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Did they systematically rape the country resources when they become in charge?
Malaysia Airlines unveils major overhaul in battle for survival
Quarter of staff and routes to Europe and China set to be slashed after four disastrous months marked by tragedy
Lucy Tobin
Thursday, 28 August 2014
Malaysia Airlines is set to undergo the most radical restructuring in its history, with a quarter of its staff axed and routes to Europe and China slashed as the carrier fights to survive,after being struck by two tragic disasters in less than six months.
The airline has been flying near-empty planes after four disastrous months which saw the disappearance of flight MH370 en route to Beijing from Kuala Lumpur in March, followed by flight MH17 being shot down over Ukraine in July. This saw 537 passengers and 29 staff lose their lives.
Now Malaysia’s sovereign wealth fund Khazanah — chaired by prime minister Najib Razak and the biggest shareholder in the carrier — has won backing for a restructuring plan that will also see the airline delist from the stock exchange and be nationalised.
Malaysia Airlines will sack about a quarter of its 19,500 staff as it focuses on core Asian routes and retains only some of its long-haul schedule to help feed traffic.
Instead, the carrier, which may also change its name, is expected to rely more heavily on its Oneworld alliance partners, who include British Airways, to bring in fliers from Europe. Malaysia Airlines flies from Heathrow, as well as Paris, Amsterdam and Frankfurt in Europe. Insiders said they expect Frankfurt and other routes to China to be axed.
The tragedies have not only hit demand for seats on the airline: almost 200 cabin crew have resigned this year, with many citing “family pressure” or fear of flying.
The airline’s market value has plunged by 40 per cent during the past nine months, but even before the two tragedies Malaysia Airlines had one of the worst financial performances in aviation. The carrier’s net loss of Rm443 million (£85 million) between January and March was its fifth-consecutive quarter of losses.
Australia’s national flag carrier Qantas blamed weak domestic demand and rising fuel costs for its A$2.8 billion (£1.6 billion) net loss for the year to June, its biggest annual loss.
Malaysia Airlines unveils major overhaul in battle for survival
Quarter of staff and routes to Europe and China set to be slashed after four disastrous months marked by tragedy
Lucy Tobin
Thursday, 28 August 2014
Malaysia Airlines is set to undergo the most radical restructuring in its history, with a quarter of its staff axed and routes to Europe and China slashed as the carrier fights to survive,after being struck by two tragic disasters in less than six months.
The airline has been flying near-empty planes after four disastrous months which saw the disappearance of flight MH370 en route to Beijing from Kuala Lumpur in March, followed by flight MH17 being shot down over Ukraine in July. This saw 537 passengers and 29 staff lose their lives.
Now Malaysia’s sovereign wealth fund Khazanah — chaired by prime minister Najib Razak and the biggest shareholder in the carrier — has won backing for a restructuring plan that will also see the airline delist from the stock exchange and be nationalised.
Malaysia Airlines will sack about a quarter of its 19,500 staff as it focuses on core Asian routes and retains only some of its long-haul schedule to help feed traffic.
Instead, the carrier, which may also change its name, is expected to rely more heavily on its Oneworld alliance partners, who include British Airways, to bring in fliers from Europe. Malaysia Airlines flies from Heathrow, as well as Paris, Amsterdam and Frankfurt in Europe. Insiders said they expect Frankfurt and other routes to China to be axed.
The tragedies have not only hit demand for seats on the airline: almost 200 cabin crew have resigned this year, with many citing “family pressure” or fear of flying.
The airline’s market value has plunged by 40 per cent during the past nine months, but even before the two tragedies Malaysia Airlines had one of the worst financial performances in aviation. The carrier’s net loss of Rm443 million (£85 million) between January and March was its fifth-consecutive quarter of losses.
Australia’s national flag carrier Qantas blamed weak domestic demand and rising fuel costs for its A$2.8 billion (£1.6 billion) net loss for the year to June, its biggest annual loss.
