Air France-KLM Group tumbled in Paris trading after the resignation of chief executive Jean-Marc Janaillac last week threw Europe's biggest airline into disarray, with strikes continuing and senior politicians warning that the company's survival is at stake.
The stock dropped as much as 13 per cent, the most in almost two years. Even before today, the shares had lost 40 per cent in value, making it the worst performer on the 26-member Bloomberg World Airlines Index.
Walkouts that led to the resignation of Mr Janaillac on Friday are continuing this week, with about 15 per cent of services scrapped today, the airline said on its website. While almost all long-haul flights are predicted to operate, one in five medium-haul services from Charles de Gaulle airport in Paris won't, with short-haul trips from Orly also affected. Industrial action will continue on Tuesday, the airline said, predicting more disruptions.
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Read more:
French Finance Minister says no government bailout for Air France
Air France-KLM CEO to step down after pay offer rejected
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Mr Janaillac said he'd hand in his resignation to the board on May 9. Analysts have compared a rejection of management's pay proposal by workers to "pressing the self destruct button," and French Finance Minister Bruno Le Maire on Sunday said the worker's demands were "unjustified", urging them to show "responsibility."
Air France said Friday that rising expenses for jet fuel plus a stronger euro will add to the burden caused by a string of walkouts by staff fighting for higher wages. Mr Janaillac had put his job on the line as workers voted on a pay offer by management, a bet he lost as staff rejected the proposal late on Friday.
Travellers should expect last minute delays and cancellations, Air France said, adding it will update its flight schedule for Tuesday later today.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Mohammed bin Zayed Majlis
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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Killing of Qassem Suleimani
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
