Global airlines to lose $US9b : IATA

[Mal]

Global airlines to lose $US9b: IATA

The global airline industry is expected to lose $US9.0 billion ($A11.22 billion) this year, industry association IATA said on Monday, nearly doubling its earlier forecast.

The International Air Transport Association said the latest figures reflected a "rapidly deteriorating revenue environment" due to the worldwide economic downturn.

 

[JohnK]

For some reason that link kept crashing my internet explorer session so I searched for any other news on Google.

IATA: Global airlines to lose $9B in 2009

And interesting quote from that article on oil prices and possible recovery from the economic crisis.

“The risk that we have seen in recent weeks is that even the slightest glimmer of economic hope sends oil prices higher,” Bisignani said. "Greedy speculation must not hold the global economy hostage. Failure to act by governments would be irresponsible.”

Globally, airlines are in a better cash position, with more liquidity than in past downturns. But, Bisignani warned “a long L-shaped recovery could drain the industry of cash.”