Europe carriers gain, Air France-KLM, Lufthansa, Austrian and BA all up
Shares in Austrian Airlines gained 1.6% as its agreed on a package of cost saving measures of up to EUR150 million with its Works Councils. Personnel expenditure will be reduced by 5% between 2010 and 2015, although there will be no additional job cuts to the 1,000 already announced.
Another carrier seeking deep cost cuts, British Airways, gained 0.5% yesterday, confirming it would seek 3,700 job cuts by Mar-2010. British Airways CEO, Willie Walsh, told the Associated Press there “is no point trying to skirt around the fact that we need a fundamental and structural change to our employee cost base. These changes are essential to our short-term survival and, more importantly, to our long-term viability".
Europe selected airlines daily share price movements (% change): 15-Jul-09