Washington - The fifth larg

Vienna - The Austrian government will have to rescue Austrian Airlines AG if the privatisation process fails, Transport Minister Werner Faymann said Wednesday, as he announced that there was one valid bid for the ailing flag carrier.

Neither Faymann nor the government holding OeIAG said whether the German airline Deutsche Lufthansa AG had submitted the offer for the 42.75-per-cent stake in Austrian Airlines that is held by OeIAG.

Although French-Dutch carrier Air France-KLM announced Tuesday their withdrawal from the bidding process, analysts said that OeIAG could decide Monday to give Lufthansa and Air France another month or so for their offers.

New York  - US aerospace giant Boeing reported Wednesday that its third-quarter net income fell 38 per cent year-on-year to 695 million dollars, as the company was hit by the costs of a protracted machinists' strike.

Earnings per share in the period came to 0.96 dollars, down 33 per cent from the third quarter last year, with Boeing also citing the costs of supplier production problems on customer-furnished galleys for some wide-bodied planes.

Vienna  - The Austrian government will have to rescue Austrian Airlines AG if the privatisation process fails, Transport Minister Werner Faymann said Wednesday, as he announced that there was one valid bid for the ailing flag carrier.

While Faymann left it open whether there was another, incomplete, offer, the government holding OeIAG said it would stick to its schedule and announce a decision Monday on the sale of its
42.75-per- cent stake in Austrian Airlines.

As the privatisation faced uncertainty, the price of Austrian Airlines shares crashed to 2.9 euros (3.9 dollars) on the Vienna stock market, a decline of 28.9 per cent from yesterday.

The increasing problems for the Indian Carriers due to rising expenses, especially the rise in aviation fuel recently initiated an unwanted episode of firing of employees.

Following this, the owner of Kingfisher, Vijay Mallya approached the Parliament and Naresh Goyal of Jet Airways knocked the door of finance minister P Chidambaram with the aim to get tax relief for airlines.

“Job cuts and layoffs coupled with high aviation turbine fuel (ATF) prices and larger taxes can affect in the number of flights which is likely to go down,” reported Mallya.

New York - United Airl