The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. The forecasts have been revised on the back of surging oil prices, according to the industry body, and could force some airlines out of business. Many airlines went bust when fuel prices rose in 2008. Oil prices reached a peak [...]
The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. However, the forecasts have been revised on the back of surging oil prices, according to the industry body. IATA said global airlines will make a profit of $8.6 billion (£5.3 billion) for 2011 – down from the $9.1 billion it [...]
The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. According to the industry body, global airlines will make a profit of $15.1 billion (£9.5 billion) this year. The figure is 70% higher than its previous forecast made in September and significantly better than its anticipated loss of $2.8 billion [...]
Budget airline easyJet has today said profits have been boosted by a rise in passenger volumes and the group said it will pay its first ever dividend in 2012. The no-frills airline said passenger numbers grew 8% in the full-year to the end of September to 49 million, while profits totalled £154 million in the [...]
The International Air Transport Association (IATA) has today revised its forecasts for the airline industry and said the recovery had been “stronger and faster than anyone predicted”. According to the industry body, global airlines will make profits of $8.9 billion (£5.7 billion) in 2010. The figure is a sharp upward revision from the one it [...]
It appears the airline industry is recovering after a devastating time during the recession, which saw a slump in air travel. According to the airline industry body, International Air Transport Association (IATA), the number of passengers purchasing premium airline tickets grew again in June with demand for premium tickets up 16.6% on year. This compares [...]
The International Air Transport Association (IATA) has revised its forecasts for the airline industry for this year after forecasting a loss in March. According to the industry body, global airlines will make profits of $2.5 billion (£1.7 billion) in 2010. In March, IATA forecast a loss of around $2.8 billion this year, following a severe [...]
The International Air Transport Association (IATA) has today reported that international passenger traffic fell last month as flights were hit by the volcanic ash cloud from Iceland. The ash cloud has meant the recovery in the airline industry has taken a knock as flights were cancelled throughout the month. According to IATA, airline traffic fell [...]
Lufthansa has announced it is planning to save £100 million pound at airline BMI, which involves slashing almost one quarter of its capacity and the loss of 800 jobs. The German owner also said the restructure will see BMI’s name changed back to its former name – British Midland International – believing that British Midland [...]
It has been confirmed that British Airways (BA) and Spanish airline Iberia have signed a deal to merge their operations. The merger, which was provisionally agreed last November, will be finalised this year and is set to create one of the world’s largest airline groups, flying to more than 200 destinations The new company, which [...]
Scottish airline, Highland Airways, has gone into voluntary administration putting 100 jobs at risk. The company, which is based in Inverness and also has routes to Wales, called in administrators last night, PricewaterhouseCoopers (PwC), to take over the running of the business. The Civil Aviation Authority (CAA) said operations had been suspended “with immediate effect”. [...]
Figures published by the Civil Aviation Authority (CAA) have revealed a severe decline in passenger numbers across UK airports in 2009. According to the CAA, the UK’s airports handled 7.4% fewer passengers in 2009 than in 2008 – marking the biggest drop since records began just after World War II. It was also the first [...]
According to the International Air Transport Association (IATA), the global airline industry is improving, with both passenger and freight numbers expected to grow this year. In January, the industry body said 2009 saw the biggest decline in air passenger traffic since the aftermath of World War II. The global economic downturn had a devastating impact [...]
Japan Airlines (JAL), which last month filed for bankruptcy protection, has today posted a net loss of 177.9 billion yen (£1.31 billion, $2 billion) for the nine months to December 2009. The airline’s executive officer, Norikazu Saito, told reporters it suffered an operating loss of 120.8 billion yen on sales revenue of 1.14 trillion yen [...]
British Airways (BA) has today reported a £50 million loss in the three months to December 31 2009, compared with the £122 million it lost in the same period a year earlier. However, the loss was much less than analysts’ predictions for a £151 million loss. Meanwhile, the airline posted a surprise £25 million operating [...]
The airline industry has been hit hard during the global economic downturn, which has led to a slump in demand for air travel with fewer people travelling. Many airlines went bust during the downturn, not just due to a fall in demand but also as a result of higher fuel prices. According to the International [...]
In a bid to prevent the 12-day strike planned by cabin crew over Christmas, British Airways (BA) is to take legal action to prevent what could cause misery for millions of passengers this festive season. The Unite union has called a walkout from December 22 to January 2 in a dispute over working conditions, jobs [...]
Low-cost airline bmi has announced plans to axe around 600 jobs as part of a restructuring plan. The carrier, like many others around the world, has been hit by a slump in demand, higher fuel prices and increased competition. The economic downturn has meant many airlines have been forced out of business as fewer people [...]
The global economic downturn has forced many airlines out of business as fewer people are travelling by air and Irish airline, Aer Lingus, is no exception. According to the carrier, long-haul numbers plummeted 13% in the three months to September with sales falling by 9.7% in the same period. However, the number of short-haul passengers [...]
Asia’s largest carrier, Japan Airlines (JAL), is to be placed under the supervision of a state-backed turnaround body, according to reports. Speculation that the Enterprise Turnaround Initiative Corporation of Japan may take control of the loss-making airline next week sent its shares up 2.6%. The Enterprise Turnaround Initiative Corporation of Japan buys the debt of [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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