Lufthansa faces intensifying competition, falling fares

As competition intensifies from US and Chinese airlines, Lufthansa is facing falling fares in its core transatlantic markets, the airline’s CFO Joerg Beissel said at a press conference in Frankfurt, Reuters reported. Beissel said its Asian network has grown less profitable as Chinese airlines have bolstered their presence in the long-haul domain. Additionally, the airline said it is only able to fill economy class with large discounts as North America purchases a more firm footing in direct flights between the region and Europe. Beissel said that with increased costs and decreased revenues, it makes it clear that a “structural response” is needed