Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • Israeli platoon attacks Hamas base as tanks line up along Gaza border

    Read more

  • Iraqi parliament resumes session on key appointments

    Read more

  • Holland beat hosts Brazil 3-0 to finish third in World Cup

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Germany vs Argentina - history and genius clash in World Cup final

    Read more

  • Legal challenge to French mayor’s ban of Muslim hijab on beach

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

Business

Austrian Airlines to cut 1,000 jobs

©

Text by NEWS WIRES

Latest update : 2009-07-02

Austrian Airlines will cut 1,000 jobs following record losses in 2008. The airline reported a net loss of 429.5 million euros last year, a record slump.

AFP - Austrian Airlines said Thursday it would cut 1,000 jobs following record losses in 2008 and amid a troubled bid by German flag carrier Lufthansa to take over the company.
   
A restructuring drive aimed at creating a more efficient company "will also result in downsizing at the company, with some 1,000 posts to be cut by mid-2010," the firm said in a statement.
   
AUA currently has around 8,000 employees after cutting hundreds of jobs over the past three years as part of a cost-cutting drive.
   
The Austrian airline has debts of 225 million euros (315 million dollars) and reported a net loss of 429.5 million euros last year -- a record slump.
   
AUA chief commercial officer Andreas Bierwirth and chief operations officer Peter Malanik said the economic crisis had shown "just how important it is that the company be restructured if it is to be well-positioned for the future."
   
AUA is in the process of being taken over by Lufthansa but the deal hit a snag on Wednesday when the European Commission said it would open an in-depth investigation into the takeover because of fears over anti-trust issues.
   
Competition Commissioner Neelie Kroes said the deal could lead to higher ticket prices for passengers and fewer flights on some routes.
   
Lufthansa said it was surprised by the decision but still confident that EU competition authorities would eventually approve the deal.
   
Analysts say the probe threatens the whole deal since Lufthansa could pull out if there is no approval by July 31.
   
 

Date created : 2009-07-02

Comments

COMMENT(S)