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Tuesday, October 30, 2012

Virgin Australia sells 10% stake to Singapore Airlines



Virgin Australia planes
 Virgin Australia is the country's second biggest airline after market leader Qantas.

 Virgin Australia has sold a 10% stake to Singapore Airlines, in an attempt to better compete with Qantas Airways in the Australian market. Singapore Airlines, the world's second largest carrier, will spend A$105m ($108m; £68m) on the deal, Virgin said in a statement.

Abu Dhabi's flag carrier, Etihad, already has a minority stake in Virgin. Global and domestic airlines have increased cooperation as rising fuel prices and competition hurts profits.

BBC News

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