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Wizz Air announces annual profit that is above market expectations
Budget carrier 'Wizz 'Air' reported a yearly operating profit that was above analyst expectations on Thursday. A capacity bump and better cost control supported revenue growth, even though the Middle East conflict is disrupting the airline industry. Wizz Air has cut costs, increased promotions and boosted costs after the U.S. - Israel war on Iran caused a 'profit warning' due to higher fuel costs. According to LSEG, the company reported an operating profit of EUR139.7 ($161.3) million for the 'year ended March 31, compared with analysts expectations?of EUR88.51 millions. The 'carrier' did not give a fiscal forecast for 2027, citing the lack of visibility due to the prolonged 'Iran War.
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Bousso: Reopening of the ROI-Hormuz could be OPEC’s downfall
Saudi Arabia and its neighbouring Gulf producers are likely to cheer the eventual reopening of Strait of Hormuz. However, the ensuing influx of?oil could erode OPEC’s fragile grip on the markets. The Iran conflict and the closing of the crucial waterway, through which nearly one-fifth of the oil and gas in the world flowed prior to the conflict, have dramatically reduced the output of the Organization of the Petroleum Exporting Countries. This has shifted the centre of gravity of the industry away from the Middle East. Riyadh has limited options to counter?these changes. The re-opening of the strait is not certain. Iran wants to maintain some control over the waterway, while U.S. president Donald Trump is insistent that it should be returned to its prewar normal. Saudi Arabia, Bahrain and the United Arab Emirates will all try to maximize oil exports in order to plug the huge fiscal holes caused by the conflict. ROI estimates that the loss of 13 million barrels of Middle East exports each day - 13% of global supplies - since February 28, 2014, represents over $80 billion of lost revenue. The damage to energy infrastructure, such as refineries, storage facilities and tankers, can amount to tens or even hundreds of billions. There will be huge incentives for energy importers to act quickly, especially in Asia. Asian refineries and governments have drastically reduced consumption during the conflict, reducing inventories. Many will be eager to replenish their stockpiles. Demand and supply will not necessarily recover at the same pace. It could take several months for Middle East producers re-start a large portion of the 11 million bpd? of shut-in production. Uncertainty also exists about how much of the demand has actually been destroyed, and how much is simply being postponed. Geopolitical worries will likely lead to an uneven, stop and start recovery that puts pressure on supply chains and increases volatility in oil prices. Historically, these conditions would have played into OPEC's strength. In the past, the group and its allies including Russia have intervened repeatedly to stabilize markets by adjusting production. The COVID-19 pandemic is a prime example, where coordinated cuts and increases were used to help control prices through extreme swings. The cartel appears to be less capable of playing this role. OPEC STRUCTURED AND FRAGMENTED by war. According to U.S. Energy Information Administration statistics, its production fell to 20 million bpd on average in April from 31 millions in February. OPEC has seen its share of the global production drop to an all-time record low of 22%. The UAE's decision to leave the group in April, to pursue their own production strategy, dealt a major blow to both OPEC cohesion and Saudi Authority. The strain is compounded by Russia's inability, due to repeated Ukrainian drone attacks on its energy infrastructure as part of Kyiv’s campaign to weaken Moscow’s war economy, to increase exports or act as a pivotal supplier within the broader OPEC+ Alliance. In this context, the reopening Hormuz may put Riyadh into a difficult position. OPEC member countries that are revenue-starved will likely compete fiercely to gain market share. This will push more barrels on the market, and put heavy pressure on prices. Riyadh may struggle to convince them that they need to reduce production in order to maintain prices. Saudi Arabia's wartime actions could further undermine its influence. Riyadh took advantage of the price spike during the war by diverting 60% of its exports to the Red Sea. Once full access to the Red Sea is restored, it will be harder for Riyadh to convince producers like Iraq and Kuwait to reduce output. Recent OPEC policy signals confirm the current direction. The group decided on Sunday to increase output for a fourth month in a row. OPEC+ will be able to complete, at least in paper, the 1,65 million bpd reductions agreed upon in 2023 if they continue on their current course. A BUMPY RIDE? TO OVERSUPPLY It is true that any recovery in supply will not happen immediately. The balance of risks still points to oversupply. According to Jorge Leon, an analyst at Rystad Energy, the return of OPEC barrels along with a high level of production from the?U.S.A., Brazil, and Venezuela, could lead to a global surplus of 5 million bpd after a complete reopening the Strait of Hormuz. It is important to note that producers outside of the Gulf, such as some OPEC member countries, have strengthened their market positions throughout the crisis. This should make it more difficult for Gulf producers without aggressive pricing to recover lost market share. The producer group has demonstrated a willingness over the years to engage in "painful" price wars. Starting one now, following the most disruptive shock to supply in decades, could spiral out of control, hastening the demise of OPEC. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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What were the names of the two pilots that flew the Air India jet which crashed?
According to a source familiar with the matter, Indian investigators will delay issuing the final report on the deadly Air India Boeing 787 accident until the anniversary of the crash, which falls on Friday. They will do this because they need to finish an analysis 'of the planes engines. According to an early report by U.S. officials last year, a?cockpit recorder of the dialogue between the pilots confirmed the belief that the captain had cut off the fuel flow to the plane's engine. Indian investigators at the time said it was "too soon to draw any conclusions." Here are two brief profiles of the pilots, based on media reports and the preliminary investigation report: CAPTAIN SUMEET SABHARWAL The 56-year old had a licence for airline transport pilots that was valid until May 14, 2026. He was cleared to fly as a pilot-in command on several aircraft, including the Boeing 787?and 777?and the Airbus A310. He has accumulated a total of 15,638 flying hours. Of these, 8,596 were spent on a Boeing 7. According to a report in the Times of India, Sabharwal called his family at the airport and assured them that he would call again when he landed in London. He was described as a gentleman by a pilot who briefly spoke with him. Sabharwal's dad asked India's Supreme Court for an independent investigation that took into consideration other causes than pilot actions. Two officials from India's Aircraft Accident Investigation Bureau visited him after his son's crash and implied that he had cut the fuel to the plane engines after takeoff. FIRST OFFICER CLIVE ?KUNDER The 32-year old had a commercial license that was issued in the year 2020 and valid through September 26, 2025. He was cleared to fly the Cessna 172,?Piper PA-34 Seneca and Airbus A320 as well as Boeing 787?jets as a co-pilot. His total flying experience was 3,403 hours. One-hundred and twenty eight hours of that were spent as a copilot on a 787. According to Indian media, his relatives, Kunder has been a fan of flying since his school days. In 2012, he began working as a pilot. The Wall Street Journal reported that Kunder attended flight school in Florida last year. The Wall Street Journal reported that he was hired by Air India and started flying on the Airbus A320, before the airline changed him to the Boeing 787. The report said that Kunder was described by his family and friends as a superhero movie fan who built a computer from scratch. He also nearly pursued an esports pro career in college. Reporting by Abhijith Ganadavaram and Aditya Kahlra, Editing by Jamie Freed
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Air India continues to deal with the fallout of a deadly crash despite its long history
Indian investigators will delay the release of their final report on the deadly Air India Boeing crash until the anniversary of the accident, which is Friday. They are citing a need to finish an analysis of the plane's engines. Since the June 12 crash, 2025 which was the deadliest aviation disaster of the decade in the world, the airline has been under intense scrutiny. The airline's history is rich and varied. FOUNDED 1932 Air India was founded by JRD Tata, an entrepreneur in 1932. The Indian government took over the company in 1953. Years of mismanagement by the Indian government and the?increasing competition' led to the ballooning of debts. Tata Group acquired the airline in a $2.2billion deal in 2022, and since then has been trying to restore its fortunes. Singapore Airlines, a minority stakeholder with 25% of the airline, is also a shareholder. FLEET ROUTES Air India Group, including full-service carrier Air India, and budget subsidiary Air India Express fly to 60 domestic and international destinations. Air India's fleet consists of 184 aircraft. These include narrowbody and widebody Airbus models, as well as widebody Boeing planes. Airline capacity has been reduced domestically due to high jet fuel costs and pressure on international routes. The group's financial year ending in March saw the largest losses in its history, with a loss of over $2 billion. Record AIRBUS and BOEING Order Air India, in February 2023, placed the largest order ever for a total of 470 jets from Airbus and Boeing. Airbus was ordered to deliver another 100 jets in December 2024. Last year, it was reported that the airline is in negotiations with Airbus and Boeing to add more aircraft. Negotiations include up to 80 wide-body jets and 200 narrow-body aircraft. MULTIMILLION DOLLAR RETROFIT In mid-2023, the company unveiled its new logo and branding as well as a new livery for their planes. The company also began a $400-million refurbishment plan and retrofitting?plan for its aircraft interiors. However, supply chain delays have plagued the project. The airline has retrofitted the majority of its single-aisle Airbus A320neo jets and is currently working to update its long-haul Boeing 787 and 777 jets. MANAGEMENT TEAM Air India CEO Campbell Wilson announced his resignation in April, but he would remain on until a successor is appointed. According to reports, the search for his replacement has been narrowed down to Singapore Airlines' executive Vinod Kanan and Chief Commercial Officer Nipun Aggarwal. Reporting by Nandan Mandyam and Abhijith Gaapavaram, New Delhi. Editing by Aditya K. Kalra and Jamie Freed.
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US, once a victim of Arab oil embargos, now the world's largest oil exporter
United States is now the largest oil exporter in the world, upending decades-old orders long dominated Saudi Arabia and Russia. This?shift tightens American firms' grip on global energy markets, as Washington's War with Iran reshapes international energy trade. The United States' rise to the top of the oil exporters list is a dramatic reversal. For decades, America was reliant on Middle Eastern oil and had to endure an oil embargo imposed in 1973 by some OPEC countries as a retaliation for U.S. support for?Israel. After 2010, the U.S. fortunes changed when the oil and gas production from its shale deposits soared. It became the top gas producer in the world, and then top oil. The U.S. is now the largest oil exporter in the world. This is due to the U.S. - Iran war, which has disrupted Saudi oil exports from February 2026. Russian oil exports have also been affected by the U.S. sanctions against Moscow over the invasion of Ukraine and the U.S. drone attacks on Russia. Data from ship tracking service Vortexa shows that U.S. crude and fuel exports grew to 10.5 million barrels a day in May, a result of high production and the release strategic reserves. This makes the U.S. top exporter of the world for the third consecutive month. According to calculations by Vortexa, Russian exports were 7 million barrels per day in May. Saudi Arabian exports, on the other hand, stood at 5,9 million barrels per day. According to Vortexa, Saudi Arabia will export 8.1 million barrels per day in 2025. The United States will ship out 6.6 millions barrels per day, and Russians are expected to export 5.8 million barrels per day. Michelle Brouhard is the head of policy for ship tracking company Kpler. She said that Washington has a tool it didn't know they had prior to the Iran War -- energy exports. The Organization of Petroleum Exporting Countries (OPEC) and its allies have traditionally held a strong price-setting power over the oil market. Donald Trump, the U.S. president, has long criticized OPEC's manipulation of oil markets. In May, one of the group's biggest members, United Arab Emirates, quit the organization after almost 60 years. Washington will have a new tool to use in negotiations with its allies and enemies, as well as its military dominance and financial market dominance thanks to the U.S. Dollar's status as the world reserve currency. Brouhard added that the U.S. is the world's largest crude oil supplier to Europe, and second in terms of distillates. EU officials who welcomed the U.S. gas and oil boom initially as an alternative supply to Russia and Middle Eastern countries have become more sceptical and warn of the risks of becoming too reliant on American companies. The warning came at the same time as the EU and the U.S. administration were fighting over tariffs on trade and environmental regulations. Moscow also struggles to conceal its frustration. Igor Sechin said that the U.S. oil companies would be the biggest beneficiaries of the Strait of Hormuz closure, according to Igor Sechin. He is the head of Rosneft, the Kremlin's major oil company and a close ally of Vladimir Putin. Saudi Arabia and Russia had been lagging behind U.S. producers in terms of production growth long before the U.S. war with Iran began. Since 2000, the United States' crude and liquids production has almost tripled. It now stands at 22 million bpd. Saudi crude and liquids production has fluctuated between 10 and 12 million bpd, depending on OPEC quotas from 2000 to 2026. Russian oil and fluids production grew from 6 million to 10 millions bpd in the years 2000-2010, then grew another 2 million bpd over the 2010s. However, since 2020 it has stagnated or declined below 10,000,000 bpd. The U.S. oil boom has largely been responsible for the growth in global oil demand over the last 15 years. In 2015, after 40 years of a ban on oil exports, the United States lifted the ban, allowing its oil boom to reach the rest of the world. In just 10 years it became the largest oil exporter in the world, proving the skeptics that growth would be temporary as the fields depleted wrong. The U.S. boom is driven primarily by profit and depends on private companies' decisions, unlike in Saudi Arabia or Russia where the government sets production and export goals. U.S. companies will increase production when oil prices go up, helping to bring down prices. Kenneth Medlock III is a fellow at the Baker Institute for Public Policy and specializes in Energy and Resource Economics. He said that when prices are low, U.S. companies will reduce output which will increase prices. He said: "In many respects, it is similar to what OPEC, Saudi Arabia, and other countries have done with spare production capacity. But it's more a'market mechanism' than a strategy device." Since the Ukraine conflict began in 2022, European countries have relied heavily on the United States. This year, the continent has taken about 47% of U.S. crude oil exports, up from 37% last year. Asian countries that used to purchase the majority of their crude oil from the Middle East are now also increasingly dependent on U.S. supplies. About 46% of U.S. crude oil exports were from Asia in May, up from 37% the previous year.
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Fatal air crashes with suspected or confirmed deliberate actions by pilots
According to a source familiar with the situation, Indian investigators will delay the release of a final report on the deadly Air India Boeing crash until Friday's one-year anniversary. They say they need to complete the analysis of the planes engines. According to an early assessment by U.S. officials, reported in? Last year, a U.S. official's early assessment reported by? Indian investigators at the time said it was "too early" to reach any conclusions. The father of Captain asked India's highest court to order a independent investigation which took into consideration other causes than deliberate pilot actions, as has been suspected or proven in the following fatal accidents. CHINA EASTERN AIRLINES 2022: In March 2022 a Boeing 737-800 of China Eastern crashed into a southern Chinese hillside, killing all 132 passengers. The U.S. National Transportation Safety Board published data last month indicating that fuel was cut off to both engines. This is the first major update in the investigation of the crash. The NTSB reported that the fuel switches of both engines were moved from their run position to their cutoff positions while the aircraft was cruising at 29,000 feet. Flightradar24 reported that the data showed downward force had been applied to the controls of the first officer after fuel was stopped to the engines. The NTSB update came after China's Aviation regulator decided for the second consecutive year to not release an annual report on its investigation of the crash. It let the fourth anniversary go by without providing any insights into the cause. GERMANWINGS, 2015: A Germanwings Airbus A320 jet crash-landed into a French mountainside in March 2015 on a flight between Barcelona and Duesseldorf. All 150 people on board were killed. Investigators determined that Andreas Lubitz, the first officer of Germanwings, deliberately crashed the aircraft after locking the captain out. Lubitz, who was a pilot for the now-closed Lufthansa Low-Cost subsidiary, suffered from a mental disorder with psychotic symptoms, which led to suicidal thinking. However, Lubitz had hidden his illness from his employers. In 2018, the European Commission passed new rules regarding pilot mental health, requiring that airlines conduct psychological assessments of pilots prior to hiring them. MALAYSIA AIRLINES 2014: Flight MH370, with 239 passengers on board, vanished on March 8, 2014 en route from Kuala Lumpur to Beijing. Investigators believe that based on satellite tracking, and subsequent wreckage discoveries, the plane veered off course thousands of miles and crashed in an isolated area of southern Indian Ocean. The final report of the Australian Transport Safety Bureau revealed that Captain?Zaharie Ahmed Shah had flown a flight route in his home simulator six weeks prior, which was "initially" similar to the actual route taken by MH370. The Malaysian team of investigators said that the controls had been manipulated deliberately to divert the plane from its course. However, they could not determine who was to blame. EGYPTAIR 1999: A Boeing 767 operated by EgyptAir crashed on October 31st 1999 off Nantucket in Massachusetts killing all 217 passengers. U.S. investigators concluded in their final report that the relief first officer of the flight said, "I trust God", and then moved the controls suddenly into a nose down position, intentionally crashing the aircraft. Egyptian investigators, however, accused the NTSB for twisting evidence in order to support their suicide theory. They produced their own report citing technical issues. SILKAIR, 1997: The crash of a SilkAir Boeing 737-390 near Palembang, Indonesia on December 19, 1997 killed all 104 passengers. The air traffic controllers didn't receive a distress signal from the plane flown by an now-closed regional branch of Singapore Airlines. Investigators discovered that the flight recorders'stopped' minutes before the crash, fueling speculations about a deliberate pilot act. But the exact cause is still disputed. In a final report, Indonesian investigators stated that they could not determine the reason for the plane leaving its cruising altitude based on the limited information and data from the wreckage or flight recorders. The U.S. NTSB stated that the evidence indicated the cockpit voice recording was intentionally disconnected. They also said recovery of the aircraft was possible, but was not attempted. It was more likely than not the first officer who made the inputs for nose-down flying. (Compiled by Abhijith Ganahapavaram, edited by Jamie Freed).
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Air India's Boeing Dreamliner crash: Inside the cockpit
According to a source familiar with the matter, Indian investigators will delay the release of their final report on the 'deadly Air India Boeing 787-8 crash until the anniversary of the accident, which is Friday. They are citing the need for a complete analysis of the engines of the aircraft. The sequence of events on June 12th, 2025 as described by Indian investigators' preliminary report published on July 12, last year. Air India Dreamliner VTANB landed at Ahmedabad as AI423 at 05:47 GMT. 07:48 GMT - An aircraft was spotted departing Bay 34 of the airport. The aircraft was cleared to taxi by air traffic control at 07:55:15 GMT. A minute later, the aircraft took the taxiway R4 from the bay and proceeded on the runway 23. 08:02 GMT - The aircraft has been transferred from tower to ground control. 08:07 GMT - Take off clearance issued. The aircraft began rolling at 08:07 GMT. Aircraft lifted off at 08:08 GMT. The report stated that "the aircraft air/ground sensor switched to air mode in accordance with liftoff." Aircraft reached maximum airspeed of 180 knots at 08:08 GMT. "Immediately after, the Engine 1 fuel?cutoff switch and Engine 2 fuel cutoff switch transitioned one by one from RUN position to?CUTOFF with a gap of 1 sec." The Engine N1 and N2 started to degrade from their takeoff values when the fuel supply was cut off. In the cockpit recording, one pilot is heard asking another why he cut off. "The other pilot replied that he didn't do it." The airport CCTV footage showed Ram Air Turbines (RATs) being deployed immediately after take-off. The aircraft began to lose height before crossing the perimeter wall of the airport. The RAT hydraulic pump started supplying power at 08:08 GMT. Fuel cutoff switch for Engine 1 has been changed from CUTOFF (fuel off) to RUN. The fuel cutoff switch for Engine 2 has also been changed from CUTOFF (stop) to RUN (run). When fuel control switches are moved from CUTOFF (cut off) to RUN (run), each engine's full-authority dual engine controls (FADEC), automatically manages the relighting and thrust recovery of ignition and fuel. Engine 1's core speed deceleration stopped and reversed. It then began to recover. Engine 2 could relight, but it was unable to stop core?speed deceleration. Fuel was added repeatedly to increase core speed acceleration. The pilot who sent "MAYDAY Mayday Mayday" at 08:09 GMT. 08:09 GMT - Data recording has stopped. (Reporting by Aditya Kalra; Editing by Jamie Freed) 08:14.44 GMT - Crash Fire tender leaves the airport premises to rescue and fight fires. (Reporting and editing by Jamie Freed; Aditya Klra)
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Vietnam's Vingroup pushes ahead with the 'world's biggest stadium' despite doubts about demand
Vingroup, a Vietnamese company, is speeding up construction of the world's biggest stadium in Hanoi. They are betting that future demand will make the 135,000-seat venue financially viable. A Vingroup representative said during a recent site visit that thousands of workers work around the clock on the site located about 25 kilometers (15.5 miles south of the central Hanoi) to finish the venue by the end of July 2027. The completion date is a year earlier than the original plan announced in December. Vingroup, Vietnam’s largest company by market capitalisation and working on a number of projects including a high-speed rail, urban development and wind power plants, has announced that the stadium will feature "the largest seating capacity in the world" as well as?the largest fully retractable roof. According to the International Olympic Committee (IOC), the world's largest venue is the Rungrado Stadium, located in Pyongyang. The stadium has a capacity of 150.000 seats, but some observers have questioned this figure, and counted less than 120.000. Vingroup says the scale of the project reflects plans for large-scale?cultural and sporting events, including concerts. James Walton is the sports group leader for Deloitte Asia Pacific. "Football is a hugely popular sport in Vietnam. However, it's unlikely that a 135,000 seat?stadium can be justified by domestic football demand alone," he said. He pointed out that the top-tier V.League 1 in Vietnam averaged less than 6,000 spectators for each match during the 2023-24 campaign. Vingroup did not give any financial targets but stated that it expects the facility to be financially sustainable over time. Financial liabilities are a bigger problem for the company. They accounted for $36.7 billion in last year's figures, or more than 4% Vietnam's private debt by 2025. This figure does not include?additional private debts in affiliated companies. DRUM-SHAPED STADIUM The Trong Dong Stadium is named after the traditional Vietnamese bronze cymbal. It's part of a $35 billion development by Vingroup of an Olympic Sports City designed to host global events. Being part of a larger urban development can improve a project's?financial viability in the long term, said Walton. He noted that many modern national stadiums have a seating capacity between 60,000 and 80,000. The project is part a huge push to modernise Vietnam’s infrastructure, and?sustain an economic growth of atleast 10% annually until the year 2020. This is an explicit goal for the ruling Communist Party. The authorities have announced hundreds large-scale projects, estimated to be worth $200 billion, by 2030. These include airports, seaports bridges and rails. Quynh Nguyen is a finance lecturer at Hoa Sen University, in Ho Chi Minh City. He said that modernisation is necessary but caution should be exercised regarding banks' exposure to funding risks and their funding. Tran Thi Mong Tuyen is a researcher with the Hawaii-based Pacific Forum. She also warned about risks associated with underused infrastructure, including delayed investment returns. (Reporting and editing by Ed Davies; Additional reporting by Phuong Vu, Khanh Vu)
UK watchdog investigates Ryanair regarding fees for parents and children to sit together
The British Competition Watchdog has launched an investigation into the European budget airline 'Ryanair' on Thursday, over the fees parents have to pay in order to travel with their children.
The Competition and Markets Authority is investigating whether Ryanair’s mandatory family seat charge, which costs around PS8 ($10.70 each way), may force parents to pay for the airline to meet its own obligations regarding child safety and disabilities under aviation regulations.
The regulator stated that the investigation was focused on whether Ryanair's terms of contract were "unfair" under consumer law. It added that the probe had only just begun and it has not yet reached a conclusion as to whether or not Ryanair broke the law.
Ryanair didn't immediately respond to an?invitation for comment made outside of its regular working hours.
(source: Reuters)