PARIS: The French prime minister and Air France both issued warnings on Thursday over the damage caused to the airline by workers striking over pay, in a dispute that has so far cost Air France some €300 million.
Air France is balloting staff over its offer of a 7 percent pay rise over four years, after unions rejected the proposal as too modest.
Three pilot unions on Thursday called for more strikes over the May 3-8 period — a move condemned by the airline as putting its economic situation “even more at risk.”
Prime Minister Edouard Philippe said Air France faced significant “turbulence” if it lost its battle with unions. The French state holds 17.6 percent of the Air France KLM group.
Air France KLM Chairman and Chief Executive Jean-Marc Janaillac has said it would be hard for him to stay if staff voted against the offer, and he issued an apology to the airline’s customers in a statement on Thursday.
“I have complete faith in the desire of Air France staff to put an end to this destructive situation for our airline,” added Janaillac in his statement.
Philippe said Janaillac had shown “courage” by putting his job on the line but warned that a negative vote could further harm the company.
“If the consultation did not produce the results he hoped for and he took the consequences, everyone should fasten their seat belts because the turbulence will not be minor,” he told Europe 1 radio. “A company that loses its boss in these conditions is not well placed to face the future.”
The industrial action, affecting about 30 percent of Air France flights, has coincided with French railway strikes over the last month, resulting in widespread travel disruption.
SNCF workers have launched a series of protests against reform plans by President Emmanuel Macron’s government, designed to stem the state-owned railway’s losses and cut debt.
Air France says new strikes put airline’s situation ‘even more at risk’
Air France says new strikes put airline’s situation ‘even more at risk’
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
