Qantas low-cost subsidiary Jetstar Airways and Kuala Lumpur-based AirAsia yesterday unveiled an alliance that will bring together the Asia/Pacific region's leading LCCs, allowing two carriers with combined annual turnover exceeding $3 billion to reduce costs, pool expertise and maintain lower fares. Key to the agreement, which the airlines said was the first of its kind, is "a joint specification for the next generation of narrowbody aircraft," according to AirAsia CEO Tony Fernandes. ...

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