SAS pilots accept pay cut
Pilots at ailing airline SAS has agreed to a 10 percent pay cut – while discussions with other unions are going less smoothly.
| Related news: • SAS ‘haven’t broken any negotiation’ • SAS expects earnings to fall • Scandinavian airline SAS to cut 1,500 jobs |
After long-drawn negotiations with loss-making Scandinavian airline SAS Group, the Swedish Airline Pilots Association has finally agreed to slash salaries, payment of pensions and other compensations with a total of 10 percent.
The pay cut would help SAS save more than 250 million kronor (€24 million, $36 million) a year, the pilots' association said in a statement.
Together with previous agreed savings -- as part of the airlines total savings measures under Core SAS of 4.5 billion kronor -- the pilots' association said its members now have contributed to cost saving amounting to 1 billion kronor, representing 25 percent of the costs of the pilots.
Last month SAS Group said it would cut more jobs, reduce salaries and slash other expenses after reporting its seventh uninterrupted quarterly net loss.
At present intense talks are also ongoing with several other trade unions. During the week rumors said that discussions with the cabin crew union broke down.
"SAS will not comment the negotiations until the management has processed and analyzed the result, and presented it to the SAS Board of Directors", the airline wrote in a statement on Friday.
The Swedish Airline Pilots Association is a union and umbrella organisation for all professional pilots employed within Swedish commercial aviation.
| • SIGN UP FOR FREE NEWSLETTER • ALL BREAKING NEWS ON TWITTER |
Last Updated (Friday, 09 October 2009 09:45)
Baltic gas pipeline halted
Nord Stream's ammunition clearing in the Baltic Sea has been halted due to a mining claim.
Obama: 'I am both surprised and deeply humbled'
"To be honest, I do not feel I deserve to be in the company of so many of the transformative figures who have been honored by this prize.", US President Barack Obama said Friday.
• Taliban condemn Obama as Nobel Prize winner
• Afghanistan: Obama the right man to win
Analyst: “It’s going to be a strong month”
STOCK MARKET – The report season has kicked off in a positive direction and Swedish stocks are expected to gain during the upcoming weeks, analyst said.
Barack Obama wins Nobel Peace Prize
US President Barack Obama on Friday won the Nobel Peace Prize less than a year after he took office.
• 'Who, Obama? So fast? Too fast' • Iran: Prize will help Obama to end world injustice •Afghanistan: Obama the right man to win • Taliban condemn Obama as Nobel Prize winner • Wall Street: Mixed reviews on Obama prize • Nobel prize raises Obama expectations • EU: Obama award encouragement for peace • Nobel Prize to 'encourage'' Obama's Middle East peace efforts • Statement from the Norwegian Nobel Committee • Last will and testament of Alfred Nobel
Evidence against The Pirate Bay ‘fake’
The defense lawyer slams court evidence against The Pirate Bay, put forward by a Dutch anti-piracy group, as “fake, deceptive and completely unreliable”.
Finnish industrial output falls
Finnish industrial production contracted in August on an annual basis for the 10th straight month.
Search for Olof Palme's killer can continue
Sweden plans to scrap its 25-year statute of limitations on murder, just over a year before the statute expires on the unsolved 1986 killing of Swedish prime minister Olof Palme.
Sweden extends bank guarantee scheme
Sweden’s government will extend its guarantee scheme for borrowing by the country's banks for another six months.
German author wins Nobel Literature Prize
Herta Müller, whose upbringing under Romania's oppressive communist regime inspired poetry and novels, on the Nobel Literature Prize.
• Record year for female Nobel laureates
• Women winners of the Nobel Literature Prize
Record year for female Nobel laureates
Literature laureate Herta Müller was the fourth woman to win a Nobel prize this week, making 2009 a record year for the number of female laureates.
Spotify service launched by Telia in Sweden
Sweden’s largest phone company Telia has signed a two-year deal with popular streaming music service Spotify.
Volvo’s CEO to step down
Sweden-based Volvo Car’s chief executive officer Stephen Odell is said to be leaving the carmaker before the turn of the year.
Fall in Swedish industry hampers recovery
A continued fall in Sweden’s industrial production and new orders indicates a slow recovery of the economy.
Will a poet win Nobel Literature Prize?
The Nobel Literature Prize could go to a poet for the first time since 1996, Swedish literary circles speculate.
Latvian crisis-plan heavy blow to Swedish banks
Latvia's plan to limit what banks in the Baltic state can collect from mortgage-holders may be a heavy blow to Swedish banks.
Reinfeldt warns Czechs about treaty delays
Swedish Prime Minister Fredrik Reinfeldt warned the Czech Republic of the costs of further delaying the EU reform treaty as the eurosceptic Czech president holds out against the pact.
Pirate Bay deal is falling apart
Pirate Bay suitor GGF admits that the acquisition of the file-sharing site is in danger of falling apart.
Evli Bank acquires Carnegie's asset management
Finland’s Evli Bank will acquire Swedish investment bank Carnegie’s asset management operations in Finland.
ABB fined for 'gentleman's cartel'
Swedish-Swiss engineering group ABB was fined 33.75 million euros by the EU for its part in a "gentleman's" cartel.
Latvia faces choice between 'bad and worse'
Latvia faces a choice between a bad economic scenario and a worse one, the crisis-stricken country's Prime Minister warned after increased pressure from Sweden.
• Sweden’s Riksbank not worried about Latvia crisis • Swedish banks plunged after Latvia warning • Swedbank will not abandon Latvia
