Stelios continues to provide plot lines for future Capain Reilly books. Today he announces that he is to set up a new airline, all rather vague, called fastjet (Fast Jet, fastJet, or some other imaginative and progressive style), complete with website (ahem, rather grand description there). There is nothing on aforedescribed 'website' but the words 'by Stelios, coming soon.' And if I interpret correctly from a contributor to Travelweekly.co.uk, the name was register eleven years ago.

I think we all recognise that there is no room for any other airline in Europe, in fact, airlines are plethoric (whoah, steady on captain!) in Europe and it is far more likely that some will disappear long before others appear.

Air Lingus tried to start a low cost operation out of Gatwick a couple of years ago. It failed almost instantly (predictably) since easyJet is huge there (the biggest operator) and Ryanair are also a significant presence. Between the two airlines they have Europe sewn up; any new airline would have to be very niche or very short lived. So I think it's unlikely that he actually intends to start a rival airline (or any kind of airline) in Europe. What his agenda actually is remains a mystery to all players, probably even Stelios himself, and I wait with fake eagerness to see what happens next.

The irony is that easyJet is about to pay him about £70m in special dividends, and he could use that to set up a rival airline. Brilliant!

On a final note, there's an old saying in aviation: if you want to make a small fortune in aviation, start with a large one. He is certainy starting with a large one, and will almost certainly end up with a small one - and no airline, fast or easy.