British Airways-owner International Airlines Group said American Express would pay it 750 million pounds ($955 million) to renew their partnership, providing a welcome boost to the airline's finances at a time when it is burning through cash.
FILE PHOTO: American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange in New York, U.S., December 6, 2017. REUTERS/Brendan McDermid
Since lockdowns have eased, flying has restarted, but pressure remains on airline companies like IAG because travel is still at less than half of pre-pandemic levels due to ongoing restrictions for some destinations and consumer worries. The 750 million pound boost from the partnership deal announced on Friday could give it more breathing space.
Shares in IAG were down 1.7% at 205 pence, in line with the FTSE 100 index. IAG’s shares have lost 67% of their value so far in 2020.
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