ECONOMICS & FINANCE
Leisure travel in America will push the US domestic airline industry to a COVID recovery by early 2022, according to a new report from consulting firm Oliver Wyman. “A year ago, we would have thought that a full domestic recovery in this timeframe for the US was almost impossible, but the combination of pent-up demand, economic […]
Hamburg Airport today admitted that the coronavirus pandemic has left deep scars in its balance sheet, revealing that the “unprecedented crisis” has resulted in a first-ever annual deficit of €113 million. And the German airport, which saw its passenger numbers drop by 73% to 4.56 million in 2020, notes that without a strict savings programme, […]
In the UK, a cross-party group of over sixty MPs and Peers have written to the Chancellor calling for the introduction of Arrivals duty free shops at British airports, international rail and ferry terminals. They claim the move would have a hugely positive economic impact for airports and duty free operators in the UK. To […]
Copenhagen Airport (CPH) and its airlines have announced that they have “struck an agreement” that they believe will provide the necessary commercial framework for a restart of traffic and the route network at the Danish gateway. The agreement sets out prices and incentives for flying to and from CPH over the coming years following the […]
Munich Airport’s LabCampus innovation centre will shortly have a new tenant – one of the world’s leading technology companies in the autonomous driving sector, Argo AI, which is expected to test and develop vehicles on the site. Established in 2016 and headquartered in Pittsburgh, Pennsylvania, the company has partnerships with US car manufacturer Ford and […]
Blackpool Airport has had no commercial traffic since March 2017 and that situation seems unlikely to change anytime soon, but its local council owners are so confident in its future that they have decided to take over the management of UK gateway. The decision, announced today, means that Blackpool Council’s wholly-owned subsidiary, Blackpool Airport Operations […]
Gatwick Airport’s CEO, Stewart Wingate, today reiterated his confidence in the airport’s ability to bounce back from the toughest year in its history and experience international passenger growth again from the summer. Wingate says: “It will come as no surprise that, like any other international airport, the negative impact of COVID-19 resulted in a financial […]
London Heathrow today revealed that the airport lost £2 billion in 2020 as its passenger numbers slumped from 80.9 million in 2019 to just 22.1 million last year. It notes that the “devastating impact of COVID-19” led to its overall revenue plummeting 62% to £1.2 billion and adjusted EBITDA falling to £270 million. The UK […]
Passenger traffic and revenue at Europe’s airports this year is likely to be around 30% to 50% down on 2019 levels, according to a new report by S&P Global Ratings. The global ratings agency’s forecast is based the new travel restrictions implemented to curb the spread of fast-spreading COVID-19 variants, which it claims have “dealt […]
Christchurch Airport is citing lessons learnt from the earthquakes, extensive changes it made to its business across 2015-2019 and its preparation for events like a pandemic, for its ability to pivot to a domestic operating model that can essentially break even while the pandemic’s impact on the borders evolves. The airport has revealed that it […]
Miami International Airport has been awarded $39.5 million in COVID-19 relief funding from the federal government, in the second round of airport grants from the Federal Aviation Administration. The second grant follows $207 million in funding that MIA received last April from the federal government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act Airport Grant […]
The Turkish government has agreed to extend Fraport’s management concession for Antalya Airport by two years to the end of 2026 and to defer its annual concession fee for 2022 to 2024. The global airport operator says that the agreement will help the Fraport TAV Antalya joint venture to relaunch Antalya Airport on a steady […]
