The International Air Transport Association (IATA)

cut its profit forecasts for theglobal airline industry in 2008, for the second time in four months. Citing weakereconomic conditions worldwide and ever-rising fuel prices, IATA said yesterday that itexpected the industry to post a combined net profit of $ 4.5Bn this year, down from aprevious estimate of $ 5Bn. IATA managing director Giovanni Bisignani also urgedgovernments to remove restrictions on the ownership of airlines in order to driveconsolidation, claiming there was “no long-term future” for a “fragmented industry of over1,000 players” that is “constantly on the verge of intensive care”.
The Wall Street Journal Europe