By 2029, Boeing predicted the global fleet would expand some 64% to 30,900 aircraft from 18,890 today, a $3.6 trillion opportunity for the builders of passenger and cargo jetliners.
That’s up from the past year’s industry forecast of 29,000 at $3.2 trillion when global air traffic was projected to fall 4% for the year.
source: Market Watch
The airline went out of business in March with debts of £4.5m after a potential rescue deal fell through. Now, 92 members of staff agreed pay cuts amounting to a total of £746,000 to try to save the airline.
Highland Airways had operated flights in Scotland and Wales.
source: BBC News
Italian flag carrier Alitalia Airlines in the next ten days will announce plans to join the antitrust-immune joint venture that includes Delta Air Lines and Air France-KLM, enabling the carrier to jointly set fare, plan routes and share revenues on the transatlantic with its SkyTeam partners.
These carriers already have been courting corporate customers and transitioning international contracts to the joint venture.
source: businesstravelnews.com
From record losses of $16 billion in 2008 followed by $9.9 billion in red ink in 2009, carriers are projected to earn $2.5 billion in 2010, according to IATA’s most recent financial forecast presented at last month’s AGM in Berlin. If achieved, this will represent an $18.5 billion profit rebound over two years after a negative swing of $28.9 billion between 2007 and 2008.
Although the resurgence is being driven by the macroeconomic environment, other factors are coming into play as well, lower oil prices among them. After peaking at more than $135 per barrel in July 2008, the price of a barrel of Brent crude averaged $62 last year, helping reduce industry fuel costs by 40% versus 2008. IATA expects it to average $79 for the full year.
source: ATW
The Department for Transport has delayed plans to bring in hand searches at UK airport security because of concerns from a Sikh group.
Sikhs are concerned it could mean hand checks of turbans or demands for the religious headwear to be removed.
At present, passengers walk through metal detectors at UK airports and, if the alarm goes off, they are then searched again with handheld metal detectors.
The new EU rules instead tell security staff to use their hands for the second checks.
source: BBC News
Only a quarter of travel insurance policies offer cover if the policy holder is stranded because their airline has gone bust, according to a new study.
The research by Defaqto found 77% of travel insurance policies do not cover airline failure.
Even insurers that cover airline failure may only offer a refund for the missed flight, and not for other components of a holiday such as accommodation and pre-booked activities.
source: Finance Markets
Airline bmi British Midland is to merge its frequent flyer scheme, Diamond Club, with the Miles & More programme of new owner, Lufthansa.
It follows the integration of Miles & More with other Lufthansa subsidiaries including Brussels Airlines, Swiss and Austrian Airlines.
Lufthansa took control of bmi in 2009 after Sir Michael Bishop, the former chairman, exercised an option to sell his controlling stake at a pre-agreed price.
The German airline considered a sale of bmi but it did not attract a sufficiently high price from any interested buyers so began a restructuring scheme.
source: Telegraph.co.uk
