Air France shares tumble following resignation of CEO and ongoing strike action

Air France shares tumble following resignation of CEO and ongoing strike action

Le Maire also warned that the state - which owns 14.3 percent of the group - would not serve as a backstop.

Air France management had offered workers a salary increase of 2 per cent in 2018 and a further 5 per cent over the following three years.

Shares in Air France-KLM crashed as much as 14.5% on Monday after the group's CEO quit over a pay dispute and the French government said it would not intervene to help.

Air France is fell 10% on the stock market Monday after announcing Friday losses of 269 million euros during the first quarter of 2018.

France's economy minister on Sunday warned that the survival of Air France was now in the balance.

"This is a huge waste that can only make our competitors rejoice", Janaillac said of the failed vote.

On Monday, the company's shares went into tailspin on the Paris stock exchange on Monday, falling by 13 percent after the French finance minister's statements, and following the resignation of the company's CEO on Friday.

Swansea boss wants Cardiff City to earn promotion
Bournemouth , previously a victim to one of the bottom three will be looking to bounce back from a miserable run of games. Instead, West Brom now have 11 points in the five games since Moore took over - a run of three wins and two draws.

Air France expects to cancel one in five flights on Tuesday as staff carry out a fifteenth day of strikes over a pay dispute that has forced the resignation of parent company Air France-KLM's chief executive.

The airline said: "Air France deplores the continuation of these strikes even though the period that opens does not allow to pursue any negotiation".

The airline announced Monday that almost 85 percent of its flights would operate, including 99 percent of its long-haul flights.

On April 26, the management of Air France published a proposal for its employees, subject to an online vote.

The Air France turmoil has coincided with other strike action in France where rail workers press on with rolling stoppages to protest President Emmanuel Macron's planned overhaul of SNCF, the state-run train operator.

The strikes have taken a heavier toll on Air France than management and investors expected, and the company last week forecast a "notably" lower income this year compared with 2017.

This is in sharp contrast to its performance past year, when the shares rose 160 percent as Janaillac initiated reforms to restructure and improve the finances of its French brand, said Roche Brune Asset Management's Laverne.

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