It gets worse for airlines
Airlines face a global downdraft that’s far worse than the post-Sept. 11 turbulence that sent four major U.S. carriers into bankruptcy, an airline trade group warned Tuesday. The International Air Transport Association predicts airlines worldwide will lose $4.7 billion in 2009 as plunging traffic offsets a deep drop in fuel prices, one of carriers’ largest expenses. Industry revenue is expected to fall by 12 percent to $467 billion, IATA said payday loans in one hour. By contrast, revenue declined 7 percent in the aftermath of the 2001 terrorist attacks. The shocks to manufacturing and global finance have rippled through business travel, which drives carriers’ profit on overseas routes. (Chicago Tribune)
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