You need a big cash balance to borrow cheaply, profit/cash flow is not high enough to fund the new planes without taking a hit on credit rating, otherwise they would of given out a dividend.
Emirates has just removed fuel surcharges while Qantas has increased them, Emirates also plans to significantly increase it's market share in Aus.
Stars are aligning in the industrial disputes, watch this space.
Air Canada is a great example of why you shouldn't spin off your frequent flyer program.
time to buy, page-140
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