Airlines to post US$11 billion loss

The global airline industry will post a loss of US$11 billion in 2009, according to data from the International Air Transport Association (IATA). The main reasons for the loss are rising oil prices, faltering demand and intense competition. The IATA also forecasts that in 2010, airlines will post a loss of US$3.8 billion. Although most airlines say that they are not changing fares, IATA predicts that airline passengers will benefit from lower ticket prices as the carriers continue to lose billions of dollars during the recession. (September 22, 2009)