For the first time in five years, passenger traffic on the world's airlines fell last month, according to the International Air Transport Association, while cargo traffic fell for the first time in seven years. "At this rate, losses may be even deeper than our forecast of $5.2 billion for this year," said IATA CEO Giovanni Bisignani. As if to reinforce that prediction, Air France-KLM, the world's largest airline by revenue, warned that its profits could be lower than expected, sending its shares tumbling more than 20% in two days.

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