Aviation

  Bloomberg Cathay Pacific Airways Ltd. set a target to save 30 percent in employee costs at its Hong Kong head office as part of the biggest revamp in two decades, amid mounting competition that caused the carrier to post its first annual loss in eight years. The savings will come from changes to middle to senior management that will ...

  Bloomberg British Airways owner IAG SA will begin offering cut-price inter-continental flights from June using a new airline to be branded ‘Level’ that could operate more than 30 aircraft. The startup will initially connect Barcelona with Los Angeles and Oakland in California, the Argentinian capital Buenos Aires, and Punta Cana in the Dominican Republic, with tickets priced from 99 ...

  Bloomberg A single-aisle passenger jet that is being built by the Commercial Aircraft Corp. of China is set for its first test flight by the end of next month, according to Philippe Petitcolin, chief executive officer of Safran SA, an aircraft engine maker. Any problems with taxi trials may alter the schedule, Petitcolin said in an interview in Paris. ...

  Abu Dhabi / Emirates Business Etihad Airways is introducing its award-winning A380 on the Abu Dhabi – Paris route this summer as part of seasonal adjustments to the airline’s fleet deployment plan. Featuring the carrier’s revolutionary The Residence – the world’s first three-room suite on a commercial airliner – the aircraft will operate on one of its twice-daily services ...

  Bloomberg Chief Executive Officer Alan Joyce, who is steering Qantas Airways Ltd. through a successful three-year transformation, has one word of advice for Cathay Pacific Airways Ltd. — adapt. On Wednesday, Hong Kong’s flagship carrier reported its first annual loss since 2008 as declining demand for business travel and competition from Chinese rivals eroded earnings. While Joyce’s restructuring at ...

  Bloomberg Deutsche Lufthansa AG said a slide in fares triggered by excess capacity is beginning to slow, easing the burden on earnings as fuel costs rise. Adjusted operating profit will decline “slightly” in 2017 after the figure dropped 3.6 percent to 1.75 billion euros ($1.9 billion) last year, Lufthansa said in a statement on Thursday. The guidance for this ...

  Bloomberg Turkish Airlines is targeting a return to its earlier pace of gains in passenger numbers by next year as the effects of terrorism and political turmoil wane after causing a loss in 2016. Turkish Airlines will post a ‘moderate’ increase in passenger numbers this year and ‘from 2018 onwards, we will be seeing our historical growth rates,” Chairman ...

  Bloomberg Low-cost airlines targeting inter-continental routes have come and gone since the days of UK entrepreneur Freddie Laker’s trans-Atlantic Skytrain service in the 1970s. But a new generation of discounters equipped with more-efficient jets and using the Internet to tap markets closed to their forerunners is set to endure, challenging the long-haul dominance of network carriers, International Air Travel ...

  Dubai / Emirates Business Dubai Aerospace Enterprise (DAE) Ltd. announced it has completed the purchase of a portfolio of ATR 72-600 aircraft from GE Capital Aviation Services (GECAS). This purchase brings the total number of owned and committed ATR 72-600 aircraft in DAE’s fleet to 57, making DAE one of the largest lessors of the ATR 72-600 worldwide. In ...

  HONG KONG / AP Hong Kong’s Cathay Pacific Airways posted its first annual loss in almost a decade, blaming it on tough competition from rival airlines, slowing Chinese economic growth and a stronger currency. The airline said that it lost 575 million Hong Kong dollars ($74 million) in 2016 compared with a HK$6 billion profit the year before. The ...