Latest News
-
Zambia and the US increase use of $491 Million grant programme for critical metals infrastructure
Zambia announced on Thursday that it had agreed with U.S. Agency Millennium Challenge Corporation to increase the use of $491'million agriculture grant programme' to support key critical minerals infrastructure. Signed in 2024, the "farm to market" grant was initially intended to boost agricultural development in Africa’s No. 2 copper producing country. The Zambian finance ministry released a statement that said, "The realignment of the railway will support Zambia's agriculture and critical minerals economy along the Lobito Corridor -- a major economic corridor for Zambia." The 'Lobito Corridor' is a rail connection between Angola's Atlantic port of Lobito and the top copper and cobalt producer on the continent, Democratic Republic?Congo. This route is considered strategic in order to export critical minerals to Western countries, which are looking to counter China's dominance of metals essential for the energy transformation. Zambia wants to link its copperbelt with the corridor. The African Finance Corporation is the lead project developer. It has stated that it aims to close the financial deal in the 'fourth quarter' of 2027. The ministry stated that some of the grant funds will be used to build infrastructure related to the project. The report added that "Priority 'road segments for rehabilitation were aligned to the Lobito - Corridor, one of 'Africa's most important emerging trade and logistic corridors." Reporting by Chris Mfula. Nelson Banya is the writer. Mark Potter (editing)
-
European shares fall as markets ponder hawkish US Federal Reserve
Investors increased their bets that the U.S. Federal Reserve rate increase later this year?after policymakers struck a more hawkish tone. The pan-European STOXX 600 closed 0.3% lower and ended a five-day streak of gains. The regional bourses showed mixed results, with France, Germany and Italy posting gains and Spain and Italy declining. The FTSE 100 in Britain ended the day 1% down as heavyweight healthcare and energy stocks weighed. In June, the Bank of England held interest rates at 3.75% because it deemed it premature to increase rates due to uncertainty regarding 'inflation pressures. Oil and gas shares in Europe fell 1.5%, as oil prices dropped to their lowest levels since the first day of trading during the Iran War. U.S. president Donald Trump signed an agreement with Iran to end a war that has disrupted the global energy supply. The interim ?pact has brought relief for markets, with energy-price-sensitive travel and leisure shares rising 0.8% on Thursday. But despite the relief, it was short-lived due to monetary policy uncertainties. NEW FED CHAIRMAN The Fed in the U.S. held rates at the same level on Wednesday but nine policymakers predicted a rate increase this year. The Fed's statement on Wednesday removed any guidance regarding future rate movements, a sign of the influence of the new Fed chairman Kevin Warsh. "Transitions such as this are unsettling to markets." Steven Blitz is the chief U.S. economic at GlobalData.TS Lombard. He said that political and economic volatility will?confront and confound Warsh's plan to get the Fed in his promised land. According to LSEG data, the European Central Bank increased borrowing costs last week. Traders expect another 25 basis-point rate increase by year's end. Mining shares fell 3.1%, and were the largest decliners in the STOXX major subsectors. Commodities suffered from a stronger dollar. Mercedes-Benz, Volkswagen, and Stellantis were all at the bottom of the list. BMW fell 4%, after falling 8.3% in the previous session following a shocking profit warning. Accenture's cut in its full-year guidance caused a sharp drop among European IT service firms. Capgemini fell 8.9%, a six-year low, while Cancom, Atos, and Reply all saw declines between 2% to 6.9%. Edenred rose 17.2% after the French voucher company confirmed that it was approached by investment funds following media reports about possible takeover interests from investment firm BC Partners.
-
Grids are being urged to change data center power regulations by the US Energy regulator
On Thursday, the top U.S. Energy regulator ordered that?electric grid operators?review?rules?for connecting large energy consumers such as data centres. Demand from server warehouses is straining power grids. The demand for electricity is increasing in the United States, and data centers are driving the electricity usage to new records. Grids cannot supply the electricity needed by large swaths across the country. This has regulators scrambling to manage the surge. The Federal Energy Regulatory Commission draft orders "show cause" direct?the six region grids that fall under its jurisdiction (excluding Texas) to justify or revamp their?processes for powering large energy consumers. The FERC order 'follows a Directive by the United States. Last year, Energy Secretary Chris Wright was asked to expedite the connecting of data centers in order to achieve the goal of the United States to win the global race for developing and rolling out new AI technology. Laura Swett, FERC chairman, said: "This is a 'race against time. We will win. "This is a?priority our country faces at this time. Grid 'operators' and -transmission owners will have 60 days to reply to FERC. They must explain their current rules or if they plan to make changes in five categories. These categories include clear processes for connecting very large energy consumers, such as data centers, and allocating costs to large energy customers.
-
BMW chairman: 'We are on the right track' as profit warnings hit shares
Nicolas Peter, chairman of the supervisory board, said that BMW's?next generation models are "on track". This comes days after an unexpected profit warning, which hit?the shares. Peter, a journalist in Paris, told journalists that the orders for BMW's Neue Klasse models were "strong" and "good for both the manufacturer and the suppliers involved with the project". The Neue Klasse comprises a range of new BMW models that are part of an ambitious revamp of the company's line-up in a period of fierce competition with Chinese rivals. After the warning, brokerages such as Citi and HSBC lowered their target prices, and the shares of the German premium automaker fell even further. They now trade at the lowest levels since November 2, 2020. BMW shares were trading 5.3% lower at 1415 GMT and were ranked as the bottom blue-chip index in Germany. Analysts noted the impact of a 'guidance cut' that was triggered by the prolonged weakness on the important Chinese market, as well as Iran's war. Berenberg analysts stated that "the magnitude of this new downgrade is greater than what we anticipated." They added that "this could lead to a deeper strategic reset under the new CEO", referring specifically to Milan Nedeljkovic who replaced long-time leader Oliver Zipse in the last month. Analysts have said that BMW could announce capacity reductions in Europe and accelerate its strategy to localise production in North America, China and other parts of the world. Peter said BMW is confident about the U.S. market, which he described as stable and important. The market is important and stable, but BMW was selling less in Europe despite its local strategies. Peter said that there was space for both foreign and local?automakers to compete in China. The country is the world's largest auto market, has seen a price war, and remains the biggest auto market. (Reporting and writing by Makini Brrice, Additional reporting and writing by Christoph Steitz and Rachel More; Editing and editing by Dominique Patton & Alexander Smith).
-
Senator calls on FAA to refuse White House pressure and approve Trump arch
The 'top Democrat' on the Senate Aviation Subcommittee urged Federal Aviation Administration (FAA) to reject White House pressure for approval of President Donald Trump’s proposed 259-foot tall Independence Arch. She said it could present risks to commercial flight. "The FAA should commit to the highest safety standards, and reject any inappropriate or irresponsible pressuring from President Trump in order to prioritise the construction of this gaudy 'vanity arch. This is not in the best interest of the American people," wrote Senator Tammy Duckworth in a letter to FAA Administrator Bryan Bedford on Thursday. Last week, the FAA stated that it would require red safety lights on the arch but claimed there were no'safety implications' in its initial review. The proposed arch will be located 3,000 feet away from Ronald Reagan Washington National Airport, and in the main approach and departure corridor of the airport. The FAA stated that it would directly respond to Duckworth. The White House didn't immediately comment. The FAA requires flashing red warning lights to be installed on buildings over 200 feet from airports, such as the 555-foot Washington Monument. This is done in order to alert pilots during the night. Duckworth pointed out that the National Park Service estimated that construction of Trump's arches would require cranes up to 300-320 feet high and could take 20 hours a day for two to three years. She stated that commercial jets are capable of flying as low as 500 feet in the air on final approach, raising "additional operational and safety concerns." Duckworth pointed out that the mid-air collision last year between an American Airlines commuter plane and Army helicopter resulted in 67 deaths and "underscores" the consequences of insufficient coordination. Trump wants the arch built across the Potomac River near Arlington National Cemetery, just north of the Lincoln Memorial. The structure resembles the Arc de Triomphe, but is much larger. The arch with eagles statues, a Lady Liberty-type figure, and a top that is reminiscent of the Arc de Triomphe in Paris would be taller and bigger than the Lincoln Memorial, and not too far from the U.S. Capitol which, at 288 feet, can be seen throughout Washington. The Arc de Triomphe is 164 feet tall in?Paris. The National Capital Planning Commission approved the project on 4 June, while seeking further information about the impact of the structure on flight paths. A lawsuit was filed to stop the project.
-
There are some flights to the Middle East that have resumed but there is still disruption.
Several airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after U.S. and Israeli airstrikes against Iran. However, many other carriers continue to suspend flights, causing global travel disruptions. The following is an alphabetical update of the flight status for airlines: AEGEAN AIRLINES The largest airline in Greece has cancelled flights between Thessaloniki and Tel Aviv until the 26th of June. Flights from?Dubai to Erbil,?Baghdad and?Baghdad are all cancelled until September 30. AIRBALTIC AirBaltic, a Latvian airline, has cancelled all flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspended flights to Tel Aviv until June 23, Beirut until 24 June and Dubai until 30 June. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York JFK-Tel?Aviv service on September 6. However, the launch date of Boston-Tel?Aviv, originally planned for October, has now been pushed back until further notice. FINNAIR Finnair has cancelled all Doha flights until October 2 and continues to avoid airspace in Iraq, Iran Syria, and Israel. The airline will resume Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the resume of its flights to Doha and Riyadh to August 8th. Flights from Amman, Bahrain, Amman, Tel Aviv and Dubai will be paused for the remainder of the summer and resumed on October 25. When the flights resume, it plans to reduce service to Dubai, Doha and Riyadh to just one flight per day, and drop Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume the flights from July?1. SWISS delayed the return of flights to Tel Aviv until August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended all flights to Abu Dhabi until October 24, as have SWISS, Austrian Airlines, Brussels Airlines, Beirut Airlines, Dammam Airlines, Riyadh Airlines, Erbil Airlines, Muscat Airlines, and Tehran Airlines. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9; to Dubai, Abu Dhabi, and Amman until Oct 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed the launch of Tel Aviv and Beirut indefinitely and no new start dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines The carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services to Singapore-London Gatwick, and Singapore-Melbourne from late March until 24 October in order to "meet increased demand". TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
-
Documents show that India Oil Corp is looking for gas and oil tankers from the Gulf to transport cargoes.
Tender documents show that Indian Oil Corporation, the nation's largest refiner, has issued tenders to charter vessels for the lifting of liquefied petroleum, gas and oil out of ports in the Strait of Hormuz. Documents show that the tenders are the first ones issued by IOC after the U.S. signed an interim agreement with Iran to end the war and reopen?waterway. They include chartering of a VLGC, a Suezmax tanker, and a VLCC. A VLCC carries about 2 million barrels. A Suezmax can carry about one million barrels. The document stated that IOC aims to?lift LPG from June 30 to July 4 in ports such as Ras?Laffan, Qatar, Mina Al Ahmadi, Kuwait, or?Ruwais, UAE. Documents show that the refiner wants to charter a VLCC for oil deliveries from Mina Al Ahmadi in Saudi Arabia between June 28-29 and a Suezmax to load cargo from Ras Al Khafji on June 29-30 for delivery to India's West Coast.
-
Waymo recalls almost 3,900 robotaxis due to the risk of them entering construction zones that are closed.
Waymo, the self-driving division of Alphabet, is recalling 3,900 robotaxis from the U.S. due to a software issue that could cause them to drive into a construction zone on a freeway. This is the second?recall?by?Waymo?in just over a week. The National Highway Traffic Safety Administration has issued a recall for more than 12 incidents that occurred in California and Arizona since early April, in which Waymo autonomous cars (AVs), did not recognize and drive past ramp closure signs in pre-planned "freeway construction zones" and freeway lanes where active construction was taking place. The company initially implemented?restrictions on freeway driving until it improved its awareness of and response to closures. Waymo updated its vehicle software to prevent?entering construction areas. Waymo announced in a Thursday statement that it "identified a area for improvement regarding performance around construction zones on freeways. Last month, we voluntarily restricted the operation of freeways while "making improvements." Waymo recalled about 3,800 robotaxis last month because they could have entered flooded roads that had higher speed limits. The recall was prompted by an April 20 incident in which a Waymo car drove into a flooded San Antonio lane during extreme weather. Waymo stated that the vehicle was not occupied and no injuries occurred, but the accident prompted the company's review of similar scenarios with high speeds and impassable roads. Waymo issued several recalls in the past two years. These include?potentially inaccurately predicting a towed vehicles movement and?a vehicle’s detection of?response?to poles or pole-like objects. Separately Waymo faces an NHTSA probe after one of their self-driving cars struck a child in Santa Monica, California near an elementary school, causing only minor injuries. The National Transportation Safety Board announced in March that it was investigating a January incident?inwhich Waymo's self-driving cars illegally passed an?addressed school bus with its lights activated. Waymo was recalled last December for illegally passing school buses that were stopped.
Price hikes and outlook cuts are used by airlines to combat the fuel price surge.
The aviation industry was blindsided by the sudden increase in jet fuel costs from $85 to $100 to $150 to $200 per barrel during the U.S./Israeli war on Iran. Fuel accounts for as much as a quarter or more of the operating costs, which has forced airlines to raise their fares and revise financial forecasts.
Here is an alphabetical list of the ways airlines are responding to this issue:
AEGEAN AIRLINES
The Greek airline anticipates that the suspension of Middle East flights, as well as the spike in fuel costs will have "a significant impact" on its first-quarter earnings.
AIRASIA X
Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%.
AIR CANADA
The volatility in jet fuel prices has caused the largest Canadian carrier to suspend its full-year forecast.
The company announced plans to cut four of its daily flights from New York to New York because fuel prices were higher.
AIR CHINA, CHINA SOUTHERN AIRLINES, CHINA EASTERN AIRLINES
China's "big three" airlines have reduced surcharges for domestic flights to 60 yuan (8.78 dollars) for flights less than 800 kilometers and 120 yuan (about $13.80) for those more than 800 kilometers, from respectively 10 yuan or 20 yuan.
AIR FRANCE-KLM
The airline group?said that it expects a fuel bill increase of $2.4 billion this year. It also downgraded the capacity outlook from 2025 to a rise between?2% and 4%. It had previously predicted an increase between 3% and 5%.
The group announced previously that it would increase the price of long-haul tickets to reflect rising fuel costs. Cabin fares will rise by 59 euros (50 euros) for a round-trip.
KLM, the Dutch subsidiary of the group, announced on April 16 that it would cancel 160 flights across Europe in coming months due to rising fuel prices.
AIR INDIA
Bloomberg News reported that the Indian carrier had discussed furloughing employees who were not technical and reducing flight capacity more than 20% in the next three month.
The company said that it will also revise the fuel surcharge, moving from a flat surcharge for domestic travel to a grid based on distance. The company 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 erupted. 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 imposing a fuel surcharge on both domestic and international flights ranging from 199 to 1,300 Indian Rupees ($2 - $14).
ALASKA AIR
Fuel prices are rising sharply, putting pressure on airline margins.
The carrier had previously withdrawn its profit forecast for the full year and warned that earnings would be severely affected in the second quarter. The carrier has also reduced capacity in certain markets.
AMERICAN AIRLINES
The U.S. airline slashed their 2026 profit projection, pushing the lower end of expectations to a?loss, and stated that it expects its jet fuel bills to increase by over $4 billion this fiscal year.
The government has increased the fees for checked bags on domestic flights and short-haul flights by $50 for the third bag and $10 for each of the first two bags. It also reduced certain benefits to economy passengers.
It said that higher fuel costs would increase its costs by approximately 140 billion yen (890 million dollars) this year. However, the airline expects to reduce the impact of these increases to 60 billion yen through hedging and cost reductions. It has said that it will consider introducing an internal fuel surcharge for the fiscal year starting April 2027.
ASIANA AIRLINES
Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases.
CATHAY PACIFIC
Hong Kong Airlines will reduce fuel surcharges on most flights starting May 16 as part of its "agile" response to the volatile jet fuel price.
CEBU AIR
The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review its pricing and network strategy to minimize the impact.
DELTA AIR LINES
Delta announced that it would reduce capacity by around 3.5 percent points from its initial 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), which includes 25 million pounds of extra fuel costs for March.
The Wall Street Journal reported that a group of U.S. low-cost airlines, including Frontier Airlines, has proposed a $2.5 billion plan for relief to the U.S. Government. The report stated that the figure was based on the amount of jet fuel the group is expecting 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 would increase fuel surcharges for most routes on April 1 and 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, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384.
British Airways' owner IAG has warned that the annual profit will be lower than expected, due to rising jet fuel prices and supply disruptions.
It had previously announced that it would increase ticket prices in order to reflect the higher costs of jet fuel. Despite its fuel hedges it was still "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
JetBlue announced that it would reduce hiring, reduce capacity, and raise fares in order to mitigate the impact of the rising jet fuel prices. CEO Joanna Geraghty stated on a earnings call that the airline had suspended its outlook for the full year.
Sources with knowledge on the subject have confirmed that KOREAN will be entering emergency management mode in April as oil prices continue to rise.
LATAM AIRLINES
The Chilean carrier has cut its core earnings forecast for 2026 after rising jet fuel costs pushed up costs.
LUFTHANSA
The German airline group has said that it will be hit by jet fuel prices of 1.7 billion euros in 2026.
Its subsidiary ITA Airways announced that it would increase ticket prices by between 5% to 10% in 2026, to compensate for rising fuel costs.
The group announced in April a new low-cost "Economy Basic", which limits free carry-on luggage to a "laptop or small backpack".
The group had previously announced that 20,000 short-haul flight would be removed from their schedule until October, which is equivalent to approximately 40,000 metric tonnes of jet fuel.
PAKISTAN INTERNATIONAL FLIGHTS
Fuel surcharges are cited as the reason for raising domestic fares up to $20, and international fares 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$3.1-3.33 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 "couple hundred" of flights.
SPIRIT AIRLINES
U.S. Low-Cost Carrier shut down abruptly due to financial pressures. Fuel costs rose sharply because of the Iran War.
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 SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES
The U.S. airline forecast a second-quarter profit that was below the market's expectations. Its CEO also warned of the impact the spike in jet fuel would have on the airline.
The first and second bags were now charged $45 and $55 respectively.
The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues.
THAI AIRASIA
The Thai low cost carrier announced that it would reduce its overall seat capacity between May and July by 30% on average to offset the impact of rising aviation fuel costs and a softening of demand.
THAI AIRWAYS
The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices.
The European airline, tour operator and travel agency cut their full-year profit forecast and suspended revenue guidance. They said they had incurred extra costs of about 40 million euro due to the March war, including repatriation and operational disruptions.
LUFTHANSA, TURKISH AIRLINES
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 traveling between Turkey and continental 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 2025 net profits, choosing to keep the earnings in order to conserve 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, CEO of the U.S. airline, said that ticket prices could need to increase by up to 15% or 20% in order to offset an increase in jet fuel costs. The company has already implemented five fares increases in late first quarter along with increased baggage fees that it says have begun to offset rising fuel prices.
The carrier's second-quarter profit and full-year earnings are also below Wall Street expectations. It is expected to recover just 40-50% of fuel prices through fares in the second quarter. This will improve to 70-80% by the third, and up to 85-100% in the fourth.
VIETJET
Due to possible fuel shortages, the Vietnamese budget airline has adjusted flight frequency on certain routes.
VIETNAM Airlines
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)