Lufthansa pilots in Germany began a two-day strike on Wednesday

Lufthansa pilots in Germany began a two-day strike on Wednesday

By: Simon Furman | Where To Trade | On:Wenesday. November 23, 2016
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Lufthansa pilots in Germany began on Wednesday a two-day strike. Their strike made hundred of flights to be canceled.

The Vereinigung Cockpit pilots extended their strike for an extra-day, after several courts rejected Lufhansa's attempts to hald the industrial action.

Carsten Spohr, CEO at Lufthansa, said that, despite the record profits in 2016, Lufthansa has now no choice other than to reduce costs, if it wants to be a real competitor on the market for other rivals like Ryanair, for example.

Shares in the Lufthansa company lost 12% of their value in 2016. The airline declared that it had canceled almost 880 flights that were scheduled for Wednesday, affecting this way almost 100,000 passengers. This is the 14th strike in this arugument since 2014.

Lufthansa said that their strike is expected to cost almost 8 million euro per day and that other airlines like Austrian Airlines, Swiss , Germanwings, Eurowings will not be affected. 

Lufthansa declared that "We want the union to return to the negotiating table. Our door is wide open". 

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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