Malaysia Airlines will cut 30 percent of its workforce as part of a restructuring that will cost 6 billion ringgit ($1.90 billion), majority investor Khazanah Nasional [KHAZA.UL] said on Friday. Khazanah said the carrier will trim its staff by 6,000 to 14,000 as it seeks to stem long-running losses worsened by two aircraft disasters this year. The state fund said the airline will be de-listed from the Kuala Lumpur exchange by the end of 2014, adding that Ahmad Jauhari Yahya will stay on as chief executive until July 2015. Khazanah said it aims to return the airline to profitability within three years of its de-listing, and plans to re-list the carrier in three to five years from now.
GENEVA (AP) — The civil war in Syria has forced a record 3 million people out of the country as more than a million people fled in the past year, the U.N. refugee agency said Friday.
(Reuters) - Apple Inc is working with Dutch chipmaker NXP Semiconductors NV to add secure near-field communications (NFC) technology into the next iPhone, which would enable the smartphone users to pay by touch, the Financial Times reported, citing people familiar with Apple's plans. NXP will provide the secure near-field communications chips that will allow an iPhone to connect with payment terminals or ticketing systems, the daily reported. Apple has invited media to a "special event" in its hometown of Cupertino, California, on Sept. 9, when the iPhone maker is expected to unveil the latest versions of its best-selling smartphones.
Virgin Australia on Friday posted an annual net loss of Aus$355.6 million (US$332 million) as intense competition led by Qantas, weak consumer sentiment and high taxes hurt its bottom line. The country's second largest carrier also announced the sale of a 35 percent stake in its frequent flyer programme to private equity firm Affinity Equity Partners, boosting its cash balance by Aus$336 million. The result was more than triple the Aus$98.1 million loss it reported in the 12 months to June 30 the previous year, and follows huge annual losses by Qantas on Thursday. The carrier, which is majority owned by Singapore Airlines, Air New Zealand and Etihad, blamed excess market capacity, weak consumer sentiment, economic uncertainty and Aus$51.6 million in carbon tax costs for the poor numbers.
JOHANNESBURG (Reuters) - Growth in credit demand from South Africa's private sector quickened to 9.77 percent year-on-year in July, from a revised 8.63 percent in June, central bank data showed on Friday. The broadly defined M3 measure of money supply was at 6.86 percent, from a revised 7.26 percent in June. Economists had expected credit growth to quicken to 9.0 percent and money supply to slow to 7.05 percent.