Latest News
-
Ryanair emergency landing in Greece due to a 'dislodged window'
Ryanair confirmed that one of its planes had to make an emergency landing in Greece shortly after take-off, due to a "dislodged" window. Two industry sources said a passenger may have been partially sucked from a window. The airline said that one person received medical assistance, but did give no further details. The plane was flying between Thessaloniki and Memmingen Airport in Germany. In a statement,?Ryanair stated that the 'aircraft landed normal and passengers returned to the terminal. Local media in Greece reported a broken piece of engine that caused a window to break, which led to a cabin decompressing and pulling a passenger out of the window. Two people who knew about the incident relayed to us the same information. Unverified videos posted to'social media from the inside the plane showed a cracked window and oxygen masks hanging 'from the ceiling. Reporting by Renee Maltezou and Michele Kambas; Editing by Edward McAllister & Susan Fenton
-
Delta forecast indicates that airline fares can increase despite lower fuel prices
Delta Air Lines reaffirmed ?its full-year profit forecast and provided a stronger-than-expected third-quarter outlook on Friday, signaling confidence that recent fare gains can hold even ?as fuel prices ease from this year's highs. The first major U.S. airline to report its results,?the?outlook?, offers a?early read on whether airlines will be able to maintain fare increases that were pushed through in the spring fuel crisis as costs decrease. Delta Chief financial officer Erik Snell stated that the carrier recovered approximately 60% of the fuel price increase in the second quarterly, faster than they have historically done, and expects to recover even more this quarter. Snell, a reporter at the time, said that "Demand is strong" and that there were no signs of weakness. "We haven’t seen any elasticity." The spring of this year saw airlines raise fares due to a spike in jet fuel prices linked to the Iran conflict. Fuel prices have since fallen from their peak. However, airline investors are still watching to see if lower costs will boost profits or if carriers add too much capacity back after the summer. Delta projected 2026 adjusted earnings between $6.50 and $7.50 per common share. This range was first announced in January, but it had been left out of the first-quarter report released in April. The $7 midpoint is 17% higher than the $5.97 expected by LSEG analysts. In premarket trading, shares of the airline were up around 3%. Snell stated that fuel price volatility will be a major factor if Delta lands on the upper end its range. The airline expects revenue strength to continue until year's end. The carrier predicted third-quarter adjusted earnings of $2.00 to 2.50 per share compared to analysts' average estimate of $2.02. It is expecting a mid-teens revenue increase and an operating margin between 11% and 13%. Delta's main competitors, United Airlines (also known as American Airlines), Southwest Airlines and Southwest Airlines will release their results in the next few weeks. FARE GAINS HOLD Delta's results indicate that airlines generate revenue growth by pricing, rather than expanding capacity. The airline reported revenue increases of almost 14% in the second half on just a 1% increase in capacity. The second quarter saw a 11% increase in passenger revenue per seat mile, a measure that shows how much revenue Delta makes for every seat-mile. Snell stated that Delta's volume for the third quarter would be?roughly flat to slightly higher than a year ago, indicating its revenue growth will be driven more by fares as well as passenger mix rather than additional flying. Delta reports that its premium revenue grew by 17%, while revenue from main cabin tickets grew by 8%. This supports Delta's belief that "demand is still strong" beyond the highest-paying passengers. Post-Summer Test Analysts believe that the biggest test for airlines comes after Labor Day, in September when leisure travel is typically "softer". The biggest threat to the current strength of fares is their fourth-quarter plans. Carriers could lose the price gains they made during the fuel crisis if too many flights return at once. Snell stated that the airline can adjust its flying close in if the demand declines as it did during the second quarter. Fuel relief narrows. Higher fuel prices led to a 26% drop in Delta's adjusted earnings for the second quarter to $1.56 per shares from a year ago. The earnings per share still exceeded analysts' expectations of $1.48. Delta reported that it had absorbed its highest quarterly fuel expenses in history. This was up $1.9 billion from a year ago. Snell stated that Delta's fuel bill would be approximately $4 billion more this year than it was last year. It is assuming that the fuel price for?the third-quarter will be about $3.15 per gallon. U.S. spot Jet Fuel has risen to $3.18 per gallon. This is the first time since mid-June that it has been above $3, amid renewed hostilities in the Middle East between the U.S. Prices are still well below the peak in early April of approximately $4.88 a gallon.
-
Delta's outlook indicates that fuel prices can still be lowered and airline fares will continue to rise.
Delta Air Lines reaffirmed its full-year profit forecast ?and gave a stronger-than-expected third-quarter outlook on Friday, signaling confidence that recent fare gains can hold even as fuel prices ease ?from this year's highs. The outlook of the first major U.S. airline to report results provides an early "read" on whether airlines will be able to maintain the fare increases that were pushed during the spring fuel crisis as costs decrease. Delta Chief financial officer Erik Snell stated that the carrier recovered approximately 60% of the fuel price increase in the second quarterly, faster than they have historically done, and expects to recover even more this quarter. Snell, a reporter at the time, said that "the demand continues to be strong." He added that there were no signs of weakness in the market or a change in demand patterns. "We haven’t seen any elasticity." Carriers increased fares in the spring of this year due to a spike in "jet fuel" prices linked to the Iran War. Fuel prices have since fallen from their peak. However, airline investors are still watching to see if lower costs will boost profits or if carriers add too much capacity back after the summer. Delta's forecast for 2026 is $6.50-$7.50 adjusted earnings per share. This range was first announced in January, but it was not included in its April release of the first quarter. The $7 midpoint represents a 17% increase over the $5.97 expected by LSEG analysts. Snell said that fuel price volatility will be a major factor if Delta is able to land at the upper-end of its range. The airline expects revenue growth to continue until the end of the year. The carrier predicted adjusted earnings per share of $2.00 - $2.50 for the third quarter, compared to an average analyst estimate of $2.02. It is expecting a mid-teens?revenue increase and an operating margin between 11% and 13%. Delta's main competitors, United Airlines (also known as American Airlines), Southwest Airlines (also known as Southwest Airlines) and Southwest Airlines will be reporting their results in the next few weeks. FARE GAINS HOLD Delta's results indicate that airlines generate revenue growth by pricing, rather than expanding capacity. The airline reported revenue increases of almost 14% during the second quarter, despite only a 1% increase in capacity. The second quarter saw an 11% increase in passenger revenue per seat mile, a measure of the revenue Delta generates from each seat-mile. Snell stated that Delta's volume for the third quarter would be "roughly flat or slightly higher" than a year ago, indicating revenue growth will be driven by fare and passenger mix rather than additional flights. The second quarter saw a 17% increase in premium revenue, while main-cabin revenue increased by 8%. This supports Delta's belief that demand is still strong, even beyond the highest-paying passengers. Post-Summer Test Analysts believe that the biggest test for airlines comes after Labor Day in September when leisure travel is typically softer. They warn that the fourth-quarter plans for capacity remain the greatest risk to current fares. Carriers could lose out on the price gains they made during the fuel shock if too many flights return at once. Snell said that the airline could adjust its flying close in if the demand worsens, like it did during the second quarter. NARROWS FUEL RELIEF Delta's adjusted second-quarter earnings fell by 26% to $1.56 a share, compared to the same period a year ago. The company's earnings still exceeded analysts' expectations, which were $1.48 per share. Delta has reported that it has incurred the highest quarterly fuel costs in its history. This is up $1.9 billion compared to a year ago. Snell stated that Delta's fuel bills would be approximately $4 billion more this year than last. It is assuming that the fuel price for the third quarter will be around $3.15 per gallon. U.S. spot Jet Fuel has risen to $3.18 per gallon. This is the first time since mid-June that it has been above $3, amid renewed hostilities in the U.S. with Iran. Prices are still well below the peak in early April of approximately $4.88 per gallon. (Reporting and editing by Jamie Freed; Reporting by Rajesh Kumar Singh)
-
Thai court considers damages claimed by crew of ship attacked Strait of Hormuz
The lawyer for the three Thai sailors said that the?Labour Court of Thailand accepted on Friday a 'petition by the Thai sailors seeking damages after a fatal attack on their cargo ship in the Strait of Hormuz during the U.S. and Israeli war against Iran in March. The petition seen by seeks at least one million baht ($30,000), per sailor, from companies and agencies connected to Precious shipping, the vessel's owner, and its captain. Kunpat Singhathong, their lawyer, told reporters that the sailors had accused?their employer of taking them to dangerous areas and putting their lives in danger. They also claimed they were unable continue working because of this. He said that all three had been diagnosed with PTSD and were unlikely to return to the sea as sailors. However, he did not release any medical reports. Kunpat has confirmed that the sailors have received compensation for their lost items and two months' pay. Precious Shipping, in a statement sent to the Stock Exchange of Thailand (SET), said that it had not received any court documents. However, it 'insisted on fulfilling its obligations towards the crew according to applicable laws and contract arrangements. The company said that it has been providing care and support for the crew members affected by the accident and their families. Two projectiles hit the Thai flagged Mayuree Naree, which was sailing through the Strait of Hormuz on 11 March. This is a crucial waterway for oil exports. Iran's Revolutionary Guards warned after the United States and Israel attacked Iran in February that any ship crossing through Iran would be targeted. Before the Mayuree Naree 'passage, several vessels were struck. Precious shipping said in a statement dated March 11, that its vessel had taken enhanced security measures and "maintained communication" with the "relevant maritime security coordination centers". Kunpat claims that the company informed him they had already paid the sailors' compensation and wouldn't take on any additional responsibilities. "They paid, and told us to not ask for more. What? we gave is already enough," said Noppadon, a 33-year-old former crewman. He called the compensation inadequate and did not meet international standards. A former crew member, Panithi Tumkaew (43), who worked for the company 11 years said that he needed medical attention because loud noises made him frightened and unable to do his job. "These days I take sedatives" Panithi said, "I take them to sleep."
-
Investors are focusing on Middle East and SK Hynix listings as they look at the S&P 500 and Nasdaq Futures.
S&P 500 futures and Nasdaq Futures slowed on Friday as investors weighed Middle East tensions, and awaited SK Hynix's highly anticipated Nasdaq debut. Chipmakers' gains fueled the main U.S. indices to close higher during the previous session. The S&P 500, Nasdaq, and Dow were all on track to gain weekly gains as of Thursday's closing. The AI trade was also back on the agenda ahead of SK Hynix listing in the U.S. on Friday. Memory-chip maker, Micron, priced its American depositary Receipts (ADRs) at $149 per share on Thursday. The company raised about $26.5 billion. This offering will be the second largest share sale in history, behind SpaceX's record breaking IPO last month. Dan Coatsworth is the head of markets for AJ Bell. He said that "SK Hynix’s U.S. listings has?arguably been a few month too late, as shares in memory-chip suppliers have pulled back following a purple patch in earlier this year." The demand for U.S. shares has been higher than expected by some. This implies that the memory chip rally may have taken a breather rather than reached its peak. The AI rally this year has been fueled by expectations that data centers and AI infrastructure will be heavily invested in. Recent volatility in the sector has been attributed to concerns about stretched valuations and profit-taking. Semiconductor shares eased during premarket trading. Memory-chip makers led the declines. Micron Technology declined 3.2%, after rising 4.5% the previous session. Western Digital and Seagate Technology also fell 2.8% and 2.7% respectively. At 05.08 a.m. At 05:08 a.m. ET, Dow E Minis gained 61 points or 0.12%. S&P 500 E Minis dropped 12.25 points or 0.16%. Nasdaq E Minis lost 167.5 or 0.56%. Investors were also on edge due to the geopolitical risks after Iranian forces attacked U.S. military facilities in Gulf states, on Thursday. This was following U.S. attacks on Iran's eastern and southern provinces. The recent escalation has rekindled concerns about inflationary effects of the war. New York?Federal Reserve president John Williams said that he didn't expect Middle East hostilities would cause energy prices to rise for the remainder of the year. He declined to reveal how he will vote at the Fed policy meeting later this month. Kevin Warsh, the U.S. Federal Reserve chair, is due to appear before the House Financial Services Committee in the next few days. According to LSEG, the markets are pricing in a minimum of a 25-basis point rate increase by 2026. According to data compiled and analyzed by LSEG, analysts expect earnings for the S&P 500 to increase 24% compared to a year ago, with technology companies leading this growth. Before the bell, traders will also be watching Delta Air Lines' second-quarter earnings. (Reporting by Ragini Mathur in Bengaluru; Editing by Pooja Desai)
-
Thai court considers damages claimed by crew of ship which was attacked in Strait of Hormuz
The lawyer for the three Thai sailors said that the Labour Court of Thailand accepted their petition on Friday, seeking damages following a deadly attack on their cargo ship in the Strait of Hormuz during the U.S. and Israeli war against Iran in March. The petition seen by seeks at least one million baht ($30,000), per sailor, from companies and agencies connected to Precious shipping, the vessel's owner, and its captain. Kunpat 'Singhathong, their lawyer, told reporters that the sailors had accused their employers taking them to dangerous areas and putting their life at risk. They also claimed their employers were preventing them from continuing their work by forcing them to go into these danger zones. He did not release the medical reports, but said that all three had been diagnosed with Post-Traumatic Stress Disorder and were unlikely to return as sailors. Kunpat has said that the sailors have received compensation for their lost items and two months of wages. Precious Shipping did not respond to email sent by. Two projectiles hit the Thai flagged Mayuree Naree as it was sailing through the Strait of Hormuz on 11 March. Three crew members were killed and 20 rescued. Iran's Revolutionary Guards warned of a possible attack on any vessel passing through the Strait of Hormuz after Israel and the United States attacked Iran in February. Before the passage of Mayuree Naree, several vessels were hit. Precious Shipping, in a statement made to the Stock Exchange of Thailand on March 11, said that its vessel had taken enhanced security measures and was in constant communication with maritime security coordination centers. Kunpat claims that the company told him they had paid all the compensation to which the sailors were entitled and wouldn't take on any additional responsibility. "They paid, and they told us to?don't request more, what we have given is already enough," said Noppadon, a 33-year-old former crewman, who called the compensation insufficient and not up international standards. Panithi Tumkaew (43), a former crew member who worked for the company 'for 11 years, said that he needed'medical assistance because he was frightened of loud noises. He is now unable to do his job. "I'm taking sedatives these days" Panithi said, "I take them to sleep."
-
The Russian fuel queues are too long for electric cars.
Oksana Yasinskaya’s electric hatchback in sky-blue zipped by a 'long line of cars awaiting the reopening of a filling station and pulled into a charging bay that was empty. Yasinskaya, after plugging in her car, 'looked across the deserted frontage. The signs on the fuel pumps apologized for being temporarily out of gas. This is a common sight in Russia as a result of Ukrainian attacks on energy targets. Gasoline and diesel prices have increased due to the shortages, causing long lines and hours of waiting. Some drivers, like Yasinskaya's husband, are now switching to electric cars. The fuel queues at the stations settled the issue. "We had never before considered buying an EV," explained Yasinskaya a 36-year old engineer who commutes to Moscow for her job. "I'm relieved that I don't need to stand in this embarrassing queue. I hate to waste time. I know people who wait in line for two to three hours or drive at night to fill up with fuel. According to Autostat, the market for new EVs and plug-ins hybrids grew in June, as fuel shortages became more prevalent. The agency predicts that the small but growing market will continue to grow if the fuel crisis continues. Yasinskaya claimed she purchased her car from a retired man who kept it mainly in his garage and stored pickle jars up on the roof. She said that she would not regret the decision, as her commute costs have dropped by 80%. The lack of charging infrastructure in Russia and the severe weather are still major challenges for EV drivers. However, Yasinskaya says that her family can now afford to switch from their current car to a hybrid because they can charge it at home. She said as she drove past another queue of motorists. "Those unfortunate, unhappy, unlucky individuals are just waiting there." (Written by Alessandra Prrentice, Edited by Ros Russell).
-
Officials say 11 people have been killed by a fast-moving wildfire in southern Spain
Antonio 'Sanz, the Andalusia head of emergency, said that 11?people died in a wildfire which broke out in Almeria, in southern Spain. Sanz stated that the fire spread rapidly around Los Gallardos, in the province of Almeria in Spain's southern Andalusia region. It affected the nearby hamlet Bedar. He said that authorities had warned residents to remain in their homes, and the deaths seemed to have happened when people tried to evacuate their cars. Sanz reported that four people who appeared to be British, as the steering wheel was on the 'right-hand side of their car,' died in one vehicle. Seven others were also found dead, after they had abandoned their cars to try to flee on foot, along a route not included in the evacuation plan. Sanz reported that four more people are being treated for severe burns in hospitals. Sanz urged residents to heed official instructions and avoid risky situations, as authorities are focused on saving lives. The authorities are continuing their search operations as they fear that there could be more missing people. This is the deadliest wildfire in Spain since 2005 when 11 firefighters died in a fire in central province Guadalajara, which was started by a barbecue. The fire burned thousands of acres of forest. This disaster, which is considered to be one of Spain's worst wildfire tragedies led to major changes in the wildfire prevention systems and emergency response system. The Prime Minister Pedro Sanchez expressed "enormous sadness" and "devastation" at the effects of the fire. He offered his condolences and best wishes to the families of the victims and the injured. In a message on?X he stated that?emergency service, security forces, and the military emergency unit(UME) were mobilised to fight the fire and advised residents to exercise caution. This latest fire?comes a week after a wildfire that burned out of control near the Spanish border in southern France forced over 10,000 people to evacuate from two dozen small villages and towns. The early summer heatwaves in western?Europe, which occurred between May and June, have drained vast?areas. This has made them vulnerable to wildfires. The World Meteorological Organization says that Europe is heating up at a rate more than double the global average. This makes prolonged heat waves more likely. (Reporting by Akanksha Khushi in Bengaluru. Emma Pinedo, in Madrid, contributed additional reporting; editing by Lincoln Feast and AislinnLaing.
Maguire: From curiosity to cornerstone, how batteries became mainstream
Batteries were essential but not transformative for most of the last century. Batteries powered radios and started cars. They also provided backup power when the grid went down.
They are now at the heart of a global shift in industry, underlying everything from electric cars and smartphones to power grids that are increasingly dependent on renewable energy.
This transformation -- from niche component to strategic basis -- has occurred with an unusually rapid pace. Batteries have evolved from a mere afterthought to a key technology in the transition from fossil fuels.
It is not a single innovation that has brought batteries to the forefront, but rather a convergence between technology, economics, policy and scale.
Portable Constraints
Batteries were used for a variety of specific and often "unglamorous" applications before the 1990s. Lead-acid batteries were the most common, and they were used in automobiles and industrial backup systems.
There were rechargeable options, but they were expensive, bulky and short-lived in comparison to the amount of energy they could hold.
Batteries were seen as a limitation rather than enabling technology in the late 20th Century, even as electronics became more prevalent. The devices were designed to work around the limitations of batteries: their short runtimes and heavy weight, as well as slow charging.
It would have been unthinkable to think that batteries could transform entire industries, or even global energy systems.
LITHIUM ION CHANGES THE EQUATION
This changed in 1991, when lithium-ion battery technology was commercialized. This new chemistry provided a significant improvement in terms of energy density, flexibility and rechargeability. Instantly, portable electronics no longer had to be plugged into power outlets.
In the decade that followed, lithium-ion battery technology quietly fueled the growth of laptops and mobile phones. Eventually, smartphones were also powered by these batteries. In the early 2000s batteries no longer supported devices, but enabled new product categories.
Batteries became a part of everyday life, even though they were still mostly invisible.
The next turning point was scale. Battery manufacturing grew dramatically in East Asia as global consumer electronics demand surged during the 2000s and 2010s.
Scale brought learning. Manufacturing processes improved. Yields increased. Supply chains matured. Costs started to drop -- first slowly, then quickly.
According to the International Energy Agency, the lithium-ion batteries' prices have dropped between 80% and 90% over the past decade. This is one of the steepest price declines for any major industrial technology.
The cost curve would be decisive. Batteries that were cheaper did not only expand the existing market, but also created new markets.
EVS BATTERIES MAKE BATTERIES STRATEGIC
Transport is the best sector to illustrate this shift.
The battery in electric vehicles has become the most important feature of the vehicle, replacing the internal combustion engines as the core of the vehicle.
This shift has forced automakers, at least those who want to compete in the electric vehicle space, to rethink their supply chains and manufacturing processes.
Tesla and other companies based their business models on battery performance and costs, while the government introduced incentives and emission?rules to accelerate adoption.
At the same, the demand for raw materials like lithium, nickel, and cobalt soared, bringing batteries into the geopolitical realm. Supply chains were transformed into strategic assets and the control of battery materials had implications for industrial competitiveness and energy security.
Batteries are no longer just a consumer technology. They're a cornerstone for the future of transport.
From Mobility to the Grid
Power has become the next frontier. The variability of renewable energies, such as wind and solar, has led to a need for greater flexibility. Batteries are one of the best tools for achieving flexibility. Battery storage projects at utility scale are being implemented to balance the supply and demand, improve grid stability and store surplus renewable energy for later use.
What started as a niche frequency regulation solution has evolved into a wide range of applications in modern power systems.
According to the IEA, in many markets, battery-powered peaking plants are now competitive with gas-fired systems for certain applications. This was unthinkable a decade earlier.
Batteries have been elevated from mobility technologies to core infrastructure.
Power Politics
The government's policy played a key role in speeding up this transition. Climate targets have moved electrification up the national agendas while industrial policies have tried to localize battery production.
In the U.S. the Inflation Reduction Act offered incentives to domestic production and supply-chain development. The European Union introduced its own battery regulations, and has invested in frameworks for investment. China has been dominating the value chain of batteries over many years.
It is not just a race to deploy batteries but also to manufacture them and secure the raw materials required to do so.
Batteries are a unique technology at the intersection of geopolitical competition, industrial strategy and climate policy.
GROWING PAINS
The transition to mainstream culture has not been smooth.
The raw material supply is a constant concern. Lithium and other inputs are subject to price volatility, and geographical concentration.
The environmental and social impacts of mining are also gaining attention, which raises questions about the sustainability of battery supply chains.
Despite this, there are still technical challenges. The pace of improvement in energy density is slowing down, while safety risks, though manageable, persist. Recycling systems must also be scaled up to meet future demand.
The next phase of 'battery history' is shaped by these constraints, rather than being stopped.
The industry is diversifying as it matures. In cost-sensitive applications such as mobile phones, lithium iron phosphate batteries (LFP) are increasing their market share. Alternatives like sodium-ion batteries are also beginning to appear for certain uses.
Solid-state batteries continue to be researched, with potential improvements in safety and performance. Commercial timelines are still uncertain.
New use cases continue to expand the market. Batteries are being used in more and more homes, businesses, and industries, creating a flexible and distributed energy system.
Recycling will also become a key component in the industry to both reduce the environmental impact as well as to ensure supply chains on a long-term basis.
From Innovation to Infrastructure
However, the most important shift may be conceptual.
Batteries are not regarded as a new technology. Batteries are now viewed as an essential part of infrastructure, embedded and indispensable.
The grids and devices that people use are based on them. They are important not only for what they can achieve individually, but also in the way they allow broader systems to work.
In this sense, the rise in batteries is similar to that of other foundational technologies. From railways to electricity networks to the Internet.
The innovation phase has not ended, but the centre of gravity is now in a new place. Now, the key questions are about scale, integration and control - who makes batteries, where are they deployed and how do they influence the global energy systems.
What was once a niche tech has now become an integral part of modern living. Batteries will play a more important role as the energy shift accelerates. They won't be on the fringes anymore, they will be at the core.
The opinions expressed are those of the columnist, author. This column is a great read! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
(source: Reuters)