Reports coming out of Belgium indicate that Virgin is looking at buying Sabena. Highly unlikely, given their cash position and the existence of VEX (which Branson memorably described as his "worst business investment, ever". I suspect it's simply Belgian Minister Rik Daems tying to dig himself out of the SN accountability hole...
Scroggs - the telecoms sector - and especially the mobile one - is about as buoyant as the airline industry at present. Atlantic Telecom folded on Friday, and there will be more to come - including some very big names indeed. So no, Branson won't be able to bail himself out of Virgin Mobile in the near future - and all of the other Virgin business are hocked to the hilt as well.
It's cashflow that keeps them afloat, and the drying up of this life-blood will bring the whole house of cards crashing down. Remember Slater Walker in the 1970s? Exactly the same thing there...
The Far Eastern markets have always been hit, and yields are low on the South African markets, especially for pax originating in South Africa. The rapidly sinking rand isn't helping, either. Nigeria is costing money, as is India.
Regrettably, I suspect that by next August we'll be trying to remember who Virgin Atlantic were!