The most important things about Fraport and Lufthansa in advance:
- Fraport wants to extend short-time work benefits
- Lufthansa will soon feel more competition in Germany
The German air market continues to recover in June. According to the airport association (ADV), however, the passenger volume remains at a negligible low level – compared to the previous year and still due to the ongoing coronavirus pandemic.
Despite the beginning of the summer vacation and the relaxation of travel warnings in Europe, it was not only slightly more passengers who boarded planes in June than in May. According to ADV, the total number of passengers at all German airports in June was only 1.48 million. This corresponds to only 6.3 percent of the previous year’s value. In May, the association had only counted 2.1 percent of the value from May 2019.
“Demand is still developing slowly,” said the ADV. Intercontinental traffic has recovered even more slowly than domestic and European flights. The association sees the reasons for this in the travel warnings for third countries that still apply until August 31, as well as the infection events in important travel destinations such as the USA.
Airport operators, aircraft manufacturers and airlines are hard hit. The number of Fraport shows just how dramatic the situation is. According to the company, the airport operator has no employment for half of its workforce for the next 1.5 years. For this reason, Fraport boss Stefan Schulte is demanding that short-time work be extended until the summer of 2022. The crisis in the American aviation industry is also worsening. American Airlines also sends employees on forced vacation to United Airlines. 25,000 of the approximately 130,000 employees are affected. However, layoffs are not planned until the end of September.
At Lufthansa, the situation is tense despite the billion-dollar aid from the federal government, and now the Irish low-cost airline wants to attack the crane line on its home market. This means that Ryanair will bid for free take-off and landing rights in this country. As part of the rescue package for Lufthansa, the group has to hand over 24 slots in Frankfurt and Munich to competitors.
The Lufthansa share was part of the DAX® for almost 32 years. On June 22, she had to vacate her place for Deutsche Wohnen. How this works and how the DAX® is calculated is discussed by Julius Weiß tomorrow on Thursday, July 30, 2020 at 3:00 p.m. It also explains what you should consider with products on the DAX®.
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