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Temasek supports Singapore Airlines' Air India Investment amid growing scrutiny
Singapore's state-owned investor Temasek - the majority shareholder of Singapore Airlines -- backed its investment in Air India on Saturday, as questions grew about the airline’s stake in the Indian carrier. This week, the first report on Air?India's request to Tata Sons for $1.5 billion of new equity was published. Singapore Airlines holds 25.1%, while Tata owns the remainder of India's largest airline. Kenneth Tiong of Singapore's Workers' Party opposition, who learned about the funding request, called for Temasek's money not to be used in order to support the Indian carrier. Singapore's Business Times also published a comment arguing that Singapore Airlines couldn't realistically sell its Air India stake and that?Tata was the only viable buyer. The newspaper questioned the value of its 25,1% stake beyond a seat on the board and a share in the losses, but maintained that the strategic logic behind the investment was still valid. Juliet Teo of Temasek Singapore's joint head of Portfolio Development wrote to the newspaper in response to this?commentary. She said that Temasek supported Singapore Airlines decision to invest into Air India and viewed it from a longer-term perspective. In the letter, it was stated that Air India's transformation involved multi-year, complex operational and integration challenges. The outcomes were shaped by external factors, such as industry developments, geopolitical changes, and fuel price volatility. It said that "efforts of this magnitude take time and cannot be expected to be linear." Temasek has not stated whether it would support any capital contributions by Singapore Airlines to Air India. Tata has been in charge of Air India since 2022, when it was formerly owned by the state. Air India was hit by the ban on Indian carriers in Pakistani airspace, the U.S./Israeli conflict with Iran and the fallout of a fatal crash that occurred last year. The airline's?budget division Air India Express and the airline itself posted combined losses of $2.33billion in the year up to March. This weighed on Singapore Airlines' profits. Singapore Airlines announced on Thursday that its board will carefully review any requests from Air India for additional capital, taking into account the group's capital requirements as well as Air India's strategy.
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Boeing and union negotiators will meet on Monday to restart stalled contracts negotiations
A spokesman from the Society of Professional Engineering Employees Association said that Boeing's negotiators and its largest union, SPEEA, plan to meet on Monday to resume contract negotiations. SPEEA members rejected Boeing's offer by a large majority last week. In a recent survey conducted by SPEEA, union members including engineers and technical workers said that they want Boeing to guarantee them immediate and larger wage increases. According to the survey results, shared by SPEEA, more money for annual performance-based increases is the?second highest priority. According to the survey, the?third-highest priority was better annual cost-of living adjustments. Boeing's spokesman said, "We are looking forward to reaching an agreement with SPEEA before the current contract ends and we look forward to finding a resolution at the bargaining table." The company declined further comment. Tuesday, the planemaker advertised?contractor positions in apparent preparation for a strike after the current contract expires Oct. 6. SPEEA members are essential to Boeing's efforts to certify the 737 -MAX 10 and 787-9, which both are years behind schedule. Work stoppages would further delay the two aircraft's entry into service. Airlines are still waiting for their delivery. Reporting by Dan Catchpole, Seattle. Editing by Nick Zieminski & Chizu Nomiyama.
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Tennessee Governor: Nashville airport will be named after Dolly Parton
Tennessee plans to name Nashville International Airport after country music icon Dolly Parton. The singer passed away in the 'country music capital' earlier this week at age 80. After Parton's death, fans launched a social media campaign to change the name of the airport. Tennessee Governor Bill Lee discussed the change with Parton's staff this week, according?to statements from the airport and Lee’s office. Lee stated in the statement that "Dolly Parton’s extraordinary life will forever be woven into the fabric of our State." Nashville International Airport is named after 'our favorite daughter' Dolly Parton, who has left a legacy of generosity, faith and kindness. According to a statement, the proposal to rename Nashville Airport and the current Metro Nashville Airport Authority naming policy will both be discussed at a meeting scheduled for September 17. The New York Times reported that the current policy does not allow naming a property after someone who hasn't been deceased for two years. Parton was born in 1946 in Pittman Center, Tennessee. She grew up in an?unique?cabin? in the?neighborhood of Locust Ridge. At age 13, she was performing on the Grand Ole Opry in Nashville, Tennessee. After graduating high school, she moved to Nashville and pursued a career in music. With songs like "Jolene," "Coat of many?Colors," and "I Will Always Love You," Parton became one of the best-selling female musicians of all time. She sold over 100 millions records. She was awarded 11 Grammy Awards including the Lifetime Achievement Award.
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Trans Mountain CEO: US trade dispute adds urgency to Canada’s oil pipeline plans
According to the CEO of Trans Mountain, the government-owned pipeline company, Friday's?collapse in trade talks? with the United States created an urgency? to?plan a?new oil pipeline? for Canada's West Coast. Although the project is still in its conceptual stage, both the oil producing province of Alberta and the Canadian government believe it to be in the national interest. Trans Mountain CEO Mark Maki said that the need for this project became apparent in recent weeks. Canada is the fourth largest oil producer in the world. It exports 90% of its oil to the U.S. but tensions are rising between the two countries. Last week, President Donald Trump imposed tariffs of?50% on $20 billion in Canadian goods. He also angered Canadians with an executive order declaring Lake Ontario, the body of water that spans the Canada-U.S. boundary, to be known as Lake America. Maki stated that the situation highlighted the need for Canada to diversify their exports. The west coast pipeline project would achieve this by increasing Canadian oil ships' access to Asia. "Events in the world around us have made it (the pipeline on the west coast) more urgent and I actually think that is good. He said, "It's very helpful." The 890,000-barrel-per-day Trans Mountain pipeline is the only east-west oil export pipeline in Canada. The Canadian government tripled the capacity of this pipeline in 2024. However, Canadian oil production is still growing and it's already nearly full. Trans Mountain Corp. would build and develop the proposed west-coast pipeline on a route similar to its existing pipeline with financial assistance from Alberta's Petroleum Marketing Commission and the Pembina Pipeline. The project proponents are asking Ottawa to declare the pipeline a national interest project, which will allow regulatory approvals to be expedited. Maki said Trans Mountain had to move quickly to consult Indigenous Communities and plan the route to be able to apply for regulatory approval in early 2019. Trans Mountain also works to optimize the existing pipeline by using drag-reducing agents in order to add?90,000. bpd to the capacity of the pipeline by the end of this year. The company will make a final decision on investment by the end 2026 to build more pumping station to increase 210,000 bpd capacity by the 2028. (Reporting and editing by Rod Nickel in Calgary)
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Trump Administration appeals $16 Billion Hudson Tunnel Funding Order
The Trump administration appealed on Friday a court order that required it to pay for the $16 billion Hudson Tunnel Project?after losing their latest bid to halt funding for 'the New York - New Jersey Rail Link. The project will build a new commuter train tunnel between Manhattan and New Jersey, and repair an old tunnel that is used daily by over 200,000 passengers and 425 trains. The funding dispute is a new clash between the Trump administration and the congressional Democrats on one of the largest infrastructure projects in the country. Trump has stated that he is against the tunnel which received federal support of about $15 billion under former president Joe Biden. The?U.S. The Transportation Department abruptly halted grant funding for the project on 1 October in response to a partial government shutdown that President Donald Trump blamed congressional Democrats. A U.S. court?ordered that the payments resume in February. Trump announced in October that he terminated the project citing U.S. backing. Chuck Schumer is a New York Democrat who expressed concerns over potential cost increases. The Department, which didn't comment immediately on Friday, had said that the freeze was imposed to ensure compliance with regulations prohibiting improper use of "diversity equity and inclusion" policies when funding. The heavily damaged tunnel from Hurricane Sandy in 2012 needs frequent repairs, which disrupt travel on the nation's busiest passenger rail line. Construction was temporarily halted in February, but resumed when the Trump Administration released funding that it had been withholding since October. The Gateway Development Commission which oversees the?project for New York and New Jersey has sued the Transportation Department separately in the U.S. Court of Claims, to ensure that the funds aren't frozen. Trump offered to unfreeze funds in January if Democrats would support his proposal to rename Washington Dulles Airport, and New York Penn Station. Democrats criticised the idea. The federal funding for the project has already been spent on around $2 billion.
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Serbia obtains additional sanctions waiver for Russian owned NIS oil company
On Friday, energy minister 'Dubravka Djedovic Handanovic' wrote on Instagram that?Serbia had secured a further waiver of sanctions from the United States until September 30 for its Russian-owned NIS Oil firm. The U.S. Office of Foreign Assets Control has granted a waiver to NIS, the operator of Serbia's sole oil refinery. This will allow NIS to continue importing oil until the Russian majority stake is sold by MOL, a Hungarian oil company, for a total of 51%. "The extended license allows us to continue supplying the market, while at same time working on an long-term solution (for NIS),"?Djedovic handanovic said. OFAC imposed sanctions against NIS in October last year as part of broader measures targeting Russia's energy sector due to the conflict in Ukraine. They demanded that Gazprom and Gazprom divest their combined 56% stake. This waiver is vital for Serbia, as the NIS refinery supplies around 80% or its demand. The Balkan country's other fuel imports fell to 25% of its monthly target in July due to record-low water levels on the River Danube forcing barges and tanks to operate at only a third their cargo capacity. Djedovic Handanovic said that negotiations between MOL & Gazprom Neft were in the final phase. She said without further explanation that "the new?licence is a sign of progress and a desire to provide the extra time necessary to complete this complicated transaction." OFAC granted NIS several waivers of sanctions allowing it import crude via Croatia’s Janaf pipeline while MOL completed the?acquisition following a provisional agreement in January. The Serbian Government owns 29,9% of NIS. Small shareholders and employees hold the rest. (Reporting and editing by Louise Heavens and Kirby Donovan; Aleksandar Vasovic, Angeliki Koutantou)
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Kremlin: Putin and Xi will discuss Power of Siberia 2 next week
Yuri Ushakov, Kremlin's foreign policy adviser, said that the Russian president?Vladimir Putin would meet with Chinese President Xi Jinping?on a side-line?of??the Shanghai Cooperation Organisation summit?? in Bishkek?, Kyrgyzstan?s capital. Ushakov stated that the leaders will discuss the?planned 2,600-km (1.616-miles) Power of Siberia?2 system, which is expected to transport 50 billion cubic meters (bcm),?of gas a year?to China via Mongolia?from the Arctic Gasfields. Power of Siberia 2 is stalled because of price disagreements, and the pipeline talks have been going on for many years. Putin will also meet with Turkish President Tayyip Erdoan, and he is expected to discuss with him the situation in Ukraine and at the Black Sea. The Kremlin's aide confirmed that Putin would also meet with the?Indian PM Narendra Modi and Iranian President Masoud Pezeshkian. (Reporting and writing by Anton Kolodyazhnyy; Written by Vladimir Soldatkin)
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In a stepped-up attack on logistics, Russia destroys Ukrainian food stores
Kyiv’s agriculture minister revealed on Friday that recent Russian air strikes?have destroyed 90% of retailers' logistics for food, Kyiv's agricultural ministry said. This reveals?the extent of Moscow's mounting attack on Ukrainian logistics. Both countries have intensified their strikes over the past few weeks, focusing on economic targets such as major retailers. Specifically,?Russia has targeted warehouses of Ukraine's top supermarket chains, its top?postal services?and its home-goods shops. Ukrinform reported that Taras Vysotskyi, the farm minister, said, "As it stands today, 90 percent of retail food chains are destroyed. But this does not mean Ukrainians won't have food." The comments he made to reporters in Kyiv were the most honest official assessment of the impact of Russia's escalating attacks on Ukraine's fragile economy, in its fifth year of war. Strikes at the logistics depots for food retailers have caused?fresh fruits, vegetables, milk, sugar and other foods to disappear from some Kyiv supermarkets. Ukraine's long range attacks have also targeted energy infrastructure, oil tankers and the Black Sea's Black and Azov Seas. ATTACKS ON LOGISTICS Interior Minister Ivan Vyhivskyi stated that Russia launched jet-powered drones across Ukraine almost non-stop over the past two weeks, especially in Kyiv and its surrounding area, where the situation was the most challenging. He said on Telegram that 16 people were killed in Ukraine over the last day. Vyhivskyi stated that the attackers are targeting civilian businesses such as food?warehouses and hypermarkets. They also target postal terminals and warehouses where books were stored. Tymur Tkachenko, the governor of Kyiv, confirmed that Russian drones attacked more than 12 warehouses in the region on Friday, causing one death. The company also reported that the strikes destroyed the sorting centres of Ukraine's leading private courier Nova Poshta in Kyiv, and Sumy (northern city) as well. Ivan Fedorov, the governor of Zaporizhzhia in the south, said that a Russian drone ripped into a major home improvement store, Epicenter, and injured at least four people. Ihor Terekhov, mayor of Kharkiv, said that Russia had also attacked a shopping centre in the city. This was the second attack in just two days. A Russian drone also destroyed on Friday a Kyiv-region warehouse for a major book retailer, which shipped thousands of titles every day. GOAL TO 'PARALYZE' KYIV Frequent sirens blared 'throughout Kyiv' into the afternoon of Friday, a day after a missile and drone assault on Ukraine which targeted major retailers and consumer logistic in Kyiv as well as elsewhere. The attacks on Friday appeared to be a bid to prolong the chaos caused by strikes a day before, which had delayed trains in several regions and left many passengers stranded. Andriy Kovalevko, the head of Ukraine’s Centre for Countering Disinformation(CCD), an arm of the National Security Council, said: "The enemy is sending small numbers of UAVs with jet engines in waves to paralyse Kyiv." The aim is to wear down?air defences as well as the population. Ukraine's State Railway said on Friday that although delays are decreasing, the effects of frequent strike and air-raid warnings will be felt for at least one more day. Ukraine's Foreign Ministry said that Kyiv was under an air-raid warning for nearly 15 hours on Thursday. Reporting by Anna Pruchnicka from Gdansk; additional reporting by Yuliia Dia, Jekaterina Glubkova from Tokyo; editing by Thomas Derpinghaus and Christopher Cushing.
Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
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 re-evaluate their financial forecasts.
In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow 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 climate change.
AEGEAN AIRLINES
The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs, will have "significant impact" on their first-quarter earnings.
AIRASIA X
Malaysian Airlines executives claimed that the company has?cut 10 percent of flights in the group and imposed a fuel surcharge of around 20 percent.
AIR CANADA
The Canadian largest airline plans to reduce four of its daily flights to New York to 38 due to rising fuel prices. From June 1,?2026, the four flights to JFK International Airport are being cut.
AIR FRANCE-KLM
The airline group announced that it would increase the price of long-haul tickets to offset rising fuel costs. Cabin fares are expected to increase by 59 euros (50 euros) per round-trip.
KLM, the Dutch arm of the group, announced on April 16 that it would cancel 160 flights across Europe in the next month due to higher fuel prices.
AIR INDIA
The Indian airline said that it will change its fuel surcharge system from a flat surcharge for domestic flights to one based on distance. The Indian carrier said that surcharges for international routes do not compensate the steep rise in fuel costs.
AIR NEW ZEALAND
On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was one of the first airlines to announce a large increase in ticket prices after the conflict broke. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets.
AIR TRANSAT
The Canadian airline announced that it would reduce its planned capacity by 6 percent from May to October of this year. Cuts are expected to be made on routes to Europe, the Caribbean and Cuba.
AKASA AIR
Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights.
ALASKA AIR
The airline retracted its profit forecast for the full year and warned that margins would be severely impacted by the sharp increase in fuel prices. It has also reduced capacity in certain markets.
AMERICAN AIRLINES
The U.S. airline slashed their 2026 profit projection, pushing lower expectations to a lose, and stated that it expects its jet fuel bills to rise by more than 4 billion dollars this year.
The government has increased the fees for checked bags on domestic flights and short-haul international flight by $50 for the third bag and $10 for each of the first two bags. It also reduced certain benefits to economy passengers.
ASIANA AIRLINES
Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases.
CEBU AIR
The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact.
CHINA - EASTERN AIRLINES
Air China said that it would increase fuel surcharges on domestic flights starting April 5. Flights of less than 800 km will be charged a surcharge of 60 yuan, and flights above 800 km will be charged a surcharge 120 yuan.
DELTA AIR LINES
Delta announced that it would reduce capacity by 3.5 percent from its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The increase will be $10 for first and second bags, and $50 on third bags.
The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations.
EASYJET
EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds ($732 and $759million), including an extra 25 million pounds of fuel costs in march.
FRONTIER Airlines According to The Wall Street Journal, a group of U.S. airlines including Frontier have pitched a $2.5 Billion relief plan to the U.S. Government. The report stated that the figure was based on the amount of jet fuel the group expected to spend this year in comparison to previous forecasts.
Fuel prices have increased dramatically since the carrier's forecast, and it has stated that it will be reviewing it.
GREATER BAY Airlines
The Hong Kong-based firm said that it will increase fuel surcharges for most routes on April 1, but keep them the same on routes to mainland China and Japan.
HONG KONG Airlines
The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, the Maldives and Bangladesh, and?Nepal where the charges would go from HK$284 to HK$384.
British Airways' owner IAG announced it would increase ticket prices in order to reflect the higher costs of jet fuel. Despite its fuel hedges it is "not immune" from the wider fallout caused by fuel price volatility.
INDIGO
India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights into Europe, 2,300 rupees.
JETBLUE AERWAYS
Joanna Geraghty is the CEO of the low-cost airline based in the United States. She told her employees, via a memo, that she would not be considering bankruptcy this year despite the fact that rising jet fuel prices threaten the financial recovery. According to an SEC filing, the company has entered into a debt financing agreement worth $500 million.
Sources with knowledge on the subject have confirmed that KOREAN will be entering emergency management mode in April as oil prices continue to rise.
LUFTHANSA
The German airline group announced a new low-cost "Economy Basic", which limits free carry-on luggage to a "laptop or small backpack".
Previously, the group said that 20,000 short-haul flight would be removed from their schedule by October. This is equivalent to about 40 metric tons jet fuel.
PAKISTAN INTERNATIONAL AIRLINES
Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flights by up to $100.
QANTAS AIRWAYS
Qantas, an Australian airline, said that it has delayed a planned A$150-million ($108-million) buyback. It also increased its fuel estimate for the second half 2026 from A$2.5 billion to A$3.1 billion or A$3.3 billion.
Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "couples of hundred" flights.
SPIRIT AIRLINES
Air Current reported that people familiar with the situation said the U.S. low cost carrier requested hundreds of millions in emergency funding from the Trump administration to offset the rising fuel prices and prevent a potential liquidation.
SPRING AIRLINES
Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course.
SOUTHWEST Airlines The U.S. airline forecast its second-quarter profits below the market's expectations. Its CEO also warned that the price spike in jet fuel would be a "billion-dollar headwind" for the airline during the quarter.
The previous increase in the cost of checked bags was $10.
The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues.
THAI AIRWAYS
The Thailand-based airline said it would increase fares between 10% and 15% in order to combat rising fuel prices.
The European airline and tour operator reduced its full-year profit forecast and suspended revenue guidance. It said it had incurred extra costs of about 40 million euro due to the March war, including repatriation and operational disruptions.
TURKISH AIRLINES LUFTHANSA
SunExpress is a joint venture of Turkish Airlines and Lufthansa. It announced that it would charge a temporary fuel fee of 10 euros for each passenger on routes connecting Turkey with mainland Europe. The fuel surcharge will be applied to all bookings made after April 1, for departures after May 1.
Turkish Airlines announced on April 10 that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep earnings and preserve cash.
T'WAY AIR
As part of the measures taken to combat the effects of war, the South Korean low-cost airline said that it would furlough cabin crew in May and/or June without pay.
UNITED AIRLINES
Scott Kirby, the CEO of the U.S. airline, said that ticket prices could rise up to 15%-20% to compensate for a spike in jet fuel costs. The company has already implemented five fares increases in the last quarter of this year, as well as higher baggage fees. This, it says, have helped offset the rising fuel prices.
The carrier forecasted second-quarter profits and full-year profit below Wall Street expectations. It said that it would recover only 40-50% through fares and revenue measures during the second quarter. This figure will improve to 70-80% in the third, and up to 85-100% in the fourth.
VIETJET
Due to possible fuel shortages, the Vietnamese budget airline has 'adjusted' flight frequencies on certain routes.
VIETNAM Airline
Vietnam's aviation authority announced that the carrier will cancel 23 flights per day on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel.
VIRGIN ATLANTIC
Corneel Kster, the CEO of the airline, told The Financial Times that despite adding fuel surcharges on fares this year it will struggle to achieve profitability.
VIRGIN AUSTRALIA
Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter.
VOLOTEA
The Spanish low cost airline has introduced a new pricing strategy that links ticket prices with fuel costs. This could add an additional surcharge after purchase of up to fourteen euros per passenger per flight.
WESTJET
Globe and Mail reports that the Canadian airline has reduced seat capacity in June. The Canadian Press reported previously that the airline would add C$60 ($44.50) to certain bookings, and combine flights due to rising costs.
(source: Reuters)