Aviation

Bloomberg British Airways owner IAG SA said it’s reviewing outstanding orders for the latest Boeing Co. and Airbus Group SE wide-body jets while keeping older planes for longer and adding more seats to others in a bid to pare spending as overcapacity and the UK’s Brexit vote weigh on earnings. Plans to take 38 Airbus A350s and Boeing 787s are ...

  Bloomberg Canada will nearly double its limit on foreign ownership of airlines as part of an overhaul of transportation rules, raising it to 49 percent from 25 percent while retaining other restrictions. Transport Minister Marc Garneau announced the changes in Montreal, saying the government would immediately increase the ownership threshold to 49 percent for Canada Jetlines Ltd. and Enerjet ...

  Bloomberg Singapore Airlines Ltd. said it will be vigilant on costs as it warned yet again that the weak operating outlook is likely to persist amid excess capacity and aggressive pricing by competitors. The prospects for most major economies remain ‘tepid,’ while passenger airline business continued to be impacted by geopolitical uncertainty and weak global economic conditions, Singapore Air ...

  Bloomberg EasyJet Plc directors are in early-stage talks about relaxing executive bonus targets in order to hang on to Chief Executive Officer Carolyn McCall and other top managers as a capacity glut and the Brexit vote put the U.K. carrier’s earnings under pressure, people familiar with the plans said. The EasyJet board wants to make pay goals more achievable ...

  Dubai / Emirates Business Musafir.com, the UAE’s first premium-experience travel website, announced the launch of the online visa application service. Tourist visas to the UAE and 14 other destinations can now be directly applied on musafir.com and have their travel documentation processed and completed with no hassle. They are the first travel provider in the GCC region to introduce ...

  Shanghai / AFP China and Russia will invest up to $20 billion to develop a long-haul wide-bodied jet, reports on Thursday and a company statement said, as Beijing seeks to challenge leading Western manufacturers Boeing and Airbus. The hugely ambitious plan was first agreed between the Commercial Aircraft Corporation of China (COMAC) and Russia’s United Aircraft Corporation (UAC), whose products ...

  Emirates Business A unit of HNA Group Co. outbid Hong Kong developers including Cheung Kong Property Holdings Ltd. with an HK$8.84 billion ($1.1 billion) offer for government land in the former Kai Tak airport area, the highest price tag in three-and-a-half years. It was the most hotly contested land tender this year, as a rebound in home prices is ...

  Bloomberg Air France-KLM Group said it will create a new long-haul unit to fend off Persian Gulf rivals, simplify short-haul operations and work more closely with staff as new Chief Executive Officer Jean-Marc Janaillac seeks to put his stamp on a company riven by internal strife as its market share ebbs. The group will establish a French arm parallel ...

  Bloomberg Ryanair Holdings Plc’s plans for its first-ever flights from Frankfurt sparked a bitter response from Deutsche Lufthansa AG, which vowed to fight back against the surprise incursion at Germany’s biggest hub. While Ryanair will begin Frankfurt services with just two jets and four routes, Europe’s top discount airline sees potential for a bigger operation there, David O’Brien, its ...

  Berlin / AFP German airline Lufthansa said on Wednesday that its net profits had almost doubled in the third quarter, boosted by a pensions deal with cabin staff. Net profits soared to 1.42 billion euros ($1.5 billion) between July and September. Last month, Lufthansa raised its profit forecast for the year, after recording better than expected demand from business ...