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Alaska Air withdraws its 2026 profit forecast due to fuel cost uncertainty
Alaska Air Group has withdrawn its full-year forecast due to sky-high jet fuel costs caused by the Iran War and its 'chokehold' on global oil supplies. This is causing margins to be hammered, and the outlook for the future is clouded. The cost of jet fuel has risen dramatically after U.S. and Israeli strikes on Iran cut off the Strait of Hormuz - a vital artery used for oil shipments around the world. This is the industry's worst shock since the COVID-19 Pandemic. Since the start of the conflict, prices for jet fuel have nearly doubled, leaving carriers unable to re-price tickets that were already sold. Fuel prices fluctuation and the uncertainty surrounding war have clouded airline's ability to predict future outcomes. Alaska had forecasted a profit of $3.50 - $6.50 per share for 2026. Alaska Air Group CEO Benito Minicucci stated last month that the airline burns around 100 million gallons per month. This means that a $1 increase in jet fuel costs adds approximately $100 million to monthly cost. Minicucci stated that Alaska is shifting fuel supply away from the U.S. West Coast. This includes tankering fuel?from Singapore to?Seattle because refinery margins have increased jet fuel prices by about 20 cents a gallon. The West Coast of the U.S. has higher jet fuel prices than other parts of the country. This is because there are fewer refineries and pipelines to major fuel hubs, leaving a market that's relatively isolated. Supplies can become tighter quickly when disruptions occur, and imports may be used to fill in gaps.
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US low-cost airliners seek temporary tax relief in response to soaring fuel prices
The CEOs of the major low-cost airlines are scheduled to meet with?U.S. officials on Tuesday. Transportation Secretary Sean 'Duffy and the CEOs of major low-cost?airlines are set to meet on Tuesday with the U.S. Last week, a group of representatives from Spirit Airlines, Frontier Airlines, Allegiant Air and Sun Country emailed leaders in Congress to ask them to pass legislation suspending the 7.5% federal excise tax and $5.30 segment tax. The Association of Value Airlines said that waiving the fees would offset approximately one-third the cost increase of jet fuel. Jonathon Freye, the executive director of the group, wrote to congressional leaders that if fuel costs are not reduced they will "translate into higher trip?costs" for passengers. While base fares are usually the most visible part of ticket pricing for many airlines, they may be forced to raise the price of both fares and other ancillary services to offset fuel costs. Fuel price increases have prompted North American airlines to increase baggage fees, reduce flights and plan capacity growth. The US Transportation Department did not immediately comment on this planned meeting. Spirit Airlines' bankruptcy plan was reportedly under renewed pressure last week after a sharp increase in jet fuel prices undermined the key assumptions that were behind its restructuring. Spirit Airlines is seeking approval from the court for a?second restructuring in less than a year. After emerging?from bankruptcy on March 2025, Spirit continues to struggle with high domestic capacity, weak leisure demands and a challenging pricing environment. (Reporting and editing by Alistair Bell; Reporting by David Shepardson)
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JetBlue CEO says that bankruptcy is unlikely this year, despite rising fuel prices amid Iran war
JetBlue Airways CEO Joanna Geraghty said that the carrier would not be considering bankruptcy this year. This was according to a memo viewed by on Monday. The cost of jet fuel has risen dramatically after U.S. and Israeli strikes on Iran, which disrupted the Strait of Hormuz - a vital waterway for oil flow around the world. This is the biggest shock to the aviation industry since the COVID-19 epidemic. New York's carrier secured a $500-million debt financing commitment backed by 22 aircraft with the option to raise $250-million more using additional planes as collateral. Geraghty stated in an internal memo that the airline had access to additional capital and ample liquidity. Last week, a video clip featuring JetBlue founder David Neeleman (who ran the airline from 2007 to 2013) warning that it might face bankruptcy this year became viral on social networks. On Monday, a person who is familiar with the situation confirmed that the video was authentic. Since the Iran War began, jet fuel prices have almost doubled, leaving airlines with a dilemma between increasing expenses and tickets that are already sold. Fuel costs are on the rise, and this puts more pressure on smaller airlines like JetBlue. They have less financial flexibility and are more exposed to uncertainty. The Middle East conflict, say industry executives, could change the dynamics of the airline industry. In the memo, Geraghty stated that there has been speculation about possible consolidation in the airline industry and questions regarding Spirit Airlines' future. The outcome of any further consolidation is uncertain. JetBlue aimed to "regain stability" and begin reaping the rewards of a turnaround that was launched in 2024. The airline focused on cost control, route optimization, and deferring aircraft delivery. High fuel prices threaten to 'derail' that plan. In the memo, Geraghty stated that "we're operating in a more challenging environment than we expected at the start of the year in particular as it relates fuel prices." Reporting by Shivansh Tiwary in Bengaluru and Megavarshini G. Somasundaram; editing by Maju Samuel, Pooja Deai
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Philadelphia will provide free transportation for World Cup fans following World Cup matches
Thanks to a partnership between travel rental platform Airbnb and 'Philadelphia Soccer 2026,' soccer fans who are heading to Philadelphia to watch the World Cup can take advantage of a free shuttle service after each match. This announcement is in stark contrast with some host cities who are increasing transportation prices during the tournament. New Jersey announced on Friday that round-trip tickets for public transportation to games would cost $150. This is a 10x increase. Fans in Boston will have to pay $95 to return to Gillette Stadium by bus. SEPTA will offer free rides to and from the games in Philadelphia's Lincoln Financial Field Stadium. The service will begin at halftime, and continue for two hours following the end of the matches. Governor Josh Shapiro stated that "My Administration has spent millions to ensure SEPTA train service remains in good condition as we enter an "epic" year of sports in Philadelphia." "I'm happy that?Airbnb has stepped up to offer?free rides for the fans, so they can return home safely and affordably." Philadelphia will host five games in the group stage, starting with Ivory Coast vs Ecuador on June 14. There will also be a tie for the round of 16. Trevor Stynes (Reporting) Christian Radnedge (Editing)
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Zelenskiy, a Ukrainian official, says that the Druzhba pipeline will be flowing again by April's end.
In a 'Monday interview, Ukrainian President Volodymyr Zelenskiy stated that the Druzhba oil pipeline that carries 'Russian oil into a number of Eastern European countries will be restored to full operation by April. Zelenskiy said to a Ukrainian television interviewer that the system would be operational by April's end. It was not immediately clear when the interview had been recorded. Zelenskiy, earlier this month, cited the date of the end April as the?date for the pipeline operations to be resumed. Ukraine's state energy company Naftogaz declined to comment on the date when pipeline operations will resume. Peter Magyar, the winner of the Hungarian elections on Sunday, called on Zelenskiy to reopen "the damaged pipeline" as soon as possible and that Russia resume oil deliveries through it. Viktor Orban, the incoming?Hungarian Prime Minister and the Slovak Government had accused Kyiv of delaying repairs. Ukraine denies ?this. Hungary and Slovakia are no longer receiving Russian oil via Druzhba since late January, after a Russian drone struck the pipeline in western Ukraine. (Reporting and editing by Ethan Smith; reporting by Ron Popeski)
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Baltic Exchange, a freight assessment agency, proposes changes to the methodology for Middle East benchmarks
Baltic Exchange, who tracks and evaluates freight rates, proposed Monday amending their'methodology for all Middle East benchmarks. They cited the escalating geopolitical disturbance in the Strait of Hormuz and the wider Middle East area. The exchange wants immediate feedback about a proposal that would allow flexibility in the method?and include an area or port outside of the Middle East Gulf region. The original option of loading at a port within the region will continue. The Baltic Exchange's indexes and assessments can be used to settle freight derivatives trades, benchmark physical contracts, or as an overall indicator of the performance of the freight market. Baltic Exchange stated that while the consultation will not eliminate the risk of benchmark suspension it can help to mitigate this risk. In March, the Baltic Exchange held meetings and provided guidance on how shipbrokers could assess indices without direct or physical fixtures. The Exchange stated that shipbrokers could 'consider ongoing negotiations or fixtures on closely related, economically comparable routes, or time charter equivalent earnings in their assessments. S&P Global Platts - one of the largest providers of information about the oil & fuel markets - did not respond immediately to a question regarding how changes in the Baltic Exchange's methodology might affect its assessments. Reporting by Arathy S. Somasekhar, Houston; editing by Chizu N. Nomiyama
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FBI Director Kash patel files a lawsuit against the Atlantic for false reporting on drinking and absences
After an article was published on Friday claiming that the FBI director Kash Patel had a drinking issue which could be a danger to national security, Kash filed a lawsuit for defamation against The Atlantic and its reporter Sarah Fitzpatrick. The article, originally titled "Kash Patel’s Erratic Behaviour Could Cost Him His Job," quoted more than two dozen anonymous witnesses who expressed concern about?Patel’s "conspicuous drunkenness and unexplained absenteeism" which "alarmed officials from the FBI and Department of Justice." The Atlantic's online version of the article, titled "The FBI director is MIA", reported that, during Patel’s tenure, early meetings had to be rescheduled "as a consequence of his alcohol-fueled night" and that Patel was "often away or unreachable" which delayed time-sensitive investigations. The Atlantic reported that the White House, Department of Justice, and Patel all denied the allegations. In the article, Patel was quoted as saying, "I'll be there in court, bring your checkbook." The FBI was credited with making this statement. Patel told. They were told the truth and chose to publish falsehoods despite being informed. The Atlantic released a statement saying, "We will defend the Atlantic and our journalists vigorously against this meritless suit." Could not independently verify the accuracy of the articles or why the publication changed its title. Patel's lawsuit says that, while the Atlantic has the right to criticize FBI leadership, they "crossed the legal line" when they published an article "full of false and clearly fabricated allegations intended to destroy Director Patel’s reputation and force him out of office." The lawsuit filed in the U.S. District Court for the District of Columbia seeks damages of $250 million. The lawsuit claims that the Atlantic did not respond to the FBI denials or to the Friday letter sent by Patel's attorney,?Jesse Binnall? to senior editors of the Atlantic and its legal department? asking for more time to refute 19 allegations made by the reporter to the FBI press office. According to the complaint, the letter was sent just before 4 pm on Friday, and the Atlantic published it at 6:20 pm. The complaint could not determine how the Atlantic reacted to Binnall’s request. The lawsuit claims that the publication acted "with actual malice." This is a legal standard which requires public figures like Patel to prove the publisher intentionally printed false information or recklessly overlooked doubts about the accuracy of the information. The lawsuit states that "Defendants' deliberate decision to ignore detailed, specific and substantive refutations contained in the Pre-Publication Letter and their refusal of giving a reasonable amount of time for Director Patel and the FBI to respond is one of the strongest evidences of actual malice." The Supreme Court set a high standard for defamation cases, requiring public figures such as Patel to prove the Atlantic or its reporter knew that their?reporting' was false but published it anyway. Deanne Schullman is a media attorney with Shullman Fugate PLLC in Florida. She believes that the suit has a low chance of success. "Simply failing to get a response from the other party is not enough to prove actual malice." Binnall, a Republican lawyer of note, has represented U.S. president Donald Trump in a number of civil cases. One such case was brought by U.S. Capitol Police Officers over Trump's role in the riots on January 6, 2017. He also represented Donald Trump Jr. and former national security adviser Mike Flynn. Binnall was the attorney who led Trump's challenge against Nevada's election results for 2020. This is not the first time a Trump administration official has sued a media outlet. The judge dismissed Trump’s lawsuit against CNN because it called election denialism "the big lie." The judges also dismissed Trump's lawsuits filed against the Wall Street Journal and the New York Times. Trump has re-filed his lawsuit against The New York Times and may re-file against the Wall Street Journal. He has also negotiated some settlements. ABC News settled a lawsuit for $15 million, plus $1 million of legal fees. Paramount Global has agreed to pay $16m to settle a dispute involving what the Trump Administration called "deceptive edits" in a CBS News interview of Kamala Harris, his opponent for the election in 2024. (Reporting from Washington by Jana Winter; Additional reporting in New York by Jonathan Stempel; Editing by Michael Learmonth Lisa Shumaker Alistair Bell
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Poste Italiane fined more than 12.5 Million Euros by Italy's privacy watchdog
The privacy watchdog in Italy announced on Monday that it fined Poste Italiane and Postepay, its payments card division, a total amount of over 12.5 million euro ($14.7million) for the illicit processing of millions of user's personal data. Poste, a company that offers financial and payment services in addition to its traditional postal services, has issued a statement rejecting all allegations. It also reaffirmed the "correctness and transparency" of its actions. Italian data watchdog said some features in Poste's mobile applications, which were designed to identify malicious software, are excessively intrusive, and not strictly required for fraud prevention purposes. The watchdog stated that it had identified several breaches in data protection laws, including inadequate user information and an absence of a "proper" impact assessment of data protection. Poste responded by saying that it had "lawfully" accessed the technical data of a customer's device, in compliance with payment services legislation. This was done for the sole purpose of activating its anti-fraud and anti-malware safeguards.
Uber is ordered to pay $5,000 after losing another US driver assault trial.
Uber was ordered to pay $5,000 by a federal jury in North Carolina, on Monday. The woman claimed that she had been sexually assaulted while riding with a driver booked via the Uber app.
The jury verdict in?Raleigh North Carolina's followed a trial which began on April 14. The verdict comes after another jury in Arizona awarded $8.5 Million to a woman who claimed that an Uber driver raped and abused her when she was 19 years old.
The jury may be more inclined to hold Uber responsible for the assaults of drivers in other cases, even though Monday's verdict was relatively modest.
The verdicts in both cases could be used to determine the value of any settlements or mass resolutions of cases.
The plaintiff, who is not named in court documents, claims that her Uber driver grabbed her inner leg and asked him if he can "keep it with me," prompting her?to flee the vehicle.
Uber, which is known for its safety issues, claimed that North Carolina law does not apply to it because it is not a common carrier like a taxi company. Uber claimed that even if the plaintiff could prove otherwise, it would not be liable for an independent contractor's actions.
The company also claimed that the plaintiff's medical history indicated long-standing mental illness and substance abuse problems prior to 2019.
Uber's spokesperson stated that the jury award is a fraction of what the plaintiff was seeking and "should bring these cases closer to reality."
The spokesperson stated that "that said, we are of the opinion that the jury has been?incorrectly?instructed on?question?of liability and have good grounds for appeal in this important point."
Lawyers for plaintiffs said that the verdict is a 'clear signal' that Uber can't escape responsibility for their drivers' conduct and that it's'shameful' that the company made a big deal out of plaintiff's past.
Uber also faces more than 500 other cases involving similar claims at a California state court. In September, the company won 'the only trial that has taken place so far in these cases. A jury found that Uber had failed to implement measures to protect plaintiffs' safety but that their negligence was not substantial in causing harm. Reporting by Daniel Wiessner, Albany, New York. Editing by Alexia Garamfalvi, Aurora Ellis.
(source: Reuters)