You’d think the days of empire had finished. But not at British Airways, lead by the controversial Willie Walsh. There he was in India saying the soon to be formed International Airlines Group (a merger between BA and Iberia) had already drawn up a hit list of takeover targets, Qantas among them. Once upon a time that may have been feasible but now it sounds ridiculous given that (1) IAG has yet to be ratified by shareholders and (2) the once-great BA has been a marginal proposition for years. Walsh also has some enormous issues to deal with such as a bitter, unresolved industrial dispute with cabin crew that’s already cost the carrier £150m and a staff pension fund £3.7bn in the red. Based on that track record, many think Mr Walsh should ditch his delusions of grandeur and focus on instead on his own backyard. Hard to disagree.