Boeing boss predicts Covid will cause collapse of big US airline
4 years, 7 months ago

Boeing boss predicts Covid will cause collapse of big US airline

The Telegraph  

The boss of Boeing has predicted coronavirus will put one of America's major airlines out of business as he continued to talk down the aviation sector’s near-term future. The prediction came despite America’s 10 largest airlines applying for US government support through a $25bn bailout scheme. He also made another gloomy assessment of demand for air travel over the summer: “Traffic levels will not be back up to 100pc, they won’t be up to 25pc. Maybe by the end of the year we will be approach 50pc – so there will definitely have to be adjustments made on the part of the airlines.” Mr Calhoun's prediction comes after a similar downbeat assessment last week when he said air traffic levels would “slowly crawl back” to pre-coronavirus levels over three years. In response to the collapse in air traffic Boeing has slashed production rates of aircraft and announced plans to axe about 10pc of its staff, or 16,000 roles.

Air Boeing  boss  yearsin  cause  prediction  covid  levels  air  assessment  collapse  predicts  americas  big  traffic  airline  boeing  airlines

History of this topic

US jobs market to be hit with massive layoffs in 2025 amid HMPV virus fears? Experts warn ‘not everyone will have….’
2 days, 21 hours ago

US jobs market to be hit with massive layoffs in 2025 amid HMPV virus fears? Experts warn ‘not everyone will have….’

Hindustan Times  

While the US economy recovers from the shock of the coronavirus pandemic, experts have warned that not everyone will have job security in 2025. US jobs: Workers in a variety of industries received more blows in the closing months of 2024, with several layoff declarations for 2025. Amazon, Boeing and Spirit Airlines announce job layoffs Workers in a variety of …

Global airline industry sees $201bn in COVID-related losses
3 years, 3 months ago

Global airline industry sees $201bn in COVID-related losses

Al Jazeera  

The combined $201bn in net losses over the pandemic-blighted period eclipses close to nine years of industry earnings, according to the International Air Transport Association. Airline losses from the coronavirus pandemic are set to surpass $200 billion as travel curbs weigh on corporate and long-haul demand well into 2022, according to the industry’s main lobby. Carriers are poised to post …

US airline stocks rise on hopes for a air travel rebound
3 years, 9 months ago

US airline stocks rise on hopes for a air travel rebound

CNN  

New York CNN Business — US airline stocks rose Monday after a number of carriers reported strong demand for seats from leisure travelers. “The last three weeks have been the best three weeks since the pandemic hit,” American CEO Doug Parker said regarding advanced ticket sales. “We’re getting very close to 2019 levels in total bookings.” Parker cautioned that revenue …

As virus cases spike, financial outlook for airlines dims
4 years, 1 month ago

As virus cases spike, financial outlook for airlines dims

Associated Press  

With coronavirus cases spiking in the U.S. and Europe, the financial outlook of the world’s airlines is getting worse. Airlines will lose more than $157 billion over this year and next because of the pandemic, their main trade group said on Tuesday, The forecast from the International Air Transport Association was worse than the group’s June estimate of $100 billion …

IATA says Covid-19 crisis will cost airlines more than $157 billion
4 years, 1 month ago

IATA says Covid-19 crisis will cost airlines more than $157 billion

CNN  

London CNN Business — More huge losses are looming for the airline industry as carriers brace for the Covid-19 crisis to extend well into 2021. De Juniac said that Covid-19 made 2020 the worst financial year on record “bar none.” The industry group expects net losses to total$118.5 billion, worse than the$84.3 billion forecast in June. “With airlines expected to …

US airlines caution on winter challenges as covid-19 cases rise
4 years, 1 month ago

US airlines caution on winter challenges as covid-19 cases rise

Live Mint  

Delta Air Lines and Southwest Airlines on Thursday cautioned that the recent surge in COVID-19 cases may have a negative impact on travel over the winter holidays, a period the sector had hoped would see improved bookings. The U.S. Transportation Department said the country's airlines carried 65% fewer passengers in September versus the same month last year, the smallest decrease …

Deeper job cuts at Boeing as COVID-19 pandemic throttles air travel
4 years, 2 months ago

Deeper job cuts at Boeing as COVID-19 pandemic throttles air travel

LA Times  

Boeing will cut more jobs as it continues to bleed money and its revenue fades during a pandemic that has smothered demand for new airline planes. Boeing has been whipsawed by a drop in revenue after its 737 Max was grounded in March 2019 following two deadly crashes, and then a pandemic that has caused air travel to plunge and …

The airline industry could shrink by half to survive, United Airlines chairman says
4 years, 4 months ago

The airline industry could shrink by half to survive, United Airlines chairman says

CNN  

New York CNN Business — The US airline industry needs to shrink its labor costs by as much as 50% to survive – and even then it’s possible some carriers don’t make it through the crisis, United Airlines Executive Chairman Oscar Munoz told CNN Business. I suspect you may see more the longer this thing goes on.” Oscar Munoz, executive …

Global Aviation Industry Need At Least $5 Billion Capital to Stay Afloat Amid Covid-19 Chaos: CAPA
4 years, 4 months ago

Global Aviation Industry Need At Least $5 Billion Capital to Stay Afloat Amid Covid-19 Chaos: CAPA

News 18  

Coronavirus-hit domestic aviation industry requires a capital infusion of around USD 5 billion to keep it afloat as expected consolidated industry losses may stand at USD 6-6.5 billion this fiscal, an aviation consultancy and advisory firm has said. According to it, the consolidated industry losses are likely to stand at around USD 6-6.5 billion in FY2021, excluding airport concessionaires and …

As Airlines Downsizes Staff Globally, More Expected to Announced Job Cuts: IATA Survey
4 years, 5 months ago

As Airlines Downsizes Staff Globally, More Expected to Announced Job Cuts: IATA Survey

News 18  

Most airlines are considering downsizing their staff over the next 12 months due to the coronavirus crisis, the International Air Transport Association said Wednesday, citing an internal survey. "With the recovery in demand likely to be slow, 55 percent of respondents expect to have to decrease employment levels over the coming 12 months," global aviation body IATA said in a …

Jobs are being wiped out at airlines, and there’s worse to come
4 years, 5 months ago

Jobs are being wiped out at airlines, and there’s worse to come

Hindustan Times  

About 400,000 airline workers have been fired, furloughed or told they may lose their jobs due to the coronavirus, according to Bloomberg calculations. British Airways, Deutsche Lufthansa AG, Emirates Airline and Qantas Airways Ltd. are among the carriers announcing thousands of dismissals and unpaid leave programs. Delta Air Lines Inc., United Airlines Holdings Inc. and American Airlines Group Inc. have …

Covid-19 impact: Airlines expected to lose $84.3 billion in 2020 globally
4 years, 7 months ago

Covid-19 impact: Airlines expected to lose $84.3 billion in 2020 globally

India Today  

Global airlines body IATA said on Tuesday that airlines across the world are expected to lose $84.3 billion in 2020 due to the coronavirus pandemic, calling it the "worst year" in the history of aviation. The International Air Transport Association said revenues will fall 50 per cent to $419 billion in 2020 from $838 billion in 2019. "In 2021, losses …

Coronavirus fallout: Boeing announces massive layoffs, cuts 12000 jobs
4 years, 7 months ago

Coronavirus fallout: Boeing announces massive layoffs, cuts 12000 jobs

India TV News  

Boeing is cutting more than 12,000 jobs through lay-offs and buy-outs as the coronavirus pandemic seizes the travel industry, with more cuts to come. We will provide all the support we can to those of you impacted by the ILOs — including severance pay, COBRA health care coverage for U.S. employees and career transition services," Boeing said in a statement …

COVID-19 Impact: Boeing expected to announce job cuts in US after aviation sector rocked by plunging travel demand
4 years, 7 months ago

COVID-19 Impact: Boeing expected to announce job cuts in US after aviation sector rocked by plunging travel demand

Firstpost  

In April, Boeing chief executive Dave Calhoun said the company had “begun taking action to lower our number of employees by roughly 10 percent through a combination of voluntary layoffs, natural turnover and involuntary layoffs as necessary.” Washington: Boeing Co is expected to announce US job cuts this week after disclosing last month it planned to shed 10 percent of …

Airlines will be cutting jobs this fall. Waiting until then poses a big problem
4 years, 7 months ago

Airlines will be cutting jobs this fall. Waiting until then poses a big problem

CNN  

New York CNN Business — US airline workers have been largely spared from the carnage that’s pushed the country’s unemployment to record highs since the start of the coronavirus pandemic. Southwest CEO Gary Kelly said on CNN this week that the carrier is going to do “everything that we can to preserve jobs.” But he pointed out that the federal …

Coronavirus: How does Warren Buffett feel about Covid-19 crisis?
4 years, 8 months ago

Coronavirus: How does Warren Buffett feel about Covid-19 crisis?

Live Mint  

Warren Buffett will address his followers on Saturday for the first time since the US began implementing the state-by-state lockdowns that have upended the economy and life as we knew it. Buffett, who will turn 90 in August, even joked in his February letter to shareholders that he and Munger are in “the urgent zone.” All signs point to Abel …

Airbus says virus aviation crisis still at 'early stage'
4 years, 8 months ago

Airbus says virus aviation crisis still at 'early stage'

The Hindu  

Airbus reported 481 million euros in losses in the first quarter, put thousands of workers on furlough and sought billions in loans to survive the coronavirus crisis and its CEO said Wednesday the aviation industry’s unprecedented troubles are still at an “early stage.” Even after virus-related travel restrictions eventually ease, Chief Executive Guillaume Faury acknowledged it will take a long …

British Airways may cut 12,000 jobs as coronavirus takes its toll
4 years, 8 months ago

British Airways may cut 12,000 jobs as coronavirus takes its toll

CNN  

London CNN Business — British Airways may be forced to cut more than a quarter of its workforce as the coronavirus pandemic takes its toll on one of Europe’s biggest airlines. Parent company IAG said in a statement Tuesday that British Airways is notifying labor unions about a restructuring program which will affect most employees and “may result in the …

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA
4 years, 8 months ago

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA

The Hindu  

The COVID-19 pandemic is expected to impact more than 29 lakh jobs in the Indian aviation and dependent industries, global airlines’ grouping IATA said on Friday. About India, IATA said the pandemic is expected to potentially impact 29,32,900 jobs in the country’s aviation and its dependent industries. Besides, the grouping noted that the revenue impact for airlines operating to and …

COVID-19: Ficci seeks bailout package for aviation industry
4 years, 8 months ago

COVID-19: Ficci seeks bailout package for aviation industry

The Hindu  

Industry lobby FICCI has sought a bailout package for the domestic aviation industry, including direct cash support from the government, interest-free soft loans and a two-years tax holiday to help the sector overcome the COVID-19 crisis. The coronavirus pandemic has impacted aviation industry the most, with the grounding of commercial flight services fully or partially resulting in substantial losses to …

Wall Street gains after reports of Boeing to resume production next week; investors cheer Trump's plan to reopen economy
4 years, 8 months ago

Wall Street gains after reports of Boeing to resume production next week; investors cheer Trump's plan to reopen economy

Firstpost  

Boeing’s shares soared 11.7 percent on plans to resume commercial aircraft production in Washington state after halting operations last month due to the coronavirus pandemic Wall Street bounced on Friday as Boeing said it would resume production of commercial jets next week, with investors also cheering President Donald Trump’s plan to reopen the economy and on hopes of a potential …

Coronavirus Outbreak: Airline ticket refunds row escalates as sector stares at huge job losses
4 years, 9 months ago

Coronavirus Outbreak: Airline ticket refunds row escalates as sector stares at huge job losses

Firstpost  

Global airlines warned that 25 million jobs across the world could be at risk from the coronavirus air travel downturn, and held out against offering refunds to passengers as cash runs out London/Paris: Global airlines warned that 25 million jobs across the world could be at risk from the coronavirus air travel downturn, and held out against offering refunds to …

Airline industry braces for prolonged recovery from coronavirus crisis; half the world's airplanes in storage
4 years, 9 months ago

Airline industry braces for prolonged recovery from coronavirus crisis; half the world's airplanes in storage

Firstpost  

Carriers including United Airlines Holdings Inc and Air New Zealand Ltd have warned they are likely to emerge from the coronavirus crisis smaller, and there are fears others may not survive. Sydney/Washington: International seat capacity has dropped by almost 80 percent from a year ago and half the world’s airplanes are in storage, new data shows, suggesting the aviation industry …

Airlines will offer fewer choices and higher fares after the coronavirus crisis
4 years, 9 months ago

Airlines will offer fewer choices and higher fares after the coronavirus crisis

CNN  

New York CNN Business — The US airline industry is about to get smaller. “Fewer seats flying means fewer cheap seats at the margin,” Philip Baggaley, chief credit analyst for airlines for S&P Global. Less choices for passengers This coronavirus crisis is so much more severe than past downturns in the industry that there’s a good chance there could be …

Once the coronavirus pandemic is over, we will return to a very different airline industry
4 years, 9 months ago

Once the coronavirus pandemic is over, we will return to a very different airline industry

ABC  

The airline industry will wear the scars of the coronavirus pandemic for a very long time. Although the airline industry had a good decade overall, finishing each of the past 10 years in the black, its profit margins remain low and profitability differences between regions and carriers are rather high. Broadly, they've three options: let the struggling private airlines fall …

Coronavirus Australia: Government gives airlines $715m bailout
4 years, 9 months ago

Coronavirus Australia: Government gives airlines $715m bailout

Daily Mail  

Australian airlines will be handed a $715million bailout package to save them from collapse as thousands of travellers cancel their holidays amid the coronavirus pandemic. A family wearing face masks are seen arriving at Sydney airport on Monday as all arrivals into the country are told to self-isolate Melbourne airport sat empty on Friday afternoon as thousands of tourists stayed …

Airlines Request $50 Billion Bailout In Face Of Near-Standstill
4 years, 9 months ago

Airlines Request $50 Billion Bailout In Face Of Near-Standstill

NPR  

Airlines Request $50 Billion Bailout In Face Of Near-Standstill Airlines asked for a $50 billion federal bailout as air travel comes to a near halt. An industry group says the sudden drop is "having an unprecedented and debilitating impact on U.S. ARI SHAPIRO, HOST: Airlines are hoping Congress helps them weather the coronavirus epidemic. Calio says the airlines employ 750,000 …

Coronavirus flight cuts could extend until summer. Airlines call for $58 billion in aid
4 years, 9 months ago

Coronavirus flight cuts could extend until summer. Airlines call for $58 billion in aid

LA Times  

Responding to new government travel restrictions and plunging demand, U.S. carriers plan to slash flight capacity by up to 75% on international routes and as much as 30% on domestic flights, with cuts projected to last until summer. The growing coronavirus outbreak also prompted a trade group that represents the U.S. airlines to call on the federal government to provide …

Airline stocks crushed after Trump bans Europe travel over coronavirus
4 years, 9 months ago

Airline stocks crushed after Trump bans Europe travel over coronavirus

CNN  

London CNN Business — Airline stocks tumbled Thursday after President Donald Trump imposed a 30-day ban on travel from most of Europe, increasing the risk that carriers battling fallout from the coronavirus outbreak could run out of cash in the coming weeks, prompting mass layoffs and government bailouts. Bernstein analyst Daniel Roeska, who expects more governments to impose travel restrictions …

US airlines see distant recovery as coronoavirus outbreak hits travel
4 years, 9 months ago

US airlines see distant recovery as coronoavirus outbreak hits travel

Business Standard  

US airlines see distant recovery as coronoavirus outbreak hits travel Speaking at an industry conference, United President Scott Kirby said he was preparing for a "dire scenario" under which revenue could fall as much as 70% in April and May and 20% in Nov and Dec Premium FILE PHOTO: Airplanes are seen parked through a rain soaked window at their …

Airlines strive to stave off calamity as coronavirus locks down Italy
4 years, 9 months ago

Airlines strive to stave off calamity as coronavirus locks down Italy

Live Mint  

Airlines around the world sank deeper into crisis on Tuesday as the worsening coronavirus epidemic and Italy's lockdown hammered passenger numbers, forced the cancellation of thousands of flights and led to the delaying of plane orders. Some carriers face calamity, with Korean Air Lines warning the virus outbreak could threaten its survival after it scrapped more than 80% of its …

Economic toll of virus sinks in, duration remains an unknown
4 years, 10 months ago

Economic toll of virus sinks in, duration remains an unknown

Associated Press  

The Dow Jones Industrial Average over the past five days: up 1,293, down 785, up 1,173, down 969, down 256. “Several plausible developments could lead to a far more negative scenario than our baseline forecast,” said Moody’s Vice President Madhavi Bokil. Larry Kudlow, director of the president’s National Economic Council, told reporters that the administration is not looking at a …

As airlines face an economic hit from COVID-19, passengers are told it's safe to keep flying
4 years, 10 months ago

As airlines face an economic hit from COVID-19, passengers are told it's safe to keep flying

ABC  

Passengers face an extremely low risk of being infected by COVID-19 on board an aeroplane, according to the latest medical advice from the airline industry. Key points: Industry representatives have encouraged people to travel The industry is facing a gloomy forecast for 2020, with a worst-case scenario showing global revenue could falling to levels not seen since the global financial …

United Airlines, JetBlue slash flights and spending due to virus
4 years, 10 months ago

United Airlines, JetBlue slash flights and spending due to virus

Al Jazeera  

The US airlines say they are responding to the drop in demand as the coronavirus outbreak hits the travel industry. United Airlines Holdings Inc and JetBlue Airways Corp are cutting flights and implementing cost controls in the most drastic actions by United States-based airlines to get ahead of depressed travel demand due to the spreading coronavirus. JetBlue is taking other …

Coronavirus impact on airline industry is already WORSE than 9/11
4 years, 10 months ago

Coronavirus impact on airline industry is already WORSE than 9/11

Daily Mail  

As the economic impact of the coronavirus outbreak ripples out from the epicenter in China, airlines have been among the hardest hit. The red-eye route was once popular The Tom Bradley International terminal at the Los Angeles International airport looks eerily quiet on Thursday as demand for air travel slumps After 9/11, airline revenue dropped an estimated $19.6 billion in …

Boeing reshuffles top engineers amid 737 MAX crisis; 300 models grounded, delivery of about 5,000 planes on hold
5 years, 9 months ago

Boeing reshuffles top engineers amid 737 MAX crisis; 300 models grounded, delivery of about 5,000 planes on hold

Firstpost  

Boeing shares rose 0.3 percent on Tuesday, to close at $373.43. Seattle: Boeing Co’s commercial airplane division, facing its biggest crisis in years following deadly crashes of its flagship 737 MAX aircraft, has brought in a new vice president of engineering while dedicating another top executive to the aircraft investigations, a company email showed on Tuesday. John Hamilton, formerly both …

Discover Related