SINGAPORE (Reuters) - Tiger Airways, a budget carrier 49-percent held by Singapore Airlines , said on Tuesday it has dropped plans to set up a low-cost airline in Korea due to the global economic slowdown.
Tiger had previously announced plans to form a joint venture airline with South Korea's Incheon Metropolitan City that would have operated out of the city's international airport.
"The recent global economic situation and continued regulatory uncertainty in Korea have meant that both parties have concluded that the climate is not conducive to the successful launch of a new airline at this time," the Singapore budget carrier said in a statement.
