As strikes continues, Lufthansa canceled almost 830 flights on Friday

As strikes continues, Lufthansa canceled almost 830 flights on Friday

By: Darryl Frankfort | Where To Trade | On:Friday, November 25, 2016
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    With more than 13% lower this year, the Lufthansa shares traded even lower on Friday, as investors are really anxious over the German airline currently with no willing of backing down with their requests.

Lufthansa canceled more than 2.600 flights, interrupting flight plans for almost 315,000 passengers. Pilots represented by Vereinigung Cockpit Union went on strike that started on Wednesday. The strike was initially a two-day strike, but it reached its third day with important losses for the company.

The strike was extended started with Thursday. Until Thursday, all long-hauls leaving Germany weren't affected.
Starting Friday, the strike affected all flights: short, medium and long-haul flights.

   This is pilots' 14th strike since 2014. The Vereinigung Cockpit Union asks for a average annual pay increase of 3.7% for more than 5.400 in Germany. Some offers were made, but pilots were not satsified.

Carsten Spohr, Chief executive at Lufthansa, declared that the company's future will soon depend on the result of pilots' demands.

The airline company says that, although it had record profits in 2015, now it has no other choice than cut costs to compete with companies like Ryanair on short and long-haul flights. 

   The strike costs are now up to 11 million dollars per day for Lufthansa, and the company asked for an agreement, but pilots say they need better offers.

Lufthansa shares were 0.8% lower.

 

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