I like the old Warren Buffett adage in times like this, " you only know who's been swimming naked when the tide goes out", well the tide is out and let's see who has their birthday suit on !
There are some smart people that think in a year or two the gulf will bounce back very strong due to the impending inflation that the US gov't has started with printing so much money and added so much liquidity to the markets. If and when inflation comes back, it could be massive and the USD will drop sharply again, oil prices will rally, property prices will increase, and gold/silver will increase massively. Just a theory but it is very likely at some point in the not too distant future.
I'm sure many airlines around the world have been rocked by the low oil prices and mis-timed the fuel hedge. Must be tough to watch if you hedged at 80-100/ barrel. I would be very surprised to see any union between EK and EY. Things would have to implode rapidly for any real discussion, but never say never, it's a new chapter for the history books and world finance.
Interesting to see EY secure the sought after Tokyo slots....there certainly is power in the capital.....