Continental: Reduction of $500M in costs needed
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Continental Airlines has announced it needs an annual $500 million reduction in payroll and benefits costs. The reduction is necessary because the company has lost hundreds of millions of dollars since 2001
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The embattled IT services giant is trying to trim $3 billion in annual costs.
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The airline is offering the buyouts in an effort to cut costs as the discount carrier heads into a period of expected slower growth.
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The airline said it will begin paying only $5 of the $12.50 cost of booking a Northwest ticket through a global distribution system such as Sabre or Galileo starting Wednesday.
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Continental Airlines Inc  on Monday projected it would end its third quarter with about $3.0 billion in cash and short-term investments.
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Continental Airlines Inc.  CAL.N  plans to eliminate about 425 management and clerical jobs, and  wage cuts may be next if the revenue picture does not improve,  the No. 5 U.S. carrier said on Thursday.
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CEO tells securities analysts that company is doing well, but still needs to reduce costs.
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Nortel Networks Corp. NT.TO on  Thursday said it would eliminate about 10 percent of its work  force, slightly less than previously estimated, and consolidate  real estate in a cost-cutting plan that will save $500 million  in 2005.
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Continental Airlines  said on  Friday its mainline advanced bookings for the next six weeks  were running slightly behind last year and that it expected  fuel to cost $2.21 per gallon in the third quarter.
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Continental is the first major US airline to purchase Boeing&#39;s new, efficient 7E7 wide-body airliner. Boeing will build 10 of the fuel-efficient jets for the carrier, with initial delivery scheduled for 2009.
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Continental Airlines has become the first major airline in the US to order the Boeing 7E7 medium-sized jet. Continental chief executive Gordon Bethune said the $1.3bn order for 10 planes makes it &quot;an important part of our international growth strategy&quot;.
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For months, Colgate executives have been hinting that a restructuring was imminent. Still, the scope of the plan that has been unveiled is larger than many analysts had anticipated and is expected to cost $550-$650 million after taxes.
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Continental Airlines, the fifth-largest US carrier, yesterday said it will skip contributions to employee pension plans this year, taking advantage of a law enacted in April to conserve cash.
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United Airlines parent UAL Corp. will need about $500 million more in annual cost cuts above the $655 million in the works now as well as pension cost savings to emerge from bankruptcy, the carrier said on Friday.
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Continental Airlines CAL.N on Tuesday  posted a third-quarter loss, reversing a year-earlier profit,  as it was hurt by record-high fuel prices and a one-time charge  for retiring some aircraft.
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Â· Cost of decommissioning up by Â£12bn in two yearsÂ· Auditors criticise 'stop and start' work on sites
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Continental Airlines on Tuesday posted a third quarter loss and said it sees itself losing money in 2005 as well. Free! Sign up here to receive our Weekly Roundup e-Newsletter!