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Aeroflot Plans To Cut 2,000 Jobs

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http://news.bbc.co.uk/1/hi/business/8260595.stm

Russian airline Aeroflot, which is 51% government owned, has said it plans to cut 2,000 jobs in the next six months.

The company also suggested more job cuts could follow, after the airline said profits plunged amid fewer passengers and fuel costs.

"The general director has more than once said the staff needs to be thinned, now with the crisis this has become necessary," the airline said.

The staff cuts amount to about 13% of Aeroflot's total workforce.

In July, the airline announced that its net profit in 2008 had plummeted by 88% to $37m (£20m), down from $313m in 2007.

The company blamed it on higher fuel costs and losses at its cargo operations, which declared bankruptcy in June.

More jobs to go which can only further strengthen the global jobless recovery. The more people that those there jobs mean the stronger global recovery will be.

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IATA increases airline losses forecast to £11bn

Continuing weakness in demand, pressure on yields and rising fuel prices will lead the world's airlines to lose $11bn in 2009.

That's the stark warning from the International Air Transport Association (IATA) in its latest global financial forecast, which blames the worsening losses – up $2bn on their previous forecast – on rising oil prices and exceptionally weak yields.

Passenger yields are expected to fall 12 per cent over the year, led by a 20 per cent fall in premium demand, while cargo yields are expected to fall 15 per cent.

IATA also predicts industry revenue will be down $80bn or 15 per cent by the end of the year and revenues may not return to 2008 levels until 1212.

Losses are expected to continue into 2010 to the tune of $3.8bn.

Giovanni Bisignani, IATA’s director general and CEO, said: “This is not a short-term shock. $80bn will disappear from the industry’s top line. That 15 per cent of lost revenue will take years to recover.

“Conserving cash, careful capacity management and cutting costs are the keys to survival. The global economic storm may be abating, but airlines have not yet found safe harbour. The crisis continues.â€

Ah, you beat me to it CB, the good news just keeps on coming............I see JAL are "down-sizing" too (just under 7000 to go). I hope these green shoots stop soon, they are causing way too many problems....... :lol:

Edited by SMAC67

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Guest KingCharles1st

Remember- for every person who loses their job- an new house can be built and a mortgage placed upon it!

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