With Portugal’s New Government, the Promise of Harsh Cuts

It may have been the politician’s practiced habit of emotional concealment, but in his concession speech last night, the smiling outgoing Portuguese Prime Minister Jos Socrates hardly looked like a man distraught with defeat. Nor, for that matter, did his opponent, Paulo Passos Coelho, seem gleeful with triumph

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BA pilots offered shares for pay cut

British Airways pilots are being urged to accept a deal under which they will receive shares in the struggling company in return for a pay cut, their union said Thursday. The move will save the company £26 million ($42 million) annually and is the latest measure to help the airline through the economic downturn.

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