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U.S. markets recover from steep losses
MONTREAL, June 17 (UPI) -- Air Canada announced in Montreal Tuesday it is cutting some 2,000 jobs and reducing flights because of record fuel prices and warned more cuts may follow.
In a statement quoted by the Canwest News Service, the airline's president, Montie Brewer expressed regret, but said plans were to reduce system capacity by 7 percent in the fourth quarter of 2008 and the first quarter of 2009.
The country's flagship airline employs approximately 23,900 full-time employees. Air Canada is the 14th largest commercial carrier internationally, its Web site said.
The report said new fuel surcharges ranging from $20 to $60 were being imposed, depending on trip duration and destination.
The carrier issued the release through the Canada News Wire company, which carried the following instructions: "Not for distribution to United States newswire services or for dissemination in the United States." A Canada Newswire representative was unable to tell UPI in Toronto about the unprecedented exclusion notice.
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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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