan a walkout on flights run by Lufthansa's subsidiaries, including Eurowings.
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Following the Iranian missile strikes targeting US forces in Iraq, as well as the unexplained crash of a Ukrainian passenger jet near Tehran, several major airlines have rerouted or canceled flights in the region.
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Lufthansa has canceled its routes to Iran, as well as those of Austrian Airlines. Many other major airlines have announced new flight plans that avoid Iranian and Iraqi airspace.
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German cabin crew union UFO has announced it will strike again for more pay and recognition as a Lufthansa negotiating partner. Over 2,000 flights were canceled during the union's last strike.
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Lufthansa has said it will take "years" before demand for air travel reaches pre-coronavirus levels. The airline said new changes will affect "almost all" flight operations.
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The German airline disclosed €1.2 billion in losses for the first quarter of 2020 as sales fell by 50% in March alone. State loans from Germany, Belgium, Austria and Switzerland are likely to rescue the company.
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Lufthansa is seeking a €10 billion bailout that would give the German government a massive stake in the airline, Der Spiegel reports. The German flag carrier has said it is losing €1 million an hour due to the pandemic.
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German Chancellor Angela Merkel has said there will be a decision "soon" on a potential rescue program for airline giant Lufthansa. The carrier was seeking capital as it struggles to cope with the coronavirus pandemic.
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The much-anticipated deal is being reported by German news agency DPA. The rescue package is meant to help the airline cope with losses incurred by the effects of the COVID-19 pandemic.
4 Jun 2020
The German airline group Lufthansa says it will undergo "far-reaching restructuring" after reporting a net loss of €2.1 billion in the first three months of the year. The changes will include job cuts at its Brussels Airlines and Austrian Airlines brands. Lufthansa's board agreed on Tuesday to a €9 billion German government rescue loan to help it through the crisis. Also today, shares in French carmaker Renault jumped in early trading in Paris after it formally secured a €5 billion government-backed loan to shore up its finances.
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