The Next Bailout Recipients?

Discussion in 'Economics' started by cstfx, Apr 18, 2010.

  1. cstfx


    I am sure they will be arguing for their fair-share of gov't bailout now that Washington let it be known that they will bailout anybody:

    Airlines Question Europe Flight Ban

    LONDON — European airlines, which have already lost millions of euros in revenue due to a flying ban over much of Northern and Central Europe that has been extended into Monday, questioned the basis of the ban Sunday after some airlines successfully completed test flights.


    The continued closure of European airspace caused Continental Airlines Inc. to cancel 70 flights between Europe and the U.S. as of Sunday morning, the Houston-based carrier said. Only flights from Newark, N.J. to Rome, Madrid and Lisbon are scheduled to operate Sunday, conditions permitting. Passengers can reschedule without financial penalty or request a refund if their flights were cancelled, Continental said.

    UAL Corp.'s United Airlines said it cancelled 56 flights Sunday, all eastbound transatlantic flights except those heading for Kuwait, Dubai and Rome. Monday westbound departures from Europe also were scrubbed, said the Chicago-based carrier.

    Boyd Group International, an aviation consulting firm, estimated that the five largest U.S. international airlines lost nearly $80 million in passenger revenue through Sunday from the cancellations. The Evergreen, Colo., firm said the financial hit extends beyond international passenger revenues lost. Because domestic passengers travel to international hubs to take overseas flights, some $13 million of the revenue hit came from domestic passengers unable to take international trips that were cancelled, the firm said.

    Boyd Group estimated that Delta Air Lines Inc., the largest U.S. carrier, lost $29.4 million in overall revenue, including a $5.5 million reduction from domestic passengers who couldn't travel. UAL lost $21.9 million in overall revenue; AMR Corp.'s American Airlines $11.9 million; Continental $10.7 million and US Airways Group Inc. $5.9 million. The figures don't include expenses related to passenger rerouting and aircraft and crews being out of position because of the shutdown of European airspace, the firm said.

    US Airways Group Inc. said it has cancelled 111 transatlantic flights since Wednesday, including those flights it plans to scrub Monday. The Tempe, Ariz., carrier, which has the smallest overseas operations of the major hub-and-spoke U.S. airlines, said it it too early to estimate a revenue impact from the volcano-related disruption.
  2. Turn on the printers.
  3. I think all the traders on this board should get together and say "hey...we lost 50 million dollars last year trading. If you dont give us a bailout, there will be less liquidity in the market and people might not be able to sell their shares! Hurry up and give us the money"

    Ooo...I would love to get my losses back from when I first started trading. How about you all? (oh thats all never had any losses and you all made a million bucks your first year with a 5k account)
  4. Merlin


    Better canceled flights versus crashed flights.
  5. cstfx


    And so it begins:

    BA, other airlines seek EU bailout for ash crisis

    (AP) – 17 minutes ago

    LONDON — British Airways says airlines have asked the European Union for financial compensation for the closure of airspace.

    The British airline says it is losing as much as as 20 million pounds ($30 million) per day since the volcano erupted last week, sending up an ash cloud that has grounded aircraft for five straight days.

    British Airways chief executive Willie Walsh says the situation is extraordinary. He says European airlines have asked the EU and national governments for financial compensation for the closure of airspace.

    Walsh says there is a precedent — because compensation was paid after the closure of U.S, airspace following the Sept. 11, 2001 terrorist attacks.
  6. Lethn


    It's just un-fucking believable that the government think they can bailout all these companies? And ash crisis? Please! It's just fucking volcanic ash!
  7. The funny thing is that this volcano is just a "baby" compared to that katla one nearby. If Katla ( which they say is 100 times stronger than this one) goes off, the entire planet may need a bailout.
  8. cstfx


    Iceland's Eyjafjallajökull volcano is nothing to 'Angry Sister' Katla

    Every time in recorded history that Eyjafjallajökull volcano has erupted, the much larger Katla volcano has also erupted. Scientists are watching Katla carefully.

    This history of Iceland will not make for comforting reading for thousands of would-be air travelers stranded across northern Europe and beyond.

    The last time Eyjafjallajökull erupted, it continued belching the Earth's unsettled insides for 14 months, from December 1821 to January 1823.

    Scientists do not expect Eyjafjallajökull to keep northern Europe's airports closed for 14 months, but they suggest that Eyjafjallajökull's impact on world travel might not end with the end of this current eruption.
  9. AK100


    don't believe all you hear/read.

    The ash problem isn't that big, read the posts made on some of the pilot forums (by people who work in the industry).

    basically it's all to do with 'health and safety' when nothing is allowed if there's even a small risk.

    This is what you get when governments get too large (job numbers) and people start creating all sorts of new problems. Ones that never existed before.
  10. cstfx


    #10     Apr 19, 2010