News that Greek hoteliers are over a barrel because TUI AG has not yet to pay millions of euros to certain hotels, comes as little surprise.
Lufthansa Group just announced permanent, group-wide cuts on capacity and further reductions of personnel, due to the impact of the coronavirus (Covid-19) on travel.
Greek authorities have reported 453 new coronavirus cases, which is the highest single-day rise since the end of lockdown. Meanwhile, corporate interests sail full speed a course into the unknown.
Greek Finance Minister Christos Staikouras is inviting foreign investors to invest in Greece. But some fear outsiders already own too much of the country.
Lufthansa Group continues to downsize in the wake of the COVID-19 pandemic and the ensuing economic crisis.
Lufthansa Airlines has announced the resumption of flights to 20 tourist destinations, including Greek islands, beginning in mid-June.
Ryanair is now Europe’s biggest airline. the Irish low-cost carrier flew 152.4 million people in 2019, a 9% increase.
German Airlines Condor and Lufthansa say they have added new Greece flights tom compliment their Summer 2020 offers.
Lufthansa pilots have given notice they may yet take further action against the airline’s failed bid to end their strike. The court in Frankfurt ruled yesterday in favor of the pilots, saying there were no legal grounds for Lufthansa’s action.
Ryanair, Europe’s leading budget airline, called out CEOs of IAG (Willie Walsh), Air France (Alexandre de Juniac), and Lufthansa (Carsten Spohr) to take the ice bucket challenge. Ryanair CEO Michael O’Leary literally overdid the ice bucket event in Dublin on Thursday, much to the delight of 200 employees of his airline.
This morning business daily Vedomosti has reported, Russia may begin restricting European airlines from flying over Siberia on Asian routes. The move, if enacted, would imposed crippling costs on some European carriers. To make matters worse, the underlying business infrastructure of all countries will certainly be negatively affected.
A Lufthansa airliner had to make an emergency landing in Budapest earlier this week when a fight broke out between passengers on board.
According to the Amadeus Air Traffic Travel Intelligence report recently released, budget flights in Europe and other regions are trending to dominate air travel. The report reveals low cost carriers taking up as much 14% of all air travel, while cheap flights in Europe account for 38% overall.
According to a report from the CAPA Center for Aviation, the 13 largest European airlines lost an aggregate net profit of some 72% last year. With costs growing faster than revenues (8.5% versus 8%) it seems clear some of these 13 will founder if things don’t change.
Akbar Al Baker, CEO of Qatar Airways, looks like a straight shooter in an industry full of corporate “yes men” these days. Speaking at a Guild of Travel Management Companies’ (GTMC) conference, the five star airline’s boss called BS on Lufthansa and other European airlines. With many air carriers suffering during this current recession, name calling has broken out in earnest now.