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Good morning from the Financial Times.

Today is Wednesday, January 8th, and this is your FT News Briefing.

Chinese Airlines are taking off in Europe, and Canada's Liberal Party is fighting for political survival.

Plus, is the IPO market, dare I say it, finally back?

I'm Kasha Brusalian, and here's the news you need to start your day.

European demand for Chinese airlines is soaring.

Beijing's three biggest carriers are rapidly expanding routes between China and Western Europe.

Passenger capacity was up almost 20% in October when compared with the same month five years ago.

And it's got a lot to do with Russia banning most European airlines from its airspace back in 2022.

This added hours to flights to Asia for Western carriers.

Fuel costs shot up, and that forced companies like British Airways and Virgin Atlantic to suspend some routes altogether.

This all means that Chinese competitors are now offering cheaper tickets and flying away with their customers.

...