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| Apologies abound Madoff, Letterman, Serena... saying sorry in 2009 news.bbc.co.uk |
Struggling Japan Airlines thrown £1.33bn lifeline Authorities double credit line as airline shares plunge by more than a quarter over bankruptcy rumoursJapanese authorities have thrown a lifeline to the crisis-struck Japan Airlines (JAL), the largest carrier in Asia, by doubling a state-sponsored credit line to £1.33bn.JAL has been dogged by rumours that it could file for bankruptcy, causing its shares last week to plunge by more than a quarter. The national carrier is heading for its fourth annual loss in five years as a result of the slump in air travel, inefficiency and an unwieldy pension scheme. If it does file for bankruptcy it would be one of the largest failures in Japan's history.The airline has been seeking a bail-out from the state-backed Enterprise Turnaround Initiative Corp of Japan (ETIC), which is expected to make a decision on whether to support the airline this month.The ETIC, a state-backed fund established to inject capital into and buy the debt of struggling but viable firms, has told JAL's main creditors it favours a bankruptcy proceeding as part of its rescue package. The ETIC is expected to ask JAL to cut 9,000 jobs and scrap 45 domestic and international routes in return for capital.The government in Tokyo asked the Development Bank of Japan to double its existing 100bn yen (£665m) commitment facility to JAL today after ministers – including Seiji Maehara, transport minister, and Naoto Kan, deputy prime minister – met for crisis talks to discuss how Tokyo could further support the troubled carrier. JAL has already used up about 55bn yen (£365m) of the facility.The increased credit line is aimed at allaying fears among JAL's suppliers and creditors about the airline's financial stability.In an interview published today, JAL's president, Haruka Nishimatsu, said he was against a bankruptcy proceeding under a state restructuring plan and had no plans to completely withdraw the carrier from overseas flights as several Japanese cabinet ministers have demanded."The image [of bankruptcy] would affect us and we would lose customers," Nishimatsu said. "If we lose recognition from customers, restructuring would be difficult and this will trouble the ETIC too. I don't understand why they want a court-sponsored rehabilitation. I myself believe we can [restructure sufficiently] without such a method so I would like [the ETIC] to understand that."JAL's main private bank creditors are also believed to be opposed to a court-sponsored rehabilitation, which would impose more onerous terms on them than a settlement agreed out of court.Nishimatsu also said he would prefer a link-up with US carrier Delta Air Lines and its Sky Team alliance as the carrier's overseas partner to its current ties with American Airlines and the oneworld alliance. JAL has said it will make a decision on which overseas partner it will choose by early January. Both US airlines have made rival offers of financial aid, keen to gain a greater foothold in Japan and access to JAL's network to the rest of Asia.Despite being burdened by unprofitable international routes, Nishimatsu ruled out a complete withdrawal from overseas flights, saying Asian routes offered business opportunities.Shares in the company last week fell to Y60 and finished at Y67 on Wednesday, before the market closed for the New Year holidays. The Tokyo market re-opens tomorrowfor the first time this year.Airline industryJapanAir transportCredit crunchGlobal recessionAshley Seagerguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
Roy Greenslade: Sunday Mirror reporter dies in Afghan bomb blast The Sunday Mirror's defence correspondent, Rupert Hamer, has been killed in an explosion in Afghanistan. The paper's photographer, Philip Coburn, was also seriously injured in the attack on an US army vehicle in which they were travelling. Hamer, 39, and Coburn, 43, were embedded with the US Marine Corps when their vehicle hit an improvised bomb near Nawa, in Helmand province. A US marine and an Afghan soldier were also killed in yesterday's blast.Prime Minister Gordon Brown said he was "deeply saddened by this tragic news", adding: "My heartfelt thoughts and sympathies are with the families, friends and colleagues of Rupert and Philip."Their courage, skill and dedication to reporting from the frontline was incredibly important and ensured that the world could see and read about our heroic troops. Their professionalism and commitment to our forces will not be forgotten."A former commander of British forces in Afghanistan, Colonel Richard Kemp, knew Hamer and said he had worked very closely with the military.He said: "He was extremely well liked and well respected as a journalist. He was fearless in his reporting. He wouldn't let anybody off the hook easily, but he also understood the way the military worked."He had great empathy with soldiers in particular on the ground and some of the work he did for the Sunday Mirror without a shadow of a doubt helped improve the lot of the soldier who was fighting in Afghanistan and elsewhere."Defence Secretary Bob Ainsworth said Hamer and Coburn had accompanied him on his most recent trip to Afghanistan. "I got to know them well and I was impressed by their hard work and professionalism," he said.Hamer was married with three children. His family have been informed of his death. Coburn's condition is said to be serious but stable.Hamer is the second foreign journalist to be killed in Afghanistan in recent weeks. Michelle Lang, 34, from Canada's Calgary Herald, died along with four Canadian soldiers in a roadside bomb attack last month.Sources: Press Association/BBC News Sunday MirrorAfghanistanRoy Greensladeguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
In Ukraine, the Death of the Orange Revolution Five years after the Orange Revolution, Ukrainians are deeply disillusionedwith their leaders -- not a good sign for whoever wins the upcomingpresidential election feedproxy.google.com |
Williams sisters stay on track for Slam semifinal MELBOURNE, Australia (AP) -- The Williams sisters held court at the Australian Open on Thursday, a back-to-back Venus-Serena doubleheader that left the siblings still in the mix for yet another Grand Slam singles title.... hosted.ap.org |