That cliche about the three most important things in real estate being location, location, location is equally true for the airline industry these days. If you are a carrier based in Europe or Asia, or you are a new-model airline in Latin America or the Middle East, odds are you're operating in the black in spite of today's record nominal fuel prices. If, on the other hand, you reside in North America, you're probably settling for smaller victories: Reducing the size of the annual loss, ...

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