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  • further given economic and financial turmoil."

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Group revenue was up 17.8% to a record AED67.4 billion.

EK chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said the past year’s extremely difficult operating environment encompassed not only rocketing fuel prices and volatile exchange rates but also major regional problems caused by the Arab Spring, which disrupted schedules and passenger flows.

Handling that situation required “immense tenacity,” he said, adding that he was cautiously optimistic for the current year.

10 May 2012
Cathy Pacific shares plunge
News reports state that Shares in Cathay Pacific plunged Thursday, after the Hong Kong flag carrier announced a raft of cost-cutting measures and warned of "disappointing" first-half results due to high fuel prices.
The firm, which is listed at the Hong Kong stock exchange, fell 5.54 percent to HK$12.62 in morning trade, while the benchmark Hang Seng Index was 0.93 percent lower.
Cathay said Wednesday there was "no sign of a sustained recovery" in its cargo business due to rising fuel costs, and that its 2012 financial results scheduled to be announced on August 8 "are expected to be disappointing".
The last time Cathay had issued a profit warning was in 2008 before it posted full-year losses of HK$8.56 billion amid the global financial crisis.
The airline also cut its capacity growth forecast from the original seven percent to two percent, and said it will reduce the frequency of some long-haul routes to North America and Europe to ease outlays.
Other cost-cutting measures would include the earlier retirement of older aircraft, deployment of more fuel-efficient jets, a ground staff hiring freeze and voluntary unpaid leave for cabin crew.
"This is not just a Cathay Pacific problem, it is clearly an industry-wide issue, and continued high fuel prices in particular are hitting airlines hard across the globe," chief executive John Slosar has said.
The firm in March reported a 61 percent plunge in its net profit for 2011 and has warned that 2012 could be "even more challenging" than 2011.

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Turmoil is hitting airlines essaysThe tragic event which occurred in New York City and the Pentagon on September 11, has begun to affect international airlines as well as our own. Large European airlines have been greatly affected by the fear, which has been instilled in many of its customers.
“The recent turmoil in the euro zone reinforces the fact that the world is still balancing on a knife edge.”

China Southern Airlines (CZ) earlier this month predicted a sharp first-quarter decline, citing similar reasons.


This is an expanded version of a story we did for Flight Global

Airbus will be hit hard if Kingfisher Airlines of India fails

"The biggest risk facing airline profitability over the next year is the economic turmoil that would result from a failure of governments to resolve the eurozone sovereign debt crisis," said IATA Director General Tony Tyler on Wednesday.

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The Civil Aviation Authority (CAA) grounded the airline on November 30 when it suspended its approval of the airline's aircraft maintenance organisation and the certificates of airworthiness of its fleet of aircraft.

About two weeks ago the CAA ruled that Nationwide's aircraft could again take to the skies.

Rodger Whittle, Nationwide's corporate quality director, said it had been taking strain this festive season.

"We are operating with far fewer aircraft than normal.

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Cathay is facing challenges on many fronts - air fares, competition from other carriers and fuel hedging losses.

The airline attributed the sharp downturn to slower global economic growth dragging down corporate travel and hitting sales of lucrative premium class seats.

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It blamed lower spending and political turmoil across Africa as well as currency devaluations in its main market of Tanzania.

The London-listed carrier, which also runs cheap flights in South Africa and Kenya, suffered boardroom turbulence this year after investors successfully demanded chief executive Ed Winter’s resignation.

Sir Stelios Haji-Ioannou, founder of Fastjet and one of the airline's biggest shareholders, won his campaign to oust Mr Winter in March amid claims he had "burnt some £80m" over the past three years.

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Okay Airways stopped flying in December but resumed operations the following month.

Wuhan-based East Star has been in financial crisis since last year.

** Under the terms of IPP's policies cover is excluded with immediate effect for policies or tickets bought from 15th March 2009

16 March 2009
Authorities ground East Star Airlines
News reports state that authorities ordered a private Chinese airline to suspend its operations yesterday because of debts owed to General Electric Co’s aviation subsidiary, amid a travel slump caused by global economic turmoil.