Virgin Atlantic's wings clipped

Sir Richard Branson's Virgin Atlantic is heading for record losses of as much as £135 million ($197 million), triggering fears of job cuts among the carrier's 9000 staff. New chief executive Craig Kreeger (pictured) has instigated a pay freeze and a cost-cutting plan after warning in an internal memorandum that the airline's financial performance was "well behind where we anticipated". The carrier, which flies 6 million passengers a year, slumped to an £80 million loss last year. It has been hit harder still this year by soaring fuel costs, stronger competition on its transatlantic routes and rising airport charges.

Sir Richard Branson's Virgin Atlantic is heading for record losses of as much as £135 million ($197 million), triggering fears of job cuts among the carrier's 9000 staff. New chief executive Craig Kreeger (pictured) has instigated a pay freeze and a cost-cutting plan after warning in an internal memorandum that the airline's financial performance was "well behind where we anticipated". The carrier, which flies 6 million passengers a year, slumped to an £80 million loss last year. It has been hit harder still this year by soaring fuel costs, stronger competition on its transatlantic routes and rising airport charges.

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