Bax Global acquire Austrian Forwarder
BAX Global of the US have acquired the air/ocean operations of Schier, Otten & Co. of Austria. This gives BAX a presence in Vienna, Linz and Graz.
Read MoreTag: Air Transport
KLM warns on full year
KLM Royal Dutch Airlines said Wednesday it was likely to start reducing flight frequencies in order to cut costs as management said that full-year operating profit would come in “well below” last year.
The warning came as KLM said first-quarter income dropped by half amid the deteriorating global economy
Read MoreLanChile under scrutiny as rival falls by wayside
Chilean authorities said on Saturday
>they would closely monitor Lan Chile (NYSE:LFL – news), the country’s
>largest airline, to ensure it does not abuse its new status as the sole
>domestic carrier. Lan’s only rival in the local passenger market, Peru’s Aero Continente,halted its operations in Chile on Thursday on orders from a Chilean judge who is investigating charges of laundering drug money.
Swissair reaches deal with Belgium on Sabena
Swissair Group, the heavily indebted Swiss aviation group, on Tuesday drew a line under its disastrous investment in Sabena when it reached a settlement with the Belgian government to support a further recapitalisation of the struggling flag carrier. The deal will see Swissair, which has a 49.5 per cent stake in Sabena, inject E258m ($221.5m) into the Belgian airline with the majority shareholder, the Belgian government, funding the remainder of a E430m rescue package.
Read MoreTop five air forwarders control market
The US$50 billion US domestic and international heavy freight industry is highly fragmented, with the top 5 percent of freight forwarders controlling approximately 50 percent of the market, according to Jim Hartigan, president and CEO of newly formed Integres Global Logistics.
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