国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

Air China, battling falling demand, puts M&A aside

(Agencies)
Updated: 2008-09-23 11:21

Air China has postponed plans to buy rival China Eastern Airlines because the aviation industry is struggling with falling demand for air travel amid financial turmoil in the United States, said Kong Dong, chairman of the Chinese flag carrier.

"Although oil prices have fallen below $100 (a barrel), uncertainty grows on demand for air travel," Kong said.

Kong said his priority was to weather the drop in demand by strengthening Air China's internal controls rather than growing through mergers and acquisitions, the strategy pursued by his predecessor, Li Jiaxiang.

Passenger traffic at China's three major airlines, Air China, China Eastern and China Southern Airlines, has declined since May as a devastating earthquake in southwest China and strict security measures relating to the Beijing Olympics deterred travel.

Kong, who was appointed chairman of Air China in April, also said commercial considerations should give way to government decisions when it came to industry consolidation.

Earlier this year shareholders of China Eastern, including Air China's parent, vetoed a $920 million offer by Singapore Airlines for a 24 percent stake in the Shanghai-based carrier.

China Eastern, which rejected a counter-offer by the parent of Air China, had said it would not give up its search for a strategic investor.