For two months, SIA shares have been below S$10 Singapore Airlines Ltd. is in a comparable predicament. Its shares haven't broken north ofS$10 ($7) in more than two months, the longest stretch since 2009 below a level that appears to matter deeply to management.Stock buybacks, theusual remedy, are notable by their absence this time. The two carriershave long been tied up with the destinies of Asia's great trading cities. When the Boeing Co. 747 shrank the world in the 1970s, it was Cathay and SIA that connectedthe wealthy population centers of Europe, North America and Japan with Asia's emergingeconomies. 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.
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