The gloom surrounding the motor industry deepened on Friday when General Motors announced a ,5-billion loss and BMW issued a profits warning.
Airlines will move from a profit of $5,6-billion last year to a loss of $6,1-billion this year if oil is trading at $135 a barrel, according to forecasts from the global airline body.
Governments shielding their national-flag airlines are "killing" the aviation industry, the head of the International Air Transport Association (Iata) has warned. Giovanni Bisignani, chief executive of Iata, warned that protectionist attitudes towards flag carriers were exacerbating the current downturn in the industry.
United States airlines must pay for their pollution or face a curb on flights to the European Union, the EU transport commissioner warned last week. Jacques Barrot issued the ultimatum in the month that limits on flights between the EU and US are lifted, the biggest shake-up in the transatlantic airline market for 30 years.
The Internet will overtake national newspapers in the battle for advertising spend in the United Kingdom by the end of the year, it was predicted recently. GroupM, which accounts for about 30% of global media buying, says in a report to be published next month that the Internet will account for 13,3% of the £12,2-billion UK advertising market.
Google lost yet more of its shine this week after a senior executive admitted growth at the company was slowing. Shares in Google fell 13% in early trading on Wall Street after chief financial officer George Reyes told an investor conference in New York that ”growth will slow”, although he added: ”Will it be precipitous? I doubt it.”