Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Managing expectations: China cuts growth targets as slowdown continues

Read more

THE INTERVIEW

Liberia's president slams Boko Haram's use of female bombers

Read more

MIDDLE EAST MATTERS

Iraq: Islamic State group's child soldiers

Read more

WEB NEWS

Story of handicapped motorcycle rider inspires web users

Read more

ENCORE!

How French women wash

Read more

DEBATE

Soft on smacking? France slammed for not banning corporal punishment (part 1)

Read more

DEBATE

Soft on smacking? France slammed for not banning corporal punishment (part 2)

Read more

MEDIAWATCH

To smack or not to smack?

Read more

IN THE PAPERS

'What black man holds job four years'

Read more

Business

Continental Airlines to cut 1,700 jobs

Text by NEWS WIRES

Latest update : 2009-07-21

Continental Airlines announced on Tuesday that it would cut approximately 1,700 positions across the company. The cuts could save the firm 100 million dollars when "fully implemented in 2010."

AFP - Continental Airlines announced on Tuesday it would cut 1700 jobs amid a slump in revenue and passenger numbers.

The Houston-based firm said it would be "eliminating approximately 1,700 positions across the company, including management and clerical positions."

The cuts could save the firm 100 million dollars when "fully implemented in 2010."

They come on top of the previously announced removal of 500 reservation agents and leaves of absence for 700 flight attendants.

Announcing earnings for the second quarter, the airline posted a net loss of 213 million dollars at earnings of -1.72 dollars per share, close to analysts' expectations.

The net loss included previously announced charges totalling some 44 million dollars for the quarter.

"Second quarter results were adversely affected by significant declines in high yield traffic as many business travelers curtailed travel or purchased lower yield economy tickets due to the weakened economy," the airline said.

In a statement chief executive Larry Kellner said the staff cuts were part of "aggressive steps to increase revenue and reduce costs."

 

Date created : 2009-07-21

COMMENT(S)