The US government rushed to provide a financial lifeline for the faltering airline industry on Friday as job cuts since the Sept 11. attacks on US cities topped 100,000 and Europe averted an airline insurance crisis.
Both the Senate and the House of Representatives voted over-whelmingly on Friday to approve US$5 billion in cash and US$10 billion in loan guarantees for airlines struggling with the aftermath of last week's deadly attacks, when suicide hijackers smashed planes into the World Trade Center in New York and the Pentagon near Washington.
The legislation, which now goes to US President George W. Bush, also includes provisions to limit the airlines' liability for the attacks, which left more than 6,800 people missing or dead.
"This legislation will help ensure the safety and stability of the nation's vital commercial airline system," White House spokesman Ari Fleischer said.
Airline industry executives had earlier warned that bankruptcy was possible if a federal bailout package for the industry did not pass swiftly.
"Prompt passage of the aid package is critical to the industry's ability to avoid bankruptcy," said US Airways Group, the nation's No. 6 airline.
No. 8 carrier America West Airlines, which on Wednesday told lawmakers it may be forced to file for bankruptcy unless financial aid is provided, said on Friday it continued to review its options.
In Indianapolis, Amtran Inc., parent of No. 10 US carrier American Trans Air, said Citicorp and Salomon Smith Barney canceled a US$175 million credit facility backing the company's plans to buy back all its publicly traded stock, which had been conditioned on a stable airline business.
Two of the hijacked jets were from AMR Corp's American Airlines and two belonged to UAL Corp's United Airlines.
Two planes destroyed the World Trade Center, one slammed into the Pentagon and another came down in rural Pennsylvania.
The bill would allow victims and their relatives to seek compensatory damages for lost wages, health bills, pain and suffering, but would bar punitive damages.
In London, Britain announced an agreement to avert a crisis over new insurance policies for airlines which would allow them to fly their planes. Under the deal, British airlines would get a month of war and terrorism insurance cover. European finance ministers were to discuss it on Saturday.
In Germany, the Transport Ministry said on Friday it would accept liability of up to US$20 billion for German airlines after insurers demanded more expensive war cover due to the attacks.
Airlines in Europe are also seeking support beyond the immediate insurance issue, but such aid could conflict with EU rules forbidding unfair state subsidies.
AGING: As of last month, people aged 65 or older accounted for 20.06 percent of the total population and the number of couples who got married fell by 18,685 from 2024 Taiwan has surpassed South Korea as the country least willing to have children, with an annual crude birthrate of 4.62 per 1,000 people, Ministry of the Interior data showed yesterday. The nation was previously ranked the second-lowest country in terms of total fertility rate, or the average number of children a woman has in her lifetime. However, South Korea’s fertility rate began to recover from 2023, with total fertility rate rising from 0.72 and estimated to reach 0.82 to 0.85 by last year, and the crude birthrate projected at 6.7 per 1,000 people. Japan’s crude birthrate was projected to fall below six,
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