The emergence of China as an economic superpower

With jet fuel rising to new highs at $137 a barrel, Hong Kong's only budget airline had to close down after only 17 months in operations, according to Bloomberg. Despite being financially-challenged in Hong Kong, Asia's third largest airport hub, Oasis Hong Kong managed to take on Cathay Pacific on some of its most profitable routes, including flights between Hong Kong and London. Oasis is now seeking a liquidator and new investors after losing near $1 million Hong Kong Dollars per flight. Although rising fuel costs were the main concern, high landing fees for Hong Kong International Airport seemed to ensure the budget airline's (or any other budget airlines that used to operate in Hong Kong) demise. There are no secondary airports in Hong Kong that allows for lower operations costs.

This shouldn't come as a surprise. ATA Airlines, Aloha Airgroup and Skybus Airlines all ceased operations after fuel costs rose 73% this year alone. However, to thousands of passengers and about 700 staff of Oasis, the news came in the form of an absence of notice. Many passengers with tickets were unaware of the situation until local newspapers reported the news on its front pages. What a bad publicity stunt.