Cargolux details requested!
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New joiners from last year have definitelly plenty of flights to perform, no doubt about that.
Just keep fingers crossed to see this worlwide crise to end soon and new pilots will be hired quickly...
Just keep fingers crossed to see this worlwide crise to end soon and new pilots will be hired quickly...
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Cargolux announced (28-Sep-2012) it has decided to repudiate the current collective work agreement in force, due to expire on 31-Dec-2012. The airline will commence negotiations with the unions representing employees in order to work towards achieving "a level of labour cost and improvement in productivity that will put the airline into a better position to withstand these challenging times in the market, both now and in the future". The carrier announced that a reduction in labour cost and improvement in productivity are only two of several initiatives to be undertaken by it in order to achieve sustainability in the long term. [more - original PR] --- From CAPA Aviation news---
Last edited by Labomba; 2nd Oct 2012 at 07:03.
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Here's another article on the same subject:
Wort.lu - Cargolux-Direktion kündigt Kollektivvertrag
Any thoughts from the inside?
Wort.lu - Cargolux-Direktion kündigt Kollektivvertrag
Any thoughts from the inside?
Join Date: Jan 2006
Location: In the Doghouse
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For non German speakers go to wort.lu/en. CV in deep financial poo ( around euro 13+ million recent losses ) financial injection needed. More Qatari cash perhaps, together with more shares...... Maintenance dept rife with rumours of heavy maint going to mid / far east. CEO has not ruled out personnel reductions. I have been told that the nice new shiny hangar has been busy with customer a/c recently, so some money must have been made.
Join Date: Jul 2006
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There would have been no reason to cancel the present CWA if the situation wasn't as severe as it is for the moment. CV will be running out of money in just a few months time.
Dramatic finances require dramatic changes.
Dramatic finances require dramatic changes.
Last edited by Aedius; 3rd Oct 2012 at 20:50.
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Aedius,
you are mixing up numbers! No A/C being "parked". The problem is our Interim CEO who is on a Qatari mission. It s now up to Luxembourg to send the boy home to the sandpit....
HURZ
you are mixing up numbers! No A/C being "parked". The problem is our Interim CEO who is on a Qatari mission. It s now up to Luxembourg to send the boy home to the sandpit....
HURZ
Join Date: Jul 2006
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/Quote
"QR threatens to exit CV, 04 Oct
Qatar eyes a dominant role in Luxembourg's aviation. If the Emirate's demands are not fulfilled Qatar Airways could pull out of Cargolux.
The future fate Cargolux is facing is highly dependent on the outcome of political decisions between the Emirate of Qatar and Luxembourg's Government. Thus, the cargo carrier has become a minor bit in a much bigger deal with only very limited influence on the outcome.
According to sources close to the case the Qatari rulers have told their political counterparts in the Grand Duchy that Qatar could completely withdraw from all investments announced or already made in Luxemburg if their key demands are rejected. These include upping Qatar Airways' stakes from currently 35 percent to a controlling majority of well over 50, perhaps even 100 percent, observers say. Furthermore, Qatar seeks an equity stake in passenger airline Luxair, the major Cargolux shareholder (43,4%).
Responsible for the financing of the package would be Precision Capital, a Luxembourg-based Qatari investor. Since the enterprise is registered in the Grand Duchy, Precision is legally a national company. Therefore, investing in Luxair and taking over the carrier's Cargolux shares would not violate EU laws, saying that foreign investors are limited to 49 percent when buying into any airline registered in Europe.
If these moves would be blocked by Luxembourg's Government or legislative body the Qataris threatened to terminate their financial activities in the Grand Duchy entirely. This would include abandoning their financial activities after their recent announcement to intend to buy two major local banks.
According to local Radio Channel 100.7 loss-making Cargolux needs a capital injection valued 750 million euros within the next three to four years. Albert Wildgen, Helm of the carrier's Supervisory Board, who is considered being an intimate of the Qatari Government, did not comment on the case. All he told the radio was that "substantial cash" is needed to keep Cargolux in the air. Wildgen announced recommending the shareholders a "considerable capital increase" before year's end. The money is mainly needed to finance the airline's fleet renewal program.
Final decisions could be taken already at the controller's next meeting, scheduled October 11. Then, a new CEO could be appointed as well since the post is vacant after the airline's former boss Frank Reimen stepped down in July with Chief Financial Officer Richard Forson taking over the chair as interim CEO. Meanwhile, a pre-selection of candidates took place, while it is unclear at this stage if Forson's name is also in the pot.
Meanwhile, Luxemburg's biggest union Onafhaengege Gewerschaftsbond Letzebuerg (OGBL) urged the Government to block any changes in the carrier's existing shareholder structure. In a letter to some cabinet members, among them Finance Minister Luc Frieden, the OGBL demanded a positive and clear commitment to Cargolux and Luxair's Cargo Center at Luxembourg Findel airport. OGBL President Andre Roeltgen further called for postponing the Cargolux controller's meeting. The views are so controversial that it is too early for taking any new decisions."
/Unquote
Maybe now some people will start to believe the numbers above. Basically CV is in a lose-lose situation. Either Qatar gets full control over CV (making sure the employees get the worst possible contracts) or they backtrack completely out of CV and leave the company in the worst financial limbo...
"QR threatens to exit CV, 04 Oct
Qatar eyes a dominant role in Luxembourg's aviation. If the Emirate's demands are not fulfilled Qatar Airways could pull out of Cargolux.
The future fate Cargolux is facing is highly dependent on the outcome of political decisions between the Emirate of Qatar and Luxembourg's Government. Thus, the cargo carrier has become a minor bit in a much bigger deal with only very limited influence on the outcome.
According to sources close to the case the Qatari rulers have told their political counterparts in the Grand Duchy that Qatar could completely withdraw from all investments announced or already made in Luxemburg if their key demands are rejected. These include upping Qatar Airways' stakes from currently 35 percent to a controlling majority of well over 50, perhaps even 100 percent, observers say. Furthermore, Qatar seeks an equity stake in passenger airline Luxair, the major Cargolux shareholder (43,4%).
Responsible for the financing of the package would be Precision Capital, a Luxembourg-based Qatari investor. Since the enterprise is registered in the Grand Duchy, Precision is legally a national company. Therefore, investing in Luxair and taking over the carrier's Cargolux shares would not violate EU laws, saying that foreign investors are limited to 49 percent when buying into any airline registered in Europe.
If these moves would be blocked by Luxembourg's Government or legislative body the Qataris threatened to terminate their financial activities in the Grand Duchy entirely. This would include abandoning their financial activities after their recent announcement to intend to buy two major local banks.
According to local Radio Channel 100.7 loss-making Cargolux needs a capital injection valued 750 million euros within the next three to four years. Albert Wildgen, Helm of the carrier's Supervisory Board, who is considered being an intimate of the Qatari Government, did not comment on the case. All he told the radio was that "substantial cash" is needed to keep Cargolux in the air. Wildgen announced recommending the shareholders a "considerable capital increase" before year's end. The money is mainly needed to finance the airline's fleet renewal program.
Final decisions could be taken already at the controller's next meeting, scheduled October 11. Then, a new CEO could be appointed as well since the post is vacant after the airline's former boss Frank Reimen stepped down in July with Chief Financial Officer Richard Forson taking over the chair as interim CEO. Meanwhile, a pre-selection of candidates took place, while it is unclear at this stage if Forson's name is also in the pot.
Meanwhile, Luxemburg's biggest union Onafhaengege Gewerschaftsbond Letzebuerg (OGBL) urged the Government to block any changes in the carrier's existing shareholder structure. In a letter to some cabinet members, among them Finance Minister Luc Frieden, the OGBL demanded a positive and clear commitment to Cargolux and Luxair's Cargo Center at Luxembourg Findel airport. OGBL President Andre Roeltgen further called for postponing the Cargolux controller's meeting. The views are so controversial that it is too early for taking any new decisions."
/Unquote
Maybe now some people will start to believe the numbers above. Basically CV is in a lose-lose situation. Either Qatar gets full control over CV (making sure the employees get the worst possible contracts) or they backtrack completely out of CV and leave the company in the worst financial limbo...
Join Date: Jul 2006
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@hawkeye red:
you are completely misjudging the reason I'm posting here. I'm certainly not upset about CV for whatever reason, I'm just upset with whole economic and political situation here in Luxembourg, with incompetent ministers taking all the wrong decisions.
We are all in the same boat here (whether it's CV, LG or any other economic sector) and about to lose all the wealth we gained in the last 40-50 years and still, almost no one is noticing how bad the situation really is.
If any post from me here lately has any purpose, than it's to make people aware how serious the situation really is. If we don't fight now, we lose everything we enjoyed the last few decades.
P.S.: I actually didn't get rejected at CV, quite the contrary.
you are completely misjudging the reason I'm posting here. I'm certainly not upset about CV for whatever reason, I'm just upset with whole economic and political situation here in Luxembourg, with incompetent ministers taking all the wrong decisions.
We are all in the same boat here (whether it's CV, LG or any other economic sector) and about to lose all the wealth we gained in the last 40-50 years and still, almost no one is noticing how bad the situation really is.
If any post from me here lately has any purpose, than it's to make people aware how serious the situation really is. If we don't fight now, we lose everything we enjoyed the last few decades.
P.S.: I actually didn't get rejected at CV, quite the contrary.
Last edited by Aedius; 4th Oct 2012 at 21:47.
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Who hired Wyman?
This competent fellow:
"...Richard Forson was at the top of his game. As SAA chief financial officer, he worked tirelessly to organise financing for the airline's acquisition of 41 Airbus aircraft in a US$3,5bn deal.
To guard against currency fluctuation, SAA took out a 10-year hedge against the rand at a fixed rate of R10,80 when the rand was trading at around R13.
He thought this hedge was adequate. Far from it: the rand rallied against the dollar in 2003 and peaked at around R6, wiping R6bn off SAA's balance sheet. Overnight, the airline became technically insolvent. Forson and then SAA CEO Andre Viljoen were blamed for the financial mess. While the finger-pointing was going on, Forson packed his bags and headed for Qatar Airways, which offered him a lucrative package and the chief financial officer job."
(from Financial Mail 24.11.2006)
Disgusting to see these guys at work!
"...Richard Forson was at the top of his game. As SAA chief financial officer, he worked tirelessly to organise financing for the airline's acquisition of 41 Airbus aircraft in a US$3,5bn deal.
To guard against currency fluctuation, SAA took out a 10-year hedge against the rand at a fixed rate of R10,80 when the rand was trading at around R13.
He thought this hedge was adequate. Far from it: the rand rallied against the dollar in 2003 and peaked at around R6, wiping R6bn off SAA's balance sheet. Overnight, the airline became technically insolvent. Forson and then SAA CEO Andre Viljoen were blamed for the financial mess. While the finger-pointing was going on, Forson packed his bags and headed for Qatar Airways, which offered him a lucrative package and the chief financial officer job."
(from Financial Mail 24.11.2006)
Disgusting to see these guys at work!
Last edited by final06; 6th Oct 2012 at 06:33.
