Virgin bucks the trend

26/05/09 20:49 CET

corporate

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Virgin Atlantic has announced its yearly profits nearly doubled , but the privately-owned airline warned the weak global economy mean it will be “almost impossible” for airlines to make a profit this year.

Virgin’s Chief Executive Steve Ridgeway said it has benefited from many business travellers cutting costs: “Things like our Premium Economy are working well, because as people downgrade from Business class then, we’ve got Premium Economy and we grew those cabins over the last couple of years, but none the less, airlines are seeing dramatic falls in revenue.” Virgin’s figures come in sharp contrast to dire results at rival British Airways. Ridgeway said all airlines now have to slow down capital expenditure and preserve cash.More about: Airlines, United Kingdom

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Mali: Rebel groups agree to creation of Islamic state

Two Rebel groups have agreed to merge and create an independent Islamic state in Northern Mali. After seizing Azawad – an area larger than France – two months ago, the groups had initially disagreed, with the secular Movement for the Liberation of Azawad (MNLA)…