Iberia suffers record losses

The Spanish airline, Iberia, last week anounced record losses in 2009.  The carrier's net losses reached €273m and revenues were €4.41 billion, a 19% reduction. 

British Airways and Iberia's proposed tie up was recently approved by the US Department of Transportation.  This merger, that the airlines hope to seal in the first quarter of 2010, would combine two organisations with significant financial woes.  The completed combination would produce the world's third largest airline by revenue.

Source: RTÉ