Iberia is preparing a follow-up program to its Director Plan 2003-05 that will target savings of €550-€600 million ($695.2-$758.3 million) in 2006-08 through a series of cost-cutting and productivity-boosting measures that may include creation or acquisition of an LCC to cater to the low-cost air travel segment. "There are markets where we can't compete anymore in current conditions. We either create a second brand or we convince trade unions of the need for a second salary ...

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