[Carol Costello, Cnn Anchor:] Time for a little business buzz right now. The skies are about to get more crowded with low cost airlines. Carrie Lee, live from New York, has the latest on that. Does that mean great bargains for you and me?
[Carrie Lee, Cnn Financial News Correspondent:] Well, it usually does, Carol, when there are more than one competitors or when more competitors come into a space and that's what is set to happen. Virgin Group Chairman Richard Branson announced plans to bring in another low cost airline in the United States to compete with Jet Blue and Southwest. Now he wants to do this by June 2004. And the idea here is to get into this low cost space. He wants to start slow, bring in maybe 10 or 15 planes, start modestly. And the idea here is really to compete or along the airline would be along the same lines as Virgin Blue, which is Virgin's Australian discount carrier. So they certainly have some experience in this space. By the way, people who are traveling to London, going transatlantic, he's also unveiling a new premium class service on the Virgin name there as well. This is under the Virgin Atlantic name. But looks like another low cost carrier could come into the United States. Under certain aviation laws, however, Virgin would own under 50 percent of the company to meet those laws. But as I said, usually when there is more competition in a space that usually does translate into lower prices for consumers. So potentially good news there Carol.
[Costello:] Yes, and maybe that's the wave of the future for the airline industry, who know?
[Lee:] Yes, it looks like it because the low cost carriers are the ones actually making money. The big carriers are still dealing with tremendous losses. So certainly even the big carriers, like United, are getting into the low cost space. And people seem to like it because the fees are pretty low for tickets.
[Costello:] Yes, can't argue about that. Carrie Lee, live from New York, many thanks. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com