Germany's Lufthansa to shut regional CityLine unit amid fuel costs and strikes pressure [Yahoo! Finance]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
NASDAQ:AMEX Investor Relations:
investor-relations.lufthansagroup.com/en.html
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Source: Yahoo! Finance
“As a first, immediately effective step, the 27 operational aircraft of Lufthansa CityLine will be permanently removed from the flight programme starting the day after tomorrow, in order to reduce further losses at the loss-making airline,” the group said. CityLine has approximately 2,000 employees, who have been offered continued employment in other subsidiaries, Lufthansa added. Kerosene prices have more than doubled since the outbreak of the Middle East war, the company said. On top of the fuel crisis, Lufthansa has faced regular strike actions, including five consecutive days of walkouts this week by cabin crew and pilots. The International Energy Agency has also highlighted pressure on fuel supplies. Its Executive Director, Fatih Birol said Europe has “maybe six weeks or so of jet fuel left” and warned of possible flight cancellations “soon” if oil supplies remain disrupted by the Iran war. Related Europe has six weeks of jet fuel left caused by 'dire strait' crisis,
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News
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- Iran war upends aviation strategies [Yahoo! Finance]Yahoo! Finance