Tag: USA

United States compensation package worries european carriers

Posted by | Oct 1, 2001 | |

European all-cargo carriers will keep a close watch on the Dollars 500m compensation fund available to their US counterparts in the wake of the terrorists attacks on New York and Washington.

Mixed with sympathy for their US colleagues is the privately expressed fear that Congressional funds will bolster a weakened US all-cargo industry while European airlines receive nothing from Brussels.

‘We are keeping a low profile at the moment,’ said one European air freight industry observer who asked not to be named. ‘This is a sensitive time and we don’t want to be labelled anti-American. It would not help matters.

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Settlement with FAA gives airline 180 days to resolve problems; $1 million in fines due

Posted by | Sep 29, 2001 | |

Emery Worldwide and the Federal Aviation Administration have signed an agreement that could enable the carrier to resume flying its own aircraft by next March. Emery suspended its flight operations voluntarily on Aug. 13 after the FAA threatened to revoke its operating license due to numerous safety violations. Since then the carrier has been using chartered aircraft. Under the new 180-day agreement, Emery and the FAA agreed to work on an expedited basis to try to resolve issues in 31 specific categories. That agreement could then be extended for another 60 days, although the FAA reserves the right to remove Emery’s operating authority

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FedEx Express receives aid from Federal Goverment

Posted by | Sep 29, 2001 | |

According to Dow Jones, FedEx Corp.’s FedEx Express has received $101 million from the federal government under the Air Transportation Safety and System Stabilization Act to compensate the company for part of its direct losses incurred Sept. 11 when its aircraft fleet was grounded after the World Trade Center attacks. The payment also compensates for related losses expected to be incurred through Dec. 31.

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UPS Cuts Profit Forecast After Attacks

Posted by | Sep 28, 2001 | |

United Parcel Service Inc. has cut its third-quarter earnings estimates because of a sharp drop in shipping activity immediately after the Sept. 11 attacks on the World Trade Center and Pentagon. UPS said in a statement it now expects to earn 45 to 48 cents per share, down from earlier, reduced guidance of 52 to 55 cents per share. The company had already lowered earnings expectations in July.

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