Brent crude on November 26 gained nearly 2 percent to trade at near USD 60 a barrel, having lost nearly 30.5 percent from its one-year high of USD 86.29 a barrel made on October 3. US benchmark West Texas Intermediate (WTI) was up 1.5 percent to USD 51.17 a barrel on November 26. It has shed 33 percent from its year-high of USD 76.41 a barrel early last month. Oil prices had previously gained significantly in the one and a half months to October on worries the US sanctions on Iran would cause a shortage on the global market. In fact, oil production has not declined at all. According to Reuters, the US, Russia and Saudi Arabia in October produced total 33 million barrels per day – a record high – accounting for a third of global output. Photo: vietnambiz.vn Fuel accounts for 30-40 percent of total costs for aviation firms, thus, a sharp drop in oil prices would lead to lower fuel expenses and boost airlines’ profit margins. In the third quarter … [Read more...] about Aviation earnings to get boost from low oil prices
Photo: Fabrice Coffrini/AFP. Switzerland's main carrier has been criticised for displaying an-inflight map to passengers on a flight to Israel that omitted Tel Aviv but included the Palestinian village of Al-Shaykh Muwannis, which was destroyed and abandoned in 1948. For 25 years, the Swiss airline carrier has turned off the in-flight maps at least half an hour before the plane lands in Tel Aviv. But flight LX252 apparently forgot to, reports Swiss daily Blick, causing quite a controversy among passengers, mainly because Swiss' map displays a former Palestinian village that no longer exists. Stand With Us, a pro-Israeli American NGO, was unimpressed. Keen to avoid falling into the quagmire of one of the world's most divisive conflicts, a spokesperson for the airline told Blick that the company is politically neutral and that the maps are installed by a third company. The village destroyed in 1948, Al-Shaykh Muwannis, was not supposed to feature. Today, the … [Read more...] about Swiss’ map on flight to Israel displays Palestinian town destroyed in 1948
Ryanair CEO Michael O'Leary. Photo: Tolga Akmen/AFP. Budget airline Ryanair announced on Friday September 14th that it has reached an agreement with flight crew unions in Italy to provide employment contracts under Italian law. In a press release, Ryanair said agreements had been signed "in principle" with unions FIT-CISL, ANPAC and ANPAV in Rome on Thursday. Also on Thursday, Italian crews, alongside their Belgian, Dutch, Spanish and Portuguese counterparts announced a 24-hour stoppage on September 28th that unions said would be the biggest strike in the Irish carrier's history. With confirmation of the agreement between Ryanair and the Italian crews – set to come into effect on October 1st for a period of three years – their participation in the forthcoming strike is unclear, with union leaders currently leading consultation on the matter. READ ALSO: Ryanair reaches historic agreement with Italian pilot union … [Read more...] about Ryanair deal with Italian pilots concluded but strikes to go ahead
The project aims to use the Mulhouse-Basel-Freiburg Euroairport as its base. Photo: AFP A group of aviation veterans are planning to start up a new low-cost airline based in the Swiss city of Basel and offering cheap flights to destinations including the US, according to media reports. The project with the working title Swiss Skies is the brainchild of four industry veterans including a former top manager at Air Berlin and a Ryanair pilot. The group hope to drum up $100 million in capital for the venture that would see the airline begin by running point-to-point services between European cities and the US before adding destinations in the Caribbean, the Middle East and Asia, according to a report in the UK’S Financial Times business paper. Read also: Bern airport becomes 'ghost town' after Swiss airline SkyWork goes bust Although details of the possible flight connections are being kept under wraps for commercial reasons, part-time Ryanair pilot and Swiss Skies co-founder … [Read more...] about Is Switzerland set to get a new low-cost, long-distance airline?
Photo: Pascal Pavani/AFP. Italian pilots have approved an agreement over working conditions with Ryanair in the first such deal the strike-hit low-cost aviation giant has fully concluded. The agreement, reached earlier this month following eight months of talks, gives Italy-based pilots working for Ryanair "protection and guarantees", according to the ANPAC union which negotiated the collective work contract. "The contract was submitted for approval by the more than 300 pilot members and after a tallying of the results (Monday night) the contract received a very large majority" of votes, said the union. The agreement is the first that Ryanair has signed and which has been been approved by union members since the Irish airline caved in last year and said it would recognise trade unions. "Today’s vote in Italy comes shortly after Irish union FORSA has signed, and recommended, a mediation agreement to Ryanair’s Irish pilots, who are … [Read more...] about Ryanair reaches historic agreement with Italian pilot union