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October 30, 2009

Lufthansa looks to expedite recovery with deferrals, cost cuts Lufthansa warned yesterday as it released its nine-month interim report that "revenues remain at rock bottom despite record load factor" and that "all business segments are working hard. . .to adjust their structures to the altered competitive environment." [MORE] JAL takes first step toward government-backed restructuring Japan Airlines yesterday said it is seeking guidance on a turnaround plan from Enterprise Turnaround Initiative Corp. of Japan, a move that represents a formal first step toward a likely government-backed restructuring. [MORE] IATA: Apparent September traffic improvement 'misleading,' yields remain 'disaster' IATA reported that September international passenger traffic rose 0.3% year-over-year while cargo traffic fell 5.4%, but warned that the apparent improvement after months of declining passenger traffic and a steep drop in cargo demand is "misleading" because the economic downturn is starting to lap itself. [MORE] Finnair loses €20.7 million in third quarter, sees tough times ahead A "steep fall" in fares and weak domestic demand helped sink Finnair to a €20.7 million ($30.6 million) third-quarter loss, widened 16.3% from a €17.8 million deficit in the year-ago period, and left the carrier admitting it "still has a long way to go before its corporate structures and the operating conditions they create are sustainably competitive." [MORE] Other News EC looks to streamline accident investigations Airbus: A330-200F first flight next month, EIS in summer 2010 Hungary to step in, aid Malev [MORE]

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