• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Time of Pakistan
No Result
View All Result
Home Business

World’s 5 biggest airlines now from Asia, LatAm

ToP by ToP
August 17, 2021
in Business, Pakistan
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

The world’s five biggest airlines now hail from Asia and Latin America, highlighting the industry’s shift away from the U.S. and Europe to higher-growth countries, the International Air Transport Association said Tuesday. Air China is twice the size of either Delta in the U.S. or Germany’s Lufthansa. But despite emerging markets’ strength and a broad earnings rebound this year, weak economic conditions in Europe and low margins are acting as a drag on profits, the group warned. “The world is changing in aviation, and it’s changing very, very quickly,” IATA Chief Executive Giovanni Bisignani told a news conference in Geneva. “Rapidly developing markets are shifting the industry’s center of gravity to the East.” Air China has a market capitalization of $20 billion, followed by Singapore airlines with $14 billion and Hong Kong-based Cathay Pacific with $12 billion. China Southern has a market cap of $11 billion, as does LATAM, the Latin American airline recently created from the merger of Chile’s LAN and TAM of Brazil. U.S. carrier Delta and Germany’s Lufthansa follow with market capitalizations of $10 billion each. IATA said strong growth in developing countries and a rebound in North America are largely responsible for the industry’s recovery this year.

Airlines will see net profits of $15.1 billion in 2010, IATA said. This marks a massive turnaround from the $10 billion industry loss in 2009 and $16 billion loss in 2008. Asian carriers will contribute $7.7 billion to the global total, while North American airlines will earn $5.1 billion. Europe, with estimated net profits of $400 million, lags behind the Middle East ($700 million) and Latin America ($1.2 billion). African carriers will earn $100 million this year, IATA said. The full-year estimate is a significant jump from IATA’s prediction in September for an $8.9 billion industry profit in 2010. “2011 is going to be a much more challenging period,” said IATA chief economist Brian Pearce, noting that heavy debts and new taxes will weigh on consumer travel spending in Europe and North America. IATA forecasts net profits of $9.1 billion for the industry next year. Bisignani warned that profit margins remain “pathetically low” and pose a threat to the industry in case of another economic shock.

Recently introduced air travel taxes in Britain, Germany and Austria, and efforts to introduce a regional carbon emissions trading market harm Europe’s competitiveness, he said, noting that these further squeeze profit margins for the continent’s carriers. Fuel price rises are also expected to hurt profits in 2011, further driving the industry to reduce aircraft fuel consumption and find viable renewable alternatives. Still, the Geneva-based group representing some 230 carriers and 93 percent of scheduled air traffic said the outlook is bright for Asia. A rapidly expanding middle class in Asia and growing demand for air links between the continent’s 15 mega-cities, with over 10 million inhabitants each, promise strong industry profits in the region, Bisignani said. If “archaic ownership rules” in the United States were changed the industry might soon see the first takeover of a U.S. carrier by an Asian airline, he added. The Italian, who has been at the helm of IATA for nine years, will be succeeded by Cathay Pacific CEO Tony Tyler next year. – Yahoonews

Previous Post

James Franco Has No Fear Over Hosting 2010 Oscars With Anne Hathaway

Next Post

North Korea ‘will not hit back’ over Yeonpyeong drills

ToP

ToP

Related Posts

11th J.A. Zaman Memorial Open – Powered by Gem Golfers
Sports

11th J.A. Zaman Memorial Open – Powered by Gem Golfers

by Jameel Ahmad
April 9, 2025
Imran Khan
Pakistan

Imran Khan and Bushra Bibi Sentenced to Jail in £190 Million Case

by Jameel Ahmad
January 17, 2025
shaza fatima khawaja
Pakistan

World’s Largest Submarine Cable Arrives in Pakistan: Could This End Internet Woes?

by Jameel Ahmad
January 15, 2025
Kundi
Pakistan

“Nothing Was Seen”: Kundi on Talks

by Jameel Ahmad
January 3, 2025
Inflation
Pakistan

Pakistan’s Inflation Plummets to 6-Year Low: ‘4.9% in November Sparks Hope for Rate Cuts’

by Jameel Ahmad
December 2, 2024
Belarus President
Pakistan

Belarusian President’s Three-Day Visit to Pakistan Promises Strengthened Ties and Key Agreements

by ToP
November 25, 2024
Arno by Anny Dresses
Fashion News

Arno by Anny’s Launched its Latest Western Wear Collection for Women

by Jameel Ahmad
October 31, 2024
Next Post

North Korea 'will not hit back' over Yeonpyeong drills

Popular Stories

  • President for holding Pak-Japan govt-business dialogue

    President for holding Pak-Japan govt-business dialogue

    0 shares
    Share 0 Tweet 0
  • Naat Khawan ‘Farhan Ali Qadri’ Arrested

    0 shares
    Share 0 Tweet 0
  • Naseej Collection Exhibition At Fashion Central Multi Brand Store

    0 shares
    Share 0 Tweet 0
Time of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • 11th J.A. Zaman Memorial Open – Powered by Gem Golfers
  • Imran Khan and Bushra Bibi Sentenced to Jail in £190 Million Case
  • World’s Largest Submarine Cable Arrives in Pakistan: Could This End Internet Woes?

Times Of Pakistan © 2024. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In