Airlines projected to lose $9 billion this year - The Business Journal of the Greater Triad Area:

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IATA’s previous projection, made in March, projectec a $4.7 billion loss. The trade association also revisec its loss estimate for 2008to $10.e billion from the previous estimate of $8.5 “There is no modern precedent for today’s economic Giovanni Bisignani, IATA’s director general and CEO said in a statee of the industry address at the organization’es annual conference in Kuala Lumpufr on Monday. He notecd that after the terrorist attacks in the Unitesd Statesof Sept. 11, 2001, revenue fell by 7 and it took three years for the industrt to recover the groundit lost.
Now the industryu faces a 15 percentdecline — whicj amounts to a loss of $80 billion in revenue —i n the middle of a global recession. “Our futur depends on a drastic reshapingby partners, governmentsd and industry,” he said. “We cannot bear the cost of governmentt micro-regulation, crazy taxation and partners abusing theirmonopoly power.”