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Czech Airlines is to be taken over by rival operator Travel Service, following an agreement by Korean Air and asset-management firm Prisko to dispose of their stakes in the carrier. Travel Service, which already had a 34% share of Czech Airlines, will become the majority shareholder by increasing this stake to 97.74%. Prisko, which is a govt-linked entity, could still opt to withdraw from the agreement, which would leave Travel Service with a reduced majority of about 78%. Travel Service says the investment is in line with its long-term strategy to become a "prominent and widely-respected airline group" within the European market. No financial details of the Travel Service transaction have been disclosed. But Travel Service says the acquisition should be completed within 3 months of securing the various regulatory approvals. <br/>

Argentine Airlines has become the latest carrier to suspend flights to the Venezuelan capital, Caracas. The company said it had concerns over security in Venezuela because of increasing criminal violence and political uncertainty. It joins dozens of airlines who have taken similar action. IATA says Venezuela is becoming increasingly isolated. Peter Cerdá, VP at IATA, said last week: "The situation has become increasingly difficult, most of IATA’s members have left Venezuela. There are only 6 or 7 carriers left operating a very low flight frequency. Venezuela is becoming disconnected, it's practically disconnected from the rest of the world, above all by air, and we can't see any solution in the short term." Cerdá said passenger traffic in Venezuela had dropped by 75% in the last 4 years. <br/>