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HONG KONG (Bloomberg): The nightmare year of 2020 brought the airline industry’s first decade of sustained profitability to a shuddering halt.
With the International Air Transport Association predicting that the aviation industry will lose US$84.3bil (RM359bil) due to the Covid-19 crisis, airline companies are finding new ways to make what little money they can.
MUMBAI: With US two-cent airfares, high fuel costs and taxes, India’s aviation market already was one of the toughest around. The coronavirus pandemic could be the final straw for some of the country’s airlines.
BAIN Capital LP agreed to buy collapsed Virgin Australia Holdings Ltd. in one of the biggest single bets on the airline industry since it was shattered by the coronavirus pandemic.
SYDNEY: Virgin Australia Holdings Ltd’s administrator said it had selected Bain Capital and Cyrus Capital Partners as the final bidders for the country’s second-biggest airline.
LONDON: British Airways parent IAG SA has said it is tapping United Kingdom government support to boost liquidity, as the Covid-19 outbreak depresses travel demand for years to come.
MUMBAI: India ordered airlines this week to stop selling tickets. Hardly any listened.
SYDNEY: The collapse of Virgin Australia Holdings Ltd. after the briefest of fights indicates the world’s weakest airlines have little time to secure funds before they succumb to the coronavirus.
SYDNEY: An ugly feud is escalating between Qantas Airways Ltd. and its closest Australian competitor over the ethics of state aid, just as airlines facing collapse around the world race to secure bailouts.