Turkish Airlines to buy back shares after approval: Chairman

Turkish Airlines will start a buyback program after it’s approved at its shareholders’ general assembly meeting scheduled March 31, chairman Ilker Ayci said Sunday. Around 85% of the carrier’s passenger planes are not being used at the moment, Ayci said, after Turkey suspended flights from more than 60 countries because of the coronavirus outbreak. The carrier will halt most international flights from March 27 until April 17, CE Bilal Eksi said. Service will continue to Hong Kong, Moscow, Addis Ababa, New York and Washington. The airline will continue cargo flights while reducing the frequency of domestic flights, he added. As part of its efforts to counter the economic impact of the outbreak, Turkey cut value-added tax on aviation to 1% from 18% until the end of June. <br/>