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Pin to quick picksInternational Airlines Share News (IAG)

Share Price Information for International Airlines (IAG)

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Share Price: 181.20
Bid: 181.95
Ask: 182.10
Change: -1.60 (-0.88%)
Spread: 0.15 (0.082%)
Open: 184.45
High: 186.00
Low: 181.20
Prev. Close: 182.80
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UPDATE 2-Airlines double estimated hit from coronavirus to $250 billion

Tue, 24th Mar 2020 12:55

* Forecast for lost 2020 airline revenue rises to $252 bln

* Previous IATA forecast was for $113 bln in revenue losses
(Adds quotes, details)

By Sarah Young and Laurence Frost

LONDON/PARIS, March 24 (Reuters) - Global airlines urged
governments on Tuesday to speed up bailouts to rescue the air
transport industry as they doubled their estimate of 2020
revenue losses from the coronavirus crisis to more than $250
billion.

"We clearly need massive action very quickly and urgently,"
Alexandre de Juniac, director general of the International Air
Transport Association (IATA), told reporters on a conference
call.

Airlines worldwide have grounded the majority of their
fleets to preserve cash amid mounting travel restrictions
designed to slow the spread of the epidemic.

The result has been huge pressure on the liquidity of
airlines, up to half of which face possible bankruptcy in coming
weeks if nothing is done to support the industry, IATA said.

"We have a liquidity crisis coming at full speed - no
revenues and costs still on our (books), so we desperately need
some cash," de Juniac said.

His warning came after Ryanair, Europe's largest
budget airline, told customers it had effectively written off
the next two months, while European air traffic management body
Eurocontrol said volumes on Monday were down more than 75% from
the same day last year.

De Juniac, a former Air France-KLM boss, brushed aside a
growing debate about whether relief for airlines should come
with strings attached, such as new commitments on climate goals.

But he said the airline industry would continue efforts
already under way to curb emissions once the crisis recedes.

"We are in an emergency situation. It's no time for
requirements. I'm sorry for that. We need a full speed massive
rescue package now," de Juniac said.

With airlines at the front of bailout queues, green
advocates fear climate action may lose momentum.

In the United States, Republicans have opposed providing
bailouts to passenger and cargo carriers, proposing help in the
form of $58 billion in loans and saying the government could
demand stock, options or other equity in return.

IATA, which groups some 280 airlines including most of the
world's largest network carriers, said signs of a deep recession
could delay a recovery in airline travel - in contrast with the
fast rebound seen after previous epidemics.

That could mean "more of a U-shaped than V-shaped recovery,"
Chief Economist Brian Pearce said, referring in the latter
instance to the shape of the graph of air travel indicators seen
after the SARS outbreak in 2003.

IATA says 2.7 million jobs are supported by the airline
industry, with tens of thousands already being furloughed.

"There are a very large number of airlines that are more or
less breaking even and ... facing losses. Those airlines are
very fragile," Pearce said.
(Reporting by Sarah Young, Laurence Frost; writing by Costas
Pitas, Tim Hepher; Editing by Paul Sandle, Mark Potter)

More News
28 Aug 2023 20:14

UK air traffic issue fixed but flight disruption to continue

LONDON, Aug 28 (Reuters) - Britain's National Air Traffic Service (NATS) was hit by a technical problem for several hours on Monday, causing widespread disruption to flights in UK airspace that it said would continue for some time even though the issue was fixed.

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28 Aug 2023 19:18

UPDATE: Dozens of flights cancelled after UK air traffic control fault

(Alliance News) - Hundreds of flights to and from the UK are estimated to have been cancelled this bank holiday, leaving passengers stranded, after an air traffic control failure.

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28 Aug 2023 13:42

Airlines warn of delays as UK airspace hit by technical fault

(Alliance News) - Air passengers have been warned they face delays after UK air traffic control systems were hit by a technical fault.

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28 Aug 2023 13:09

UK airspace hit by technical fault - National Air Traffic Services

(Alliance News) - UK airspace has been hit by a technical fault, the country's leading provider of air traffic control services said.

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9 Aug 2023 15:32

Rising prices for travel yet to curb wanderlust

LONDON/CHICAGO/NEW YORK, Aug 9 (Reuters) - The post-pandemic travel boom and the high ticket prices that come with it show no signs of slowing well into next year, despite economic uncertainty and dwindling household savings.

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9 Aug 2023 12:37

Rising prices for travel do not appear to be curbing wanderlust

LONDON/CHICAGO/NEW YORK, Aug 9 (Reuters) - The post-pandemic travel boom and the high ticket prices that come with it show no signs of slowing well into next year, despite economic uncertainty and dwindling household savings.

Read more
9 Aug 2023 10:09

Irish court pauses order for Dublin Airport to limit flights

DUBLIN, Aug 9 (Reuters) - Ireland's High Court has paused a local council order that would have forced Dublin Airport to limit daily flights between the hours of 11 p.m. and 7 a.m. from next month pending a full hearing on the matter.

Read more
9 Aug 2023 05:01

Rising prices for travel do not appear to be curbing wanderlust

LONDON/CHICAGO/NEW YORK, Aug 9 (Reuters) - The post-pandemic travel boom and the high ticket prices that come with it show no signs of slowing well into next year, despite economic uncertainty and dwindling household savings.

Read more
7 Aug 2023 13:09

Carriers face longer Africa flights, suspensions as Niger closes airspace

LONDON/GDANSK, Aug 7 (Reuters) - European carriers on Monday reported disruptions and suspended flights across the African continent after Niger's junta closed its airspace on Sunday.

Read more
5 Aug 2023 11:12

PRESS: IAG agree 13% pay rise for 24,000 staff - Financial Times

(Alliance News) - The Financial Times on Friday reported that International Consolidated Airlines Group SA has agreed a 13% pay rise for 24,000 staff.

Read more
3 Aug 2023 12:00

Sluggish return of business travelers forces US airlines to rejig their networks

CHICAGO, Aug 3 (Reuters) - U.S. airlines are enjoying strong leisure travel demand, but corporate travelers are still not back in full force, compelling airlines to restructure their networks to account for fewer people flying for business purposes.

Read more
3 Aug 2023 11:43

Holiday travel boom here to stay, says Lufthansa

BERLIN, Aug 3 (Reuters) - The boom in holiday travel shows no signs of ending, German airline group Lufthansa said on Thursday, as advance bookings for this winter and next year were already a double-digit percentage above the year-earlier level.

Read more
3 Aug 2023 10:25

Lufthansa bolstered by leisure travel demand, but costs bite

Lufthansa sees 2023 adj EBIT at more than 2.6 bln euros

*

Read more
3 Aug 2023 09:31

LONDON BROKER RATINGS: Berenberg raises Hochschild Mining to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

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3 Aug 2023 06:01

Sluggish return of business travelers forces US airlines to rejig their networks

CHICAGO, Aug 3 (Reuters) - U.S. airlines are enjoying strong leisure travel demand, but corporate travelers are still not back in full force, compelling airlines to restructure their networks to account for fewer people flying for business purposes.

Read more

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