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Related Newslog Items 8 June 2010 IATA reversed its 2010 air industry forecast to a $2.5 billion global profit from the $2.8 billion loss it had projected in March. The International Air Transport Association cited a recovering global economy that has generated a "strong" rebound in overall traffic to "pre-recession levels" and a "sharp" increase in business travel. "Despite earlier fears that the financial crisis would result in a structural change to the premium market, it now appears to be recovering cyclically in many regions--alongside improvements in global trade," according to IATA. "World trade is still rising sharply and surveys show business confidence, outside Europe, has regained pre-recession levels." The group expects the airline sector in all regions to post overall net profits, except Europe, where it predicted a $2.8 billion loss. 26 May 2010 Hogg Robinson Group reported improved results for its fiscal year ended 31 March, "in line with expectations," despite declining travel activity among clients and therefore lower revenues. Profit before tax increased 15 percent year over year to £28.4 million (US$42.8 million). The travel management company cited cost reduction efforts and improved profitability in North America. Chief executive David Radcliffe said HRG expects client travel volumes to rebound this year "as businesses generally begin to benefit from the economic recovery. Towards the end of the [fiscal] year, we did see the first early signs of an upturn, first in Asia-Pacific and more recently in North America and Europe." 19 May 2010 The number of first and business class airline passengers in March increased 10.8 percent worldwide, marking a fourth consecutive month of growth and the largest year-over-year increase measured for any month in at least two years, according to the International Air Transport Association. "As business confidence and world trade have turned up sharply business travelers have returned," IATA said, noting particularly strong growth in Asia but a continuing decline in premium class usage measured within Europe. 15 April 2010 The number of first and business class airline passengers in February increased 5.9 percent worldwide, marking a third consecutive month of growth and the largest year-over-year increase measured for any month since April 2008, according to the International Air Transport Association. "As world trade growth returned so has premium travel," IATA said. "There is still some way to go before premium travel recovers previous highs but the decline looks to have been cyclical and we are now moving into the upturn phase of the cycle." 20 November 2009 Global premium airline traffic in September dropped 13.9 percent versus a year earlier, according to the International Air Transport Association, marking the 16th consecutive month of declining first- and business-class volumes and a steeper drop than in August. "The fall in premium travel numbers in September was driven by declines in the large markets of within-Europe and North Atlantic premium travel, where numbers were down 26.9 percent and 10.7 percent respectively compared with declines of 20.5 percent and 7.8 percent in August," according to IATA. "World trade and consumer confidence in the U.S. dipped in recent months. Analysis of these wider economic developments suggest they are temporary setbacks in an improving economic recovery." Meanwhile, IATA reported encouraging premium traffic trends in Asia and the Middle East. 15 October 2009 Global premium airline traffic in August dropped 12 percent versus a year earlier, according to the International Air Transport Association, marking the 15th consecutive month of declining first- and business-class volumes but the smallest drop-off recorded since November 2008. "World trade has picked up since June but not sufficiently to warrant a significant rise in premium travel," according IATA, which described the trend toward smaller declines as "fragile." 17 September 2009 Global premium airline traffic in July dropped 14 percent versus a year earlier, according to the International Air Transport Association. This marked the 14th consecutive month of declining first- and business-class volumes but the smallest drop-off recorded in 2009. "Premium travel on international markets, which is mostly for business, is closely correlated to world trade which bottomed out in May and started to turn up in June," according to IATA. "This improvement in cross-border trade is boosting business travel but demand is still very weak compared to the recent past. Moreover, there are no signs as yet that corporate travel buyers are willing to pay for the more flexible, full service and, for the airlines, higher-yielding premium seats." 18 August 2009 The International Air Transport Association said global premium airline traffic in June dropped 21 percent versus a year earlier, the 13th consecutive month of declining first- and business-class volumes but the smallest drop-off in three months. "There was also some evidence that more stable Q2 economic conditions in the U.S. and Europe began to influence travel," IATA wrote, noting a 13.9 percent reduction in premium travelers crossing the North Atlantic and a 3.5 percent drop in all travelers on those routes. 31 July 2009 British Airways reported an after-tax loss of £106 million (US$175 million) for the quarter ended 30 June, versus a £27 million (US$45 million) profit a year earlier. Passenger revenue fell 12.5 percent. The airline for the winter schedule will suspend operations between London Gatwick and Barcelona, Madrid and New York JFK; ground a total of 22 aircraft; and cut overall capacity by 5 percent. 22 July 2009 Ryanair plans to slash London Stansted Airport operations by 40 percent from October, blaming high passenger fees and airport taxes.
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