Thai Airways posts $30m loss<\/p>\n
BANGKOK: Thai Airways announced on Friday a 1.27 billion baht
\n(US$30 million) loss in the three months to June compared to 3.45
\nbillion baht profits a year ago, as the SARS crisis turned its
\nbalance sheet red.<\/p>\n
The airline said that in the nine months to June its net
\nprofit fell 24 percent to 7.02 billion baht from 9.22 billion
\nbaht in the previous corresponding period.<\/p>\n
In June the flag carrier said it expected to post an operating
\nloss of 6.0 billion baht for April-July due to damage caused by
\nthe Severe Acute Respiratory Syndrome (SARS) epidemic.<\/p>\n
The deadly form of pneumonia swept through parts of the region
\nearlier this year, devastating the regional tourism industry and
\ncutting Thai Airways' passenger traffic by 40 percent in May.<\/p>\n
However, the airline said earlier this month that it expected
\nits passenger loads to improve to normal levels of 70 percent in
\nthe three months to September.--AFP<\/p>\n
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\nThai Airways posts $30m loss
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Dragonair drops lawsuit against Cathay<\/p>\n
HONG KONG: Hong Kong-based carrier Dragonair has decided to
\ndrop its petition to quash a license given to Cathay Pacific for
\nresuming its China flights after a 13-year absence, the airline's
\nspokeswoman said on Friday.<\/p>\n
\"We are not proceeding with the judicial review,\" she said,
\nwithout giving details.<\/p>\n
The decision came just two weeks before a court review was
\ndue.<\/p>\n
In May, the airline challenged in court the decision by Hong
\nKong's Air Transport Licensing Authority (ATLA) to grant Cathay
\nPacific the right to fly to Beijing, Shanghai and Xiamen.<\/p>\n
Dragonair said then that ATLA did not have the power under the
\nBasic Law -- Hong Kong's mini constitution -- to grant licenses
\nfor Cathay to fly to Shanghai and Xiamen.<\/p>\n
In April, ATLA had granted approval to Cathay to resume flying
\nto the three Chinese cites for the first time since 1990 despite
\nobjections from Dragonair, which, over the past 13 years, has
\nbeen the only Hong Kong-based airline with rights to fly
\nscheduled passenger services to China<\/p>\n
In approving flagship carrier Cathay's application, the three-
\nmember ATLA panel rejected claims by Dragonair that a resumption
\nof Cathay's flights to China would financially devastate the
\nsmaller airline.<\/p>\n
ATLA said on April 17 that Cathay would be allowed to operate
\nup to three round-trips each day on lucrative routes to Shanghai
\nand Beijing, and three services to Xiamen each week. The licence
\nwill be valid for five years.<\/p>\n
Since ATLA granted Cathay's application, the Hong Kong
\ngovernment has designated Cathay as the second local carrier to
\noperate on the Beijing route.<\/p>\n
Dragonair is 43.29 percent owned by China National Aviation,
\nand Cathay Pacific has a 19 percent stake.--AFP<\/p>\n
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\nThai Airways posts $30m loss
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MCI may have avoided taxes<\/p>\n
NEW YORK: Bankrupt telecoms group MCI, formerly WorldCom, may
\nhave avoided \"hundreds of millions of dollars in state taxes\"
\nbetween 1999 and 2001 on the basis of advice from KPMG
\naccountants, The Wall Street Journal said on Thursday.<\/p>\n
In a bid to minimize its state taxes, the telecoms group moved
\nup to US$19 billion in revenue, over three years, through a
\nDelaware-based subsidiary of the company.<\/p>\n
\"Because Delaware doesn't tax the income of out-of-state
\ncorporations, the move substantially reduced WorldCom's
\nnonfederal income-tax obligations,\" the newspaper said citing an
\naccounting analysis filed as part of the company's bankruptcy
\nproceedings.<\/p>\n
KPMG advised WorldCom to declare much of its regular income as
\nbeing returns on intellectual property, rather than as receipts
\nfrom sales of telephone services, the newspaper said.<\/p>\n
An MCI spokeswoman declined to address the claims in the
\nreport.<\/p>\n
\"We have generally addressed taxes and related issues in our
\nplan of reorganization and look forward to discussing them more
\nfully during our (bankruptcy) confirmation hearing,\" said MCI
\nspokeswoman Claire Hassatt.<\/p>\n
The hearing, which is expected to represent one of the final
\nhurdles enabling MCI to reemerge from bankruptcy, is due to occur
\nSept. 8 and could last some two weeks, according to Hassatt.
\n--AFP<\/p>",
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