Stocks of Air France-KLM slides down: warnings from Government

United we stand Alex Ferguson transformed Manchester's Red Devils

French Finance Minister Bruno Le Maire had urged the airline and its workers to resume talks on Sunday, saying that if Air France did not become more competitive it "will disappear".

In a statement on Friday, CEO Jean-Marc Janaillac said he would quit in mid-May after tens of thousands of French staff and pilots voted against a multi-year pay offer.

Staff at Air France-KLM have been locked in a dispute over pay since February, with unions demanding 5.1 per cent increases this year, and are set to walk out for the 14th day today.

Air France-KLM's board will decide on a management transition plan on May 15. The stock was down 13.3 per cent at 7.02 euros by 0810 GMT.

"I do not understand the current situation given Air France was on the right track", the French minister insisted.

The announcement of Janaillac's departure came as Air France-KLM released its first-quarter earnings, which showed a net loss of 269 million euros ($322 million), weighed down by three days of strikes which cost about 25 million euros per day according to the company.

The Air France drama poses yet another problem for President Emmanuel Macron's government as he marks a year in office.

More news: Trump defends CIA nominee Haspel against Dem criticism

The airline announced Monday that almost 85 percent of its flights would operate, including 99 percent of its long-haul flights.

"This is a huge waste that can only make our competitors rejoice", Janaillac said of the failed vote.

After a protracted financial slump, Air France-KLM profits climbed past year as it expanded its global alliances and launched a new budget airline.

Air France expects to cancel one in five flights on Tuesday as staff carry out a fifteenth day of strikes over a pay dispute that has forced the resignation of parent company Air France-KLM's chief executive. It estimates the industrial action has so far cost it 300 million euros ($357 million).

He called for responsibility on the part of striking workers, adding the airline's survival was at stake and that the French government will not offer a bailout.

Air France merged with Dutch carrier KLM in 2004. The agreement, rejected by the trade unions, outlined a 7-percent salary raise between 2018-2021, with a 1-percent salary increase in 2018.

Related News:

  • Carlos Carvalhal says he has no doubt Swansea can deliver this week

    Carlos Carvalhal says he has no doubt Swansea can deliver this week

    The Cherries took the lead through their first shot on target, but the Swans could have equalised just moments later. No matter who is in charge, Newcastle United have a chance to make the most of a unique Premier League season.
    LeBron James says Cavs 'still got some work to do' vs. Raptors

    LeBron James says Cavs 'still got some work to do' vs. Raptors

    Toronto had the East's best record, the No. 1 seed, home-court advantage and a Cleveland team that appeared very beatable. The Raptors went with a small lineup, giving Fred VanVleet his first career start in place of the slumping Serge Ibaka.
    New details about the royal wedding revealed!

    New details about the royal wedding revealed!

    John Hall, the Dean of Westminster, said before the royal wedding in 2011, ExtraTV reported , per Brides . All three of her siblings will attend, and Lady Jane Fellowes , Diana's sister, will give the reading.
  • Trump urges West Virginia voters to reject convicted coal baron

    Trump urges West Virginia voters to reject convicted coal baron

    Trump is citing Alabama Republican Roy Moore , who lost a special Senate election after allegations of past sexual misconduct. Republicans have their sights set on the West Virginia Senate race, believing they can unseat Democrat Joe Manchin .
    Manchester United fans tear into defender after Brighton loss:

    Manchester United fans tear into defender after Brighton loss: "Woeful", "Awful"

    Alexis Sanchez's arrival at Manchester United has had a negative impact on two of his team-mates, according to one pundit. Jose Mourinho was extremely upset with the performance and lashed out at a few players.
    Facebook wants to help you find love

    Facebook wants to help you find love

    It is going to be opt-in only and users would be able to create their profiles without their Facebook friends getting to know. This grants the apps access to select Facebook data, which helps to speed up the process of creating dating profiles .
  • Rebel professor among 10 killed in Indian Kashmir

    Rebel professor among 10 killed in Indian Kashmir

    Hundreds of demonstrators tried to reach the site of the standoff and threw rocks at troops in a bid to help the trapped fighters. Mobile Internet services in south Kashmir and in Ganderbal district have been suspended to prevent the spread of rumours.
    Google Launches Android Things 1.0 Ready For Commercial IoT

    Google Launches Android Things 1.0 Ready For Commercial IoT

    Assistant on Google Home has improved a lot over the past year, but it's still not as good as it is on our phones. It comes with two integrated microphones and can function as a normal smart speaker when the TV isn't in use.
    Historically low unemployment rate trending down

    Historically low unemployment rate trending down

    But the Labor Department, which released the latest jobs data Friday, revised its number jobs figures upwards for March. Workers at the NLMK Indiana steel mill in Portage, Ind., on March 15, 2018.
  • US oil cracks $70, dollar heads towards 2018 high

    US oil cracks $70, dollar heads towards 2018 high

    Meanwhile, the US' European allies continue to back the deal, saying it has been essential to reining in Iran's nuclear program. A decision is due by Saturday on whether the US will renew the waivers for some USA sanctions on Iran's oil exports.
    KL Rahul, Mujeeb Zadran Shine as Kings XI Punjab Beat Rajasthan Royals

    KL Rahul, Mujeeb Zadran Shine as Kings XI Punjab Beat Rajasthan Royals

    He was dismissed in the following over when he miscued a knuckle ball from Stoinis and the skier was pouched by KL Rahul . That means that whenever Yuvraj has faced 30-plus balls in an innings, since IPL 2015, he strikes at 140.61.
    Smallville actress Allison Mack appears in court on sex cult allegations

    Smallville actress Allison Mack appears in court on sex cult allegations

    A superseding indictment could come in about a month, Assistant US Attorney Moira Penza told Judge Nicholas Garaufis. Agnifilo said he expected to prove that everything described by prosecutors was "utterly consensual".


Most liked

Manchester City crowned 2017/18 Premier League champions
City were in party mood as they celebrated the title they secured last month following Sunday's clash with Huddersfield . The season when Kompany won his first title with City, Stones made just a pair of substitute appearances with Barnsley.

View iOS, Android Content on Windows 10 PCs With 'Your Phone'
Microsoft Azure also now has a unified Speech service which offers improved speech recognition and text-to-speech. The edge devices, in this case, are on-premises servers that can act as Azure IoT Edge devices.

Fitbit Adds Female Health Tracking And Quick Replies
The on-device experience can be used to track where users are in their cycle and see when their period is expected. Elsewhere the update also brings a number of Quick Replies to messages, but there's only five pre-written replies.

Mystery of serial high school pooper solved after freakish CCTV revelation
Since his arrest, Tramaglini has taken a paid leave from his position, which pays an annual salary of $147,504. Police charged 42-year-old Thomas Tramaglini with public defecation, lewdness and littering.

Anger in France, Britain over Trump's gun law speech
While the GOP-controlled House passed the measure, Trump argued it's a non-starter in the closely divided Senate. Researchers have noted that gun deaths in other developed countries are a tiny fraction of those in the U.S.

Trump ends deportation protection for 57000 Honduran immigrants
Last November, DHS ended TPS for 2,500 Nicaraguans who were also allowed to stay after Hurricane Mitch. The Hondurans' deadline is January 2020.

Infinity War Almost Got Marvel TV Characters Involved
Internationally, the film earned an estimated $162.6 million this weekend, making for a current foreign total of $713.3 million. Although critics were not especially won over by " Overboard ", audiences gave the film a more favorable A- CinemaScore .

Stoke City finally relegated after a decade of Premier League football
Stoke City players react to relegation reality after the match . 'You return to July, August, that's when the season begins. Roy Hodgson admits the relief at securing Premier League survival was tainted by empathy at Stoke City's relegation.

LG V35 ThinQ Leaks, Could Be an AT&T Exclusive
LG G7 ThinQ also joins a long list of smartphones that are coming with a cut-out display , popularly known as notch. The phone will also include the QuadDAC audio technology, according to the report.

Lanzini return can boost West Ham's survival bid, says Zabaleta
In his Evening Standard column , Moyes said he was "disappointed" with Carroll's actions, while also taking aim at the club for leaking details of his training-ground summit with the forward.

Twitter warns 330 million users to change their passwords
If you have forgotten your Twitter password , you can reset it by clicking on the "Forgot password ? link in the login screen". Exhausted of the endless partisan bickering and memes, you stopped posting to Twitter in 2016 and took up knitting.

Jason Day Holds The Third Round Lead At Wells Fargo
McIlroy , at three-under 210, had four birdies in a row before also bogeying the last. "The score sort of flatters me", he said . When he sputtered at the start, there was no reason to panic that he wasn't taking advantage of a great day for scoring.

Activision posts earnings beat while stock halted due to leak
Among 33 analysts covering Check Point Software Technologies Ltd. 141 funds opened positions while 552 raised stakes. ADAMCAPITAL Gestao de Recursos Ltda. owned 0.18% of Activision Blizzard at the end of the most recent quarter.

South China Sea: US warns China over military buildup
This would, in all probability, allow Beijing to further project its power in the South China Sea. It is unclear if the missiles remained at the outposts after the April exercises.

Hawaii's Kilauea volcano erupts, forcing hundreds of residents to evacuate
We were evacuated a couple of hours ago and we are now with friends. "One and done, we don't need to go through this again". The Hawaii Fire Department reported "extremely high levels of unsafe sulfur dioxide gas detected in the evacuation area".