On Thursday, Dutch news outlet, de Telegraaf reported that unrest amongst KLM' employees is increasing, possible foreshadowing a strike. This also includes employees from Transavia and Martinair, which are subsidiaries of KLM. Employees are planning to strike due to an inability to reach an agreement with KLM, on improving deteriorating work conditions. If employees strike it will be a heavy blow to freshly appointed KLM president and CEO Camiel Eurlings. As acting president and CEO, employees feel that Eurlings hasn't displayed a physically presence within the workplace and is out of touch with his employees needs.
On Wednesday, Channel News Asia reported that KLM scrapped 84 flights after weather forecasters sounded a "code orange" extreme weather warning for Europe. The extreme weather warning is for the next 24 hours.
KLM isn't the only Dutch company in financial hot water. Last week, the Netherlands was stripped of its top crediting rating by Standard & Poor's. On Tuesday, Bloomberg reported that ING Groep NV (INGA), the Netherlands largest financial company, also had its crediting rating reduced by S&P. The Netherlands, the fifth largest economy in Europe, crediting rating was reduced by S&P due to "a weaker outlook." Even with the downgrade by S&P, the Netherlands has maintained top ratings at Moody's Investors Service and Fitch Ratings. Since the beginning of the global financial crisis, the Netherlands has gone through three recessions.
KLM has a trade mission fund with ING, which helps small business owners expand their business to markets abroad. The fund is also supported by MKB-Nederland and Dutch Prime Minister Mark Rutte' Ministry of Foreign Affairs. Eurlings is a retired Dutch politician of the Christian Democratic Appeal, brushing shoulders with Rutte often. Rutte is scheduled to travel to Israel on December 7, to discuss creating 'economic cooperation' between the Netherlands and Israel. Five of the companies that could possibly be included in this 'economic' venture, conduct business in the West Bank.
The talks in Israel could be seen as the Dutch government exploring different cash flow avenues to find a way to help re-stabilize its economy.