FRANKFURT/BERLIN (Reuters) – Lufthansa (LHAG.DE: Quote, Profile, Research, Stock Buzz) has canceled 750 flights or about half the total due to a strike planned by pilots for Wednesday, affecting thousands of passengers in a long-running dispute over early retirement benefits and plans to expand budget flights.
The German airline is trying to cut costs and renegotiate expensive labor agreements as it tries to compete with low-cost carriers and rivals such as Emirates and Turkish Airlines, but its efforts have been resisted by pilots who staged 10 strikes last year.
BERLIN (Reuters) – Sportswear group Adidas AG will not renew its contract to supply kit to the U.S. National Basketball Association (NBA), saying it feels it would be better to invest its money in new products and players.
Adidas has been losing market share in the United States to Nike Inc and Under Armour Inc and the market is a priority for the German group this year, Chief Executive Herbert Hainer said earlier this month.
FRANKFURT, March 12 (Reuters) – Stiff competition from
rivals in Europe and the Middle East and falling ticket prices
mean Lufthansa must keep cutting costs if it wants to
remain a global airline, the German carrier said.
Lufthansa is being squeezed by competition from budget
carriers on routes within Europe and rivals such as Emirates and
Turkish airlines on long flights.
BONN (Reuters) – Postal and logistics company Deutsche Post DHL Group (DPWGn.DE: Quote, Profile, Research, Stock Buzz) set a slightly lower than expected profit target for 2015, with a modernization of its freight business dampening earnings.
The restructuring program at its freight forwarding business, dubbed NFE and comprising an IT overhaul, has been more difficult than anticipated, Chief Executive Frank Appel told journalists after the group’s fourth quarter results on Wednesday.
BERLIN, March 10 (Reuters) – More customers on transatlantic
routes, new planes and lower fuel costs mean British airline
Virgin Atlantic is expecting a significant boost to
earnings in 2015 after reporting its first profit for four years
in 2014, its chief executive said.
The 30-year-old airline, which is owned by its British
billionaire founder Richard Branson, with 51 percent, and U.S.
carrier Delta Air Lines, is in the throes of a two-year
turnaround plan which includes shutting its Little Red domestic
airline to concentrate on long-haul.
BERLIN, March 8 (Reuters) – Investors are expected to pump
more money into buying, converting or building hotels in 2015
than in any year since the start of the global financial crisis,
with a focus on budget and ‘buzz’.
In a sector enjoying the benefits of economic recovery and
growing traveller numbers, yields are attractive compared to
alternative real estate like office, industrial or retail.
BERLIN, March 6 (Reuters) – Iranian businessman Cyrus
Etemadi has had a stand at Berlin’s ITB travel trade fair every
year for more than 20 years, even when tension with the West
meant few tourists visited the former ancient kingdom of Persia.
As the pragmatic President Hassan Rouhani, successor to
hardliner Mahmoud Ahmadinejad, tries to reverse the path of
antagonism to the West, Etemadi hopes he can rebuild his tour
business, Cyrus Sahra, to its former strength.
BERLIN (Reuters) – Travel and tourism companies are looking forward to a solid year in Europe thanks to recovering economies and a fall in oil prices.
Many recent economic data reports have beaten expectations and signs of a long-awaited recovery in Europe are starting to show through in the profits of leading global companies.
MUNICH, Feb 27 (Reuters) – Airbus Group took a
charge of 551 million euros ($618 million) due to the latest
delays to the A400M military transporter and juggled production
on its most popular jetliners as it posted
stronger-than-expected annual results on Friday.
The world’s second-largest aerospace group after Boeing
said it would cut production of its A330 widebody jet to
six a month from the first quarter of 2016 as it also ramps up
production of its top-selling A320 family.
BERLIN, Feb 20 (Reuters) – Germany’s Lufthansa
said it will not pay a dividend for 2014, conserving cash for
restructuring, after its net result was hit by the sale of an IT
unit, an increase in pension liabilities and losses from
Lufthansa is trying to cut costs to better compete with
low-cost carriers and rivals from the Middle East. Its efforts
have met fierce resistance from pilots, who went on strike 10
times last year and have already held one walkout this year.