A Lufthansa airplane about to takeoff. File
Lufthansa announced another package of restructuring measures on Tuesday, including a 20% cut in leadership positions and the reduction of 1,000 administrative jobs, as it battles with the fallout from the coronavirus pandemic.
Lufthansa said it would also cut the investment volume for new aircraft in half, with its financial plan allowing for up to 80 new aircraft for the group's fleet up to 2023.
Lufthansa's shareholders backed a 9 billion euro ($10 billion) government bailout last month, securing the future of Germany's flagship airline after it was brought to the brink of collapse by the COVID-19 pandemic.
Lufthansa's biggest shareholder, German billionaire Heinz Hermann Thiele, criticised the 9 billion euro ($10.1 billion) bailout, saying he had raised his stake in Lufthansa to over 15% and hoped alternative options could be explored.
Lufthansa reported an operating loss of 336 million euros ($380 million) for the first quarter of the year, hurt by rising fuel costs and overcapacity in Europe, sending its shares down 5 per cent in pre-market trade. Germany’s biggest airline said late on Monday
British American Tobacco Plc said on Thursday it would lay off 2,300 employees globally by January as the world's second largest tobacco company by sales looks to streamline its operations.
German companies are optimistic about their growth prospects in the Gulf region, as key government leaders and business executives from Germany and the GCC countries attended a top-level conference in Dubai recently. With a combined population of about 55 million
The historic 50th National Day of the UAE was celebrated across the country with new zeal and fervour through various cultural activities. On the momentous occasion of the UAE’s Golden Jubilee celebrations various government and private organisations conducted a raft of
Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence and Commissioner-General of Expo 2020 Dubai, attended the UAE’s Golden Jubilee celebration at Expo 2020 Dubai on Thursday. The celebration was also attended by Gaston Browne, Prime Minister
India’s merchandise exports in November rose to $29.88 billion, higher by 26.5 per cent on a year-on-year basis, preliminary data showed on Wednesday. Exports in November 2020 stood at $23.62 billion. According to the data furnished by the Ministry of Commerce