• Most Popular
  • Most Shared

SAS says to cut flights, jobs at Spanair unit

Wed Jul 16, 2008 6:33am EDT

Stocks

   

STOCKHOLM, July 16 (Reuters) - Scandinavian airline SAS (SAS.ST) said on Wednesday it would ground 15 aircraft in September and October and cut about 900 jobs, giving it a 90 million euro ($143 million) earnings boost in 2009.

SAS, which last month abandoned a plan to sell Spanair, will cancel nine unprofitable routes.

"Spanair's management has announced today a feasibility plan to face the current crisis that the airline industry is going through as a consequence of the high fuel prices and the decrease of demand," SAS said.



More from Reuters

Photo

OPEC keeps oil supply unchanged

LUANDA (Reuters) - OPEC oil producers agreed on Tuesday to keep their supply curbs unchanged but may face an uphill battle to improve compliance with those restrictions if they want to drain bulging global fuel inventories.

» More Top News
Photo

The end of the carry trade?

Borrowing the dollar cheaply to fund purchases of higher-yielding assets was a no-brainer in 2009, but will it be a safe bet in 2010?  Full Article 

CURRENCIES
Cars travel along an overpass with an advertisement of a Saab vehicle in the background in Budapest December 21, 2009. REUTERS/Laszlo Balogh

Spyker races to clinch a deal

The Russia-backed carmaker is pressing ahead with a renewed bid for GM's Saab as reports of new backing from a Dutch billionaire swirl.  Full Article 

AUTOS