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Iceland raised its aviation alert over the nation's largest volcano to red on Friday, after the Bardarbunga peak began erupting overnight. A ban on air traffic around the country's largest volcanic system was also put in place, but the authorities said there were no signs of spewing ash. A major explosion at Bardarbunga, located under Europe's largest glacier, could signal a replay of the global travel chaos triggered when another Icelandic peak blew four years ago, creating a massive ash cloud across Europe. Iceland's civil protection office said the eruption began just after midnight and had created a volcanic fissure of up to a kilometre (over half a mile) long.
By Al-Zaquan Amer Hamzah KUALA LUMPUR (Reuters) - Malaysia Airlines , the country's loss-making flag carrier, will cut 30 percent of its workforce as part of a sweeping restructuring that will cost 6 billion ringgit ($1.90 billion), majority investor Khazanah Nasional [KHAZA.UL] said. Malaysia Airlines will be de-listed from the Kuala Lumpur exchange by the end of 2014, Khazanah said, adding that it aims to return the carrier to profitability within three years of the de-listing. "Recent tragic events and ongoing difficulties at MAS have created a perfect storm that is allowing this restructuring to take place," Khazanah Managing Director Azman Mokhtar told reporters in Kuala Lumpur. Ahmad Jauhari Yahya will stay on as chief executive until July next year, Khazanah said, adding that the search for a new CEO has begun.