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To: Lost1 who wrote (2955)	11/19/2002 7:52:57 AM
From: Lost1	Respond to of 3287

the curse of Orville and Wilbur continues: Airlines Seen Headed for Big Loss 42 minutes ago By Daniel Morrissey LONDON (Reuters) - The world's airlines are headed for a combined loss of $5-7 billion on international routes this year as the ripples of economic slowdown and September 11 spread across the industry, a top airline group said on Tuesday. The International Air Transport Association (IATA) had previously forecast losses on international scheduled flights in a $3-7 billion range but data from its members, the airlines, now led to pessimism, the group's chief economist Peter Morris said. A slowing world economy has led to deep cuts in corporate spending and a sharp drop in business travel. The September 11, 2001, attacks in the United States scared off many travelers and has particularly hurt business on key transatlantic routes. "This year we are seeing something like a $5-7 billion loss on international scheduled services but this is very heavily weighted toward North American carriers," Morris told an air industry conference in London. "It's possible that there could be a recovery next year, something like a very small surplus," he said, pencilling in a figure of around $2 billion after interest payments. Facing their worst crisis since the Gulf War (news - web sites) a decade ago, airlines have slashed jobs and routes. Some carriers have gone under. IATA has said that the possibility of a war in Iraq poses a major threat to the industry's recovery.