air france, klm, posting a record loss.ey it will be 2024 capacity returns to normal. 2023.h airways said for klm, maybe another year longer. raise 2.7hey need to 5 in euros. let's talk first about the recovery forecast here. it isy airlines have said not going to be a second-half recovery but it will take years. theme we have seen emerge. there was a raised maybe a month ago where there was some optimism demand would return, particularly in the short ro utes. that has evaporated in the last couple of weeks. we have seen people cancel. feed back the industry. we have heard from airbus. saying then body, recovery will take years. we are hearing from air france 2024 is an optimistic target for recovery. a lot of people have really changed booking behavior. late of people are booking and canceling. being able to plan is very difficult. iag, slightly more optimistic. about whether they have a target they can maintain or whether they have to revise them. to the industry, klm cutting up to 5000 positions. this comes on top of the

air france klm has posted a loss as flights have slashed plans. plunging 83% with the carrier to run 45% of last year in capacity rising to 65% in the final quarter. announcing 1,500 new job cuts. swiss re has posted a loss the reinsurance group posted 2.5 billion in claims. expects this to cover the majority, quote, of ultimate covid losses the cfo says he believes the worst is over for the developing markets and that there on the road to recovery >> caller: the pandemic has peaked in the developing countries across the world we have included a reserve not only in the losses reported to us but what will be reported that's why the number ends up being as large as it is. not to say there won't be new losses coming through in q 3 and 4 but we are fairly confident with what we know now that the majority of losses have already been booked. >> l'oreal has seen a loss the group said revenues grew 30% in china where lockdown measures were eased slightly down from 2019. we'll be speaking to the ceo about the company's earnings at 11:30 cet. essiloruxotica

order growth surged 94% versus the second quarter last year incredible spike in orders air phrase klm will present a restructuring plan according to multiple reports which suggest the proposal will involve 7,000 job cuts the carrier has received a 10 billion euro bailout from the french and dutch governments as two primary stakeholders the french prime minister edoardo phillippe has resigned i didn't know the prime minister's beard was a thing, but apparently the french public have been watching this as a sign of pandemic as its ha grows grown, so, too, his popularity >> reporter: you're right. the handling of the crisis has been positive for the prime minister he's been a popular figure to the french he was a relatively unknown figure when he was picked as prime minister in macron's presidency he's been by his side during the first reforms and protests so far. now we have seen the prime minister has presented his resignation. a reshuffle had been very much in the cards and rumors going around that it would be imminent so especially on the back of the difficult or bad result they had

brought a lawsuit over unpaid refunds against a number of international airlines, including lufthansa and klmglobally, is owed to passengers whose flights were cancelled 7 it's really an unprecedented amount. of course we do not know it on a global scale, but in germany, there's over 1 billion euros of refunds owed, and if you then extrapolate this to other countries, it means that in europe, we are talking about multiple billions of ticket refunds owed to the customers. surely, then, this is an extraordinary time. we've seen the airlines making redundant thousands of workers. they have no cash coming in. shouldn't they be given a little leniency? so, in our opinion, this leniency is up to the customer. the customer has entered into a contract with these airlines, and if they want to act as a kind of micro—loan, as a bank for the airlines, then it's up to them, but on the other hand, if you just say it's my money and i don't want to give you a loan, then it is up to the customer to get the money back as soon as the law is able to give it back to them. one of the other airlines in oscar's sigh

brought a lawsuit over unpaid refunds against a number of international airlines, including lufthansa and klmw much, globally, is owed to passengers whose flights were cancelled 7 it's really an unprecedented amount. of course we do not know it on a global scale, but in germany, there's over 1 billion euros of refunds owed, and if you then extrapolate this to other countries, it means that in europe, we are talking about multiple billions of ticket refunds owed to the customers. surely, then, this is an extraordinary time. we've seen the airlines making redundant thousands of workers. they have no cash coming in. shouldn't they be given a little leniency? so, in our opinion, this leniency is up to the customer. the customer has entered into a contract with these airlines, and if they want to act as a kind of micro—loan, as a bank for the airlines, then it's up to them, but on the other hand, if you just say it's my money and i don't want to give you a loan, then it is up to the customer to get the money back as soon as the law is able to give it back to them. one of the other airlines in 0sca

brought a lawsuit over unpaid refunds against a number of international airlines, including lufthansa and klma how much, globally, is owed to passengers whose flights were cancelled ? it is really an unprecedented amount. of course we do not know on a global scale, but in germany, there is over 1 billion euros of refunds owed, and if you then extrapolate this to other countries, it means that in europe we are talking about multiple billions of ticket refunds owed to the customers. surely, then, this is an extraordinary time. airlines have made redundant thousands of workers. they have no cash coming in — shouldn't they be given a little leniency? so, in our opinion, this leniency is up to the customer. the customer has entered into a contract with these airlines and, if they want to act as a kind of micro—loan, as a bank, for the airlines, then it is up to them, but on the other hand, if you just say it is just my money, and i don't want to give you a loan, then it is up to the customer to get the money back as soon as the law is able to give it back to them. one of the other airlines in osca

we have iag and its rights issue plus numbers out of klm in terms of what they're are doing with staffingky story continues. let's look at some of the individual names we are watching. we've been keeping a careful eye on iag and all of the airline sectors over the last few days. today it is down 7.26%. when you are launching a massive rights issue you will see a mechanic issue. not yet. trading strongly today, driving the tech sector. the 5g story -- it seemed for a while erickson had the power behind it, but nokia coming back nicely. lower despitek the fact it came through even the best expectations. it is the lack of guidance that has concerned the market. the stock trades down 8.5%. i also mentioned what is happening with the banking sector. a blowout performance in fixed income trade that beat everybody, even on wall street. this allows the french bank to move past embarrassing losses. the cfo was asked if the bank would be able to maintain guidance in the event of a surging coronavirus case in france? >> we anticipate there will not -- if youd nationwide look at the results of this q

brought a lawsuit over unpaid refunds against a number of international airlines, including lufthansa and klmthere is over 1 billion euros of refunds owed, and if you then extrapolate this to other countries, it means that in europe we are talking about multiple billions of ticket refunds owed to the customers. surely, then, this is an extraordinary time. airlines have made redundant thousands of workers. they have no cash coming in — shouldn't they be given a little leniency? so, in our opinion, this leniency is up to the customer. the customer has entered into a contract with these airlines and, if they want to act as a kind of micro—loan, as a bank, for the airlines, then it is up to them, but on the other hand, if you just say it is just my money, and i don't want to give you a loan, then it is up to the customer to get the money back as soon as the law is able to give it back to them. one of the other airlines in oscar's sights is ryanair, the biggest budget airline in europe. there is no shortage of people out there who are trying to make money on the back of airlines. all that's going