Air NZ shares rise 8.6% as it targets another $150m of savings

Fri, 05 Jun 2020

Air New Zealand shares rose 8.6 percent after the airline said it plans to cut its wage bill by another $150 million in its bid for survival. The national carrier had already embarked on plans to cut its workforce by a third in a bid to save between $350 million and $400 million from its annual wage bill. Today, chief executive Greg Foran told staff that it would need to cut another $150 million to align its cost base with revenue that had dropped by two thirds. “I am really sorry we are in a situation of needing to reduce our wages bills...

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