67th Day Of Lockdown

Maharashtra62228269972098 Tamil Nadu2024611313157 Delhi173877846398 Gujarat159448611980 Rajasthan83654855184 Madhya Pradesh76454410334 Uttar Pradesh74454215201 West Bengal48131775302 Bihar3359120915 Andhra Pradesh3330223460 Karnataka278189448 Telangana2256134567 Punjab2197194942 Jammu and Kashmir216487528 Odisha17239779 Haryana172194019 Kerala11515659 Assam9361044 Uttarakhand493794 Jharkhand4621914 Chandigarh3641894 Chhatisgarh364830 Tripura2421650 Himachal Pradesh223634 Goa68370 Puducherry49170 Meghalaya20121 Nagaland1800 Manipur540 Arunachal Pradesh210 Mizoram110 Sikkim100
Business Companies 07 May 2018 Air France shares in ...

Air France shares in tailspin after CEO quits

AFP
Published May 7, 2018, 3:57 pm IST
Updated May 7, 2018, 3:57 pm IST
France's economy minister yesterday warned that the survival of Air France was now in the balance.
Air France shares went into a tailspin on the Paris stock exchange on Monday after the resignation of the strike-hit company's CEO.
 Air France shares went into a tailspin on the Paris stock exchange on Monday after the resignation of the strike-hit company's CEO.

Paris: Air France shares went into a tailspin on the Paris stock exchange on Monday after the resignation of the strike-hit company's CEO.

Air France-KLM boss Jean-Marc Janaillac announced his resignation Friday after staff at the carrier's French operations rejected a pay deal aimed at ending months of walkouts.

 

Janaillac, who had been in the post for under two years and staked his future at the company on staff accepting the deal, deplored their decision as a "huge waste".

In early bourse business Air France stock was down nearly 13 per cent at 7.08 euros. Staff and management at the carrier have been locked in a dispute over pay since February. Intermittent strikes in recent weeks have prompted the cancellation of a quarter of flights on average.

Unionised staff are set to walk out for the 14th day on Monday as they press for a 5.1-per cent salary increase this year as the company recovers from years of losses and restructuring. France's economy minister yesterday warned that the survival of Air France was now in the balance.

"I call on everyone to be responsible: crew, ground staff, and pilots who are asking for unjustified pay hikes," Economy Minister Bruno Le Maire told the BFM news channel.

"Be responsible. The survival of Air France is in the balance," he added. He warned that the state, which owns 14.3 percent of the group, would not serve as a backstop. "Air France will disappear if it does not make the necessary efforts to be competitive," he warned.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT