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British Airways to cut costs

LONDON, JAN. 28. British Airways plc. said on Wednesday that it planned to cut pound sterling 300 million ($550 million) from staff costs over the next two years to secure its future and become a profitable carrier. Chief Executive, Rod Eddington, said in a letter to staff that the business plan's aim of achieving an operating profit margin of 10 per cent could only be achieved with more job cuts. "This is the target we must hit if we are to secure our future and become profitable and successful," Mr. Eddington said. "Clearly we cannot achieve that target without some further headcount reduction". — Reuters

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