Latest News
-
The US FCC tightens rules on submarine cable communication
The Federal Communications Commission voted on Thursday to tighten the oversight of submarine cables that carry?99% international internet traffic. They proposed rules that would make it more difficult for Chinese companies to supply equipment, and to 'fast-track' approvals for trusted U.S. technology firms. The 'FCC' said it planned to require licenses to operate submarine line terminal equipment. This equipment performs the most important function of a subsea cable system, connecting with U.S. terrestial facilities. U.S. firms such as Facebook parent Meta, and Alphabet's Google unit will benefit from the approval process for additional?undersea cables systems to handle increasing internet traffic. Brendan Carr, FCC chairperson, said: "We will presumptively exclude cable applications from lengthy and intensive reviews if they can demonstrate that they adhere to strict security standards and accept ongoing monitoring and oversight." The message is "simple": adopt national security standards and enjoy a smooth path to approval. Fast-track means that companies operating cables must be vigilant against espionage and other security incidents, and monitor compliance with national and data security. Operators will also have to agree to not use foreign equipment which could pose security threats. The FCC banned the use of undersea cable equipment and services from companies that it had listed as being a threat to U.S. National Security. The companies that were banned included Huawei, ZTE, China Telecom, and China Mobile. But the new rules will likely expand the ban to include equipment from China, or any other country the U.S. considers to be a foreign enemy, in its submarine cable systems. Since more than a decade, the?U.S. Officials have expressed concern over the network of 400 subsea cable that 'handles nearly all international internet traffic', arguing there are threats from China or Russia. The Justice Department stated that in 2021 it would be necessary to enter into national security agreements with Google and Meta on submarine cables, given China's "consistent efforts" to obtain the sensitive data of millions of U.S. persons." China has said that the U.S. must treat Chinese firms fairly. In a?statement in June, the Commerce Ministry said that China was "strongly dissatisfied" and "firmly opposed?this". "China urges the U.S. immediately to stop their erroneous practice, withdraw the relevant measures and get back on track to building a constructive and stable China-U.S. relationship." relationship." The Chinese Embassy did not respond immediately to a comment request.
-
Healthcare stocks lead the rally in European shares.
European shares closed at a record-high on Thursday. Leading the charge were 'healthcare stocks,' while a resurgent AI rallies, sparked by strong forecasts from Micron and Qualcomm, provided early support. The pan-European STOXX 600 ended the session 0.8% higher, at a new record close of 640.21. It had previously reached an intraday record of 642.09 during the session. This was the largest one-day increase in nearly two weeks. The index was boosted by 1.5% in healthcare stocks. Bayer jumped 187% to lead the STOXX600 after a court ruling in which the U.S. Supreme Court ruled that thousands of lawsuits were dismissed accusing the pharma company of failing to warn users of the cancer-causing active ingredient in Roundup weedkiller. A rally in tech stocks pushed the STOXX to an intraday high but faded later in the day. Sector closed 0.8% higher after reaching a high of 2.5% during the session. Investors were calmed by the strong forecasts of Micron and Qualcomm, which allayed fears that the rally in AI-related stocks around world had gone too far. ASML, a supplier of semiconductor equipment, grew 2.6%, while chipmakers Infineon, STMicroelectronics, and STMicroelectronics climbed?3.1% each. Siemens Energy, a maker of AI equipment, rose by 2.3%. Martin Frandsen is a portfolio manager with Principal Asset Management. He said that while Europe lacks tech leaders, there are still companies who can benefit from the situation. The U.S. and Israel conflict with Iran pushed up energy prices in May. This allowed the Federal Reserve to consider an interest rate hike this year. The data released today reminds us that inflation is still well above the target level and that growth remains strong. The 'Fed will be on hold until conditions permit a reduction, said Ellen Zentner of Morgan Stanley Wealth Management, the chief economist. After a report that Tehran intended to earn billions of dollars in fees by reopening Strait of Hormuz, oil prices reversed their declines and gained. According to LSEG data, traders continue to price in a Federal Reserve rate?hike and an European Central Bank interest rate?hike for the end of the year. 3i Group, among other stocks rose 11.4% following the like-forlike sales growth of its portfolio company 'Action. EasyJet's shares jumped 6.4% after the British budget airline rejected a fourth offer from a U.S. investment firm Castlelake. Volkswagen, the German automaker, gained 1.3% following its agreement to sell Everllence's diesel engine unit to Bain Capital. The deal generated proceeds of approximately EUR7.4billion ($8.4billion). Reporting by Utkarsh hathi, Johann M Cherian, and Purvi agarwal in Bengaluru. Editing by Sonia Cheema and Niveditarjee.
-
Cargo ship reports possible attack on crossing Hormuz
The British Navy agency UKMTO reported that a cargo ship had reported a suspected attack as it attempted to cross the Strait of Hormuz near the coast of Oman. The UN's International Maritime Organization (IMO) is helping ships to escape the Gulf. Hundreds of them have been stranded in that area since the Iran war began on February 28th. UKMTO reported that the ship had been struck by a projectile on its starboard-side 7.5 nautical mile southeast of Oman's Dahit port. Iran's Revolutionary Guards announced?on Thursday? that only routes that Iran has designated will allow vessels to pass through the strait safely. They also said that they would take action if vessels did not comply. According to British maritime risk management group Vanguard, and three maritime security sources, the vessel that was hit is the Singapore-flagged container ship Ever Lovely. Ambrey, a British maritime security company, said that the incident was classified as an attack on initial assessments. The UKMTO reported that the strike damaged the bridge of the ship, but did not cause any injuries or damage to the environment. Authorities are investigating and have advised vessels to "transit with caution". Evergreen of Taiwan, the ship's owner could not be reached immediately for comment.
-
US drops brake pedal requirement for self-driving cars
The National Highway Traffic Safety Administration (NHTSA) proposed Thursday that the government should 'end its requirement for self-driving vehicles to have manual brake pedals. This would make it easier to deploy such vehicles on U.S. highways. The proposal does not apply to cars with a human driver. NHTSA has also stated that it will not abandon braking requirements for self-driving cars, such as strict standards on stopping distance. The?agency has proposed a number changes to help facilitate the introduction of self-driving cars. NHTSA has begun developing "safety performance" tests for self driving vehicles, as part of an independent standard. Automakers have expressed frustration with the slow pace of the agency's review of autonomous cars. According to the law, self-driving cars do not require NHTSA approval?if they are equipped with human controls like steering wheels or brake pedals, or?mirrors. NHTSA is authorized to grant petitions to allow up 2,500 vehicles per year to be operated on U.S. roadways without the need for human controls. However, it has spent many years reviewing petitions and has not taken any action. The NHTSA announced last year that it would streamline the review of these exemption requests. NHTSA asked for public comments in March on Amazon's self driving unit Zoox, which will deploy up to 2,500 specially-built robotaxis that do not require steering wheels. In 2018, GM petitioned NHTSA for approval to deploy up 2,500 cars without brake pedals or steering wheels on U.S. highways, but then withdrawn the petition in 2020. Detroit's automaker asked NHTSA for approval in 2022 to deploy vehicles without human controls, but this petition was withdrawn in October 2024. Separately on Thursday, NHTSA retracted a proposal from the Biden era to adopt a national voluntary framework?for evaluation and oversight?of?self driving vehicles. Automakers expressed concern that the requirements were too strict, and some safety advocates argued it would not give NHTSA sufficient oversight to ensure a level of safety appropriate.
-
There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after the U.S.-Israeli strikes on Iran. However, many carriers continue to suspend flights, causing global travel disruptions. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES Thessaloniki-Tel Aviv flights were cancelled by Greece's largest airline until June 26. Erbil, Baghdad and Dubai flights are all cancelled until September 30. AIRBALTIC AirBaltic, a Latvian airline, has canceled 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 canceled flights to Tel Aviv from June 28 until now. Air France-KLM has suspended flights from Tel Aviv to Dubai until June 30, and flights between Beirut and Beirut up until July 5. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes until December 18. The airline plans to resume New York JFK-Tel Aviv flights in September, while Boston-Tel Aviv flights, scheduled for late October launch, have been postponed until further notice. FINNAIR Finnair has cancelled all Doha flights up until October 2 and continues to avoid the airspace over Iraq, Iran Syria, and Israel. In October, it will resume Dubai flights that are only operated during the winter. British Airways, owned by IAG, delayed the resume of flights to Doha and Riyadh to August 8th. Flights from Amman, Dubai, Tel Aviv and Bahrain will be paused for the rest of the summer until October 25. It plans to reduce the number of flights to Dubai, Doha and Riyadh to just one per day when it resumes, while dropping 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 canceled 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 Tel Aviv flights as of July 1. SWISS delayed the return of flights until August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by SWISS and Lufthansa will continue until September 13th. Airline companies including Lufthansa and SWISS have suspended flights from Abu Dhabi to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran. Eurowings, a low-cost airline, has suspended flights from Tel Aviv to July 9, Beirut to June 30, Erbil to June 30, and Dubai to Abu 'Dhabi until October 24. ITA Airways also extended its suspension of flights to Riyadh and Dubai until July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed its planned launch of Tel Aviv and Beirut indefinitely and no new dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai suspension flight until August 2. It also added services for Singapore-London Gatwick (late March) and Singapore-Melbourne (late March-October 24). TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai until June 30, and to Bahrain, Beirut, and Erbil up 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 Olenska, Tiago Branao, Agnieszka Oleskna, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, and Bernadette Hogg. Matt Scuffham and Alexander Smith edited by Milla Nissi - Prussak, Jonathan Ananda and Louise Heavens, and Sanjeev Miklani.
-
German rail operator targets 80% on-time performance for long distances by 2035
The German state-owned rail company Deutsche Bahn aims to achieve 80% punctuality for 'long-distance' traffic by 2035. This is when the company hopes to complete a years-long reorganization and network overhaul. Evelyn Palla, the chief executive of the company, presented this goal to its supervisory board Wednesday as part a 10-year plan. Palla stated that the group would abandon earlier, growth-driven plans and focus on "realistic facts" instead. Germany's rail champion has become a symbol of national frustration. Deutsche Bahn has stated that in?2025 only a little over 60% of its long-distance train services will be on time. Deutsche Bahn compensated for delays in?2025 with more than EUR155 millions ($176.33 Million). The lack of investment over the years has worn down tracks, switches, and signal boxes. In 2026, the government and Deutsche Bahn plan to invest more than EUR23 billion in rail infrastructure, with 28,000 construction sites expected. Deutsche Bahn announced that the new strategy would result in a'slimmed-down holding, greater autonomy for business units and annual cost'savings of more than EUR500 million from 2028, as well as an operating profit of EUR1.7billion by 2030. Reporting by Kirsti Knlle Editing Madeline Chambers
-
Ryanair allows parents to seat with their children at no cost, but only reluctantly.
Ryanair has "reluctantly", allowed parents to sit free with their children from Thursday. The change was said to be revenue neutral and came two weeks after the british competition watchdog launched an investigation into its policy. The?largest airline in Europe by passenger numbers required that adults traveling with children between the ages of 2 and 11 pay a "family seats" fee, which allowed up to four children per adult to sit together. The Competition and Markets Authority in Britain said that the surcharge usually costs around PS8 ($10.70), each way, and could 'constitute' forcing parents to pay Ryanair for its own child safety obligations and disability requirements under aviation rules. Budget carrier says families can still pay to reserve seats. If they do not pay, then random seats will be assigned to them for free, most likely at the back of the plane. Ryanair CEO Michael O'Leary stated that they would reluctantly adapt to the industry standard because we didn't want them to waste their time trying to explain to misguided regulatory bodies how much they misunderstand UK and Europe's consumer's interests. The airline claimed that Europe's regulators were stifling progress and innovation by requiring Ireland-based Ryanair?to align its policy with most other European Union airlines. CMA's spokesperson stated that the policy will be tested to see if it is in compliance with the law. If it is, then it will be a "win for families." "But that doesn't change the reality that families have been paying for'mandatory seats'. The spokesperson confirmed that the?investigation is still ongoing. Ryanair has reiterated that its prior policy fully complies to all applicable laws and regulations.
-
Italy's State Railways chief will resign after a rift with the government
Sources said on Thursday that the chief executive of Italy’s state-controlled 'railway company Ferrovie dello Stato is expected to resign within the next few days after months if disagreements with the governing body. The relationship between Prime Minister Giorgia Melons government and the CEO of the company Stefano Donnarumma has been strained by the recurring delays and disruptions on the rail system, which are largely due to maintenance and upgrade work. Sources said that Donnarumma’s departure was decided by mutual consent during a Thursday meeting with Matteo Salvini, Deputy Prime Minister and Minister of Transport for the League far-right party. One source said that the main factors in the decision were the differing opinions about the future strategy of the group and the types of investments required for the network. Source: The government has expressed displeasure with Donnarumma for his past decisions such as the integration of two rail companies and also opposes his plan to use foreign funds to invest in high-speed rail. According to a source from the Transport Ministry, Donnarumma’s successor would be?selected from within the Ferrovie dello Stato 'group. Donnarumma became the new CEO of FS on June 20, 2024, after leading Terna as its power grid operator. According to sources,?Gianpiero Strasciuglio, the head of FS' train operator unit Trenitalia is the front-runner for his replacement. (Reporting and editing by Gavin Jones in Rome; Giulia Segriti, Rome)
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 increase fares and re-evaluate their 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 a spike in fuel costs will have "a significant impact" on its first-quarter results.
AIRASIA X A Malaysian airline said that it will suspend its services between Melbourne and Denpasar, and Adelaide and Denpasar on June 18, due to higher fuel prices.
Executives had previously stated that the airline has cut 10% of its flights and imposed a fuel surcharge of around 20%.
AIR CANADA
Fuel price volatility has caused Canada's largest carrier to suspend its full-year forecast.
The company had announced previously that it would reduce four of its daily flights from New York to just 38 due to rising fuel prices.
AIR CHINA, CHINA SOUTHERN AIRLINES, REGIONAL CHINESE CARRIER
Chinese airlines are increasing fuel surcharges on domestic flights starting May 16. Surcharges will range from 30 to 90 Yuan ($4-$13) for flights less than 800 km. Surcharges for longer routes will rise by up to 170 yuan.
AIR FRANCE-KLM
The airline group expects to pay $2.4 billion more in fuel this year. The airline group has downgraded the full-year forecast for capacity growth to an increase between 2% and 4%. Previously, it had guided to a 3% to 5 percent increase.
The airline announced earlier that it would be increasing the price of long-haul tickets to address rising fuel costs. Cabin fares will increase by 50 euros ($58).
KLM, the Dutch subsidiary of the group, announced on April 16 that it would cancel 160 flights across Europe in the next month due to increasing fuel prices.
AIR INDIA
Between June and August, the Indian carrier will temporarily reduce flights on several international destinations.
Bloomberg News reported that the airline was considering furloughing employees who are not technical and reducing flight capacity more than 20% over the next three month.
Air India said that it will also revise the fuel surcharge, moving from a flat surcharge for domestic flights 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
The New Zealand airline said that it will review its capital expenditure plans and the timing for aircraft deliveries in order to better align themselves with market demand.
It was one of the first carriers to announce a large increase in ticket prices as the conflict began. The airline warned that further capacity consolidation could occur if fuel costs remain high.
AIR TRANSAT
Canadian Airlines said that it will reduce its planned capacity of 6% between May and October this year. The airline expects to make cuts on routes to Europe, the Caribbean and Cuba, while suspending service until October.
AKASA AIR
India's Akasa Airlines introduced a fuel charge ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights.
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 lower expectations to a deficit, and stated that it expected jet fuel costs 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 the second bag. It also reduced certain benefits for economy passengers.
According to the Japanese airline, higher fuel costs will increase its costs by approximately 140 billion yen (883,3 million dollars) this year. However, cost reductions, fares, and hedging are expected to reduce that impact to about 60 billion yen. The airline is also looking at a domestic fuel charge for the fiscal year beginning 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 said it will reduce fuel surcharges on most flights starting May 16, as part of its "agile response" in response to the fluctuation of jet fuel prices.
CEBU AIR
In response to the rising fuel prices, the Philippine-based airline announced that it has implemented fare adjustments as well as surcharges in various parts of its network.
DELTA AIR LINES
Delta announced that it would reduce capacity by approximately 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the costs of jet fuel. The increase will be $10 on the first and second bags and $50 on third bags. The U.S. carrier pulled back on all capacity increases for the second quarter, and forecast profits below Wall Street expectations.
EASYJET
EasyJet has warned that it will suffer a larger half-year loss before tax of 540-560 millions pounds ($721-748million), which includes 25 million pound in additional fuel costs for March.
FRONTIER Airlines According to The Wall Street Journal, 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 company 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 (US$49).
IAG, the owner of British Airways, warned that its annual profit will be lower than anticipated due to rising jet fuel prices and supply disruptions.
It had previously stated that it would increase ticket prices in order to reflect the higher fuel costs. Despite fuel hedges, the company was "not immune" from the wider fallout of 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 has suspended its full-year forecast and announced that it will slow hiring, reduce capacity and raise fares in order to mitigate the impact of rising fuel costs.
Sources with knowledge on the subject say that KOREAN Air entered emergency management mode in April as oil prices rose.
LATAM AIRLINES
Fuel prices have increased, causing the airline to cut its core earnings forecast for 2026.
LUFTHANSA
The German airline group has said that it will be hit by jet fuel prices of 1.7 billion euros in 2026.
ITA Airways, a member of the group, announced that it would increase ticket prices by between 5% to 10% in 2026, to compensate for rising fuel costs.
The Lufthansa Group announced in April a new low-cost "Economy Basic", which limits free carry-on luggage to a laptop bag or small backpack.
The airline had previously cut 20,000 short-haul flight from its schedule until October, claiming that it was the equivalent of 40,000 metric tonnes of jet fuel.
PAKISTAN INTERNATIONAL FLIGHTS
The airline said that it would raise domestic fares up to $20, and international fares up to $100. It cited higher fuel surcharges as the reason for this.
QANTAS AIRWAYS
Qantas, an Australian airline, said that it has delayed a planned A$150-million ($107-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.
RYANAIR
Michael O'Leary, CEO of Ryanair, warned that the airline's profits could be "a little under pressure" if oil prices continue to rise in the fiscal year that ends March 2027.
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
Low-cost carriers in the United States have abruptly shut down after collapsing due to financial pressures. This includes the steep rise in fuel prices.
SPRING AIRLINES
Chinese budget airline, China Airlines, announced that it will increase fuel surcharges for domestic flights starting April 5.
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 a fuel price spike that would cost the airline billions in the quarter.
The previous increase in the cost of checked bags was $10.
The Portuguese airline claimed that price increases would partially offset the impact of fuel price changes on revenue.
THAI AIRASIA
Thai low-cost airline said that it would reduce its overall seat capacity by an average of 30 percent between May and July to offset the impact of rising fuel prices 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.
TURKISH AIRLINES LUFTHANSA
SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa 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 apply 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 the earnings and preserve cash.
T'WAY AIR
South Korean low cost carrier, South Korean Low-cost Airlines, announced that it would furlough cabin crew in May and/or June without pay as part of measures to address the effects of war.
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 fuel costs. The company had already implemented five fare hikes late in the first-quarter, along with increased baggage fees that it claimed were helping to offset rising fuel prices.
The carrier forecasted second-quarter and annual profits that were below Wall Street expectations. It said it would recover only 40-50% through fares and revenue measures during the second quarter. This figure was expected to improve to 70-80% by the third quarter and up to 85-100% in the fourth.
VIETJET
A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies 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 be difficult to achieve profitability.
VIRGIN AUSTRALIA
Virgin Australia has said that it expects fuel costs to increase by around A$30-40million in the second half of the fiscal year and a reduction of 1% 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.
WIZZ AIR
Low-cost carrier revised upwards its guidance, citing strong bookings in advance and quick action to offset rising fuel prices and flight cancelations by adding capacity on new and existing routes and using promotional rates. The company had warned of a possible profit drop at the beginning of the Iran War.
(source: Reuters)