They are not retrenching their cronies and HUGE NUMBERS OF FTs ON PAYROLL. That's because they have the luxury in abusing OUR RESERVE to subsidize their HUGE LOSSES!
That is no Progress Packages for peasants but PAP Santa's X'mas gifts for FTs and Cronies!:oIo::oIo:
http://sg.news.yahoo.com/ap/20090216/tbs-as-singapore-airlines-3c8dc0d.html
Singapore Airlines to cut capacity, ground planes
AP - Monday, February 16
SINGAPORE - Singapore Airlines Ltd. said it plans to reduce flights and ground more than a dozen planes as people travel less amid the global economic slowdown.
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The carrier said it will reduce capacity by 11 percent between April and March 2010 from the previous twelve months and decommission 17 aircraft after air cargo shipments fell 20 percent recently.
"The drop in air transportation has been sharp and swift," the company said in a statement Monday. "We have to face the reality that 2009 is going to be a very difficult year."
Singapore Airlines said last month that it planned to cut flights to the U.S., Europe and Asia as demand dried up. The airline said last week its October-December profit fell 43 percent as it flew 4.2 percent fewer passengers.
The airline said it met with worker unions Monday to discuss voluntary leave without pay, voluntary early retirement and shorter work months. Managers will cut their salaries first if necessary, the carrier said.
"We will contemplate retrenchment only as a last resort, but we do not have the luxury of time," the company said. "We need to agree and act on some measures quickly so that we can push back the point of retrenchment as far as possible."
Singapore is facing its worst recession since splitting from Malaysia in 1965 as exports plummet. Gross domestic product shrank a seasonally adjusted, annualized 16.9 percent in the fourth quarter, and the government expects GDP in 2009 to contract as much as 5 percent.
That is no Progress Packages for peasants but PAP Santa's X'mas gifts for FTs and Cronies!:oIo::oIo:
http://sg.news.yahoo.com/ap/20090216/tbs-as-singapore-airlines-3c8dc0d.html
Singapore Airlines to cut capacity, ground planes
AP - Monday, February 16
SINGAPORE - Singapore Airlines Ltd. said it plans to reduce flights and ground more than a dozen planes as people travel less amid the global economic slowdown.
ADVERTISEMENT
The carrier said it will reduce capacity by 11 percent between April and March 2010 from the previous twelve months and decommission 17 aircraft after air cargo shipments fell 20 percent recently.
"The drop in air transportation has been sharp and swift," the company said in a statement Monday. "We have to face the reality that 2009 is going to be a very difficult year."
Singapore Airlines said last month that it planned to cut flights to the U.S., Europe and Asia as demand dried up. The airline said last week its October-December profit fell 43 percent as it flew 4.2 percent fewer passengers.
The airline said it met with worker unions Monday to discuss voluntary leave without pay, voluntary early retirement and shorter work months. Managers will cut their salaries first if necessary, the carrier said.
"We will contemplate retrenchment only as a last resort, but we do not have the luxury of time," the company said. "We need to agree and act on some measures quickly so that we can push back the point of retrenchment as far as possible."
Singapore is facing its worst recession since splitting from Malaysia in 1965 as exports plummet. Gross domestic product shrank a seasonally adjusted, annualized 16.9 percent in the fourth quarter, and the government expects GDP in 2009 to contract as much as 5 percent.
