As our World Airline Report (beginning on p. 24) makes clear, the past 12 months have not been kind to commercial air transport. ICAO has estimated that the scheduled airline industry posted an operating loss of $9.6 billion in 2008, or $3.8 billion if fuel hedges are excluded, while IATA puts the net loss at $10.4 billion and expects a further $9 billion in red ink this year. To be sure, these are not large numbers for a global industry when measured against the appalling deficits ...

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