Almost exactly two years ago, it looked like the final day for one of Europe’s most prominent carriers, SAS Scandinavian Airlines, had arrived. And it was only after last- minute round-the-clock negotiations that its demise was avoided. Two years on, the good news is that SAS is still flying. The bad news is that it and its legacy companion in Scandinavia, Finnair, are still losing money and cannot claim their decline has ended. Burdened with high unit costs built up over decades as ...

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