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It will come as no surprise to the market that Malaysia Airlines is to undertake a “complete overhaul”, back in government hands. A state investment fund proposes to buy back shares and restructure the ailing carrier.

“Massive surgery is required,” said one analyst. The airline has suffered losses for the past three years and full-scale change was sorely needed even before its tragic 2014. But only time will tell whether the government will be able to make sufficient changes at the carrier, which has a strong union who is calling for a new management team.

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