INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Lufthansa cabin crews to go on strike

Germany's Lufthansa group, whose other airlines include Swiss, Austrian and ITA, has suspended flights to the Middle East until June 30. (AFP)
  • The strike will cover flights out of Frankfurt on Tuesday and from Munich on Wednesday, with Lufthansa's subsidiary CityLine also affected
  • The latest walkout began last Thursday, with Lufthansa ground staff staging a nationwide two-day strike after a previous walkout in February

Berlin, Germany– Lufthansa cabin crews have called a two-day strike next week in the German cities of Frankfurt and Munich, the UFO union announced Saturday, days after the airline announced record profits.

“On Thursday, the group announced a record result,” said UFO union leader Joachim Vazquez Buerger.

“The cabin crew have to be able to benefit from this success, and the efforts made during the Coronavirus crisis must be rewarded.”

The strike will cover flights out of Frankfurt on Tuesday and from Munich on Wednesday, with Lufthansa’s subsidiary CityLine also affected.

Lufthansa said later Saturday that around 100,000 travelers would be hit by the stoppages.

“We deeply regret coming to this point and ask passengers… to excuse us for the coming inconveniences,” he said.

On Thursday, Lufthansa reported that 2023 profits doubled on booming demand, with a net profit of 1.67 billion euros ($1.82 billion), substantially higher than a figure of 791 million euros in 2022.

That marked a second straight year of profits for the group — whose carriers include Lufthansa, Eurowings, Austrian, Swiss and Brussels Airlines — after two years of losses due to the pandemic shutdowns.

The company also took the opportunity to warn about the “damaging” impact of a wave of industrial action at the start of this year.

But employee representatives say salaries have not kept pace with the earnings, even as inflation has eroded their spending power, leading to a series of strikes since the beginning of this year.

The latest walkout began last Thursday, with Lufthansa ground staff staging a nationwide two-day strike after a previous walkout in February.

“After 15 rounds of talks without an agreement, we must assume that management wants the situation to worsen, at passengers’ expense,” the UFO’s negotiator Harry Jaeger said late Saturday.

Lufthansa has said it made “a very good offer that notably includes pay increases of at least 10 percent”.

It has proposed a bonus of 3,000 euros ($3,280) for cabin crew members and a pay increase of six percent in August, followed by a 3.25 percent increase a year later.