Global Economics  Airlines in a Tailspin  As oil prices soar,
some airlines are waiting for better times and hoping that
rivals go bust first. Others are raising fares and slashing
routes  The black cloud hanging over the airline industry became
even darker yesterday as Air France and Qantas became the latest
carriers to add to the chorus of gloom surrounding the industry.
The French national carrier indulged in a touch of
understatement that could have been British when it said it
expected the current year to be "challenging" with the global
economy stuck in a deep rut and oil prices hitting fresh highs
every day.  Downright awful would have been a better description
as Europe's largest airline was forced to report a loss of €542m
(£430m) for the three months ending 31 March, compared with a
profit of €44m the previous year.  What is worse—from an
industry perspective—is that Petercam analyst Thijs Berkelder
pointed out that despite Air France's gloomy outlook, it is in
rather better shape than most of its