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On Tuesday, the International Air Transport Association (IATA) announced that international airlines are in line to make a combined net loss of more than $84 billion this year due to the coronavirus crisis which has decimated air travel demand.
According to IATA, airline revenues would likely fall from $838 billion to $419 billion this year. It also forecasted supplementary losses of $15 billion in 2021.
“The outlook is challenging to say the least. But aviation is a resilient industry,” IATA’s Director General Alexandre de Juniac said in a statement.
“With a globally harmonized and mutually recognized approach to the re-start measures, we can rebuild the confidence of travelers and kick-start the recovery in aviation and more broadly,” he added.
De Juniac said that IATA’s research shows airline passenger numbers fell at 25% this year, contributing to a $241 billion decline in passenger revenue.
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Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors ...
On Tuesday, Ebay Inc. (EBAY.O) announced that it had reached a deal to sell off its classified ads business unit to Adevinta ASA (AD5B), a Norway-based classified ads publisher owned by Danish media company Schibsted (SBSTA.OL). The classified ...
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