Source: www.tulsaworld.com
Author: Wire Reports

United Airlines CEO Glenn Tilton renewed his call for overseas investment in U.S. airlines Thursday as part of deregulation worldwide to boost industry profitability.

"Capital is global, it is global and doesn't have sovereign inhibitions," Tilton told reporters at the U.K. Aviation Club in London.

The European Union has proposed expanding those investments across borders as part of pending talks on a second "Open Skies" treaty to ease limits on flights between the U.S. and Europe. U.S. law now prohibits noncitizens from controlling airlines or owning more than 25 percent of voting stock.

"I support the EU view that in phase two, foreign ownership should be on the table," said Tilton, who has urged looser rules for such investments.

Tilton said the industry's failure to make sustained profits was a result of "protectionist policies" shielding carriers from competition. Global losses will narrow to $5.6 billion this year from about $11 billion in 2009, says the International Air Transport Association.