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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran has caused a surge in jet-fuel prices that has impacted the global aviation industry. Airlines have raised fares and revised their financial forecasts. In recent days, jet fuel prices have risen from $85 to $90 per barrel up to $150 or $200 per barrel for an industry that accounts for as much as a quarter of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline stated on March 12 that it expects the suspension of Middle East flights, as well as a rise in fuel prices, to have "notable impacts" on their first-quarter results. AIR FRANCE KLM, the French airline, announced on March 12, that it would be increasing ticket prices for long-haul flights to offset rising jet fuel costs. The airline said that cabin fares will increase by 50 euros (57 dollars) per round-trip. AIR NEW ZEALAND On March 10, the airline was among the first to announce a large increase in ticket prices. The airline also suspended its earnings forecast for fiscal 2026 due to the unprecedented volatility of global jet fuel markets. Price increases for domestic flights are NZ$10 ($6), NZ$20 for short-haul international routes and NZ$90 for long-haul flights. Further price, schedule and network changes may be made if fuel prices remain high. AKASA AIR Akasa Airlines, a domestic and international airline in India, announced on March 14, that it would be introducing a fuel charge ranging from 199-1300 Indian Rupees ($2-$14). AMERICAN AIRLINES On March 17, the U.S. airline said it was expecting a $400?million increase in expenses for the first quarter due to the surge in jet fuel prices. CATHAY PACIFIC Hong Kong Airlines announced that it will increase fuel surcharges for all routes starting March 18. The airline cited a doubled in jet fuel prices from the beginning of the month. In March, the airline said that it reviews fuel surcharges every month and kept them at $72.90 per flight between Hong Kong and Europe and North America. CEBU AIR On March 13, the Philippines-based airline stated that the sharp increase in fuel prices was a major concern. It would continue to evaluate its pricing and distribution strategies to minimize the negative impact. FRONTIER AÉRIENS According to a statement made on March 17, the airline has revised its full-year outlook as jet 'fuel prices have risen significantly since it released?the outlook. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35.2% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49). British Airways' owner IAG stated on March 10, that it does not intend to increase ticket prices immediately as it has hedged a large amount of fuel in the short to medium term. INDIGO India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is also lobbying for a reduction in fuel taxes by the Indian government. PAKISTAN INTERNATIONAL AIRLINES On March 12, the Pakistani airline announced that it would increase domestic and international flight prices by $20, and up to $100. It cited higher fuel surcharges. QANTAS AIRWAYS The Australian airline announced on March 10, that it will increase fares on international routes and consider adding capacity to its existing Europe routes. On March 17, the Scandinavian airline announced that it would cancel a thousand?flights? in April due to high prices for jet fuel and oil. The airline cancelled "couple hundred flights" in March. SAS, which has already raised flight prices, stated that the surge in fuel costs would be a blow to the aviation industry even if they tried to absorb it. THAI AIRWAYS On March 11, the Thai-based airline announced that it would increase fares between 10 and 15% to offset rising fuel prices. UNITED AIRLINES Scott Kirby, CEO of the Chicago-based airline, said on March 20, that the company is preparing to cut unprofitable flights in the next two quarters because oil prices are expected to stay above $100 until 2027. If oil prices remain at $100 until the end of 2027, then its annual fuel bills will increase by more than two times?the profits it earned in its most profitable year ever?, CEO Scott Kirby said on March 20. According to local officials, fuel prices have increased by 70%, causing operating costs to increase. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were exacerbated significantly by the Middle East situation.
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Greece opens trial in 2023 train accident that killed 57
The trial for a 2023 train crash in Greece that claimed 57 lives began on Monday amid strikes and protests against the role the state is perceived to have played in the accident. On February 28, 2023, a?passenger /train? carrying students from Athens up to Thessaloniki in northern Greece collided at Tempi (central Greece) with a freight?train?. This was the worst accident of its kind to ever happen in Greece. It triggered an investigation that lasted for years. The crash that caused a fireball, and explosion shed light on state failures including corruption, safety shortcomings, and years of neglecting the rail network during the debt crisis of last decade. Demonstrators in Greece have been holding mass protests to demand political accountability and the end of immunity for politicians. On Monday, 36 people including a station master, rail managers and others will be tried on charges that range from causing traffic chaos which led to deaths, to negligent manslaughter, to causing bodily injury. There have not been any political trials. There will be more than 350 witnesses, including victims' families, survivors, and workers in the training industry. National investigators said that the majority of victims were killed in the crash but as many as seven others died from the fire. Rail services were suspended on Monday as 'Greek railway workers' staged a 24-hour symbolic strike. The people of the city?Larissa rallied in front of the court. Investigations found that in 2023, a co-funded project to install safety systems launched in 2014 was still years behind schedule. Families of victims have also accused the authorities of attempting to conceal evidence. The centre-right, which denies any wrongdoings, has promised justice, and committed to complete railway reform by 2027. Reporting by Renee Maltezou, editing by Edward McAllister & Toby Chopra
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Wall Street Journal, March 23,
These are the top stories from the Wall Street Journal. The Wall Street Journal has not'verified' these stories and does not vouch for the accuracy of their content. The Federal Aviation Administration announced that the airport will be closed until Monday evening after an Air Canada Express plane collided with an emergency vehicle late Sunday at LaGuardia Airport, in New York City. Mark Zuckerberg, Meta's Chief Executive Officer, is creating a CEO agent that will help him do his job. Another AI tool, Second Brain, that can index and query project documents, is also gaining traction internally. Activist investor Elliott Investment Management made a multi-billion dollar investment in the 'electronic design automaton company Synopsys. They believe that there is room for improvement and growth at this'software company. Elon Musk said Tesla and SpaceX would team up to create a massive new chip factory in Austin, Texas to support his ambitious plans for artificial intelligent, robots, and human settlements on the moon.
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Poste expands its activities by acquiring Telecom Italia
Poste Italiane, a state-controlled Italian conglomerate, has decided to 'further grow its business by acquiring Telecom Italia through a cash-and-shares bid of 10.8 billion euros ($12.5 bn) for TIM. Poste, which is owned two-thirds by the Italian government, offers mail, payments, energy, and broadband services. Poste, by acquiring TIM, would have full control over TIM's network of data centres and its cybersecurity?unit Telsy. It plans to use these assets to bolster the nation's?digital independence. It acquired a 27% stake last year to replace France's Vivendi as TIM's biggest shareholder. Conglomerate had originally ruled out a 'takeover' of TIM. It expects that the combination?with TIM will generate?700 millions euros in benefits every year, mainly due to lower costs. Poste announced the bid unexpectedly late on Sunday. It targets all TIM shares Poste does not already own. TIM shareholders will receive a 9% increase over Friday's closing prices. Poste will remove?TIM from the stock exchange if the bid is successful. Poste anticipates that the offer will be completed by the end?of this year. TIM was long under pressure from aggressive 'price competition' on its domestic market. In 2024, it sold its fixed-line?network?to a KKR-led consortium backed by the Italian govt., reducing debt and re-directing most of its staff to its network venture.
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Two Indian tankers pass through Hormuz amid simmering tension between Iran and Trump
On Monday, two tankers bound to India passed through the Strait of Hormuz as U.S. president?Donald Trump warned that he would attack Iran's nuclear power plants if?Tehran did not drop its threats which have effectively shut down the Gulf. Since the beginning of the Iran war on February 28, exports to Gulf nations, including Saudi Arabia and United Arab Emirates, have been blocked. Tehran has also launched attacks against ships and warned anyone passing through the southern strait in the Gulf. The two tankers, both with Indian flags, were transporting liquefied Petroleum Gas (LPG), which is mainly used for cooking in India. LSEG Ship Tracking data shows that they loaded at anchorages located in Kuwait and the UAE. MarineTraffic data showed that the Jag Vasant, carrying LPG from Kuwait and loaded in UAE waters, followed the Pine Gas through the Strait. In and around the Gulf, hundreds of vessels have dropped anchor, preventing imports of food, other essentials, and energy exports - mainly to Asia and Europe. The Indian Ministry of Ports and Shipping confirmed that two tankers carrying over 92,000 tons LPG had passed through Hormuz. They were expected to arrive in India ports between March 26-28. LSEG's ship tracking data revealed that Pine Gas sent a message identifying themselves as an "India ship crew". According to the UN shipping agency, 20,000 seafarers are still stranded in the Gulf. State media reported that Iran threatened to place sea mines on Monday, if Trump carried out an attack. They also suggested non-belligerent countries might coordinate their passage with Iran. Analysts remain cautious. Ambrey, a British maritime security organization, said that Iran is still highly likely to be able to damage shipping passing through the Strait of Hormuz. In an advisory, the Joint Maritime Information Center of the U.S. Navy warned that there is still a "heightened danger of miscalculation on congested waterways". IRAN SAILS NORTHWEST Kpler data showed that a tanker containing oil products bound for India also passed the strait on Sunday. The disruption to tanker traffic in the Strait has reduced the global supply of oil by around 20%. Clarksons, a shipbroker, said that the crude tanker market remains distorted after three weeks of the Hormuz shut down. "Traffic in the Strait has dropped by 95% compared to pre-war levels. Iranian-linked vessels are still moving." According to United Against Nuclear Iran, which monitors Iran related tanker traffic in the United States, at least 14 Iran flagged oil?tankers loaded with oil have entered Asian waters?around Singapore Strait?since February 28. Charlie Brown, senior adviser at UANI, said that Iran is "business as usual". According to Lloyd's List Intelligence data and a reliable source, Iran received its first Western ship on Sunday since the start of the war. A Greek-operated dry-bulk?carrier brought grain from Canada to Bandar Imam Khomeini. MarineTraffic's ship tracking showed that the vessel sailed via?the Cape? before reaching Gulf. Last week, the UN shipping agency met to discuss the creation of a safe maritime route to evacuate ships out of the Gulf and to protect seafarers stranded. The initiative was not given a timeframe. According to UANI, 15 Iranian flagged oil tankers have returned to the Gulf after delivering their cargoes to Asia.
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Finnair chooses Embraer narrow-body aircraft over Airbus
Finnair has announced that it will be renewing its European fleet with 18 Embraer E195-E2 narrowbody aircraft, replacing its current supplier Airbus. This order, the largest investment made by the Finnish flag airline in more than two decades, is a blow to Airbus France after Embraer E2 sold three times as many Airbus A220s last year. Finnair also said that it plans to purchase up to 12 Airbus A320 and A321 aircraft from the used aircraft market. Turkka Kuusisto, Chief Executive Turkka's company, said that the E195-E2 is one of the quietest aircraft on the market. It will reduce CO2 emissions per passenger by 30%. It will allow us to work more efficiently in Finland and across Europe. EMBRAER CAPITALISING ON GLOBAL SHORT-HAUL FLEET RENEWALS Finnair announced that the Embraer contract includes purchase rights and options for 16 additional aircraft. It also said it had signed agreements with RTX’s?Pratt & Whitney? for spare engines and maintenance services. Kuusisto, who declined to provide further details, said that the total value of the company’s planned investments by the end of 2029 would be around 2 billion euro ($2.31 billion). Arjan Meijer, CEO of Embraer and a company that specializes in regional aircraft under 150 seats, said in January that the company has seen a boom in the demand for these jets as airlines replace fleets halted during the pandemic. Meijer stated in a press release following Finnair’s order, "We are looking forward to help Finnair modernise their short-haul aircraft fleet to better meet demand, reduce emission, and unlock growth." Airbus refused to comment when contacted by? about its fleet strategy. Airbus' spokeswoman said in an email that "Finnair is a valued and long-term partner and we are proud to continue supporting their operations as major operators of the Airbus A320 A330 A350 families." FINNAIR OPTIMAL SIZE Finnair, which is owned by the Finnish government, has been through years of turmoil, initially due to the?fallout of the COVID-19 Pandemic, and since 2022 from the mutual closures of airspace between Russia and EU nations following Russia's invasion in Ukraine. Finnair announced that the 18 new Embraers, of which the first three will be delivered in 2027, will double the seat capacity on regional routes within Finland and the Nordic countries, as well as Northern Europe. Kuusisto claimed that the E195E2's 134-seat capacity was what tipped the balance in Embraer’s favor. Reporting by Anne Kauranen, Helsinki; Tim Hepher, Paris; Stine Jacobsen, and Joe Bavier.
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As ICE agents prepare for screening travelers, staff absences at US airports are on the rise
The Department of Homeland Security reported that the absences of transportation security workers reached their highest level since the partial government shutdown began in mid-January. Meanwhile, immigration enforcement agents were preparing to replace them at the busiest U.S. Airports. DHS reported that more than a third of the Transportation Security Administration (TSA) staff at?airports like Houston, New York, and Atlanta were absent or calling in sick. The shutdown has left tens and thousands of workers without pay, while Democrats and Republicans fight over DHS' budget. Government officials announced that hundreds of Immigration and Customs Enforcement officers will be deployed to airports beginning Monday in order to help fill staffing gaps. DHS announced on Sunday that it would not share any details regarding the ICE deployment in order to maintain operational security. However, sources informed on the issue said that the current plan calls on deploying ICE agents at 14 locations. This number may change. Sources said that ICE personnel won't be placed behind airport security checkpoints for the time being because they don't have the clearance needed. Atlanta Mayor Andre Dickens announced in a press release that his office had been informed by ICE that agents would be dispatched to Hartsfield-Jackson on Monday, the busiest U.S. Airport in terms of passenger numbers. Dickens stated that federal officials said the ICE deployment would help TSA manage security lines and crowd control in domestic terminals. Dickens also noted that it was not intended to carry out immigration enforcement. This contradicts a Saturday social media post from Trump, who said that ICE agents would be responsible for "arresting all 'Illegal immigrants' who entered our country," especially Somalis. His administration has falsely accused this group of fraud and corruption. Workers without pay for weeks Democrats have blocked funding to DHS, demanding that the rules governing immigration operations be changed. These operations?have resulted in deaths of U.S. citizens causing public outrage. DHS reports that more than 9% TSA employees were absent over the last seven days. This has led to long lines of passengers waiting to reach their gates. A DHS spokesperson stated on Sunday that "many TSA officers are unable to pay their rent, purchase food or afford gas for their cars, forcing them to take sick leave from work." According to the TSA and their union, hundreds of TSA agents who were forced to work for free have also resigned. Tom Homan, the border czar, said that sending immigration agents to boost short-staffed TSA team will speed up the airport lines. However the union of TSA workers says that this does not solve the problem they perceive as the root cause: low pay. Homan, on CNN's State of the Union program, said: "When we deploy tomorrow we'll have an executed plan that's well-thought out." "ICE will perform the task far better than before!" Trump posted a social media message on Sunday morning. Homan, a CNN reporter, said that he would have a plan in place "to move the lines along" by the end the day. Homan and Transportation secretary Sean Duffy had different opinions about the deployment of ICE agents in separate interviews. Homan stated that he did not believe ICE agents would be able to operate X-ray machines for baggage or passenger screening because they lack experience. Duffy, on the other hand, claimed that ICE agents are "aware of how to pat down people and how to run X-ray machines." TSA WORKERS UNION OBJECTS?TO REPLACEMENT PLANN The union that represents TSA workers has criticized Trump's move, saying that their members train for months to learn how to detect explosives and other weapons. Everett Kelley said, "Our TSA members have been working every day without pay because they believe that their mission is to keep the flying public safe." "They should be paid and not replaced by untrained armed agents that have shown how dangerous they are." Unlike TSA agents, ICE employees have continued to be paid by the federal government through a funding provision separate from TSA. Meanwhile, lawmakers are debating whether ICE funding needs to be tied to rules and procedures. Democrats say new rules are required after masked ICE agents shot and killed two U.S. Citizens in the streets of Minneapolis earlier this year. Both men were out in the streets to protest Trump's unprecedented immigration?surge. Hakeem Jeffreys, a New York Democrat who is the minority leader of the U.S. House of Representatives told CNN that the caucus of his party was open to a separate agreement to fund TSA workers while lawmakers discuss measures to "get ICE in check." There hasn't been much movement in finding a deal, particularly in the Senate. (Reporting from Jonathan Allen in New York and David Shepardson and Rishabh in Bengaluru. Additional writing by Kristina in San Francisco. Editing by Elaine Hardcastle and Aurora Ellis; Sergio Non, Edmund Klamann, and Edmund Klamann.
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Cuba restores electricity to Havana following the second grid failure in a week
Cuban officials announced that the country had restored electricity to almost half of Havana's capital by Sunday afternoon. This was less than 24 hours after the grid collapsed for the second consecutive week due to a U.S. The?oil embargo has caused a serious blow to Cuba's energy infrastructure. Grid operator UNE reported that the grid went down Saturday night at 6:32 p.m. (2223 GMT) when a major power station in Nuevitas in eastern Cuba's Camaguey Province, went offline. This caused a cascade of events which knocked out electricity to approximately 10 million Cubans. UNE reported that by Sunday afternoon, nearly 500,000 homes, businesses and hospitals in Havana – or 55% – were online. The grid operator is also preparing the largest oil-fired plant in the country to start up and expects it to be operational by day's' end. This will dramatically increase generation. Havana's daily life continued as usual despite the blackouts. These have become part of Havana's routine, even when the grid is working. Havana resident Leoni A. Alberto said, "We are stuck in the same rut." He said that he had to cook using firewood more than once a week because of the power outages. It's a total madness. "There's no way around it." Officials said that the power in many areas will remain out for a long time despite efforts to restore it. This is due to a shortage of diesel fuel. The country's cellular service and internet were still patchy, but many areas had improved by the afternoon. Yordanis López, a Havana resident, was waiting, along with many others in the waterfront capital of Havana, for the lights on Sunday afternoon. He claimed that the power outage left him in the darkness in many ways. He said that when the power grid goes down, so do social media networks. You have no idea of what's happening. Twice in a Week Cuba's electric grid has been teetering and unstable for months. Blackouts lasting hours and even days are the norm. The grid failure on Saturday is the third major outage in the month. On March 4, a thermoelectric plant that was a main power source suddenly stopped. On Monday, the power grid went offline for unknown reasons. Cuba has experienced several 'total blackouts' in recent years. However, two in a single week are exceptional. Cubans are closely following the tracks of two tankerships with Russian fuel cargoes in the Atlantic, hoping that this will provide relief from the U.S. Blockade. The Hong Kong flagged?vessel Sea Horse appeared to divert away from Cuba this week. Donald Trump, the U.S. president, began to take measures to prevent oil from reaching the Caribbean Island after Washington ousted Venezuelan President Nicolas Maduro?on January 3, 2019. Venezuela had provided oil on favorable terms to its close ally, the United States. Since then, Trump?cutoff Venezuelan exports into Cuba and has threatened other countries with punitive duties if they sold oil to the island. Cuba has blamed the U.S. embargo on its economic problems, including an outdated power grid. Washington attributes the failures to Cuba's Soviet style command economy. (Reporting from Dave Sherwood, Havana. Additional reporting by Anett and Alien Fernandez. Editing by Hugh Lawson & Diane Craft.
Omani and Turkish fund to invest new port at Iskenderun
The very first financial investment of a. fund set up by the Oman Financial Investment Authority (OIA) and Turkish. army pension fund Oyak will be a brand-new port in Iskenderun in. southern Turkey.
Oyak and the OIA signed an offer on Thursday to set up a joint. endeavor worth around $500 million, the OIA stated.
Increasing our country's ratio of exports is among our. concerns, OYAK Suleyman General Manager Savas Erdem said in a. declaration on Friday.
The agreement was announced at a joint news conference with. Turkish President Tayyip Erdogan and Oman's Sultan Haitham bin. Tariq al-Said in Ankara.
The very first investment of OIA-OYAK fund will be South. Container Port. The new port to be integrated in Iskenderun will satisfy. the needs of the entire area, OIA Chief Investment Officer. Ibrahim Al Eisri informed Reuters.
(source: Reuters)