Puff. Closer co-operation, yes, as OneWorld moves towards scale-benefits, such as in procurement, onway to the logic of one integrated franchise. Equity investment, no. Why would a China-orientated team do such a thing? Since 1860 Swire has attended to business far from Liverpool; if Beijing should perceive some political benefit in a Board presence in a big Western carrier, track record is of buying in distress situations - an Alitalia: now there's a rumour.