PARIS: The head of Air France KLM on Wednesday denounced trade unions’ demands for a 6 percent pay increase as unrealistic, as the airline braced for the start of a seventh day of strikes that have hurt its financial performance.
Late on Tuesday, Air France doubled the 1 percent immediate pay increase previously offered to unions and proposed talks on a deal for the 2019-21 period, in response to union demands for a 6 percent wage hike.
“The offer made by the management of Air France is both strong and reasonable,” Air France KLM’s chairman and chief executive Jean-Marc Janaillac told Europe 1 radio on Wednesday.
“It would be irresponsible if the trade unions did not enter into talks, now that the management has held out its hand to them,” said Janaillac, who also reiterated that the unions’ demands for a 6 percent rise were “unrealistic.”
The strikes have so far cost Air France €170 million, and have contributed to travel disruption in France since they have coincided with railway strikes, held in protest against plans to reform the SNCF state rail firm.
Air France tells striking unions to talk after doubling pay rise offer
Air France tells striking unions to talk after doubling pay rise offer
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
