BA admits foul play

British Airways has admitted that its competition compliance policy was breached, and has set aside £350 million ($700 million) to cover any potential claims resulting from the ongoing UK Office of Fair Trading and US Department of Justice probes into alleged cartel activity relating to long-haul passenger and cargo fuel surcharges. The admission came as BA released its full-year results for the year ending 31 March, in which it posted a pre-tax profit of £611 million ($1.2 billion) on revenues of £8.49 billion. The carrier says security problems last year at Heathrow cost it £100 million.

Source: Airline Business