Industry prospects really bleak (MAS), but Asian demand remains strong in May (AAPA)

Malaysia Airlines (MAS) Managing Director and CEO, Idris Jala, has published some dire predictions in an open letter to customers in Malaysian newspapers. With oil prices rising to unprecedented levels, Mr Idris stated the prognosis for the industry is "really bleak" and warned the industry could collapse unless "drastic" change occurs rapidly. Of the global airline industry, Mr Idris believes fares may have to go up "by as much as half", with capacity cut by a quarter and costs cut "even further, by a tenth".