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Months of speculation came to an end on Tuesday afternoon as Japan Airlines (JAL), the country's 59-year-old flagship carrier that once symbolized the strength of Japan Inc., filed for bankruptcy with two of its subsidiaries. Weighted by debts estimated at $25.6 billion (2.3 trillion yen), Japan Airlines Corp., Japan Airlines International and JAL Capital made history today as what is perhaps Japan's largest nonfinancial corporate failure. With a long record of unprofitable earnings, the airline has taken a hit from weak travel demand after SARS and H1N1, fuel surcharges and the global recession...
...Back in the village of Gitam, 29 year-old Salvador Pedro has just returned home after 10 years of service in the U.S. Navy, an experience that he says helped him mature. He spent much of his time as a chef aboard an aircraft carrier, specializing in garnishes and cake decorations. A job has recently opened up at a local bakery, but Pedro doesn't plan on applying. "Right now, I don't want to talk about jobs, school, nothing," said Pedro, "I just want to be home...
...risk of dying 15%? I am 41, and let me be the first to tell Dr. Diana Petitti - who found the public backlash "surprising" - that I find it more anxiety-provoking to know that my risk of dying from breast cancer may go up 15% if my insurance carrier decides to agree with her panel's recommendation. Beth Tobey Cholette Penfield...
...Little wonder. Industrial action could have cost Europe's third biggest airline as much as $50 million each day had the strike gone ahead as planned on Dec. 22. That's cash - and cachet - the struggling carrier can ill-afford to lose. Tumbling first-class passenger numbers and a ballooning fuel bill left the airline with a $656 million pretax loss in the 12 months ending March 31. It lost plenty more in the first half of this year too. The airline's $6 billion pension deficit, meanwhile, is among the biggest...
...bank balance, then, stifling the strike was key. In applying for the High Court injunction, the carrier argued that the union's ballot wrongly included hundreds of BA staff who had already agreed to take voluntary redundancy before any industrial action would have started. Unite insisted that it had tried to find out which of BA's 13,000 cabin crew were planning to quit but that the airline offered little help. Discounting them would have done little to change the result, though: 92% of voters were in favor of a strike. (See the top 10 worst business deals...