Irish airline Ryanair confirmed today it would be buying around £10bn-worth of new planes in a move that will create more than 3,000 jobs.

The US and the EU set up multi billion pound transatlantic trade war today alleging unfair subsidies for Europe’s Airbus and America’s Boeing, two aviation industry giants.

Boeing vice president of sales, Dinesh Keskar, has said that the Boeing Company has offered to buy back five of state-owned Air India's old 747 planes.

Continental Airlines is to defer firm deliveries of 36 Boeing 737 aircraft originally scheduled for delivery in 2005, 2006 and 2007 due to weakness in the aircraft industry.