The lira and airline stocks led the rise of more than 4% in 'Turkish shares on Wednesday, while the two-week Middle East ceasefire ignited a rally on global markets. The BIST 100 index of Turkey was up 5% at 1057 GMT. Meanwhile, the banking index was up by 9%. BIST 100 index fell 1.45% on Tuesday. Turkish Airlines shares rose 8%, while airline Pegasus's shares grew 7%. Following overnight drops in oil prices, shares in Turkish petrochemical firms Tupras & Petkim fell by 5% and 6% respectively. In a post posted on X, Pakistani Prime Minister Shehbaz sharif announced that...

The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise their financial forecasts. In recent weeks, jet fuel prices soared to $150-200 per barrel from $85-90 per barrel. This is a financial hit to an industry that relies on fuel for up to 25% of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline expects that the suspension of Middle East flights, as well as a...

The lira gained a rare daily gain on Wednesday as the two-week Middle East ceasefire ignited a rally in global markets. The banking index in Turkey rose 8.8% at 0823 GMT. The shares of Turkish Airlines and Pegasus both rose more than 6%. In a posting on X, Pakistani Prime Minister Shehbaz 'Sharif announced that he invited Iranian and U.S. delegates to meet at Islamabad this Friday. The lira traded at 44.5490 against the dollar, up from yesterday's close of 42.6065. Since the U.S. and Israeli strikes against Iran began in late February, the currency has lost around 1.5% of...

India's airport regulator has ordered major airports to reduce?landing charges and parking fees by a combined?25% over a period of three months for domestic flights. This will provide relief to airlines in the country that are facing financial strain due to the Iran War. IndiGo and Air India had asked for the rationalisation of some airport fees. Indian airlines, the country's two largest airlines, are already barred from flying over Pakistan because of the Iran -war. According to the airline lobby group International Air Transport Association, airport and air navigation charges are the third most expensive expense for airlines in...

Even if Iran were to reopen the Strait of Hormuz, it would still take months before jet fuel supplies could'recover' due to disruptions in Middle East refining capacities. Oil dropped below $100 per barrel after U.S. president Donald Trump announced he had agreed on a ceasefire for two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. The Strait of Hormuz normally transports about a fifth of world oil trade. Willie Walsh (director general of IATA, the International Air Transport Association) told reporters in Singapore, that although he expects crude oil prices will fall,...

Delta Air Lines & Southwest Airlines announced on Tuesday that they will increase fees for checked baggage. The carriers are trying to offset the rising costs of jet fuel due to the escalating Middle East tensions. After tensions in the Middle East disrupted shipping through the Strait of Hormuz, the global aviation industry has struggled with high fuel prices. According to the International Air Transport Association, jet fuel prices have risen to $209 per barrel worldwide, up from $85-$90 a barrel in February, before 'the Iran War. Delta and Southwest announced that fees for checked baggage would rise by $10...

Chicago is now the most expensive jet fuel market in the United States, with prices exceeding $5 per gallon. This is due to the disruptions caused by the Iran War, combined with scheduled refinery maintenance, which has left a tight supply. The blockade of Iran's Strait of Hormuz - a major chokepoint for Middle Eastern oil exports - has caused energy prices to rise worldwide. This has forced airlines to raise fares and reduce capacity as a result of jet fuel shortages. GasBuddy analyst Patrick De Haan says the Chicago area is being hit by ongoing refinery maintenance, which has...

?U.S. Sean Duffy, Transportation Secretary for the United States, said that he believes there is still room for consolidation within the airline industry. Sean Duffy, Transportation Secretary, said on Tuesday that he believes there is room for consolidation in the?U.S. Duffy stated on CNBC that if there were a merger of some of the bigger airlines, some of their assets would need to be separated. "I will not pre-commit to anything." The sharply increased jet fuel prices in the U.S. and Israeli war against Iran have?fed rumors that a new round could be of consolidation within the U.S. airline industry....

Despegar, an online travel agency focusing on Latin America, plans to triple its size in the next three-year period. Its operations in Brazil will be the main driver, and it plans to invest $100m per year over that time. Gonzalo Estebarena, the company's top executive, said that it will invest in artificial intelligence technology for a "future based very much on artificial intelligent". Despegar, founded in Argentina in 1999 is one of Latin America’s largest online travel platforms. After its acquisition by Prosus, for approximately $1.7 billion, it was delisted from New York Stock Exchange. Estebarena, in an interview at...

Transport drivers in three?locations in Guinea-Bissau, including the capital, went on strike Tuesday after the government raised fuel prices as a'response' to the Iran _war, but prohibited any increase in passenger fare. Residents reported that taxi and van drivers were not working in Gabu, which is the largest city of the east. They also said that Mansoa was the same. This forced passengers to walk long distances. Caram Gassama is the chairman of the country’s drivers’?union. He said that vans with at least 15 seats began their strike in Bissau on Tuesday. Taxis are expected to follow suit on Wednesday....

Investors are weighing the various outcomes, from a ceasefire to a renewed military escalation, and their impact on oil, currencies, and risky assets. Iran did not show any sign of 'agreeing' to Trump’s demand that the Strait of Hormuz be opened by Tuesday evening or face massive attacks on civilian infrastructure. This would be the largest escalation of the?war yet. The Wall Street Journal reported on Tuesday that Iran has 'cut off direct diplomacy' with the U.S. Trump gave Iran until 8 pm in Washington (midnight GMT, and 3.30 am in Tehran) on Friday to end its Gulf oil blockade....

Iberia, the Spanish flag carrier, is a part of the 'International Consolidated Airlines Group. (IAG). They have resumed flights between Madrid and Caracas after a suspension in November when tensions between Venezuela and the United States escalated. On Tuesday, a company spokesperson stated that the airline would be operating four flights per week. This is one less than it was before the suspension. Spanish carriers 'Air Europa' and 'Plus Ultra" resumed flights from Spain to Venezuela in February and March, respectively. Iberia was among the airlines to halt flights into and out of the country following a warning from the...