Lufthansa Strikes Canceled

A bright sign in Europe's increasingly strike-ridden travel industry: Lufthansa has announced that its pilots have canceled a four-day strike planned for next week.

According to BusinessWeek, spokesman Andreas Bartels told The Associated Press that the pilots agreed to cancel the walkout over pay and job security, accepting the airline's precondition for arbitration. The pilots' union Cockpit, which represents some 4,000 pilots, confirmed the agreement.

Both parties say the details about the upcoming arbitration to resolve the dispute will be worked out shortly.

If the strike planned for Tuesday through Friday had gone ahead, it was expected to strand thousands of passengers. Deutsche Lufthansa AG claims that the strike threat already has cost Germany's flag carrier several million dollars in lost revenue.

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