The world’s five biggest airlines now hail from Asia and Latin America, highlighting the industry’s shift away from the U.S. and Europe to higher-growth countries, the International Air Transport Association said Tuesday.

Air China is twice the size of either Delta in the U.S. or Germany’s Lufthansa. But despite emerging markets’ strength and a broad earnings rebound this year, weak economic conditions in Europe and low margins are acting as a drag on profits, the group warned. Get the full story »