When The Band Breaks
Any second now you almost expect to hear the twang as the elastic band breaks. It seems that the local and international airline industry is under as much strain as at any time since the 9/11 terrorist attacks nearly seven years ago.
Half a dozen airlines have collapsed in the US this year already, United Airlines is furloughing hundreds of pilots as it scales back operations, lessor ILFC warns that as much as 30 per cent of the major manufacturers’ order books could be at risk of cancellation as airlines look to delay the arrival of new capacity, airlines worldwide are raising fuel surcharges left, right and centre, and even Cathay Pacific has issued a grim profit warning predicting a “disappointing” financial outlook. It’s getting pretty bleak out there.
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