Fuel above USD130 (plus refining margins). But pilot shortages critical too

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Last year was perhaps one of the few in history where the stars were aligned for the global airline business - a "sweet spot" that delivered almost decent returns for many companies. The world experienced a harmonious synchrony of economic conditions, where demand for travel was strong, oil prices were still well below USD100 a barrel, there was no pandemic of bird flu, nor major terrorist attack to undermine travel confidence and the conditions looked basically serene. This year offers a stark contrast.