Tuesday, September 2, 2014   

Airline industry slashes profit forecast by US$1b
(03-12 18:59)

The global airlines industry has lowered its profit forecast for 2014 due to rising jet fuel prices, but says Venezuela's financial policy, Ukraine's political upheaval and a vanished Malaysia Airlines plane add to the uncertainty in its outlook.
Tony Tyler, director-general and chief executive of the International Air Transport Association, says profit this year is expected to be US$18.7 billion, a downgrade from the US$19.7 billion it forecast in December, as fuel prices have been higher than expected since then. The profit figure is still above the US$17.3 billion record the industry earned in 2010.
Tyler said in Geneva other challenges to the industry include Venezuela blocking airlines from repatriating US$3.7 billion, Ukraine's instability pushing up oil prices and the disappearance of Malaysia Airlines Flight MH370.—AP

   
Other Business breaking news:
Alipay, Huawei to promote mobile fingerprint payment (09-01 18:19)
Sony founder nephew to head PlayStation unit (09-01 17:27)
Microsoft demanded to explain over monopoly accusations (09-01 17:15)
German machine-tool orders stagnate in July (09-01 16:29)
Novartis Japan admits concealing drug side effects (09-01 16:28)
Heineken says selling Mexican packaging business (09-01 16:27)
European stocks mixed at open (09-01 16:16)
Hang Seng, Shanghai finish higher (09-01 16:14)
Macau gaming revenue down in August (09-01 15:29)
Germany runs up surplus in first half (09-01 15:08)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.