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Alitalia lose 2,500

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Alitalia lose 2,500

Old 25th Sep 2001, 17:47
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Unhappy Alitalia lose 2,500

In the past two weeks, US and European airlines have announced a total of more than 100,000 job losses.

Many carriers are also cutting capacity substantially.

Unprecedented

"The grave and immediate repercussions of the attacks on the US at a global level have created a crisis in the civil aviation industry unprecedented since the Second World War," Alitalia said in a statement.

The Alitalia cuts will affect one eighth of the company's 20,000 workers, with 900 flight staff and 1,600 ground staff jobs to go.

Twelve aircraft including four Boeing 747 jumbo jets are to be mothballed or sold while scheduled services to Hong Kong, Beijing and San Francisco are being suspended.

Capacity on routes to New York is being reduced.

Alitalia said the cuts were aimed at reducing losses in the six month period from October 2001 to March 2002 to about 400bn lire ($190m; 130m) from a previous estimate of 700bn lire.

The struggling airline had already notched up losses of 503bn lire in January-June this year, in a worsening performance since last year's 495bn lire full-year loss.

Shares suspended

Alitalia shares were suspended from trading on the Milan stock exchange on Tuesday, after exceeding the permitted 10% daily gain.

The stock exchange said the shares were suspended at 1113 GMT, when they stood at 0.734 euros, up 11.03%.

Despite Tuesday's rise, the shares remain about two-thirds down on their level 12 months ago.

Last week, Alitalia asked the Italian government for emergency support in light of the global aviation industry crisis and US support for its national carriers.

No response has yet been made public.
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Old 25th Sep 2001, 18:13
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Cool

Come on, RVR800 - I thought you're supposed to be the "glass is half full" voice of cheer and happiness around here!

Looking at a couple of your posts today, you seem rather despondent - but look on the bright side; the service sector of the UK economy isn't in recession (yet)!

As I've said elsewhere - Hope for the best, but plan for the worst.
 
Old 25th Sep 2001, 18:49
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You have been consistently pessimistic
as far as I can see

I saw a glimmer of hope but that has been dashed

Whats the deal with caledonian wings?



As far as a UK recession is concerned there isnt one as yet and the ONS has revised upwards UK growth

As far as individual sectors is concerned the airline sector is very poorly

On a general note.............

The director general of the bosses union, the CBI, has said the UK is in danger of talking itself into a recession.

I don't want people talking themselves into something which, at this moment, isn't actually there

Digby Jones

Digby Jones said the fundamentals of Britain's economy were holding up well and companies were in better shape than ever before to weather a slowdown.

He blamed the media - and financial journalists - for spreading gloom about the economy.

Speaking on BBC Breakfast, Mr Jones said: "The financial reporting seems to be saying that things are going down, but actually the fundamentals of people's businesses - the turnover, the activity, the orders, are holding up across sectors."

'Obvious slowdown'

Mr Jones, who is due to address the Liberal Democrat conference later on Tuesday, went on: "Our big worry is that Britain might just be talking itself into something that, there at the coal face and in the high street, isn't actually happening."

Mr Jones conceded that the CBI's own industrial trends survey has consistently showed signs of an economic slowdown.

"No-one is saying there hasn't been a slowdown, but the fundamentals of the UK economy are very good," he said.

'Quality of lending'

"We have low interest rates, low unemployment and low inflation," Mr Jones added.

"Companies are in much better shape than in any other slowdown, in '91 and '81.

"The quality of the lending book is better, there is not that high gearing."

He added: "We are in much better shape to deal with what's ahead than we have ever been before.

"There is a big difference between slowdown, and challenging times, and recession and I don't want people talking themselves into something which, at this moment, isn't actually there."

Bank of England view

Mr Jones said a lot of the job cuts announced in the United States in recent days would have been in the pipeline before the tragic events in Washington and New York.

But his words were in contrast to the governor of the Bank of England, Sir Edward George, who said it was "too soon to say" if Britain would avoid a recession."

Giving the clearest indication yet that Britain might be on the brink of a major downturn, Mr George said: "The overall impression, at this stage, is that we will see some weakening in the current quarter and perhaps in the next quarter."

The generally accepted definition of a recession is two quarters of negative growth.

[ 25 September 2001: Message edited by: RVR800 ]
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