Giovanni Bisignani
Giovanni Bisignani
Giovanni Bisignaniis an Italian businessman, who was Director General and Chief Executive Officer of the International Air Transport Association from 2002 to 2011...
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Freight and passenger traffic are forecast to grow in the 5 to 6 per cent range during the year but the industry is projected to record another loss of over US$4 billion for 2006.
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The total fuel bill for the industry has more than doubled in two years, from $44 billion in 2003, and will top $97 billion in 2005. With a total industry turnover in the range of $400 billion a year, jet fuel will make up 25 percent of our total costs.
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We fully understand the principles of supply and demand. But it is difficult to see this as anything other than a $14 billion cash grab by the oil industry that is pouring salt into the wounds of a global crisis.
fully principles supply understand
We fully understand the principles of supply and demand,
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As the record aircraft orders of last year are delivered, matching capacity to demand will become even more critical. And Avian Flu is the wild card for 2006.
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We will only see profitability in 2007 when we expect a return of US$6.2 billion. This is a net profit margin of 1.5%, not even enough to cover the cost of capital and nowhere near recovering the billions lost since 2001. A long and difficult agenda for change involving all partners is still ahead of us.
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We are working on four core projects: 100 percent e-ticketing globally by the end of 2007; bar-coded boarding passes; common use of self-service check-in kiosks; and radio-frequency identification for baggage management.
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If we reach our target of 100 percent for worldwide electronic ticketing in 2007, then the airline industry could save about $3.5 billion annually.
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I applaud Malaysia's leadership in ratifying this important convention, which creates an international legal framework that will help attract finance to the aviation industry.
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Moreover, the impact of Hurricane Katrina on fuel supplies and refinery capacity will only ensure that relief will not come soon.
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The approach of the French Government to air transport is from another age. There was little or no financial transparency. And a result that ignores the recommendation of an independent commission makes a total mockery of the consultation process. The government should support greater efficiency rather than shirking its regulatory responsibilities.
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Paper costs money...you do not need to be a rocket scientist to understand that up to $3 billion in savings are possible.
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There is a new cautious optimism emerging in the industry. Improved economic prospects in Europe and Asia, combined with an improving situation in the US, will lead to reduced losses in 2006 and strengthened profitability in 2007. While the trend is positive, we are nowhere near sustainability.
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We must continue to evolve to a low-cost industry that provides high-quality, cost-efficient service across the board. This should be at the top of our common agenda.