For airlines, achieving handsome profits is only half of the formula for success. The other half is making the right investment decisions to convert short-term gains into long-term strength. Japan’s All Nippon Airways (ANA) has certainly achieved the first part of that equation, and is now taking significant steps to fulfill its investment strategy. The carrier has revealed plans to buy a stake in a second major Asian airline, and has signed deals to upgrade its own fleet with ...

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