PYX Resources: Achieving volume and diversification milestones. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

First planes land at Berlin's much-delayed airport

Sat, 31st Oct 2020 13:09

BERLIN, Oct 31 (Reuters) - The first passengers landed at
Berlin's new airport on Saturday, nine years after it was
originally due to open and as the global aviation industry
struggles with collapsing demand due to the coronavirus
pandemic.

Dozens of climate activists demonstrated at the new airport
on Saturday, carrying signs reading "Flying is so yesterday"
and "BER opening cancelled due to the climate crisis", using the
code for the full name of Berlin-Brandenburg Willy Brandt
Airport.

Construction on BER began in 2006 and the airport was
originally due to open in 2011. But construction problems and
technical issues saw the date pushed back repeatedly, a major
embarrassment that dented Germany's reputation for efficiency.

The delays left Berlin relying on two outdated and
increasingly crowded Cold War-era airports: Tegel, which served
the west of the city, and Schoenefeld, which was once Communist
East Berlin's airport and which has been integrated into the new
facility.

The first plane to land was an Easyjet flight, a
special service that took off from Tegel on the other side of
the city. That airport will close next weekend.

A Lufthansa plane landed minutes later.

"With just one airport, we can make our business much more
efficient," Easyjet Chief Executive Johan Lundgren told Reuters
before the flight.

Because of the coronavirus pandemic, Easyjet is cutting its
fleet based in Berlin to 18 planes from 34 and cutting 418 out
of around 1,500 employees, while another 320 staff will work
shorter hours until next June.

Engelbert Luetke Daldrup, chief executive of the city's
airports, expects just 10 million passengers to land in Berlin
this year, compared with 36 million last year. BER's current
capacity is 40 million.

The new airport, which is owned by the German federal
government and the states of Berlin and Brandenburg, cost nearly
6 billion euros ($7.1 billion), roughly three times the initial
budget, and is not expected to make enough revenue to pay back
its debts.

That means the airport will need grants, restructuring, a
strategic investor, equity from its owners - or a combination of
these - to put it on a more solid financial footing.
(Reporting by Klaus Lauer, writing by Emma Thomasson;
Editing by James Drummond)

Related Shares

More News
17 May 2024 09:06

LONDON BROKER RATINGS: Jefferies says buy Tritax Big Box post merger

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

16 May 2024 16:53

London close: Stocks mixed as ex-divs drag on FTSE

(Sharecast News) - London stocks ended mixed on Thursday, following a flurry of corporate news and a focus on US unemployment figures.

16 May 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 dragged down by Sage Group and easyJet

(Alliance News) - Stock prices in London were lower at midday Thursday, with Wednesday's Wall Street session failing to shine in Europe.

16 May 2024 09:23

TOP NEWS: easyJet promotes CFO as CEO plans departure after 7 years

(Alliance News) - easyJet PLC on Thursday said it will promote its chief financial officer to chief executive next year, as the Luton Airport-based bu...

16 May 2024 09:12

LONDON MARKET OPEN: FTSE 100 in red as easyJet and Sage Group fall

(Alliance News) - Stock prices in London opened lower on Thursday, ignoring the rally over on Wall Street on Wednesday.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.