SAS to Cut 1,000 Jobs for Difficult 2017

Scandinavian airline SAS AB allegedly intends to cut 1,000 administrative positions in anticipation of rising fuel prices and stiff competition heading into 201. The company will also double its cost-savings target to compensate for lowered fares and reduced earnings. The stock rose the most in three months.

In a statement Tuesday, SAS said that first-quarter profits that began on November 1 will fall short of last year’s around the same time due to “more demanding” trading conditions, and SAS will attempt to cut operations spending by 1.5 billion kronor (approximately $164 million) between 2017 and 2019.

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