finance

Italian media reported this week that the government authority overseeing the future of Alitalia has received a ‘”reserved” purchase offer for the airline from Claudio Lotito, the multi-millionaire owner and chairman of Italian football club Lazio. The bid is a challenge to an existing offer involving Delta Air Lines and Italian rail corporation Ferrovie Dello […]

Softening demand in both business and leisure markets is projected to send Virgin Australia’s accounts into the red. In an investor update delivered to the markets on May 17, the Australian carrier announced estimated earnings in 2019 at least A$100 million lower (69 million U.S. dollars) than the A$64.4 million reported for the 2018 financial […]

IAG (International Airlines Group), the parent company of Europe’s British Airways, Iberia, Vueling and Aer Lingus, on Friday reported a $152 million profit for the first quarter of 2019. Though the result is down in comparison to 2018, it is seen as a positive result considering the group’s competitors, AirFrance-KLM, Lufthansa and easyJet have all […]

South Korea-based Asiana has announced that it will stop offering first class service in September. Also, the beleaguered carrier will terminate service to the Indian city of New Delhi and the Russian city of Khabarovsk and Juschno-Sachalinsk in July. Earlier, their arch-rival, Korean Air, announced that they will also cancel first class offerings to 27 […]

After seven hours of discussion, Avianca Brazil was able to approve its judicial recovery plan in a heated assembly of creditors held this Friday in São Paulo. Of the total creditors, 77 percent voted in favor of Avianca’s proposal, which should now be approved by Judge Tiago Limongi of the first Court of Bankruptcy and […]

The future of Italian carrier Alitalia is again under the spotlight as it was announced that easyJet is withdrawing from the process seeking to secure the beleaguered airline’s future. The U.K.-based airline was part of a consortium, which included Delta Air Lines, in discussions with the Italian government’s negotiating partner Ferrovie dello Stato to inject […]

In a surprising move, the CEO of Azul Brazilian Airlines, John Rodgerson, announced that Azul is interested in buying most of the assets from Avianca Brazil, which is going through bankruptcy protection. The statement came as a surprise because Rodgerson had made previous comments showing no interest in buying Avianca. The proposal came because of […]

Icelandair CEO Bogi Nils Bogason was confirmed into his position in December after replacing former president and CEO Björgólfur Jóhannsson in an interim appointment in August 2018. Since 2010 Bogi Nils had held the position of Chief Financial Officer of the Icelandair Group, a role he had also held from 2004 to 2006 before leaving […]

Etihad Airways is currently undergoing a spree of financial difficulties. As part of its efforts to adjust in size and scale in seek of better returns, the airline is rumored to have cancelled its remaining order of 42 A350s. The move was confirmed by Airbus yesterday, according to a FlightGlobal report. The Abu Dhabi-based carrier […]

Norwegian’s troubled financial situation is no news; as its rapid transatlantic expansion that set pace for an increasingly dynamic and cost-driven market between North America and Europe is passing the bill with fierce competition, volatile fuel prices and underestimating demand, making its current business structure unsustainable. In an attempt of raising capital that would help […]