Phillipine Airlines to oppose Labour Ministry over pay increase
Shares in Philippine Airlines were down 2.2% on Tuesday. The carrier responded to a Philippines Labor Ministry ruling made late last year, which ordered PAL to increase pay for its cabin staff and increase the minimum retirement age. Philippine Airlines President, Jaime Bautista, announced the carrier has appealed the ruling, labelling it absurd and stating the carrier is in no position to raise salaries after three years of losses.
- Philippine Airlines appeals labor ministry ruling on pay increase for cabin staff and retirement age.
- Shares in Philippine Airlines down 2.2% following the announcement.
- Australian carriers Virgin Blue and Qantas experience a decline in shares after recent positive trading.
- North Asian carriers, including Asiana Airlines and Chinese carriers, see an increase in shares.
- Korean Air's stock only increases by 0.5%.
- Hainan Airlines experiences a 1.7% loss in trading.
Elsewhere in the Asia Pacific, shares in Australian carriers Virgin Blue (-2.2%) and Qantas (-1.6%) slipped after several days of strong positive trading.
Shares in North Asian carriers were up strongly: Asiana Airlines gained 4.4%, although stock at rival Korean Air only increased 0.5%. Chinese carriers were also generally positive, with Air China (+2.6%), China Southern (+2.2%), Cathay Pacific (+1.6%) and China Eastern (+0.8%) all up, although Hainan Airlines lost 1.7% in trading.
Selected Asia Pacific airlines daily share price movements (% change): 11-Jan-2011
