Research Paper
The Risk and Impact of Airline Alliances
Yi-Cheng Pan
GSE Course
Teacher: Floyd Olive
12/5/2006
Abstract
The topic of this paper is about the risk and impact of airline alliances. This research argues that bad impact of the airline alliances is getting worse everyday. This essay is about how airline alliances can threaten and endanger the entire world, especially on passengers and community, travel agencies and employees. The disadvantages of airline alliances can be removed in three ways that include establishing a supranational government organization, creating a communication platform and using antitrust.
Research Paper
The Risk and Impact of Airline Alliances
The past two decades has witnessed an increasingly rapid tendency toward globalization in the world economy, and this has significantly affected the international logistics and transportation of nations, especially in civil aviation transportation. International airlines supply services in many countries and sell to customers around the world. Indeed, globalization also has made the world more interdependent than ever. There is no question that the movement to the market economy throughout the world and the globalization of markets has led to the greatest demand for the greatest number. Nevertheless, the most important consequence of globalization is the fact that the capacity of individual airlines cannot yet match the demand of supranational firms and customers. As a result, airlines change competition to cooperation in order to create greatest gain and profit. At the same time, international airlines businesses face tough challenges from the huge demands of fragmentary international customers. Therefore, In order to service their clients to snatch the greatest comparative advantage and benefit, airlines must be mutual cooperate to get more efficiency and safety.
According to the recent article “Airline Alliances Beat Regulations to Rule the Skies” figured out “alliances between airlines have become de rigueur as an alternative to full-blown mergers and acquisitions, which are stifled by the present international aviation regulations” (Financial Express, 2006, para. 1). In other word, airline alliances are an important factor in airline development with members generating marketing and operational benefits. In Mr. Kraats’s article “Gaining a Competitive Edge through Airline Alliances,” he stated that alliances and cods sharing are popular among airlines and helping the airline gaining the competitive advantages (2000, p. 56). An alliance, as defined by the Federal Aviation Administration (FAA), is “alliance is a merging of resources, operations, or financial interests between one entity and another entity” (as cited in Kraats, 2000, p. 56). In other words, alliance is an agreement between two or more airlines to cooperate for the foreseeable future on a substantial level. Generally speaking, the degree of cooperation differs between alliances. The following table lists the latest alliances and their memberships (Tourism Futures International, 2006).
World Airline Alliances
Alliance Members
One
world
(8 member airlines)
Founding members: American Airlines, British Airways, Canadian Airlines, Cathay Pacific Airways and Qantas Airways (1 February 1999).
Additional members: Finnair and Iberia (September 1999), Aer Lingus and LAN Airline (May 2000). .
Future members: Malev and Japan Airlines have formally accepted invitations to join. Royal Jordanian is a member elect.
Sky
Team
(10 member airlines)
Founding members: Air France, Delta, AeroMexico and Korean Airlines (June 2000).
Additional members: CSA Czech Airlines (March 2001), Alitalia (July 2001), KLM, Continental Airlines and Northwest Airlines (September 2004), Aeroflot (April 2006).
Future members: China Southern Airlines has taken preliminary joining steps. Air Liban, Air Europa, Copa Airlines, Kenya Airways, Tarom and Portugalia Airlines have begun the process of attaining Associate status.
Star Alliance
(18 member airlines, 3 regional members)
Founding members: United Airlines, Air Canada, Lufthansa, Thai Airways International and SAS-Scandinavian Airlines (14 May 1997).
Additional members: VARIG Brazilian Airlines (October 1997), Air New Zealand (March 1999), All Nippon Airways (October 1999), Austrian Airlines Group(March 2000), Singapore Airlines (April 2000), bmi british midland, (July 2000), Asiana Airlines (March 2003), Spanair (April 2003), LOT Polish Airlines (October 2003), US Airways (May 2004), Blue1 (October 2004, regional member), Adria Airways and Croatia Airlines (December 2004, regional members), TAP Air Portugal (March 2005), South African Airways and Swiss International Airlines (April 2006).
Future members: Air China Limited has signed a Memorandum of Understanding; Shanghai Airlines has been invited to join.
Note. The data are adapted from “Industry issues and trends: Airline alliances” (2006), Tourism Futures International.
The advent of global airline alliances in the 1980s gave rise to concerns that increased monopoly power of major carriers would lead to large and sustained producer surpluses. However, partner selection is a difficult decision of airline. If airlines can learn to make timely and well-considered decisions, then they can often lead their company to spectacular and well-deserved success. However, if they make poor decisions, their firm risks failure and losing their customers. For example, in Mr. Wilma’s article “Alliance strategy and the fall of Swissair,” he proved that the alliance strategy will undermine a corporate level goal to diversify risk beyond the airline business, if select the wrong alliance strategy. The article stated that “the Swissair Group's bankruptcy is a direct consequence of mistakes made in implementing its alliance strategy” (2002, p. 355). That showed the Swissair didn’t need equity to bind its partners to it, Moreover, the airline investments were unprofitable, increased the Group's leverage and weakened its cash position. As a result, the Group did not have adequate resources to recover from external shocks. Furthermore, In recent article “Airline Alliances: Much to Be Gained, But Risks Abound” pointed out that “airline alliances take many forms and provide varying benefits and risks to participating air carriers, as well as other stakeholders such as passengers, communities, travel agencies and employees”(Jon, 2002, p. 1).
Airline alliances are double faced, one promising and the other threatening. Nevertheless, the most important consequence of Airline alliance is the fact that supranational government organizations cannot yet match the power of supranational alliances, which seized the wonderful occasion to engage in lawless activities recently. For this reason, the risks and impacts of Airline alliances seem to outweigh the advantages of Airline alliances. Furthermore, there were few articles researched on the bad effect of Airline alliances so far. Thus, this research will individually discuss about airline alliances bad effect in passengers, communities, travel agencies and employees and then suggest these stakeholders how to avoid the risks and impacts of airline alliances.
The bad effect in passengers
The airline alliances could reduce schedules and increase fares on passengers who fly on their planes. Three of the nation's biggest airlines let consumers expected that will unite frequent-flier programs, enjoy greater airport lounges and gain more convenient travel schedules as these former rivals sell seats on each other's connecting flights (USA Today, 2002, A 14). And most passengers seem to think that airline alliances enable air carriers to offer better services like through ticketing, baggage transfers, and frequent flyer mileage credits between alliance partners. But that's wrong expectation because none of those services requires airline alliances. According to the article “Airline Subsidies, Alliances, and Code-Sharing” stated that ”The international standards that the airlines themselves established decades ago through International Air Transport Association (IATA) permit all IATA member airlines, not just alliance partners, to publish through fares and establish interline ticketing and baggage transfer agreements. Any IATA-appointed travel agency can sell tickets on any IATA airline, including tickets at a single through fare for a multi-airline journey. And even alliance members often give frequent flyer mileage credit for travel on non-alliance airlines, without code sharing” (Hasbrouck, 2006, para. 6). At the same time, Mr. Hasbrouck claimed the real purpose of the major global airline alliances is to solidify the oligopoly of their participants, and to drive smaller non-participants and even large non-aligned airlines out of business -- so that the remaining airlines can raise prices, while travelers are offered fewer choices (para. 9). As a result, there are also serious dangers for passengers if the ultimate outcome is an oligopoly that leads to reduced service quality and higher prices.
The bad effect in communities
This section takes a keen look at the problems facing the international community due to conflicts arising from applications of varying competition laws by different competition authorities to international airline alliances. As a result of privatization, deregulation, liberalization and globalization, international air carriers form alliances with one another in order to cope with growing competition in the international air transport market. Although there have anti-trust regulations and the patchwork of ownership restrictions, alliances seem to have grown into these giant organizations that are answerable to the airlines, and seem to have little regard for the communities and passengers. In deed, airline alliances hurt the public very serious recently. In addition, they have built some barriers to entry in airline industry such as financial barrier and priority obstacles. It is mean that major airlines have exclusive-use gate leases, hold best take off and landing time or slots, who dominate the best and desirable airports. New and small airline are difficult to entry in this high profit routes.
Airline alliances make the benefit to both sides. On the one hand, airline alliances claim their members that make a profit from their government as far as possible such as prices artificially inflated by protectionism, taxes increased to support government subsidies, exemption of the airlines from consumer protection laws…etc(Hasbrouck, 2006, para. 15). It’s pure hypocrisy and greed behavior, like the airlines are saying in their quest for even more special treatment and subsidies from governments. On the other hand, the big three airline alliances use to economies of scale for the airline members to achieve massive procurement savings, cutting costs by sharing facilities and allowing a rationalization of their routes through code-sharing. However, it's particularly unfair that public taxpayers are required to subsidize air carriers. Thus the United Nations should establish a supranational government organization which establish a level playing field in the international air transport market are identified and the author provides possible solutions for the harmonization of different applications of competition law to international airline alliances and ensures public benefit.
The bad effect in travel agencies
Airline alliances are bring shivers among travel agencies as they worry about the fate of their accounts. Travel agencies become minor role and low profit business in civil aviation industry due to airline alliances. According to Mr. Mayrhuber, CEO and chairmen of Deutsche Lufthansa AG, said that “In the olden days, airlines competed against each other. Toady the competition is still there, but is has been extended to a competition between airline alliances” (as cited in Airline Sets Sights High to Join Alliance, 2006 May 23, para. 2).
For this reason, travel agencies also select their cooperation alliance for competition advantage and restricted by alliance. Besides, It's a triumph of standardization and interoperability that the CRS's used by internet which can give access to schedule and price information (although not complete price information -- no single source has that) and ticketing capabilities for hundreds of airlines, even very small ones with no offices abroad, through a single user interface. One of the things for which a CRS is most useful is booking and pricing journeys that involve flights on more than one airline. Thus, there have some internet companies want share this market by their advantage such as Orbitz.com and travelocity.com; moreover, three biggest alliance developed their ticket system and website for selling their tickets. As a result, small travel agencies are in droves to close or bankrupt.
The bad effect in employees
Airline alliance decreases opportunities for job growth and reduced security for employees by work force reductions. The goal of alliance is to broaden sources of income and reduce expenditure. Therefore, airline alliance would induce a large surplus of employees due to they share the recourses each other. The U.S. Rep. James Oberstar intends to look hard at potential airline mergers in the coming months because he knows that fusing two carriers often causes pain for workers and hurts some consumers (as cited in Fedor, 2006, December 5). For example, Delta Air Lines Inc. and the Pension Benefit Guaranty Corp. have settled the carrier's request to terminate its pilots pension plan due to the proposed US Airways-Delta merger. However, some routes are overcapacity and that some seats should be removed from the market. But some carriers flying with many full planes and there is a lack of substantial competition on many routes. That is mean that the market of aviation isn’t overcapacity, it just dislocation. The airlines just find an excuse to terminate excess worker for reducing expenditure. Although it is unfair for employees, it is hard truth and rationality. Thus the employees could find out the job opportunities from others market needs.
In conclusion, airline alliance is difficult to pin down which can be a merits or demerits. Based on the argument of above-mentioned, the negative effects of airline alliances seem to outweigh the positive effects of airline alliances. Up to the present airline alliance was still threatening the entire world, particularly on the traveler welfare problem, public benefit topic, travel agencies revenue, and right of the employees. Therefore, we should pick out the danger of airline alliance. The disadvantages of airline alliance can be removed in a number of ways. First, we should establish a supranational government organization to contend with this enigma. Second, we should create a communication platform to know where good effect is and where bad effect is. Finally, individual could curtail supranational alliances’ powers by antitrust. Thus market and demand will approach to win- win situation.
Reference:
Airline alliances beat regulations to rule the skies. (2006, October 8) Financial Express Sunday Express. Retrieved November 12, 2006 from LexisNexis.
Airline 'alliances' may limit fliers' options, raise fares. (2002, September, 3) USA Today, A 14. Retrieved November 12, 2006 from Academic Search Premier.
Airline Sets Sights High to Join Alliance. (2006, may, 23) Financial Time Information. Retrieved November 12, 2006 from LexisNexis.
Fedor, L. (2006, December, 5). Oberstar will cast beacon across airline mergers. McClatchy Newspapers. Retrieved December 5, 2006 from http://www. commercialappeal.com/mca/business/article/0,1426,MCA_440_5190303,00.html.
Industry issues and trends: Airline alliances. (2006). Tourism Futures International. Retrieved November 12, 2006 from http://www.tourismfuturesintl.com/
Kraats, S. V. (2000). Gaining a competitive edge through airline alliances. Competitive Review, 10, 2, 56-64.
WEBER H. R. (2006, December, 4). Delta, Pension Agency Reach Settlement, AP Markets. Retrieved December 5, 2006 from http://www.chron.com/disp/story.mpl/ ap/fn/4378869.html.
Wilma, W. S. (2002). Alliance strategy and the fall of Swissair. Journal of Air Transport Management, 8, 5, 355-363.
The Risk and Impact of Airline Alliances
Yi-Cheng Pan
GSE Course
Teacher: Floyd Olive
12/5/2006
Abstract
The topic of this paper is about the risk and impact of airline alliances. This research argues that bad impact of the airline alliances is getting worse everyday. This essay is about how airline alliances can threaten and endanger the entire world, especially on passengers and community, travel agencies and employees. The disadvantages of airline alliances can be removed in three ways that include establishing a supranational government organization, creating a communication platform and using antitrust.
Research Paper
The Risk and Impact of Airline Alliances
The past two decades has witnessed an increasingly rapid tendency toward globalization in the world economy, and this has significantly affected the international logistics and transportation of nations, especially in civil aviation transportation. International airlines supply services in many countries and sell to customers around the world. Indeed, globalization also has made the world more interdependent than ever. There is no question that the movement to the market economy throughout the world and the globalization of markets has led to the greatest demand for the greatest number. Nevertheless, the most important consequence of globalization is the fact that the capacity of individual airlines cannot yet match the demand of supranational firms and customers. As a result, airlines change competition to cooperation in order to create greatest gain and profit. At the same time, international airlines businesses face tough challenges from the huge demands of fragmentary international customers. Therefore, In order to service their clients to snatch the greatest comparative advantage and benefit, airlines must be mutual cooperate to get more efficiency and safety.
According to the recent article “Airline Alliances Beat Regulations to Rule the Skies” figured out “alliances between airlines have become de rigueur as an alternative to full-blown mergers and acquisitions, which are stifled by the present international aviation regulations” (Financial Express, 2006, para. 1). In other word, airline alliances are an important factor in airline development with members generating marketing and operational benefits. In Mr. Kraats’s article “Gaining a Competitive Edge through Airline Alliances,” he stated that alliances and cods sharing are popular among airlines and helping the airline gaining the competitive advantages (2000, p. 56). An alliance, as defined by the Federal Aviation Administration (FAA), is “alliance is a merging of resources, operations, or financial interests between one entity and another entity” (as cited in Kraats, 2000, p. 56). In other words, alliance is an agreement between two or more airlines to cooperate for the foreseeable future on a substantial level. Generally speaking, the degree of cooperation differs between alliances. The following table lists the latest alliances and their memberships (Tourism Futures International, 2006).
World Airline Alliances
Alliance Members
One
world
(8 member airlines)
Founding members: American Airlines, British Airways, Canadian Airlines, Cathay Pacific Airways and Qantas Airways (1 February 1999).
Additional members: Finnair and Iberia (September 1999), Aer Lingus and LAN Airline (May 2000). .
Future members: Malev and Japan Airlines have formally accepted invitations to join. Royal Jordanian is a member elect.
Sky
Team
(10 member airlines)
Founding members: Air France, Delta, AeroMexico and Korean Airlines (June 2000).
Additional members: CSA Czech Airlines (March 2001), Alitalia (July 2001), KLM, Continental Airlines and Northwest Airlines (September 2004), Aeroflot (April 2006).
Future members: China Southern Airlines has taken preliminary joining steps. Air Liban, Air Europa, Copa Airlines, Kenya Airways, Tarom and Portugalia Airlines have begun the process of attaining Associate status.
Star Alliance
(18 member airlines, 3 regional members)
Founding members: United Airlines, Air Canada, Lufthansa, Thai Airways International and SAS-Scandinavian Airlines (14 May 1997).
Additional members: VARIG Brazilian Airlines (October 1997), Air New Zealand (March 1999), All Nippon Airways (October 1999), Austrian Airlines Group(March 2000), Singapore Airlines (April 2000), bmi british midland, (July 2000), Asiana Airlines (March 2003), Spanair (April 2003), LOT Polish Airlines (October 2003), US Airways (May 2004), Blue1 (October 2004, regional member), Adria Airways and Croatia Airlines (December 2004, regional members), TAP Air Portugal (March 2005), South African Airways and Swiss International Airlines (April 2006).
Future members: Air China Limited has signed a Memorandum of Understanding; Shanghai Airlines has been invited to join.
Note. The data are adapted from “Industry issues and trends: Airline alliances” (2006), Tourism Futures International.
The advent of global airline alliances in the 1980s gave rise to concerns that increased monopoly power of major carriers would lead to large and sustained producer surpluses. However, partner selection is a difficult decision of airline. If airlines can learn to make timely and well-considered decisions, then they can often lead their company to spectacular and well-deserved success. However, if they make poor decisions, their firm risks failure and losing their customers. For example, in Mr. Wilma’s article “Alliance strategy and the fall of Swissair,” he proved that the alliance strategy will undermine a corporate level goal to diversify risk beyond the airline business, if select the wrong alliance strategy. The article stated that “the Swissair Group's bankruptcy is a direct consequence of mistakes made in implementing its alliance strategy” (2002, p. 355). That showed the Swissair didn’t need equity to bind its partners to it, Moreover, the airline investments were unprofitable, increased the Group's leverage and weakened its cash position. As a result, the Group did not have adequate resources to recover from external shocks. Furthermore, In recent article “Airline Alliances: Much to Be Gained, But Risks Abound” pointed out that “airline alliances take many forms and provide varying benefits and risks to participating air carriers, as well as other stakeholders such as passengers, communities, travel agencies and employees”(Jon, 2002, p. 1).
Airline alliances are double faced, one promising and the other threatening. Nevertheless, the most important consequence of Airline alliance is the fact that supranational government organizations cannot yet match the power of supranational alliances, which seized the wonderful occasion to engage in lawless activities recently. For this reason, the risks and impacts of Airline alliances seem to outweigh the advantages of Airline alliances. Furthermore, there were few articles researched on the bad effect of Airline alliances so far. Thus, this research will individually discuss about airline alliances bad effect in passengers, communities, travel agencies and employees and then suggest these stakeholders how to avoid the risks and impacts of airline alliances.
The bad effect in passengers
The airline alliances could reduce schedules and increase fares on passengers who fly on their planes. Three of the nation's biggest airlines let consumers expected that will unite frequent-flier programs, enjoy greater airport lounges and gain more convenient travel schedules as these former rivals sell seats on each other's connecting flights (USA Today, 2002, A 14). And most passengers seem to think that airline alliances enable air carriers to offer better services like through ticketing, baggage transfers, and frequent flyer mileage credits between alliance partners. But that's wrong expectation because none of those services requires airline alliances. According to the article “Airline Subsidies, Alliances, and Code-Sharing” stated that ”The international standards that the airlines themselves established decades ago through International Air Transport Association (IATA) permit all IATA member airlines, not just alliance partners, to publish through fares and establish interline ticketing and baggage transfer agreements. Any IATA-appointed travel agency can sell tickets on any IATA airline, including tickets at a single through fare for a multi-airline journey. And even alliance members often give frequent flyer mileage credit for travel on non-alliance airlines, without code sharing” (Hasbrouck, 2006, para. 6). At the same time, Mr. Hasbrouck claimed the real purpose of the major global airline alliances is to solidify the oligopoly of their participants, and to drive smaller non-participants and even large non-aligned airlines out of business -- so that the remaining airlines can raise prices, while travelers are offered fewer choices (para. 9). As a result, there are also serious dangers for passengers if the ultimate outcome is an oligopoly that leads to reduced service quality and higher prices.
The bad effect in communities
This section takes a keen look at the problems facing the international community due to conflicts arising from applications of varying competition laws by different competition authorities to international airline alliances. As a result of privatization, deregulation, liberalization and globalization, international air carriers form alliances with one another in order to cope with growing competition in the international air transport market. Although there have anti-trust regulations and the patchwork of ownership restrictions, alliances seem to have grown into these giant organizations that are answerable to the airlines, and seem to have little regard for the communities and passengers. In deed, airline alliances hurt the public very serious recently. In addition, they have built some barriers to entry in airline industry such as financial barrier and priority obstacles. It is mean that major airlines have exclusive-use gate leases, hold best take off and landing time or slots, who dominate the best and desirable airports. New and small airline are difficult to entry in this high profit routes.
Airline alliances make the benefit to both sides. On the one hand, airline alliances claim their members that make a profit from their government as far as possible such as prices artificially inflated by protectionism, taxes increased to support government subsidies, exemption of the airlines from consumer protection laws…etc(Hasbrouck, 2006, para. 15). It’s pure hypocrisy and greed behavior, like the airlines are saying in their quest for even more special treatment and subsidies from governments. On the other hand, the big three airline alliances use to economies of scale for the airline members to achieve massive procurement savings, cutting costs by sharing facilities and allowing a rationalization of their routes through code-sharing. However, it's particularly unfair that public taxpayers are required to subsidize air carriers. Thus the United Nations should establish a supranational government organization which establish a level playing field in the international air transport market are identified and the author provides possible solutions for the harmonization of different applications of competition law to international airline alliances and ensures public benefit.
The bad effect in travel agencies
Airline alliances are bring shivers among travel agencies as they worry about the fate of their accounts. Travel agencies become minor role and low profit business in civil aviation industry due to airline alliances. According to Mr. Mayrhuber, CEO and chairmen of Deutsche Lufthansa AG, said that “In the olden days, airlines competed against each other. Toady the competition is still there, but is has been extended to a competition between airline alliances” (as cited in Airline Sets Sights High to Join Alliance, 2006 May 23, para. 2).
For this reason, travel agencies also select their cooperation alliance for competition advantage and restricted by alliance. Besides, It's a triumph of standardization and interoperability that the CRS's used by internet which can give access to schedule and price information (although not complete price information -- no single source has that) and ticketing capabilities for hundreds of airlines, even very small ones with no offices abroad, through a single user interface. One of the things for which a CRS is most useful is booking and pricing journeys that involve flights on more than one airline. Thus, there have some internet companies want share this market by their advantage such as Orbitz.com and travelocity.com; moreover, three biggest alliance developed their ticket system and website for selling their tickets. As a result, small travel agencies are in droves to close or bankrupt.
The bad effect in employees
Airline alliance decreases opportunities for job growth and reduced security for employees by work force reductions. The goal of alliance is to broaden sources of income and reduce expenditure. Therefore, airline alliance would induce a large surplus of employees due to they share the recourses each other. The U.S. Rep. James Oberstar intends to look hard at potential airline mergers in the coming months because he knows that fusing two carriers often causes pain for workers and hurts some consumers (as cited in Fedor, 2006, December 5). For example, Delta Air Lines Inc. and the Pension Benefit Guaranty Corp. have settled the carrier's request to terminate its pilots pension plan due to the proposed US Airways-Delta merger. However, some routes are overcapacity and that some seats should be removed from the market. But some carriers flying with many full planes and there is a lack of substantial competition on many routes. That is mean that the market of aviation isn’t overcapacity, it just dislocation. The airlines just find an excuse to terminate excess worker for reducing expenditure. Although it is unfair for employees, it is hard truth and rationality. Thus the employees could find out the job opportunities from others market needs.
In conclusion, airline alliance is difficult to pin down which can be a merits or demerits. Based on the argument of above-mentioned, the negative effects of airline alliances seem to outweigh the positive effects of airline alliances. Up to the present airline alliance was still threatening the entire world, particularly on the traveler welfare problem, public benefit topic, travel agencies revenue, and right of the employees. Therefore, we should pick out the danger of airline alliance. The disadvantages of airline alliance can be removed in a number of ways. First, we should establish a supranational government organization to contend with this enigma. Second, we should create a communication platform to know where good effect is and where bad effect is. Finally, individual could curtail supranational alliances’ powers by antitrust. Thus market and demand will approach to win- win situation.
Reference:
Airline alliances beat regulations to rule the skies. (2006, October 8) Financial Express Sunday Express. Retrieved November 12, 2006 from LexisNexis.
Airline 'alliances' may limit fliers' options, raise fares. (2002, September, 3) USA Today, A 14. Retrieved November 12, 2006 from Academic Search Premier.
Airline Sets Sights High to Join Alliance. (2006, may, 23) Financial Time Information. Retrieved November 12, 2006 from LexisNexis.
Fedor, L. (2006, December, 5). Oberstar will cast beacon across airline mergers. McClatchy Newspapers. Retrieved December 5, 2006 from http://www. commercialappeal.com/mca/business/article/0,1426,MCA_440_5190303,00.html.
Industry issues and trends: Airline alliances. (2006). Tourism Futures International. Retrieved November 12, 2006 from http://www.tourismfuturesintl.com/
Kraats, S. V. (2000). Gaining a competitive edge through airline alliances. Competitive Review, 10, 2, 56-64.
WEBER H. R. (2006, December, 4). Delta, Pension Agency Reach Settlement, AP Markets. Retrieved December 5, 2006 from http://www.chron.com/disp/story.mpl/ ap/fn/4378869.html.
Wilma, W. S. (2002). Alliance strategy and the fall of Swissair. Journal of Air Transport Management, 8, 5, 355-363.
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