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Airline Finance News - Europe.

Dec 11, 2006

EU, Russia agree to end Siberian overflight charges. The EU and the Russian Federation finally agreed to phase out costly Siberian overflight fees by 2013. Dec 8, 2006

UK Airlines Slam Plans To Double Passenger Tax. Airlines slammed government plans on Wednesday to double UK taxes on air travel, saying the flat rate would remove the incentive to fly greener aircraft. Dec 6, 2006

Aer Lingus

Aer Lingus presented its unions with a 12-point cost-cutting plan Friday as part of its continuing effort to thwart Ryanair's floundering takeover bid and succeed as an independent carrier. According to press reports, EI has promised not to cut jobs without workers' consent. It also intends to simplify pay grades, enact standard work rules, renegotiate airport and ground handling contracts, introduce a fuel efficiency plan and look into the establishment of overseas bases, according to The Irish Times. Dec 4, 2006

Air France KLM

Air France KLM reports soaring profit, acknowledges Alitalia talks. Air France KLM Group improved its fiscal first-half profit to [euro]618 million ($809 million), up 50.7% from [euro]410 million in the year-ago semester, results Chairman Jean-Cyril Spinetta attributed to the "unique competitive position" of the merged airline company. Dec 8, 2006

Alitalia

Italy's government, as expected, moved to sell 30.1% of its 49.9% stake in troubled Alitalia, insisting that new investment is the only way to save the carrier. But the government said it would only consider potential buyers that agree to make a full takeover bid and "maintain the national identity of the company and its logo and brand." Dec 7, 2006

Alitalia

Italian government ready to sell off more of Alitalia. The Italian government on Friday confirmed its intention to reduce its controlling interest in Alitalia in an effort to lift the carrier out of the red and into an alliance. Dec 4, 2006

Austrian Airlines

Austrian Airlines Group said it raised [euro]367 million through the offer of up to 51.68 million bearer shares that concluded Dec. 1 with a final offer price of [euro]7.10 per share. "With the successful completion of our transaction, we have taken an important step in our restructuring program," CEO Alfred Oetsch said in a statement. The Internet, which more than 20 years ago was regarded "as an experiment in how to move data," now is the primary channel by which most major airlines communicate with their customers and ultimately could form the backbone of operational communications. Dec 5, 2006

British Airways

British Airways To Resume Pension Talks Next Week. British Airways said on Thursday it expected to meet trade unions later next week to hammer out a deal on tackling its GBP2.1 billion (USD$4.13 billion) pension deficit. Dec 7, 2006

Lufthansa, Thomas Cook

Lufthansa May Sell Thomas Cook Before Year End. Lufthansa could agree to sell its 50 percent stake in tourism firm Thomas Cook to co-owner KarstadtQuelle before Christmas, a German newspaper said on Saturday. Dec 7, 2006

Olympic Airlines

Olympic Airlines Loss Widens. Greece's ailing state carrier Olympic Airlines, posted a net loss of EUR123.7 million (USD$163.4 million) for 2005, based on financial statements published in Greek newspapers. Dec 7, 2006

Ryanair, Aer Lingus

Ryanair's rising stake in Aer Lingus, Mannion said that EI accepts its fiduciary responsibility to the LCC as it does to all of its shareholders, but stressed again that his airline wishes to remain independent. He told the conference that EI is second only to Ryanair in Europe in profitability margin, pointing out that the two have been competing on short-haul routes for 20 years or so. "We have dramatically changed our revenue strategy and dramatically reengineered our business model to compete with the best of the rest [of the] low-cost carriers," he said. "Almost 80% of our selling activity is now online and we want to grow it well beyond that and probably close to 90% within the next 12 months." Dec 6, 2006

Swiss International

Swiss International Air Lines reached an agreement with unions representing its ground staff that provides a 1.1% salary increase, an additional two vacation days each year and a one-time payment of CHF1,200 ($1,005) to be added to workers' December salaries. Dec 8, 2006 Z Editor: Aram Gesar, eMail: edit@AirGuideOnline.com

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Nov 13, 2006
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Date:Dec 11, 2006
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