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That helped transform their home territories from backwaters surrounded by a wilderness of poverty into global hubs of banking and commerce. Those times are gone, and the new world order is looking markedly less friendly -- both to the entrepot cities, and the airlines that link them to the world. In their heyday, Singapore Air and Cathay lost little sleep worrying about their rivals in China and the Persian Gulf. Nowadays, they can't afford not to: China Southern Airlines Co., China Eastern Airlines Corp., Air China Ltd., Emirates Airline and Qatar Airways Ltd. all flights to paris from birmingham exceed them in capacity terms, and Etihad Airways PJSC is rapidly catching up. That's left the two cities' airlines exposed. Long-haul international aviation is a cutthroat business, and its best practitioners historically have had either state support or an easily dominated domestic market at their backs. Cathay and Singapore have never had the latter, and it's a hotly contested debate whether they benefit from the former -- especially when compared withtheir aggressive new state-owned competitors. cheap flights to San Francisco Staying in the game has required cutting ticket prices to worryingly low levels. Yield, a measure of revenue per passenger, per kilometer, fell to its lowest level since 2009 at Cathay in the six months ended in June, and the 2016 fiscal year figure at Singapore Air was the weakest since 2010.

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