Saudia, the national flag carrier, duly bought American, leaving Airbus fuming in the desert.

ECONOMIST: Thank you, Singapore

When Mr Shamir arrived on the scene he was fresh from helping guide the national flag carrier, El Al, towards privatisation and he was willing to take on the job only if he had the same freedom to lead IAI in a similar direction.

ECONOMIST: Aerospace in Israel

He denied that he had extended favours to Lucio Tan, the owner of the tottering national flag-carrier, Philippine Airlines.

ECONOMIST: People power rides again