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(03-23) 08:52 PDT MADRID, Spain (AP) --

Spanish carrier Iberia on Friday unveiled a new low-cost airline, Iberia Express, which aims to claim a stake in the highly competitive no-frills sector of the European market.

The new airline is part of a plan by parent company International Consolidated Airlines Group to increase profitability after the merger of its component parts, British Airways and Iberia.

Iberia Express will initially cover Vigo, Santiago and Granada on Spain's mainland and its island destinations of Menorca, Ibiza, Fuerteventura, Lanzarote and La Palma. It will expand internationally to Ireland, Italy, Greece, Latvia and Netherlands, chief executive Luis Gallego said at a press conference.

Inaugural flights will take off Sunday, although the company's website was not up and running Friday afternoon. Prices begin at (EURO)25 ($33) one-way with a surcharge for checking in luggage and booking seats in advance.

The new company employs 500 staff and has a fleet of four Airbus 320 planes, although there are plans to increase this to 14 aircraft by the end of the year.

The airline is the subject of a protracted labor dispute between Iberia and Spain's main pilots' union, Sepla which held 12 days of stoppages in Dec. and Jan.

Sepla pilots argue Iberia Express would mean job losses among the 1,600 pilots who work for the main airline a claim disputed by Iberia.

Sepla had announced nine days of strikes in April and May but called them off following government mediation and has agreed to negotiate further with Iberia.

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Spain's Iberia unveils low cost Iberia Express

Associated Press

MADRID Spanish carrier Iberia on Friday launched a new low-cost airline, Iberia Express, which aims to claim a stake in the highly competitive no-frills sector of the European market.

The new airline is part of a plan by parent company International Consolidated Airlines Group to increase profitability after the merger of its component parts, British Airways and Iberia.

Iberia Express will initially cover Vigo, Santiago and Granada on Spain's mainland and its island destinations of Minorca, Ibiza, Fuerteventura, Lanzarote and La Palma. It will expand internationally to Ireland, Italy, Greece, Latvia and Netherlands, chief executive Luis Gallego said at a news conference.

"The containment of costs will allow Iberia Express to grow and compete with the low-cost operators," said Gallego, adding that although the new airline will be managed independently, it will employ Iberia's maintenance and other services.

Inaugural flights will take off Sunday, although the company's website was not up and running Friday afternoon. Prices begin at (euro) 25 ($33) one-way with a surcharge for checking in luggage and booking seats in advance.

The new company employs 500 staff and has a fleet of four Airbus 320 planes, although there are plans to increase this to 14 aircraft by the end of the year and up 40 by 2015.

The airline is the subject of a protracted labor dispute between Iberia Lineas Aereas de Espana SA and Spain's main pilots' union, Sepla which held 12 days of work stoppages in December and January to protest the low-cost airline.

Sepla pilots argue Iberia Express would mean job losses among the 1,600 pilots who work for the main airline a claim disputed by Iberia.

Sepla had announced nine days of strikes in April and May but called them off following government mediation and has agreed to negotiate further with Iberia.

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Spain's Iberia starts low-cost airline

22-03-2012 22:16 Andrew unboxes The Muppets Blu-Ray/DVD/Digital Copy + Soundtrack Download Card. DVDAndrew's Twitter: http://www.twitter.com

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Unboxing The Muppets Blu-Ray/DVD/Digital Copy/Soundtrack - Video

23-03-2012 08:45 Leading central bank officials from around the world gather Friday and Saturday in Washington to assess the impacts of their easy money policies at a research meeting being convened by the Federal Reserve. One of the conclusions they're likely to draw: Controversial "quantitative easing" policies are likely to be a continuing weapon in their monetary arsenals as long as global growth is so weak. Plus, Ben Bernanke says low rates did not cause the housing bubble.

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IS 'Easy Money' an Effective Strategy For The Fed - Video

LoveFilm, the Amazon-owned movie rentals firm, has today announced that demand for its digital streaming service has surpassed physical DVD rentals for the first time.

The company said that its subscribers streamed more content to connected devices in February than requested rentals of DVDs, Blu-rays and video games.

Demand for digital streaming over physical copies has led LoveFilm to state that it is now a "predominantly streaming business", raising question marks over the future of the DVD operation.

LoveFilm, which launched a streaming-only service called LoveFilm Instant last year, said that the number of films and TV episodes streamed online through internet-connected devices is now exceeding demand for physical copies by 20%.

Digital streaming demand in February was up a staggering 400% year-on-year, although the rental of physical products also increased by 25% year-on-year.

Jim Buckle, the new managing director of LoveFilm following the resignation of chief executive Simon Calver, said that the growth in demand for digital is expected to continue.

"The first quarter of 2012 has shown us two things: that LoveFilm members are watching more films and TV series both on the internet and on DVD than ever before and; in less than three years, streaming through LoveFilm Instant has become more popular than renting DVDs," he said.

"Our members crave instant on-demand access. With more world-class digital content being added to LoveFilm Instant and a growing number of internet-connected devices delivering it to members' living rooms we expect this trend to continue.

"At the same time, many of our members continue to enjoy the combination of LoveFilm Instant and LoveFilm By Post in one, great value for money, subscription, with both services growing rapidly."

LoveFilm now has more than 2m subscribers across Europe, accessing a range of movies such as The Twilight Saga: Eclipse, Source Code and soon the acclaimed Tinker Tailor Solider Spy.

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LoveFilm digital streaming surpasses DVD rentals