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U.S. markets recover from steep losses
FORT WORTH, Texas, May 21 (UPI) -- American Airlines said Wednesday it would charge for checked baggage and cut back on jobs, flights, and fleet size.
American, which is owned by AMR Corp., said it would charge $15 for the first checked bag for many passengers.
The largest U.S. airline also plans to remove 85 older aircraft from its fleet of about 960 this year and reduce service by 11 percent to 12 percent during the fourth quarter of 2008, The New York Times reported.
The company did not say how many jobs would be lost.
American "cannot afford to sit by hoping for industry and market conditions to improve," Chief Executive Officer Gerard Arpey said at the annual shareholder meeting in Fort Worth, Texas.
Fuel costs, up more than 80 percent in the past 12 months, have caused many airlines to reduce flights to maximize passenger loads on their remaining schedules.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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