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Deutsche Lufthansa, the largest aviation concern in Europe, announced a decrease in the forecast for the current year, due to fierce competition from European low-cost carriers, as well as overcapacity in the European market. The company now expects an adjusted EBIT margin from 5.5% to 6.5%. The previous forecast assumed a figure in the range from 6.5% to 8%. In addition, the company said that its fuel costs will increase by 550 million euros. Rising fuel costs and price pressure caused the company's negative EBIT in the first quarter when net loss rose to 342 million euros from 39 million euros a year earlier. The announcement of a deterioration in the Lufthansa forecast for 2019 made the company's shares decrease by 11.5% on Monday.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
The reimplementation of virus-related lockdowns in some states dragged the U.S. economic outlook in the past month, according to economists in a Reuters poll who also warned that the monitored rebound in employment may reverse by the end of ...
On Thursday, airline group Lufthansa and unions representing German cabin crew reached an agreement that is set to reap more than 500 million Euros worth of savings. The German airline group stated in an interview that the measures, assented ...
Oil futures dropped on Wednesday as the build in U.S. crude inventories exceeded forecasts, raising concerns of oversupply. Brent crude lost 2 cents to $42.61 per barrel, while U.S. West Texas Intermediate crude futures slid 0.1%, or 4 cents, ...
Lufthansa’s Chief Executive Officer Carsten Spohr announced on Sunday that the company would seek to avoid grounding and insolvency before a showdown between the airline’s biggest shareholder and the German government over the ...
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