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AUTOMOTIVE
Volkswagen Prepares To Back Electric Car
Volkswagen hopes to introduce its first electric cars on the market in 2013, the German automaker's chief executive said. In a speech, Martin Winterkorn criticized the German auto industry for failing to invest sufficiently in research and development of electric technology and said VW was working on going electric with its Up line.
-- Associated Press
AIRLINES
British Airways Expanding Cuts
British Airways will extend capacity reductions, ground planes and delay deliveries of superjumbo planes. It will slash the number of available seats in its summer schedule by 3.5 percent, up from a planned 2.5 percent. Winter schedule cuts will be increased to 5 percent from 4 percent.
The airline will delay deliveries of A380 double-decker planes from Airbus and park Boeing 757s next year to conserve cash. BA also will reduce capital spending by 20 percent. The airline said it's seeking to cut the equivalent of 3,700 jobs.
-- Bloomberg News
ENERGY
Bolivia Plans Massive Oil, Gas Investment
Bolivia plans to invest more than $9 billion in its oil and gas industry through its state-owned energy company over the next six years, said Finance Minister Luis Alberto Arce. The government of President Evo Morales will spend more than $350 million through this year and will announce further investments later, Arce said.
-- Bloomberg News
LEGAL
