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GUARDIAN Thu, 11 Mar 2010 12:30:49 GMT
• Airline representative Iata revises loss forecasts for 2010 from $5.6bn to $2.8bn • Growth in passenger demands and air freight expected to continue Airlines are bouncing back more strongly and swiftly than expected from the global downturn, prompting the airline industry association Iata to halve its forecast for a 2010 loss. Iata now expects airlines to lose $2.8bn (£1.87bn) this year, half the $5.6bn loss it forecast in December. Iata, which represents 230 airlines, also cut its estimate of last year's loss from $11bn to $9.4bn. With capacity for both passengers and cargo hitting record levels at the end of last year, the recovery is much better than expected, said Iata director-general Giovanni Bisignani. This spells good news for both the industry and the global economy as a whole, indicating that exports are reviving. Iata estimates that 30% of world trade by value is moved by air freight. "We are moving in the right direction. The recovery is strong. But we are still at pre-crisis levels," said Bisignani. Passenger demand is expected to grow by 5.6% in 2010 after falling 2.9% last year, while cargo demand is estimated to jump 12% following an 11.1% fall. Capacity usage recovered strongly at the end of last year, and airlines passenger load factor – a key industry measure of capacity – hit 75.9% in January while cargo utilisation was at 49.6%. However, premium travel remains sluggish, with first and business class recovering at a slower rate than economy travel. Performance varies strongly across regions, with Asia and Latin America driving the recovery, while North Atlantic and European markets are still weak. Iata said airlines are now halfway to recovery, with revenues forecast at $522bn this year – $42bn below their 2008 peak and $43bn above the 2009 trough. But it will take two to three years to make up the losses from the crisis, he said. Carriers have suffered losses of $50bn over the past 10 years, and still face a series of risks, ranging from economic developments to environmental pressures and the price of fuel. Airline industry Air transport Global recession Travel & leisure Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
GUARDIAN Thu, 28 Jan 2010 08:33:51 GMT
'I am not interested in punishing banks,' said president Obama Global stock markets have pushed higher on widespread relief among investors that Barack Obama's banks clampdown may not be as stringent as they first feared while the US central bank's cautious optimism also helped boost sentiment. The FTSE 100 has opened more than 1% higher, a rise of 52 points to 5270, tracking gains in other markets overnight. The Dow Jones Industrial Average closed up more than 40 points at 10236.2 after the US Federal Reserve renewed its promise to keep rates close to zero and said "economic activity has continued to strengthen". Asian markets were then boosted overnight by the US president's State of the Union speech, in which he focused on creating jobs and appeared to take a slightly softer line on banks. Referring to plans unveiled last week for the most sweeping changes to banking sector rules for decades, Obama did insist "serious financial reform" was key to unlocking economic growth. But he added: "Look, I am not interested in punishing banks. I'm interested in protecting our economy. A strong, healthy financial market makes it possible for businesses to access credit and create new jobs. It channels the savings of families into investments that raise incomes. But that can only happen if we guard against the same recklessness that nearly brought down our entire economy." Analysts said the tone marked a slight easing from last week's broadside against the banks. Those earlier comments had sparked a wave of share selling around the world. Obama's latest remarks on the need for banking reform come as City bankers prepare to meet Alistair Darling in Davos on Friday, where they will echo warnings from other global business executives that tough new curbs on the financial sector would hold back economic recovery. US economy Banking Obama administration United States Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
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Mumbai Terror attacks: False Flag to target Pakistan?
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With the reports in a frenzy about Terrorists targetting US and UK Nationals, WHERE are the casualties? over 150 dead yet only one British dead! This seems like a False Flag op again comming...
MOSSAD behind Mumbai Terror Attacks?
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"One police officer who encountered the gunmen as they entered the Jewish centre told the Guardian the attackers were "white" (all of them? How many of them), although this could mean they...

 Sunday, 21 Mar 2010 02:06:12 UTC/GMT

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