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Latvia Seeks Strategic Investor to Stabilise Financially Struggling airBaltic

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The Latvian government is in discussions with a strategic investor to support state-controlled airline airBaltic as it works to strengthen its finances and avoid the risk of default. Prime Minister Andris Kulbergs confirmed that talks with a serious potential partner are underway, adding that the government aims to complete the process this summer.

As part of its recovery efforts, airBaltic will seek short-term financing from bondholders at a meeting scheduled for August 3. The airline is also preparing to unveil a new business plan outlining restructuring measures needed to secure long-term stability. Latvia has made it clear that any investment deal must preserve Riga Airport as airBaltic’s primary operating hub.

The airline has faced mounting financial pressure due to rising operating costs, delays in aircraft engine deliveries, and the loss of Russian and Ukrainian markets following the war in Ukraine. Despite these challenges, airBaltic continues to pursue long-term expansion plans while seeking fresh investment to support its future growth.

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Airbus in Talks to Sell More A330neo Jets to Saudi Carrier Flynas

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Airbus is in discussions with Saudi Arabian low-cost airline Flynas to sell additional A330neo widebody aircraft, according to industry sources. The announcement could be made as early as next week’s Farnborough Airshow, although neither Airbus nor Flynas has officially confirmed the deal. If finalized, the agreement would further strengthen Flynas’ long-haul fleet expansion plans.

Reports suggest that Flynas is looking to convert options for eight Airbus A330neo aircraft into firm orders. The move aligns with the airline’s strategy to expand its international operations as demand for air travel continues to grow across the Middle East. Airbus declined to comment on the ongoing discussions.

Meanwhile, industry sources played down reports that German airline Condor Flugdienst is preparing to place a similar order for the A330neo. Earlier media reports indicated that Condor was considering the purchase of around six aircraft, but no official confirmation has been provided. Any announcement related to the Flynas deal is expected to coincide with the Farnborough Airshow next week.

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Lufthansa Cuts 20,000 Flights Amid Fuel Price Surge

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Lufthansa has announced it will cut around 20,000 short-haul European flights this summer, citing soaring jet fuel prices that have made many routes unprofitable. Fuel costs have surged sharply following tensions in the Middle East, particularly linked to the ongoing conflict involving the US, Israel, and Iran, which has disrupted fuel production and transport.

The airline said the cuts would help save approximately 40,000 metric tons of fuel and will largely result from the shutdown of its CityLine service. Several destinations, including Cork, Stuttgart, and Trondheim, will be temporarily suspended. Affected passengers will either receive refunds or be rebooked on partner airlines such as SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways where possible.

Industry-wide, airlines are responding to rising costs by reducing flights and increasing ticket prices, with analysts warning of further disruptions ahead. Concerns over jet fuel shortages in Europe are growing, prompting the EU to establish a monitoring system, although officials say supply has not yet been significantly affected.

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