The collapse of a long-proposed transpacific joint-venture involving British Airways (BA) and American Airlines (AA) has raised fears about the future of the oneworld alliance.
Last weekend, the two airlines said they would abandon plans for the transpacific venture after United States regulators refused to back down on demands they give up hundreds of landing slots at London's Heathrow Airport.
There is mounting speculation in Europe that BA will turn its attention to reviving merger talks with Dutch airline KLM, a founding partner in the rival Wings alliance.
A oneworld collapse will have far-reaching consequences for Cathay Pacific, which helped found the eight-airline alliance in 1998.
It will bring into question the profitable web of partnerships oneworld airlines have built up during the past four years.
A merger between BA and KLM will almost certainly mean the British airline's withdrawal from oneworld in favour of Wings - which groups KLM, Northwest Airlines in the US and Malaysian Airline System.
The Malaysian airline will not welcome Cathay as a partner in Wings, as the two are natural competitors.
