The U.K.-Hong Kong liberalized air services agreement has spiked competition fever among airlines operating on the London-Sydney route, but the European Commission's decision on the pact will set the pace of the contest as well as a precedent for future deals by individual European Union members. The Nov. 27 accord between the two governments granted Hong Kong's Cathay Pacific Airways beyond rights from London to New York, and Virgin Atlantic Airways the right to operate from London ...


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