And in the real world... British Airways, JJB, Cable & Wireless, Mitchells & Butlers and more

LONDON - Today's round-up of the biggest business stories affecting ad agencies

And in the real world...
And in the real world...

British Airways has reported a record loss of £401 million for the year ending 31 March, as a fall in passenger numbers and a rise in oil prices took its toll on the airline.
Source: Financial Times

JJB Sports, the sportswear retailer, has revealed that it recently came "dangerously close to insolvency" after recording a £189 million loss in 2008.
Source: The Times

Ed Liddy, the boss of AIG, is to step down from his position as soon as a replacement for him is found. Liddy, who holds dual roles as chairman and chief executive of the American insurer, has only been at the company for eight months.
Source: Independent

Tim Clarke, the chief executive of Mitchells & Butlers, one of Britain's biggest pub groups, has resigned after the company lost £69 million in a disastrous bet on interest rates.
Source: Guardian

Borders UK has been forced to look into closing some of its underperforming stores, raising questions about the long-term future of the bookseller.
Source: Independent

Cable & Wireless has come under fire after revealing that its bosses will take home over £40 million in payouts this year, despite the fact that it's currently in the midst of slashing 600 UK jobs.
Source: Daily Mail