I'm sorry to say chaps that www dire predictions are coming true. Here are a few stories i came across this morning:
Aer Lingus angers rival with profit warning
BAA cargo traffic dives 21% on economic slump
The airline industry was shrouded in gloom yesterday as carriers revealed plunging profits or cuts in services. Lufthansa, one of the world's largest airlines, said that net profits had fallen by 64 per cent to €599 million last year and that this year would be even worse. Cathay Pacific, the Hong Kong-based airline, said that it had lost $1 billion (£724 million) in the second half of last year.
Air France-KLM revealed that it would cut its services by 3.4 per cent this summer because of lower passenger demand. This week, Delta, the American carrier, said that it would cut international capacity by an extra 10 per cent from September.
— Air Asia X yesterday provided a rare bright spot in aviation as it began low-cost flights to Malaysia, offering fares from London for as little as £99 one way to Kuala Lumpur.
The flights, out of Stansted, will connect with Air Asia's regional network in Malaysia, Thailand and Singapore.
Aer Lingus admission of losses angers Michael O'Leary - Times Online
