A Year Without Russia

Fourth quarter financial reports continue to roll in. Last week featured some strikingly good performances, led by Singapore Airlines and Qantas. Both carriers have emerged from the pandemic with guns blazing, taking advantage of robust demand and wounded rivals. In Europe, Iberia is leading IAG’s recovery, capitalizing on bountiful transatlantic demand — both north Atlantic and south Atlantic. British Airways is making money again too, though not nearly as much as it was before the Covid storm. The biggest headline for IAG, however, involves the deal it finally clinched to buy full control of Air Europa. But will regulators allow…