EVERY nation, it seems, wants its own flag-carrier, but not every nation should have one. Whether Malaysia falls into this category will become clearer in the next few years.
The country's national carrier, Malaysia Airlines, which is bankrolled by a sovereign wealth fund, is now “technically” bankrupt, says Christoph Mueller, its new boss. It has certainly had its fair share of bad luck. In 2014, it suffered two horrific disasters. First, flight MH370 disappeared on route to China; the fate of the plane and its 239 passengers and crew have never been determined. Later that year, Russian separists shot down flight MH17, which was flying over Ukraine, killing all 298 on board. Yet those tragedies only exacerbated the airline’s problems, they did not create them. Despite Asian passenger numbers booming, Malaysia Airlines, in common with many state airlines, has long been overstaffed, inefficient and unprofitable. It has also struggled to deal with low-cost competition.
It may, though, now have the right man in...Continue reading
Source :Business and finance http://ift.tt/1HHfJXn
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