Credit crisis diary: Walsh heads for KL all by himself

Willie Walsh, the BA chief executive, has cut a lonely figure at the International Air Transport Association's AGM in Kuala Lumpur this week. In a normal year, the UK flag carrier would take as many as five representatives at the conference. This year, with 4,000 staff set to lose their jobs, the company can hardly be seen to be flashing its cash. So Mr Walsh – who has already made a statement of solidarity with his staff by forgoing his salary for July – was out in Malaysia on his own. Heaven knows what damage such cutbacks on international travel are doing to the airline industry.

Jackson may say no to ITV's headhunters

More problems at ITV, whose search for a replacement for Michael Grade is proving tough. One name that has enjoyed a groundswell of support is Michael Jackson, the former head of Channel 4, but we hear that in recent days Mr Jackson has been distancing himself from the job, telling friends he would be unlikely to accept the role were it to be offered to him. ITV's headhunter Russell Reynolds is currently drawing up a shortlist of candidates to replace Mr Grade. Will Mr Jackson's name remain on it?

Rio Tinto was a scarlet lady, claims China

Over to Xinhua, China's official news agency, for a different take on the collapse of the deal between Rio Tinto and Chinalco. "Rio Tinto is like a dishonourable woman: once she loved the money in Chinalco's pocket but she actually did not love the man himself. Now she is breaking faith and kicking down the ladder."

Rock shareholders return to a hard place

The Northern Rock legal roadshow rolls into town again today, with an appeal court hearing scheduled to begin at 10 sharp. As ever, shareholders will be seeking to force the Government to cough up some big money as compensation for the collapse of the bank last year. And as ever, the smart money is on the shareholders losing their case.

The BBC's transport budget gets cut

More evidence that times are getting tougher even for the BBC. Reports yesterday on the build-up to the strike of London Underground workers featured footage of the same Tube station over and over again. And the Beeb can't have spent much on dispatching the troops to cover the story – the station in question was White City, literally across the road from Television Centre.

businessdiary@independent.co.uk