The Chinese government has cut domestic jet fuel prices by 9% to CNY 6,724 ($1,064) per ton and prices are now 12% down on last year. ICICI Bank has managed to offload its US$99m (430 crore) exposure to Kingfisher. Well done to them and the best of luck to Srei Venture Capital who obviously see some assets in their sights. Meanwhile, Virgin America posted a $76 million loss for the first quarter, bringing the total amount of losses since inception in 2007 to $530 million. Virgin America’s first-quarter revenue grew by 33% to $267 million. Its unit revenue, or the

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