Since the handover of Hong Kong last June, airlines flying between the UK and its former colony have found it difficult to fill seats. Now British Airways is trying to shift some capacity by offering an Air Miles bargain. Instead of 9,900 miles, in February and March it will "cost" only 2,900 miles to travel London-Hong Kong and back. Bearing in mind that the lowest easily available air fare costs about pounds 400, this values each Air Mile at around 14 pence. Call 0990 511 806 for more details.
You can also redeem Air Miles for Club, First and Concorde travel - for double, triple and quadruple miles respectively. The Concorde flight to New York "costs" 27,200 miles return - valuing each Air Mile at around 21 pence, if you calculate from the normal return fare of pounds 5,994.