Chinese regulators have approved the Boeing 787 to fly in the country, Boeing said Thursday, a move that opens up a large potential market to the US aerospace giant. "I can confirm that the Civil Aviation Administration of China has granted type certification for the 787 Dreamliner," a Boeing spokesman said in an email. Chinese airlines have yet to take delivery of the high-tech 787, which last month was cleared to return to service after all 50 in use were grounded worldwide in mid-January following two overheated battery incidents.

Virgin Atlantic, with its in-flight bar, designer-clad flight attendants and leather seats, has emerged as the favorite long-haul airline among readers of a luxury travel magazine published by The Daily Telegraph. Announced this week out of London, the carrier helmed by splashy billionaire entrepreneur Sir Richard Branson snagged the lofty title from runners-up British Airways, Emirates, Qantas and Singapore Airlines at the Ultratravel 100 awards 2013.

By Deepa Seetharaman DETROIT (Reuters) - Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske to invest in technology startups. The fund, IncWell LP, will provide initial investments ranging from $50,000 and $250,000. IncWell has "strong interests" in the areas of clean energy, medical, healthcare, transportation and information applications.

Ford announced Thursday it would stop making vehicles at its unprofitable Australian plants in 2016 and axe 1,200 jobs, ending an era that began in 1925 with the legendary Model T. Ford Australia chief executive Bob Graziano made the announcement as he revealed losses of Aus$141 million (US$136 million) after tax in the last financial year and Aus$600 million over the last five years.