Air France-KLM (AFLYY) Downgraded by ValuEngine

Iraq says its warplanes targeted IS jihadists in Syria

Janaillac, who is chairman at Air France as well as chairman and CEO of parent group Air France-KLM, agreed to stay on until a May 15 shareholder meeting, the company said in a statement.

The warning follows the resignation of Air France CEO Jean-Marc Janailla on Friday, which signals the suspension of negotiations until new management is appointed. The state owns a 14% share of the company but will not bailout the company the minister warned.

France's economy minister, Bruno Le Maire, said Sunday that Air France employees must resume dialogue with bosses and restart efforts to improve the company's competitiveness, otherwise, the airline will disappear.

Air France KLM shares were down 12.8% at €7.06 in early session trading, touching their lowest level since April 2017. Monday's walk-out is the 14th day of action, as staff press for a 5.1% salary increase this year.

Over the first quarter of 2018, the company posted €269 million in losses, up from €33 million during the same period previous year.

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Despite the strike, the company says it will be able to maintain 99 percent of long-haul flights on Monday, 80 percent of medium-haul and 87 percent of short-haul.

Airline staff are planning further strikes on May 7 and May 8.

Air France-KLM is one of Europe's biggest airlines, but has seen a series of strikes in recent weeks.

Until new management plans are in place, Air France executives lack a mandate to continue negotiations with unions, prolonging the dispute.

Travellers should expect last minute delays and cancellations, Air France said, adding it will update its flight schedule for Tuesday later today.

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