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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.