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American Airlines Announces Reductions  American Airlines, Inc. announced significant reductions to its 2008 domestic flight schedule including a 4th quarter mainline domestic capacity reductions of 11% to 12% from the previous year. It also outlined plans to retire at least 75 mainline and regional aircraft and unveiled serveral revenue growth initiatives as the company responds to record fuel prices, growing concerns about the economy and a difficult competitive environment.
"The airline industry as it is constituted today was not built to withstand oil prices at $125 a barrel, and certainly not when record fuel expenses are coupled with a weak U.S. economy," said AMR Chairman and CEO Gerard Arpey.
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Mexico will Begin Reimbursing
Hoping to attract more recession-wary Americans, Mexico will begin reimbursing the value-added tax charged on purchases made at stores and businesses throughout the country to tourists  who arrive by air and cruise ship. Mexico's Ministry of Tourism said that tourists will be able to use kiosks at 5 major airports -- Mexico City, Cancun, Guadalajara, Los Cabos and Puerto Vallarta -- to reclaim the 15% VAT they've paid on goods totaling at least $115. To qualify for the refund, the purchases must have been made at approved stores with credit or debit cards issued outside of Mexico, or in cash. Tourists must present their passports and obtain a receipt and an official refund form from the approved merchant. The tax credit will apply to shopping, not to purchases on meals and lodging.
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