Spectacular profits in the long-haul business plan of Australian budget airline Jetstar must be on the minds of private equity investors who are proposing a buyout of its parent, Qantas.

A foreign exchange gain dressed up unlovely 2006 financial results for Thai Airways International, with analysts seeing little sign of the carrier hauling down costs. If the future is bright for the airline, they say it's because Thai is enjoying strong demand for travel to the Southeast Asian country and is free of the capacity constraints of its old airport now that Bangkok's new Suvarnabhumi ("su-wan-na-poom") facility is operating.

The proposed $8-billion private takeover of Qantas Airways is gathering strength, with the bidders clearing the hurdle of public acquiescence from the government. As the private equity bidders led by Texas Pacific Group and Macquarie Bank negotiate with Qantas management and delve into the Australian airline's books, the government is responding with only stern words to satisfy concerned voters, stopping well short of saying it will use its powers over foreign investment to block the deal.