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Financial News

British Air Extends Capacity Cuts, Grounds Planes, Delays A380 Deliveries British Airways Plc, Europe’s third- largest airline, will extend capacity reductions, ground planes and delay deliveries of superjumbo aircraft as demand for air travel shows scant signs of rebounding amid the recession.

Wiedeking Era at Porsche Runs on Fumes as Volkswagen Takeover Backfires Wendelin Wiedeking, hailed as “the man who outfoxed the market” by Fortune magazine in January, is fighting to save Porsche SE -- and his job -- as a strategy to take over Volkswagen AG unravels.

Most Stocks Fall; MSCI World Has Longest Weekly Losing Streak Since March Stocks fell in Europe and Asia, extending the MSCI World Index’s longest weekly losing streak since March, as reports on retail sales and the service industry added to concern the first global recession since World War II will persist. U.S. markets were closed for a holiday.

European Union Calls for Clearinghouses for Over-The-Counter Derivatives The European Union called for the use of clearinghouses for some over-the-counter derivative trades to “ensure they do not harm financial stability” as part of a response to the global economic crisis.

CNPC, Cnooc Said to Seek $14.5 Billion Stake in Repsol's Argentinean Unit Repsol YPF SA is in talks with China National Petroleum Corp. and China National Offshore Oil Corp. about a sale of a stake in its Argentinean unit, three people familiar with the discussions said.

Britons Are Paying Down Mortgage Debt at Record Pace, Bank of England Says Britons paid down mortgage debt at a record pace in the first three months of the year as the recession encouraged people to curb borrowing.

Stanford's U.K. Assets Should Be Handed to Antigua Liquidator, Court Rules R. Allen Stanford’s liquidators from Antigua were awarded control of 120 million pounds ($196 million) in U.K. assets seized in a fraud probe in a London court battle with U.S. receivers.

ThyssenKrupp Said to Abandon Sale of Unit After Potential Buyers Pull Out ThyssenKrupp AG, Germany’s largest steelmaker, scrapped the sale of an industrial services unit as part of a 1 billion-euro ($1.4 billion) disposal of assets after buyers pulled out, people familiar with the situation said.

General News

Fuchs Petrolub Chief Says Lubricants Maker Has $350 Million for Purchases Fuchs Petrolub AG, Germany’s largest maker of lubricants, is prepared to acquire competitors in a market hurt by a collapsing demand from industries like automotive and mining.

Iran Will Put on Trial Some British Embassy Employees for Inciting Unrest Some Iranian employees of the U.K. Embassy in Tehran will be put on trial over allegations they helped instigate post-election unrest, a senior cleric told worshippers in the capital during Friday prayers.

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