Hong Kong - Hong Kong's flagship airline Cathay Pacific Friday increased fares for first and business-class passengers by up to 15 per cent to counter soaring oil price rises.
The airline, which issued a profit warning earlier this month over the impact of rising fuel prices, is expected to impose its biggest rises on routes to Europe, Canada and Australia.
The fare rises ranging from 3 to 15 per cent will come into effect from Friday, the airline said in a statement. There will be no fare increases for economy class passengers.
Announcing the fare rises, Cathay Pacific chief executive Tony Tyler said: "We regret having to charge passengers more, but the increase in our fuel bill is too great for us to absorb.
Washington - The US plans to offer monetary incentives to the developers of a viable substitute for jet fuel, which could bring down surging petrol costs in the aviation industry, Transportation Secretary Mary Peters announced Thursday.
An amount was not given, but the competition, in conjunction with the X Prize Foundation, would be similar to a 10-million-dollar 2004 award given to the first private company to launch a manned spacecraft.
"The race to refuel American aviation is on, and our hope is that the X Prize will jump-start investment and spur innovation," Peters said at an aviation and energy summit in Washington.
Maputo - Mozambique's national airline, Linhas Aéreas de Moçambique (LAM), announced Wednesday it would increase airfares by 10 per cent and reduce its number of flights as a result of high oil pri
London - US aircraft maker Boeing Wednesday forecast an annual 5 per cent growth i
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