Greetings

This week, which seems to have been dominated by end of financial year results, BTE reports on the continued rapid growth of Rezidor SAS Hospitality,  the SAS Group's return to the black and setbacks for Navigant and Delta.
But the story which may just have the widest repercussions is the probable bid by the Spanish company Grupo Ferrovial for BAA, the owners of seven UK airports including all three of the biggest ones serving London: Heathrow, Gatwick and Stansted.
The issue is not one of nationality. That is irrelevant and the issue is far more complex than that.
The British government, which is relaxed about any change of ownership, and BAA are embarking on massive developments at both Stansted and Heathrow which should, if the plans eventually go through, see both airports considerably enlarged.
The government claims these developments are essential for the British economy and to meet the rapidly growing demands for air travel in Britain.
What is not known – and this is before Ferrovial has made any bid – is what is that company's attitude to such expansion. Is it prepared – is it able – to raise the many millions needed for the two projects?
This is the first question that needs answering.
But there is a second worry, ably voiced by Stelios Haji-Ioannu, the founder and major shareholder in easyJet.
Ferrovial already owns one UK airport, Belfast City and has a 50%stake in another at Bristol.
If any take over by Ferrovial succeeds, it would own eight airports and have a stake in a ninth in the UK alone.
It would also acquire BAA's ownership of Budapest airport and its interest in others in Australia, Italy and the USA. This would be too much for one company.
Far from thinking that BAA should be taken over by another airport owning company, Mr Haji-Ioannu thinks it should be broken up.
At a time when airlines and their trade body IATAThe International Air Transport Association: IATA represents and serves the airline industry, with a membership made up of around 230 airlines. The association seeks to raise awareness of how aviation benefits the economy, fight for airline's interests and ensure industry regulations are sensible. IATA helps its members directly by offering advice on reducing costs while improving efficiency and on improving safety standards. It also provides professional support in the form of publications, training and consulting. are extremely exercised about the fees some airports are charging, Mr Haji-Ioannu's fears about a lack of competition seem justified.