Taiwan's TransAsia Airways shuts down after heavy losses

TransAsia Airways this morning ceased operations after two crashes pushed it into losses from which it can’t recover. It has convertible bonds due on November 29, which it will be unable to pay, it said, but it will compensate affected customers in full. The carrier was losing $9.4m a month. TransAsia does carry cargo, and in June, it carried 4,063 tonnes, up 37.2% on the previous year. It suffered crashes in both 2014 and 2015, resulting in the death of 91 passengers. It is also being probed by regulators for alleged insider trading in its shares prior to disclosures that it was halting flights.