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...barrel, Indian airlines - which carry just 2% of the world's passengers - could sustain more than $2.5 billion in losses this year, accounting for one-fourth of the projected $9 billion in losses for the entire industry, according to the International Air Transport Association. Weighed down by overcapacity, debt and the government's refusal to provide bailouts, Indian carriers are being forced to slash their operations and reduce ticket prices. "Indian aviation is undergoing a regime change in just four years," says Kapil Kaul, chief executive officer the Center for Asia Pacific Aviation, a New Delhi-based research firm. (Read...

Author: /time Magazine | Title: India's Airline Industry Goes From Boom to Bust | 8/12/2009 | See Source »

...Hardest hit by the economic downturn has been national carrier Air India: It reported annual losses of $1 billion in the fiscal year ending March 31, along with an accumulated debt of $3.5 billion; that debt load is expected to rise to $7 billion by 2012 if it takes delivery of 111 new aircraft already on order. Air India alone accounts for 10% of the total projected losses for the global airline industry this year - even though it carries just 0.35% of global traffic. Air India is suffering from an aging fleet and a bloated staff roster...

Author: /time Magazine | Title: India's Airline Industry Goes From Boom to Bust | 8/12/2009 | See Source »

...Party for Freedom Policies: Focuses on ending immigration from Muslim countries and forcing Muslims already in the Netherlands to become more "Dutch." Would ban the Koran Quote: "It was a speech of appeasement, of ignorance" - Wilders on President Obama's address in Cairo in which he praised "civilization's debt to Islam...

Author: /time Magazine | Title: The March to the Far Right | 8/10/2009 | See Source »

...driven by a return to reasonable lending: people aren't buying more than they can afford to because banks won't let them. When the Robertses first met with mortgage planner Iva Deobald last year, she told them to go away, pay down their credit-card and student-loan debt and then come back with a better set of financials. Deobald says, "I'm back to what I used...

Author: /time Magazine | Title: How the Housing Market Is Fighting Its Way Back | 8/10/2009 | See Source »

...thing for the Lupos is that they'd gotten Wells Fargo, their bank, to agree to a short sale. The Lupos had found a buyer who would pay market price for the house - short of what was owed - and Wells agreed to forgive the rest of the couple's debt. The sticking point was a second lien - a $75,000 home-equity loan - owned by a different division of Wells. The buyer got spooked and walked. The Lupos have since moved into a rental house and now live in fear of the bank coming after them. "It's humiliating when...

Author: /time Magazine | Title: How the Housing Market Is Fighting Its Way Back | 8/10/2009 | See Source »

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