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Airlines are significantly reducing services to China due to low demand and high operational costs, with major carriers like British Airways and Qantas withdrawing entirely. In contrast, Chinese airlines are increasing their presence, operating 82% of flights between China and Europe this winter, despite the challenging market conditions. The situation is expected to worsen before it improves, as international interest in China remains low.
International tourism is nearing pre-pandemic levels, with a reported 790 million travelers in the first seven months of 2024, just 4% below 2019 figures. However, major travel firms like Corporate Travel Management and Flight Centre are facing financial challenges, leading to significant share price declines. In contrast, Qantas shows a positive outlook, with analysts maintaining a "Buy" rating despite potential legal issues.
Myer Holdings (ASX: MYR) faced a challenging FY24, marked by store closures and rising costs, leading to a 61% drop in total dividends. Despite a 0.4% increase in comparable store sales, shares fell 11% post-results but are up 40% year-to-date. The company is undergoing a strategic review and exploring a potential merger with Premier Investments' Apparel Brands division to enhance profitability and market position.
Qantas Airways Ltd.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
airlines reduce services to china amid low demand and rising costs
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British Airways (BA) Ltd.
Air China Limited
Qantas Airways Ltd.
Virgin Atlantic Ltd.
Deutsche Lufthansa AG
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THA
GBR
IND
SGP
ZAF
USA
HKG
JPN
KOR
AUS
FIN
RUS
CHN
John Grant
Air China
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05:15 25.10.2024
global travel rebounds as firms face financial challenges in 2024
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Euro
Australian Dollar
Corporate Travel Management Limited
Qantas Airways Ltd.
Flight Centre Travel Group Limited
Web Travel Group Limited
NZL
AUS
Juliette Saly
Jun Bei Liu
Adam Dawes
Wei-Weng Chen
Henry Jennings
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01:19 24.10.2024
myer faces challenges amid store closures and strategic review for recovery
Australian Dollar
Myer Holdings Limited
Harvey Norman Holdings Limited
Qantas Airways Ltd.
Accent Group Limited
Premier Investments Limited
AUS
Juliette Saly
Olivia Wirth
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00:44 25.09.2024
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