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New board to oversee Trinidad's Caribbean Airlines

Saturday - 5/18/2013, 10:50am  ET

PORT-OF-SPAIN, Trinidad (AP) -- Trinidad's finance minister has appointed a new interim board to oversee Caribbean Airlines after announcing that the state-owned company posted losses of more than $70 million.

Larry Howai says the board has three months to review the airline's finances and make recommendations on how to generate more revenue. He told reporters Friday that a $40 million fuel subsidy would end in 2015.

The beleaguered airline had seen several leadership changes and employee layoffs in recent years as part of a restructuring.

Caribbean Airlines serves the region and also flies to New York, Florida, Philadelphia and Canada.

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