oneworld

Brazilian airline Gol said on Monday a deal earlier announced with American Airlines has been formalized, according to a securities filing. In September, Gol announced an exclusive three-year codeshare agreement with American Airlines, which is going to invest $200m in the Brazilian airline.<br/>

Cathay Pacific is expected to return to profitability in 2022 as a result of traffic rebound and pent-up travel demand, according to a HSBC research report, which states “the only way is up” for the embattled Hong Kong carrier. In the 7 February report, HSBC says the carrier was “well-positioned” to sustain a “prolonged downturn” driven by the pandemic and Hong Kong’s tough, zero-infection stance. This was despite the doom and gloom surrounding the carrier in recent weeks, as Hong Kong battles a wave of infections from the Omicron variant. The Oneworld carrier in January was operating at levels lower than during the onset of the pandemic. Cathay operated at 2% pre-pandemic capacity for passenger flights, while cargo flights, the financial lifeline for the struggling carrier, saw capacity slashed to just 20%, from earlier estimates of 71%. The carrier expects these cuts to result in a rise in cash burn from February, to at least HK$1b ($128m) a month. Still, the HSBC report was optimistic of the carrier’s prospects: “Given its recapitalisation in 2021, [Cathay] can sustain a prolonged downturn without need for further capital, in our view.” <br/>