New efforts by Asian airline groups to establish or take over low-cost carriers (LCC) show that the trend of full-service airlines entering the budget sector is alive and well. As the old saying goes, if you can’t beat them, join them. Some observers characterize the modern airline industry as a struggle between the legacy giants and the low-cost upstarts. However, the reality is much more nuanced than that. In Asia, a substantial share of the LCCs are in fact subsidiaries of the ...

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