Ryanair won't honor third-party tickets
DUBLIN, Ireland, Aug. 9 (UPI) -- No-frills Irish airline Ryanair says it won't honor tickets purchased through third-party, cost-comparison Web sites.
The carrier issued a statement Friday saying that beginning Monday it won't honor tickets obtained through so-called "screenscraper" Web sites because consumers using them are being forced to pay an extra commission, going against the airline's own terms and conditions, The Daily Telegraph reported.
The newspaper said that around 1,000 such bookings made through third-party Web sites are made each day across Europe. Some consumer watchdog groups said they were surprised by Ryanair's moves and accused it of turning ticket-holders into "pawns" in the low-cost carrier's struggle against the Web sites.
Ryanair claims consumers using third-party Web sites are being forced to pay a commission on top of the fare, adding that the sites also slow its own Web booking operation.
Japanese bankruptcies on the rise
TOKYO, Aug. 9 (UPI) -- The slumping Japanese economy is taking a toll on the country's companies, with 24 percent more firms seeking bankruptcy over last year, analysts said.
Credit research firm Teikoku Databank says that 1,131 Japanese companies filed for bankruptcy in July, a 24 percent surge over July 2007, indicating the country is facing harsh business conditions, the Financial Times reported Saturday.
Teikoku Databank warned that tight lending conditions would likely make for even more bankruptcies going forward.
"The domestic economy is being affected by the concurrence of rising prices and slumping economic activity and it is expected that the revenue environment for companies will deteriorate," the firm said. "It would not be surprising for a major bankruptcy to occur any day."
The Financial Times said the severity of the downturn was pointed out by level of debt held by the bankrupt companies, which more than doubled compared to last July's bankrupt corporations at $5.8 billion.
3 newsroom vets take Tribune buyouts
CHICAGO, Aug. 9 (UPI) -- Three veteran Chicago Tribune newsroom leaders have volunteered to accept buyouts as a new round layoffs was underway, Tribune Co. officials said.
The trio includes managing editor for news Hanke Gratteau, public editor Timothy McNulty and Washington bureau chief Michael Tackett, Chicago Tribune Editor Gerould Kern said in a note to the newspaper's staff published Saturday.
"Hanke, Tim and Mike each made enormous contributions to the success of the Chicago Tribune during their exemplary careers," Kern said. "During this difficult time, they have performed with grace and consummate professionalism for which I am deeply grateful. We wish them the very best in the future."
Tribune Co. has said it expects to eliminate 80 newsroom positions in the current round of cuts, which is the newspaper's fourth in three years. Other departments are making cuts as well, the Tribune said.
"As (Tribune Co. executive vice president for publishing) Bob Gremillion said last month, the unprecedented decline in revenue across the company means we must take decisive action," Kern wrote. "We are committed to completing this process as soon as possible so we can focus all of our attention on the future."
Collectables gather more value
LONDON, Aug. 9 (UPI) -- The value of collectables is soaring, especially as an investment hedge against inflation, officials of the British firm Collins Stewart say.
Collins Stewart, the world's oldest stamp dealership, Friday reported a 6 percent rise in profits to $3.5 million in the first half of 2008, including a 12 percent rise in rare stamp and memorabilia sales to $18.8 million, The Guardian reported. The reason is that collectibles are becoming a better investment in a time of rising inflation.
"The benefits of investing in collectables as an alternative asset class have never been clearer," Collins Stewart Chairman Martin Bralsford told the newspaper. "Not only do rare stamps and historical signatures provide a means of diversification and a safe haven in difficult economic conditions but also provide a hedge against inflation."
Some of the firm's first-half sales included papers with King Henry VIII's signature for $96,000 each, while Albert Einstein's autograph fetched $11,500 and actress Audrey Hepburn's signature went for $3,400, the newspaper said.
Even Madonna's material has risen in value by 156 percent since 1997 to $1,700 for an autograph, the company reported.
