The CE of Etihad Airways, James Hogan, has mounted a spirited defence of the carrier’s strategy of buying stakes in international airlines, despite “significant challenges” with some struggling airlines in Europe. Amid growing controversy over the carrier’s less successful investments, Hogan insisted the investments had had an “immediate impact” on the airline’s revenue side, delivering “hundreds of millions of dollars” in additional revenues and allowing Etihad to fill its connecting flights. The strategy has suffered particular problems with Alitalia, and Air Berlin, both of which have required regular capital injections. Etihad recently participated in a series of deals with Lufthansa and Tui to lease some of Air Berlin’s aircraft to Lufthansa and to establish a new leisure airline with Tui that was widely seen as a rescue of the airline. <br/>