Is China’s slowing economy taking its toll on the country’s Big Three carriers? So far Air China, China Eastern and China Southern have held up well and posted a rather good 2015. But the fourth quarter of 2015 showed some signs of deterioration—even by the standards of this off-peak quarter. In the U.S., Alaska Airlines and Virgin America are, unlike a lot of mergers in the past, merging from a position of strength. But is that a good thing?

Delta’s upcoming first quarter earnings report will surely be terrific and begs the question: Does the U.S. airline industry have an off-peak quarter anymore? Air New Zealand has some shares of Virgin Australia they want to sell you, Air France/KLM is looking for a new CEO, and we finish the show with our first lightning round of 2016.