Pilots, pay and balance sheets
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Pilots, pay and balance sheets
I've just noticed the following article which is interesting. http://news.bbc.co.uk/hi/english/in_...00/1447426.stm
I'm only a wannabee but obviously the possibility of airline industry recession is a concern if embarking on the self-sponsored route.
regards,
Desk-pilot
I'm only a wannabee but obviously the possibility of airline industry recession is a concern if embarking on the self-sponsored route.
regards,
Desk-pilot
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..possibilities of recession...
The media are always harping on about this..
Unemployment falling
Inflation stable and low
Interest rates low and stable in the UK
Is the current situation
It is a real recession for those in tech stock and telecoms but most other things
are OK
BA is in profit again compared to a year ago
The low cost sector is booming
Oil pricers is lower now than 3 months ago
The BBC were yesteday prattling on about over congestion in the air due to the success of the industry..
These people are talking us into a recession..
How about some positive news...
BBC web site ..
Tuesday 24/07/01
Britain's GlaxoSmithKline, the world's second-biggest pharmaceutical firm, reports a 15% jump in second-quarter profits.
UK department store group Debenhams has revealed strong sales growth in its summer trading statement. It said underlying sales for the 21 weeks to 21 July were up 8.7% - ahead of most analysts expectations
UK internet bank Egg narrows its losses and increased it customer base, insisting it is on track to break even later this year.
The world's largest oil firm ExxonMobil sets new records by pushing half year profits to $9.43bn
The UK's second largest mortgage bank reports a 15% rise in profits to over one billion pounds for the six months of this year.
25/06/01
Europe's biggest low-cost airline reports record annual profits of 105m euros, with passenger numbers up 35% to 7.4 million. The budget carrier reports record traffic and profits, and reveals plans to become Europe's fourth biggest scheduled airline.
22/05/01
Europe's largest airline British Airways has reported a sharp rise in pre-tax profits for the year from just £5m to £150m.
[ 25 July 2001: Message edited by: RVR800 ]
[ 25 July 2001: Message edited by: RVR800 ]
The media are always harping on about this..
Unemployment falling
Inflation stable and low
Interest rates low and stable in the UK
Is the current situation
It is a real recession for those in tech stock and telecoms but most other things
are OK
BA is in profit again compared to a year ago
The low cost sector is booming
Oil pricers is lower now than 3 months ago
The BBC were yesteday prattling on about over congestion in the air due to the success of the industry..
These people are talking us into a recession..
How about some positive news...
BBC web site ..
Tuesday 24/07/01
Britain's GlaxoSmithKline, the world's second-biggest pharmaceutical firm, reports a 15% jump in second-quarter profits.
UK department store group Debenhams has revealed strong sales growth in its summer trading statement. It said underlying sales for the 21 weeks to 21 July were up 8.7% - ahead of most analysts expectations
UK internet bank Egg narrows its losses and increased it customer base, insisting it is on track to break even later this year.
The world's largest oil firm ExxonMobil sets new records by pushing half year profits to $9.43bn
The UK's second largest mortgage bank reports a 15% rise in profits to over one billion pounds for the six months of this year.
25/06/01
Europe's biggest low-cost airline reports record annual profits of 105m euros, with passenger numbers up 35% to 7.4 million. The budget carrier reports record traffic and profits, and reveals plans to become Europe's fourth biggest scheduled airline.
22/05/01
Europe's largest airline British Airways has reported a sharp rise in pre-tax profits for the year from just £5m to £150m.
[ 25 July 2001: Message edited by: RVR800 ]
[ 25 July 2001: Message edited by: RVR800 ]
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I guess its a case of ones general outlook on life - pesimist or optimist.
The US aviation market is suffering badly in financial terms - nearly all majors are reporting sharp downturn in traffic and losses.
BA Q1 figures showing concern, talks of tough market and share price fairly low.
Sabena - Swissair - Citybird - Aerolineas - etc. etc. etc.
Massive job losses around the world (which affect all industry, not just telecoms).
Oil price, while slowly dropping, is still high.
South America struggling in general financial terms - in airline financial terms a real concern. All around the world the local issues are different and on differing scales, however the general picture does not seem too bright, at the moment and in the short term.
I agree that press and others can talk a poor economic situation and make it seem worse but the heavy weight of balance seems to me that things are not great at the moment.
For our industry though, its typical and cyclical - just amazes me how people (some anaylysts and journolists in particular) don't look back through recent history, see the signs and learn some lessons.
We are part of the biggest industry in the world.
The US aviation market is suffering badly in financial terms - nearly all majors are reporting sharp downturn in traffic and losses.
BA Q1 figures showing concern, talks of tough market and share price fairly low.
Sabena - Swissair - Citybird - Aerolineas - etc. etc. etc.
Massive job losses around the world (which affect all industry, not just telecoms).
Oil price, while slowly dropping, is still high.
South America struggling in general financial terms - in airline financial terms a real concern. All around the world the local issues are different and on differing scales, however the general picture does not seem too bright, at the moment and in the short term.
I agree that press and others can talk a poor economic situation and make it seem worse but the heavy weight of balance seems to me that things are not great at the moment.
For our industry though, its typical and cyclical - just amazes me how people (some anaylysts and journolists in particular) don't look back through recent history, see the signs and learn some lessons.
We are part of the biggest industry in the world.
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The TIA forecast sees growth in domestic travel to be stronger in 2002 and 2003. U.S. residents are expected to take 1.03 billion trips, an increase of 2.1 percent, in 2002 and 1.05 billion trips in 2003, an increase of 2.2 percent.
Despite the slowdown in travel growth, domestic and international travelers will still spend money, according to TIA.
Travel spending in the United States is expected to grow to $582 billion in 2001, compared to $560 billion in 2000. Travel spending in 2002 is expected to increase to $615 billion, a 5.6 percent increase, and it is expected to grow to $654 billion in 2003, a jump of 6.3 percent.
The forecast is based upon statistics from the Department of Commerce and traveler and airline surveys, TIA officials said.
Despite the slowdown in travel growth, domestic and international travelers will still spend money, according to TIA.
Travel spending in the United States is expected to grow to $582 billion in 2001, compared to $560 billion in 2000. Travel spending in 2002 is expected to increase to $615 billion, a 5.6 percent increase, and it is expected to grow to $654 billion in 2003, a jump of 6.3 percent.
The forecast is based upon statistics from the Department of Commerce and traveler and airline surveys, TIA officials said.
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First there is spring, then there is summer, then comes autumn and after that you will have winter, whether you like it or not. The good news is than after the winter, spring and the summer come again.
In aviation the cycle seems to be between seven and ten years.
Sq
In aviation the cycle seems to be between seven and ten years.
Sq
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So far, just about every airline in the States that's filed their latest quarterly results have said that they are making serious losses (or at the very least much reduced profits) with the exception of WN which says that it has a 'recession proof' profit. And, given that it has made a profit every year of its existence except for the first one, I'd say they are right.
Here, the picture is the same. On the continent, several airlines have already filed for the equivalent of Chapter 11; and things are only going to get worse.
Yesterday's US market report for RVR800:
Stocks tumbled to 14-week lows yesterday as dour forecasts from industry leaders AT&T and new mass layoffs at Lucent Technologies suggested the slump in corporate profits is far from over. Amazon.com also rattled Wall
Street when the online retail giant said sales could slow further amid feeble economic growth. Amid the busiest week of the earnings reporting season, companies are unable to predict when profits will turn up again.
The Dow Jones industrial average tumbled for the third session in a row, dropping 183.3 points, or 1.76%, to 10241.12. The broader Standard & Poor’s 500 fell 19.38 points, or 1.63%, to 1171.65, its lowest close since
mid-April. The technology-laced Nasdaq Composite also dropped for a third
session, losing 29.32 points, or 1.47%, to 1959.24, compounding Monday’s loss of 2%. Stocks fell broadly across sectors and only eight industry groups out of 107 tracked by S&P gained. Struggling telecoms equipment
giant Lucent posted a loss and said it would cut its work force by another 15,000 to 20,000 jobs. Lucent, the most heavily traded stock on the NYSE, fell $1.48, over 18%, to $6.42. AT&T said stiff competition and weak
prices in the long-distance phone market hurt profits, and warned third-quarter revenues may fall. Its shares fell 61 cents to $19.44. Exxon Mobil, the oil company, posted higher earnings, thanks to lofty crude oil and natural gas prices and robust profits from refining, but dropped $1.53 to $40.97. Rival Chevron also slid, despite posting better earnings. It fell $2.46 to $85.18. However, McDonalds gained 62 cents to $28.39 after
reporting profits that came in line with Wall Street’s forecasts.
Here, the picture is the same. On the continent, several airlines have already filed for the equivalent of Chapter 11; and things are only going to get worse.
Yesterday's US market report for RVR800:
Stocks tumbled to 14-week lows yesterday as dour forecasts from industry leaders AT&T and new mass layoffs at Lucent Technologies suggested the slump in corporate profits is far from over. Amazon.com also rattled Wall
Street when the online retail giant said sales could slow further amid feeble economic growth. Amid the busiest week of the earnings reporting season, companies are unable to predict when profits will turn up again.
The Dow Jones industrial average tumbled for the third session in a row, dropping 183.3 points, or 1.76%, to 10241.12. The broader Standard & Poor’s 500 fell 19.38 points, or 1.63%, to 1171.65, its lowest close since
mid-April. The technology-laced Nasdaq Composite also dropped for a third
session, losing 29.32 points, or 1.47%, to 1959.24, compounding Monday’s loss of 2%. Stocks fell broadly across sectors and only eight industry groups out of 107 tracked by S&P gained. Struggling telecoms equipment
giant Lucent posted a loss and said it would cut its work force by another 15,000 to 20,000 jobs. Lucent, the most heavily traded stock on the NYSE, fell $1.48, over 18%, to $6.42. AT&T said stiff competition and weak
prices in the long-distance phone market hurt profits, and warned third-quarter revenues may fall. Its shares fell 61 cents to $19.44. Exxon Mobil, the oil company, posted higher earnings, thanks to lofty crude oil and natural gas prices and robust profits from refining, but dropped $1.53 to $40.97. Rival Chevron also slid, despite posting better earnings. It fell $2.46 to $85.18. However, McDonalds gained 62 cents to $28.39 after
reporting profits that came in line with Wall Street’s forecasts.
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More doom and gloom is with us according to an article in today's Scotsman (sorry to cloud your blue skies, RVR800!)
THE spectre of recession is hanging over the world economy as a raft of figures released yesterday showed global economic growth plunging to fresh lows.
The latest snapshot of the troubled US economy revealed it has crashed to its lowest rate of expansion in eight years, while in the UK, government figures showed output to be at its lowest level since 1998, a time when the global economy was caught in the grip of the Asian economic crisis.
The US Commerce Department also reported that consumer spending, the current mainstay of the almost stagnant economy, grew at its slowest pace since 1997, further fuelling fears that the country will fall into a full-blown recession.
At the same time, Germany, the world’s third largest economy, which has already slashed its growth estimates in recent weeks, said state tax revenues had fallen 3.5 per cent in the first six months of this year, as its economy continues to be caught up in the fall out from the US led slowdown. Other eurozone data released yesterday showed French business confidence falling to its lowest level in two years.
Respected Institute of Directors economist Ruth Lea said the global situation was likely to get worse in the second half of the year.
Lea said: "Things are looking grim. We are in a growth recession and there is no sign that it’s going to jump back quickly."
She added: "We are in for a period of stagnation and unemployment. In Europe the lack of confidence is spreading from Germany to France and elsewhere. Japan has no growth
or confidence at the moment. Manufacturing is in recession across Europe, and the US is suffering big falls in output."
The gloomy data capped a week in which more than 70,000 jobs were axed in Europe and the US, as firms seek to cocoon themselves from the fallout from the global slowdown.
The impact of the slowdown on the UK’s beleaguered manufacturing sector helped send domestic GDP plummeting to an annual rate of 2.1 per cent in the second quarter from a year-on-year figure of 2.7 per cent for the first three months of the year.
Although the fall was not unexpected, the figures highlighted the two-tier nature of the economy, with services continuing to enjoy robust growth, albeit at a slightly slower rate, while manufacturing continues its nosedive into recession.
British Chambers of Commerce chief economist Ian Fletcher said: "This is desperately bad news. To prevent further stalling, and to boost confidence and investment, the Bank of England next week must apply the jump leads and cut interest rates by a quarter per cent."
US output scraped out an annualised gain of just 0.7 per cent in the second quarter, its lowest rate of growth since early 1993 and a far cry from the 8.3 per cent growth it enjoyed just 18 months ago. But more worryingly, growth in consumer spending, which has almost single-handedly kept the US economy from sliding into an outright recession, slowed to a four-year low of 2.1 per cent in the second quarter from three
per cent in the first quarter.
Business investment in offices, factories, software and office equipment plummeted by 13.1 per cent, the biggest drop in any quarter since 1982. The figures are certain to ensure a further cut in interest rates when the Federal Reserve meets in August.
The latest snapshot of the troubled US economy revealed it has crashed to its lowest rate of expansion in eight years, while in the UK, government figures showed output to be at its lowest level since 1998, a time when the global economy was caught in the grip of the Asian economic crisis.
The US Commerce Department also reported that consumer spending, the current mainstay of the almost stagnant economy, grew at its slowest pace since 1997, further fuelling fears that the country will fall into a full-blown recession.
At the same time, Germany, the world’s third largest economy, which has already slashed its growth estimates in recent weeks, said state tax revenues had fallen 3.5 per cent in the first six months of this year, as its economy continues to be caught up in the fall out from the US led slowdown. Other eurozone data released yesterday showed French business confidence falling to its lowest level in two years.
Respected Institute of Directors economist Ruth Lea said the global situation was likely to get worse in the second half of the year.
Lea said: "Things are looking grim. We are in a growth recession and there is no sign that it’s going to jump back quickly."
She added: "We are in for a period of stagnation and unemployment. In Europe the lack of confidence is spreading from Germany to France and elsewhere. Japan has no growth
or confidence at the moment. Manufacturing is in recession across Europe, and the US is suffering big falls in output."
The gloomy data capped a week in which more than 70,000 jobs were axed in Europe and the US, as firms seek to cocoon themselves from the fallout from the global slowdown.
The impact of the slowdown on the UK’s beleaguered manufacturing sector helped send domestic GDP plummeting to an annual rate of 2.1 per cent in the second quarter from a year-on-year figure of 2.7 per cent for the first three months of the year.
Although the fall was not unexpected, the figures highlighted the two-tier nature of the economy, with services continuing to enjoy robust growth, albeit at a slightly slower rate, while manufacturing continues its nosedive into recession.
British Chambers of Commerce chief economist Ian Fletcher said: "This is desperately bad news. To prevent further stalling, and to boost confidence and investment, the Bank of England next week must apply the jump leads and cut interest rates by a quarter per cent."
US output scraped out an annualised gain of just 0.7 per cent in the second quarter, its lowest rate of growth since early 1993 and a far cry from the 8.3 per cent growth it enjoyed just 18 months ago. But more worryingly, growth in consumer spending, which has almost single-handedly kept the US economy from sliding into an outright recession, slowed to a four-year low of 2.1 per cent in the second quarter from three
per cent in the first quarter.
Business investment in offices, factories, software and office equipment plummeted by 13.1 per cent, the biggest drop in any quarter since 1982. The figures are certain to ensure a further cut in interest rates when the Federal Reserve meets in August.
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Mr. "Shoot from the hip (against pilots 'cos they're the cause of all troubles in the world because of their greed!)" Guvnor strikes again! Ain't no escape from you, is there? What is your fascination with appearing in a forum such as this where you really have no interest (well, a normal person would not have such an urge to contribute thousands of posts when they are not even a pilot? Your lack of a life is telling- why don't you give it a rest and retreat gently into being a frightfully important airline executive (oh....sorry....you haven't actually got an airline to run!). Please go away and give us all a rest!
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Of Rumours
I was sitting in the Underground and saw two City suits in animated discussion and I could swear I heard the following key words in between the roar and the clattering: "Ford dividends" "Daimler-Chrysler stock" "options" "olive futures"
I immediately realised that they must have been talking, like everyone else, about the recession and how it affects the airline industry, so it must be a fact, right?
Then I began to think.
Hang on, does this mean that we can expect to see airline execs driving Fords and GMs instead of BMWs and Mercs? Will stock options, etc, take a dive?
Will there be one less olive in the salad?
This could get nasty.
I can see the public now, clamoring for blood, led by the fearless airline executives.
We have to have somebody to blame...hmmmm... let's think....politicians?..nah, oilmen? ...not really, Ahaaa..PILOTS!!!
Yep, that's it, they are making pots of money and siphoning it out of the economy to God knows where-they must be causing the recession. Bunch of lazy, know-it-all, malcontents, that's what they are.
Now, how do we get them to understand they have to sell their RRs and Bertrams and get on with driving their planes instead of swanning off to the ends of the globe on paid job-holiday. And all that leave, it will have to go.
Next thing you know, they will be wanting eight hour days and forty hour weeks and whingeing about overtime, and rest, and stuff.
To think that they consider themselves professionals! They will have to learn to sacrifice like the rest of the management professionals before they can earn that label.
No more company coffee and rattlesnake sandwiches for them, let them brown bag it like the rest of us. Bottled water, what extravagance.
With Tower Hill just a few stops away, I made a hasty retreat whilst I still had my head.
Stow the trolleys and turn on the seat belt signs, we may be in for a rough ride, folks.
Then again, maybe I am reading too much into the snippets I thought I heard.
I was sitting in the Underground and saw two City suits in animated discussion and I could swear I heard the following key words in between the roar and the clattering: "Ford dividends" "Daimler-Chrysler stock" "options" "olive futures"
I immediately realised that they must have been talking, like everyone else, about the recession and how it affects the airline industry, so it must be a fact, right?
Then I began to think.
Hang on, does this mean that we can expect to see airline execs driving Fords and GMs instead of BMWs and Mercs? Will stock options, etc, take a dive?
Will there be one less olive in the salad?
This could get nasty.
I can see the public now, clamoring for blood, led by the fearless airline executives.
We have to have somebody to blame...hmmmm... let's think....politicians?..nah, oilmen? ...not really, Ahaaa..PILOTS!!!
Yep, that's it, they are making pots of money and siphoning it out of the economy to God knows where-they must be causing the recession. Bunch of lazy, know-it-all, malcontents, that's what they are.
Now, how do we get them to understand they have to sell their RRs and Bertrams and get on with driving their planes instead of swanning off to the ends of the globe on paid job-holiday. And all that leave, it will have to go.
Next thing you know, they will be wanting eight hour days and forty hour weeks and whingeing about overtime, and rest, and stuff.
To think that they consider themselves professionals! They will have to learn to sacrifice like the rest of the management professionals before they can earn that label.
No more company coffee and rattlesnake sandwiches for them, let them brown bag it like the rest of us. Bottled water, what extravagance.
With Tower Hill just a few stops away, I made a hasty retreat whilst I still had my head.
Stow the trolleys and turn on the seat belt signs, we may be in for a rough ride, folks.
Then again, maybe I am reading too much into the snippets I thought I heard.
