Thursday November 27th, 2003

A new low-cost airline run and majority-owned by three-time Formula One champion Niki Lauda will take to the skies on Friday, with two planes flying out of Vienna and Salzburg, both six times a week.

This is the latest in a series of business comebacks for Lauda, who launched an eponymous charter airline in 1979 and sold it in 2000.

"We will add another two airlines for summer, starting in April," he told a news conference in Helsinki to announce the airline will be using Finnish flag carrier Finnair's flight simulators.

Lauda declined to say how large his stake is in the firm, previously the Austrian arm of bankrupt German charter carrier Aero Lloyd which flew passengers for travel firms and Thomas Cook.

Lauda has said he is personally putting up four million euros ($4.71 million) as start-up capital in the airline, yet to be named, which will fly to holiday destinations like the Canary Islands, Egypt and Turkey.

Published at 05:00:36 GMT

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