The Oneworld alliance faces immense challenges on three continents, writes Doug Cameron, Chicago bureau chief for Dow Jones. American Airlines and British Airways are seeking antitrust immunity, which would grant them parity with other global alliances that coordinate services across the Atlantic. Cameron writes that it is critical for U.S. regulators to grant this immunity to Oneworld. Simultaneously, American is hoping to retain the loyalty of Japan Air Lines, Oneworld's dominant Asian carrier.

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