It is hard to argue with British Airways CEO Willie Walsh's observation that the April 1-Sept. 30 financial semester "will be remembered as one of the bleakest on record," what with record fuel prices, the credit crisis and the failure of several airlines. And not only for British Airways, which showed an uncharacteristic loss for the peak season travel period. Profits are down at bellwether airlines all over the world: Emirates' half-year earnings fell 88% and Cathay Pacific shed its first ...

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