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Friday 4 January 2013

Due to Global Recession now Infosys and Kingfisher both are in Trouble :(


  


A meeting between the management of Kingfisher Airlines and lenders to the company on Friday remained inconclusive. The core group of lenders, which met the airline’s management at the UB Group headquarters here, declined to give a no-objection certificate to the airline.

In late October, the Directorate General of Civil Aviation ( DGCA) had suspended Kingfisher Airlines’ licence and urged the management to come up with a concrete revival plan. It had also advised the airline to hold discussions with various stakeholders before its licence could be renewed. The airline, which owes its lenders Rs7,500 crore, also has to pay dues of Rs250 crore to the Airports Authority of India.


It also owes dues to aircraft lessors and a host of other vendors.
The airline, going downhill since November 2011, has struggled to raise any debt or equity to revive itself.

Late last year, Kingfisher Airlines had given a revival plan to the DGCA. It had stated the UB Group would infuse Rs650 crore through the next 12 months. As no details were provided, the lenders, as well as DGCA, sought a concrete action plan.

According to norms, the airline can apply for a renewal of its licence within two years, or before 2014-end.

In addition to discussing an extra line of working capital with bankers, the UB Group management has also held talks with Etihad Airlines for equity infusion, albeit without much success.

Since it started operations in 2005, Kingfisher Airlines has never recorded profits and its net worth has eroded substantially. The airline struggled to keep its stakeholders together. The company also faced a severe backlash from its employees, many of whom have not been paid for about a year.

On Friday, the Kingfisher stock closed at close Rs14.40 on the National Stock Exchange, a fall of 2.7 per cent.



Due to Global Recession now Infosys also to fire up to 5,000 workforce, 

InfosysBSE 0.51 % has begun sacking employees at the bottom of the performance pile, returning to a practice it adopted during the peak of the global economic crisis in 2008 and 2009, according to people familiar with the development.

The renewed lack of tolerance for poor performance, which will affect up to 5,000 employees, is indicative of the pressure the software company faces to curtail costs while pivoting towards a more aggressive sales strategy.

The Bangalore-based company is resorting to retrenchment by suspending a plan crafted by co-founder NR Narayana Murthy to help underperformers come up to scratch. Instead of giving underperforming staff up to six months for retraining, India's second-largest software company is asking the worst performers, about 3-4% of the 1.5-lakh workforce, to leave straightaway.

Infosys spokeswoman Sukanya Ghosh did not reply to emails, phone calls and text messages seeking the company's comments.

This is the latest in a series of management decisions perceived as employee-unfriendly. Some months ago, Infosys, which has been lagging the industry in growth for over a year, had frozen salary hikes, blaming bad market conditions and insufficient visibility into near-term growth. It relented eventually and announced increments after its main rivals revised salaries for staff.

"Earlier, companies would go the extra mile to retain them (poor performers). But lately, due to slow business growth, they are seriously looking at downsizing," said Kris Lakshmikanth, CEO of Headhunters India, a human resource consultancy.

With a sales growth forecast of about 5% for the year to March 2013, Infosys figures at the bottom among India's top IT firms. Analysts expect Infosys to further lower growth guidance when it announces earnings for the three months to December on January 11.
Infy Eyeing Riskier Deals

In a report on Tuesday, Vishal Agarwal, equities analyst at brokerage Jefferies, wrote that he expects the forecast to be lowered to 4%, excluding contribution from Lodestone, the Swiss company that Infosys acquired in September for $350 million. In comparison, Nasscom expects the industry to grow at more than double the pace, or at least 11%.

Infosys, which is perceived as a conservative company, has been sending out signals that it is more willing to take on riskier deals, some of which involve taking over assets and employees of clients.

A more aggressive customer-acquisition strategy comes with the danger of diluting margins, a prized metric for the company.

"An additional month (of retaining a low-performer) would be an additional cost to the book," said Vijay Sivaram, business head for recruitment solutions division at Bangalore-based HR consultancy Ikya.

In a similar move in 2009, Infosys had pink-slipped more than 2,000 employees at the bottom of the performance heap.

Post the financial crisis, which began in 2008, work volumes haven't picked up significantly for Infosys, resulting in increasing number of employees not working on any billable projects.

Among Indian IT companies, Infosys and WiproBSE 1.47 % have the lowest efficiency levels, with about 30% of employees sitting idle.

"We believe cleaning out employees at the bottom of the pyramid will become the new norm across all IT companies and will stay for this year," said Sangeeta Lala, co-founder of TeamLease.


Gopalakrishnan-led Infosys to fire up to 5,000 workers, India's Infosys is planning to lay off up to 5,000 employees as the software services provider looks to cut costs and boost sales, a report indicated on Friday.
The report came as Infosys Ltd executive co-chairman S. Gopalakrishnan was quoted by other reports as saying 2013 will be better than last year for India's IT industry.

Gopalakrishnan was quoted as saying brighter prospects for the United States and China would help the IT sector, as he addressed an event for the Infosys Science Foundation on Thursday.

Infosys, which is also listed in the United States, added the number of potential under-performers that could leave the company was "significantly lower" than the 5,000 quoted in the report.

Infosys shares were up 0.5 percent, in line with the 0.6 percent gain in the IT sub-index.

Amid speculation of large scale layoff at Infosys affecting nearly 5,000 employees, country's second largest software services company on Friday said it actively asks the "under-performers to seek other jobs".

Without giving the exact number of the affected employees, Infosys said in a statement that this will be lower than 5,000.

The company did not disclose the number despite repeated attempts.

"This (the report) is wrong in two different aspects. One, there is no layoff. Infosys is a performance-driven company. And like any performance-driven company, it actively manages under-performance and encourages chronic under- performers to seek other jobs," it said in a statement.






While stating that the affected number might be lower than 5,000 quoted in the report, the company said such steps are part of normal business routine.

"Two, the number that may be affected is significantly lower than the 5,000 quoted in the article. For a performance- driven company with more than 1,50,000 employees this is part of the normal ebb and flow of running a business," it said.

Infosys said such steps are taken regularly and is not a "one-time event".

"This is done regularly and is not a one-time event. We have a robust performance management system that includes structured appraisals and performance feedback," the statement said.

The BSE-listed company is scheduled to announce its third quarter results on January 11.






 
- Jet Airways surges on Etihad deal report
- Mysore to be reconnected by air from January 14
- Kingfisher should revive for employees, passengers: Ajit Singh
- Kingfisher and Suzlon to weigh on IOB's Q3 show
- Skies might open up
- Kingfisher loses licence

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Bankers oppose Kingfisher Airlines' revival plan
Zee News
Bangalore: A consortium of lenders, led by State Bank of India, Friday opposed ailingKingfisher Airlines' plan to resume operations and insisted on "better commitments" from the carrier. The meeting between lenders and the KFA management remained ...
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Zee News
New Delhi Wants Kingfisher to Fly
Wall Street Journal (blog)
For Kingfisher Airlines, 2012 ended on a sour note: it lost its license after it failed to convince the government that it has enough money to start flying again. Its license to fly in India expired on Dec. 31. The question is how fast the cash ...
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Wall Street Journal (blog)
Kingfisher creditors set to begin recovery proceedings
Livemint
Mumbai: Creditors of grounded Kingfisher Airlines Ltd are set to begin recovery proceedings if parent UB Group doesn't infuse the funds that are needed for a limited resumption of flights, bankers said on Friday. A group of six lenders to the airline ...
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Livemint
Kingfisher Airlines may lose airport slots
The Leading Aviation Industry Resource for News, Equipment and
Jan. 04--MUMBAI -- State-run Airports Authority of India (AAI) has warned Kingfisher Airlines Ltd, grounded since October, that it will start taking away space allotted to the troubled airline at airports across the country if it fails to submit a ...
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Lenders refuse to give Kingfisher NoC
Business Standard
A meeting between the management of Kingfisher Airlines and lenders to the company on Friday remained inconclusive. The core group of lenders, which met the airline's management at the UB Group headquarters here, declined to give a no-objection ...
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Bankers oppose Kingfisher's revival plan
Business Standard
As per the revival plan submitted to DGCA last month, Kingfisher had said it would require about Rs 652 crore over the next 12 months for running its operations. These funds would come from the UB Group's resources as banks were unwilling to fund the ...
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See upside in SpiceJet, Kingfisher: Tulsian
Moneycontrol.com
Tulsian told CNBC-TV18, "In Jet Airways I have been taking a call that at Rs 630 when the talks were all coming that USD 400 million is the value that Jet Airways is looking for their 24 percent stake, which now got pruned to about USD 330 million. But ...
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Wednesday 2 January 2013

Aviation Academy parents and students are upset that Newport News Public Schools may move the magnet program from its Airport location to the Denbigh Professional Park.




 Aviation Academy parents and students are upset that Newport News Public Schools may move the magnet program from its Airport location to the Denbigh Professional Park.

The School Board first heard the proposal at its business meeting Dec. 18. Students were notified earlier that afternoon at an assembly, and letters were mailed to parents that week. Among other things, parents said they're upset they weren't told sooner, a delay that they said damaged their trust.

"We feel we were in the dark," said Barbara Bahr, parent and co-president of the Aviation Parents Advisory Committee.




While the move won't happen unless the School Board approves, parents said they believe administrators are misleading its members, and they're afraid their pleas won't be considered.

Daily Press Eyewitness: Submit photos and videos from your mobile device. You might find your picture featured on Page 2 of the Daily Press.

"There's so many questions, and I feel they've made up their minds already," Bahr said.

In a presentation to the board, the district's executive director of secondary school leadership cited opportunities for expanding both the Aviation Academy and the Point Option alternative education program, which is currently housed at the business park.

Under the proposal, Point Option would move to the former Strayer University property on Diligence Drive. Space would be added to the current lease at Denbigh Professional Park to accommodate Aviation Academy students.

School officials said the change would provide better facilities — the current building at the airport needs major repairs — and allow both programs to add more students in the coming years.

While the exact cost is unclear – parents have requested an itemized list – school officials said it would be a wash after factoring in expected savings for future utilities. The lease at Denbigh Professional Park would have to be changed and upgrades are planned in addition to adding space. The airport facility is currently on a month-to-month lease.

But students said they would rather have the dated airport building that allows them to be immersed in the aviation experience than move to the new location among medical offices on a busy road.

"Fix our roof. Don't give us a new building," junior Samantha Hetrick said.

Hetrick, 17, said the Aviation Academy is unique because students can watch planes take off while they eat in the cafeteria, walk over to the airport to discuss with experts what they learn in the classroom, and watch the president board Air Force One.

"That's a huge deal...when are you going to see that?" she said. "We're losing what makes Aviation, Aviation."

The specialized four-year program focuses on careers in engineering with an emphasis on aviation and computers. Courses prepare students for flying lessons and private pilot licensure.

Parents and students said they don't think the expansion will recruit new students as the location is what pulled them in.

"It was the wow factor," parent Robert Miller said.

Miller, like other parents, said one of his main concerns about the new building is security. The business park has several entrances where people come and go all day. The current location is not only secluded, but also has the advantage of airport security nearby.

Newport News Public Schools spokeswoman Michelle Price said she expects a security guard would be assigned to the Denbigh Professional Park. She said parents are welcome to tour the new facility at 1 p.m. Thursday.

Parents will have an opportunity to express their concerns to administrators at the Aviation Parents Advisory Committee meeting, which is scheduled for 7 p.m. Thursday at the airport location. Price said administrators plan to talk to students Jan. 7 and 8, with a parent information meeting planned for 7 p.m. Jan. 9.

Price said the most important thing to note is that "it's not a done deal."

Following the meetings, and after reviewing the suggestions, ideas and input, the superintendent will make a recommendation to the School Board, she said.

The board is scheduled to vote at its next business meeting at 7 p.m. Jan. 15, in the auditorium at the Newport News Public Schools Administration Building, 12465 Warwick Blvd.











Kingfisher has to convince DGCA on revival plan: Ajit Singh
Hindustan Times
Civil aviation minister Ajit Singh on Wednesday said Kingfisher Airlines (KFA) will have to convince the aviation regulator with a revival plan for renewal of its flying permit. “If Kingfisher wants to fly again, they have to satisfy the DGCA,” Ajit ...
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Kingfisher Airlines should revive for its employees, passengers: Ajit Singh
Economic Times
NEW DELHI: With uncertainty over the revival of Kingfisher airlines, Civil Aviation Minister Ajit Singh today said the airline should present a satisfactory operating plan to the DGCA and work on its rescue plans for the sake of its employees ...
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Economic Times
Kingfisher Airlines to pay Rs 14K to flier for loss of luggage
Times of India
"Failure to trace out the missing bag of the complainant admittedly reported on July 27, 2007 constitute deficiency in service on the part of opposite party (Kingfisher Airlines)," said the bench presided by Narendra Kumar. The forum, however, refused ...
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Etihad may decide on deal with Jet Airways or Kingfisher Airlines in 10 days
Economic Times
The ministry source went on to add that Etihad has not yet decided whether it will invest in Jet Airways or the debt-laden Kingfisher Airlines that has not taken to the skies since October last year and also has an expired air operating permit. "Etihad ...
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Economic Times
Kingfisher Airlines loses operating license
ArabianBusiness.com
Kingfisher is permitted to renew the license within two years, according to DGCA regulations, and the airline claims it is “confident of securing approval from the DGCA on the restart plan, license approval and reinstatement of its operating permit...
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ArabianBusiness.com
India needs more, not less Kingfishers
Livemint
While Mallya has been accused of trying to use his political clout to influence aviation policy in his favour, the aviation business in India hasn't been a model of perfect competition. Photo: Ramesh Pathania/Mint ...
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Livemint
Kingfisher loses flying permit
Breaking Travel News
Kingfisher Airlines has taken one more step toward the edge, with the Indian airline losing its flying permit after a deadline to renew its suspended license expired. The debt-ridden carrier has been grounded since October after repeated strikes by ...
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Breaking Travel News
Kingfisher trouble: Employees threaten to quit
Daily Bhaskar
New Delhi: Vijay Mallya owned troubled airline, Kingfisher Airlines troubles just got bigger. As per latest reports, the employees have threaten to quit the cash strapped company, if their dues are not cleared at the earliest. Now that the airline has ...
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Capt Steven Lesher in A small plane crashed at the Mishawaka Pilots Club in western Elkhart County late Wednesday morning.


Capt Steven Lesher in A small plane crashed at the Mishawaka Pilots Club in western Elkhart County late Wednesday morning.



It happened around 11:30.

Two people were onboard.

The plane was landing when the Pilot lost control, and the plane flipped.

The Pilot Capt Steven Lesher said he's been flying since 1967, and it's never happened to him before Wednesday.

"I wasn't scared," said Steven Lesher. "Just one of those things that happens. We got into the snow, and it started coming up, and I thought, 'oh no,' and we ended up on our back."

Injuries turned out to be very minor. Neither passenger was taken to the hospital, but the plane will need repairs.

The Mishawaka Pilots Club is on County Road 20 in Baugo Township, just east of the Elkhart/St. Joseph County line.










APNewsBreak: Mom: Boy Didn't Steal Plane in Crash
ABC News
A teen pilot killed along with two friends in an Alabama plane crash had his own key to the aircraft and had flown it many times, his mother said Wednesday, denying authorities' assertion that the plane had been taken without permission. Sherrie Smith ...
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Deadly Ala. plane crash may have been teen joyride
CBS News
Investigators believe a small plane that crashed in the Alabama woods was taken without permission for a joyride by a student pilot and two other teenagers who died in the wreck Tuesday night. Walker County sheriff's Chief Deputy James Painter said ...
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CBS News
Plane crash in California claims 3 members of Stern family returning to ...
New York Daily News
Loved ones are mourning the loss of a prominent Arizona family who perished in a small plane crash near San Diego over the weekend. The San Diego County Sheriff's Office identified the three people on board as William (Bill) Stern Jr., 65; his wife ...
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New York Daily News
Prominent Arizona business man, wife and daughter die in experimental plane ...
Fox News
A Phoenix businessman and his wife and teenage daughter died Saturday when his home-built experimental aircraft crashed in a nature preserve in San Diego, MyFoxPhoenix.com reported. William Stern Jr., his wife Jennifer, and their daughter Katelyn, 19, ...
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Plane crash lands, bursts into flames in North Las Vegas
Las Vegas Sun
A small plane caught fire Wednesday afternoon after a crash landing at North Las Vegas Airport, North Las Vegas Fire Captain Cedric Williams said. Clark County Department of Aviation spokesman Chris Jones said the pilot and one other person were ...
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Lawsuit seeks documents in plane crash that killed Jenni Rivera
Chicago Tribune
Relatives of a makeup artist who died last month in a plane crash with Mexican-American singer Jenni Rivera have asked the court to force the aircraft's manufacturers to turn over any documents that show who repaired and maintained it before its final ...
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3 killed in plane crash near Jasper
WBRC
Three people died in a plane crash near Jasper on New Year's Day, Walker County officials confirm. The occupants may have been three young men who took the private plane without permission and flew it on a "joyride," according to the Walker County ...
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Plane crash at Mishawaka Pilots Club
WSBT-TV
BAUGO TOWNSHIP – A small plane crashed at the Mishawaka Pilots Club in western Elkhart County late Wednesday morning. It happened around 11:30. Two people were onboard. The plane was landing when the pilot lost control, and the plane flipped.
See all stories on this topic »
Three teens die in plane crash while "joyriding" near Jasper, authorities say ...
al.com (blog)
Enlarge Joe Songer | jsonger@al.com WALKER COUNTY, Alabama -- National Transportation Safety Board officials continue to investigate the fatal crash of a small plane that was reported stolen near Jasper. A Piper PA 30 aircraft went down less than a ...
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Report of a possible plane crash north of Reno turns out to be a travel ...
Reno Gazette Journal
10:55 a.m. update: The Washoe County Sheriff's Office RAVEN helicopter has found the location east of the California agricultural inspection station that was the location of a reported explosion and fire and determined it was not a plane crash but ...
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Kingfisher Airlines to pay Rs. 14,000 to Flier for loss of luggage




Kingfisher Airlines has been asked by a consumer forum in New Delhi to pay a compensation of Rs. 14,000 to a flier for losing his luggage in transit from Srinagar to Delhi.

The South West District Consumer Disputes Redressal Forum held that the airlines' failure to recover the baggage was a deficiency in its service.

"Failure to trace out the missing bag of the complainant admittedly reported on July 27, 2007 constitute deficiency in service on the part of opposite party (Kingfisher Airline)," said the bench presided by Narendra Kumar.


The forum, however, refused to grant the claim of over Rs. 48,000 sought by the flier, Delhi resident Chander Prakash, saying "it is unexpected of any prudent man to keep valuable jewellery in the baggage while boarding a flight when it is permissible to carry such valuable articles in a hand bag."

"We, therefore, do not find it believable that the missing bag of complainant contained any valuable jewellery, especially when there is no declaration filed on record."

In his complaint, Mr Prakash had said that when he arrived at Indira Gandhi International Airport from Srinagar on July 27, 2007, he found his bag missing.

He said he had informed the airline's officials and had also filed a property irregularity report, but his bag could not be traced out.

Kingfisher had contended in its defence that it had sent details of Mr Prakash's missing luggage to all-India tracer, but his bag was not found anywhere and even if it was assumed to be lost the airline's is only liable to pay Rs. 300 per kg.

The forum accepted the airline's contention that its liability in case of missing baggage extends to only Rs. 300 per kg and said that since the maximum luggage permitted on board per flier for free is 30 kgs, Kingfisher will have to pay Prakash Rs. 9,000 towards his lost bag and Rs. 5,000 as cost of litigation.



Kingfisher Airlines to pay Rs 14000 to flier for loss of luggage
NDTV
New Delhi: Kingfisher Airlines has been asked by a consumer forum in New Delhi to pay a compensation of Rs 14,000 to a flier for losing his luggage in transit from Srinagar to Delhi. The South West District Consumer Disputes Redressal Forum held that ...
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New policy on airlines to fly to small cities in 3 months
Moneycontrol.com
New policy on airlines to fly to small cities in 3 months. A new policy to encourageairlines to fly to smaller cities and make regional air connectivity commercially viable is likely to be ready in the next three months. Source: PTI. Share · Tweet ...
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Moneycontrol.com
Kingfisher Airlines must convince DGCA to fly again: Ajit Singh
NDTV
New Delhi: Two days after Kingfisher Airlines' flying licence expired, Civil Aviation Minister Ajit Singh reiterated the need for the airline to convince the aviation regulator with a revival plan for renewal of its permit. “If Kingfisher wants to fly ...
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Karnataka NRI Forum asks pvt airlines to begin Mangalore-Saudi services
Hindu Business Line
The UAE-based Karnataka NRI Forum has asked private airlines to operate flights from Mangalore to Saudi. Addressing presspersons here on Wednesday, Rajesh Sequera, coordinator of Karnataka NRI Forum, said that Jet Airways will be the first private ...
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IndiGo among the fastest expanding airlines globally
Business Standard
Jet Airways has slipped seven places to the 46th rank, while IndiGo has emerged as one of the fastest growing airlines in the list of biggest airlines of 2012 compiled by the Centre for Asia Pacific Aviation ( Capa). The report, released yesterday ...
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From build to buy: American Airlines changes modernization course midflight
Computerworld
Computerworld - American Airlines was well into a simultaneous revamp of its Passenger Services System (PSS) and Flight Operating System (FOS), its two most mission-critical families of applications, when the airline changed course last January. The ...
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Troubled Kingfisher airlines loses flying permit
NitiCentral
New Delhi, Jan 01 (ANI) The Directorate-General of Civil Aviation (DGCA) today said that debt-laden Kingfisher Airlines has lost its permit to fly after a deadline to renew its suspended licence expired on Monday. The news is a fresh blow for the ...
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Spirit Airlines Flight Bumps Up Against Parked US Airways Plane On Its Way To ...
The Consumerist
Can you still call it a fender-bender if there are no fenders involved, and instead it's two giant skybirds (you might know them as airplanes) having a run-in in the runway? Or is it just a quick clip? In any case, no one was hurt and since the Spirit ...
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Airport, Airline At Odds Over Cause Of 4-Hour Delay
The Leading Aviation Industry Resource for News, Equipment and
27--Airport officials blame the pilot of American Airlines Flight 1958 for taking too wide a turn and getting his airplane stuck in a pile of snow at Pittsburgh International during this week's storm. But the airline on Thursday blamed airport crews ...
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American Airlines has rudest employees, survey says
Dallas Business Journal
The survey, conducted by website Airfarewatchdog.com, said Fort Worth-based American Airlinestops the list with 25 percent of fliers saying it has the rudest workers, the Los Angeles Times reports. Twenty-one percent said Chicago-based United Airlines ...
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