Air Berlin plans sweeping cuts

Air Berlin Plc announced the most sweeping job cuts in almost 40 years of flying in a bid to rescue its ailing business, slashing its fleet by half as 40 jets are leased to archrival Deutsche Lufthansa AG and 35 others are deposited in a new tourism arm with an uncertain future. About 1,200 of 8,650 staff may go and the three-way fleet split will leave Air Berlin’s main airline with just 75 planes. The company expects to receive a US$1.35-billion lifeline from the six-year deal with Lufthansa.