Cargo growth boosts hope for aviation

Rising cargo volume is sparking signs of recovery for the North American aviation industry, Air Canada's chief executive said last week.

"We've seen some encouraging news from the cargo environment," Air Canada Chief Executive Calin Rovinescu told reporters on Friday.

"We are seeing a marked improvement over last year and generally cargo tends to be the bellwether indicator that the recovery is starting."

But Rovinescu is still not ready to declare a recovery, saying the airline industry still faces a weak market and must wait for business travel to rebound.

"Businesses tend to need to recover first before ... airlines that cater to businesses start seeing the recovery."

When Rovinescu took over as Air Canada's chief executive last April, the carrier was struggling financially and dealing with rumours that it might need to file for bankruptcy protection.

However, he has since strengthened the carrier's liquidity position, lined up equity funding and cut both capacity and costs according to Reuters.

Source ETB

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