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Malaysia Airlines staff layoffs to cost up to 234 million ringgit

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JohnK

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AFP said:
Malaysia Airlines staff layoffs to cost up to 234 million ringgit

KUALA LUMPUR (AFP) - Ailing Malaysia Airlines launched a scheme costing up to 850 million ringgit (234 million dollars) to lay off between 3,000 and 5,000 employees as part of a plan to haul itself out of the red.

"Since the mutual separation scheme is a voluntary exercise, Malaysia Airlines expects the take-up rate from staff to be between 3,000 to 5,000," the national carrier said in a statement.

An official from the airline, who declined to identified, quoted managing director Idris Jala as saying the scheme would cost up to 850 million ringgit.

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Another airline affected by ever increasing fuel prices...
 

JohnK

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OK, you could say that MH has a few minor issues to sort out on top of the increasing fuel prices crisis!
 
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Kiwi Flyer

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The surcharges aren't a crisis (from airlines perspective they're a solution).

By all accounts they would be in difficulty regardless of the fuel prices.
 

NM

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Kiwi Flyer said:
The surcharges aren't a crisis (from airlines perspective they're a solution).

By all accounts they would be in difficulty regardless of the fuel prices.
High fuel prices are a consistent problem for all airlines, so the only way this affects competition is that those airlines with better management practices (intelligent hedging) and lower operational costs can continue to compete on price.
 

JohnK

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Kiwi Flyer said:
The surcharges aren't a crisis (from airlines perspective they're a solution).

By all accounts they would be in difficulty regardless of the fuel prices.
I am sorry I used the wrong phrase there. I have changed my previous post to read "OK, you could say that MH has a few minor issues to sort out on top of the increasing fuel prices crisis!".

And yes I agree that MH would be in trouble regardless but certainly the increasing fuel prices has not helped them to manage existing problems.
 

NM

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JohnK said:
And yes I agree that MH would be in trouble regardless but certainly the increasing fuel prices has not helped them to manage existing problems.
Perhaps their fuel costs are being "managed". The Malaysian Ringgit used to be fixed at MYR3.80 to the US$. However, I see from xe.com that the rate today is 3.63, so their fuel cost in US$ had dropped almost 5% since the fixed 3.8 days (anyone know when this changed?).
 

Yada Yada

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NM said:
Perhaps their fuel costs are being "managed". The Malaysian Ringgit used to be fixed at MYR3.80 to the US$. However, I see from xe.com that the rate today is 3.63, so their fuel cost in US$ had dropped almost 5% since the fixed 3.8 days (anyone know when this changed?).
It was last year. It doesn't look like a clean float though. I found the following:

thestar.com.my said:
Bank Negara statement on ringgit float
Thursday July 21, 2005

BANK Negara Malaysia announces Thursday that the exchange rate of the ringgit with immediate effect will be allowed to operate in a managed float, with its value being determined by economic fundamentals.

Bank Negara Malaysia will monitor the exchange rate against a currency basket to ensure that the exchange rate remains close to its fair value. Promoting stability of the exchange rate continues to be a primary objective of policy.

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NM

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Yada Yada said:
It was last year. It doesn't look like a clean float though. I found the following:
Ahh, thanks for that. I would have been blindly doing my ad-hoc conversions based on the old 3.8 while wheeling and dealing at Bukit Bintang.
 

Yada Yada

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NM said:
Ahh, thanks for that. I would have been blindly doing my ad-hoc conversions based on the old 3.8 while wheeling and dealing at Bukit Bintang.
Sungei wang?

Or Parkhill Gallery? :shock:
 

NM

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Yada Yada said:
Sungei wang?

Or Parkhill Gallery? :shock:
Sungei Wang actually. I just hope my favourite source of non-blank DVD media is still there ;). Otherwise its off to China Town to get a few "genuine" :rolleyes: world cup strips.
 

Yada Yada

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NM said:
Sungei Wang actually. I just hope my favourite source of non-blank DVD media is still there ;). Otherwise its off to China Town to get a few "genuine" :rolleyes: world cup strips.
I didn't check Sungei Wang for non-blank DVD media (nice term) a few weeks back when I was there but there were heaps of sellers down at Petaling Street (China Town) markets.
 

NM

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Yada Yada said:
I didn't check Sungei Wang for non-blank DVD media (nice term) a few weeks back when I was there but there were heaps of sellers down at Petaling Street (China Town) markets.
I have learned the hard way that the product acquired in China Town is often of dubious quality.
 
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