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In this new world of uncertainty, it will be agility that wins in air – and some old-fashioned good luck, especially on the over-served transatlantic.

Passenger carriers, with exposure to the US in particular, are likely to face some stress. Delta Airlines said yesterday its planned 3% to 4% growth will no longer happen this year, and it has cut its first quarter earnings outlook.

It’s a quick turnaround from earlier predictions that 2025 would “be the best financial year in ...

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