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News Summary: AirAsia parts ways with Japan's ANA

The Associated Press

BREAKING OFF: Southeast Asia's top budget carrier, AirAsia, has decided to part with Japan's All Nippon Airways after clashes over how to run their low-cost joint venture airline.

COST CLASH: AirAsia said the two-year joint venture was hampered by a "fundamental difference of opinion" on issues such as cost management.

PULLING UP STAKE: AirAsia will sell its 49 percent stake to ANA for 2.45 billion yen ($25 million). AirAsia Japan will operate until the end of October, after which it will be given a new name and operate as ANA's fully-owned subsidiary.