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Cathay Pacific reports its best first-half profits since 2010.
Cathay Pacific Airways announced a record-breaking first-half profit on Wednesday, as strong demand for passengers and cargo offset the higher fuel prices. Hong Kong's flagship carrier saw its net profit rise 71%, to HK$6.24billion ($795.59m), for the six-month period ended June 30. This is the second highest in the company's history. Last month, the airline forecast a profit for the first half of the year in a range?of HK$6 to HK$6.5billion. In a recent statement, Cathay Chairman Guy Bradley stated that the summer travel demand is expected to be strong into the third quarter. "We are cautiously optimistic about the rest of the year. This is subject to the Middle East situation, and other macroeconomic indicators." Cathay's revenue grew 25.3% to HK$68 Billion, and its profit margin grew from 6.7% to 9.2%. Hong Kong Airlines has been one of the most successful carriers in Middle East due to disruptions. Travellers were rerouted from Gulf hubs. However, these tailwinds have waned over recent months as Gulf carriers restored flights and began competing more aggressively for passengers. Cathay's results are impressive, but the industry is facing a difficult cost environment as a result of the Iran War. According to the International Air Transport Association, jet fuel prices will average $152 per barrel this year. This is nearly 70% above levels in 2025. Cathay reported that its jet fuel costs almost doubled from the first to the second quarter. Fuel surcharges partially offset the cost increase. Bradley stated that "we expect the impact of high?fuel prices to continue throughout the remainder of the year, and we are alert to changes in the geopolitical situation and the?market environment." Air India and rival Singapore Airlines both posted quarterly losses in the quarter ended June 30, despite record revenues. The loss was attributed to high fuel prices. ($1 = 7.8432 Hong Kong Dollars) (Reporting and editing by Jamie Freed; Reporting by Julie Zhu)
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China relaxes its controls on fuel imports for the second month in a row, according to sources
Five industry sources familiar with the matter have confirmed that China has eased its limits on refined fuel exports in August for a second time. Refiners were given temporary approval to ship 2.7 millions metric tons of fuel to destinations other than Hong Kong and Macau. Due to the short timeframe for spot sales, refiners can also rollover some of their August allowances into September. The August 'programme' is expected to be 3.6 million tonnes, including shipments to Hong Kong as well as jet fuel refuelling at Chinese airports for international flights. Estimates say that the total amount of jet fuel sold in July, including sales to Hong Kong as well as shipments to Hong Kong, could have increased by up to 2.5 million tonnes. The quotas include gasoline, diesel fuel and jet fuel. The National Development & Reform Commission (NDRC), which oversees the 'fuel quotas', did not respond immediately to a comment request. China began reducing fuel exports in March, and continued to do so through June. This was done to protect domestic fuel supplies amid disruptions caused by the Iran 'war. Reporting by Siyi Liu, Trixie YAP and Chen Aizhu. Additional reporting in Beijing by Sam Li. Editing by Muralikumar Aantharaman and Tom Hogue.
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Singapore's marine fuel prices are higher than other regional countries due to a tighter supply
Trade sources and analysts claim that the supply of low-sulphur fuel in Singapore has been tightened due to reduced refinery output and a decline in sweet crude imports. This has led to higher refuelling prices for shippers. Data showed that spot premiums for fuel oil with a maximum 0.5% sulfur content (VLSFO), also known as fuel oil without sulphur, surpassed $58 per ton in Singapore on Tuesday. This was a record high of over four months. Trade sources reported that bunker fuel premiums in Singapore were well over $100 per ton for a prompt delivery. The U.S. - Iran war has led to a global increase in marine fuel prices. Emril Jamil is a senior research manager with Kpler. He said that the current price strength will likely continue into September, as low-sulphur blend components and heavy sweet crude arrivals are limited. Marine fuels can be blended to meet specific specifications. Some heavy-sweet crudes are used from countries such as Sudan, Brazil and Australia. Kpler data shows that the total amount of heavy low-sulphur oil arriving in Singapore and Malaysia in July was 475,000 tonnes, down from 663,00 tons in June. Arrivals in August are estimated to be 428,000 tons. Jamil said that, "given the current anxiety about crude oil supply, more barrels will be absorbed by the refinery instead of being blended with low-sulphur fuel." Trade sources and analysts reported that refineries prioritized the production of other transportation fuels which have higher margins. June Goh is a senior oil market analyst at Sparta Commodities. She said that refineries would have more difficulty producing VLSFO. The crude shortage is real, as we move into September processing. Medium crude resupply options in Asia are becoming limited. SINGAPORE PRICES ABOVE OTHER PORTS IN ASIAN In recent weeks, the?tighter VLSFO expectations has led to a rise in marine fuel prices in Singapore. They are now higher than other Asian ports. Trade sources claim that for prompt dates, the cost of refueling ships with VLSFO at Singapore is $50 higher per metric ton than China ports such as?Zhoushan or Shanghai. Sources confirmed that VLSFO sold at other ports in the region, such as Hong Kong, South Korea, and Tokyo, was also cheaper than Singapore. An official from a shipping firm said that while ships are unlikely to divert to China to buy bunkers at lower prices, they will attempt to take in more bunkers at Zhoushan when already there. Fuel trading manager predicts that the overall demand for marine fuel will soften, as shipowners become more cautious in their purchases due to high premiums throughout Asia ports.
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Jetstar Australia will charge for bags that are carried in overhead bins
Jetstar, Australia's budget airline, is re-evaluating its cabin baggage policy and will charge passengers extra if they want to store their carry-on luggage in overhead compartments. This change will take place from February. According to airline examples, the 'carrier' will allow a bag that fits under the seat, like a laptop bag, a handbag or a backpack. A larger bag, however, could cost up to A$52 per flight, depending on the route. Jetstar now has a carry-on bag policy that is more in line with other low-cost carriers around the world. These airlines charge for overhead storage space, but include a small under-seat luggage as part of their base fares. Pre-purchased "Priority carry-on" will allow passengers to purchase additional carry-on luggage. This includes a larger overhead locker bag, early boarding and the removal of the 7-kg (15 pound) weight restriction. Low-cost airlines are increasingly reliant on fees for excess baggage, priority boarding, and seat selection. Some consumer groups have criticized the charges, arguing that base fares advertised do not always reflect all costs. The airline stated that the changes were made after extensive research by both customers and crew, which found that bag weigh-ins and the competition for space in overhead lockers are among the most stressful aspects of airport experiences. Jetstar CEO Stephanie Tully stated that the new model will 'improve on-time departure performances by streamlining the board process and making better use over-head locker space. She added that the changes are consistent with the airline's low-fares policy. She said that you only pay for what you use. Traveling with less means you'll be paying less and you can add more later if necessary. (1 Australian dollar = 1.4182 dollars) (Reporting and editing by Jamie Freed in Sydney)
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Report finds that Southern California Edison tower caused the devastating Eaton fire in LA County.
Fire investigators found that electrical sparks from a Southern California Edison transmission tower out of service caused the 2025 wildfire, which killed 19 people and destroyed thousands homes near Los Angeles. The findings, published in a 55 page report by the Los Angeles County Fire Department, could have major legal implications for the utility company, owned and operated by Edison International. It faces potential liability claims of billions of dollar arising from the fire, also known as the Eaton Fire. The report notes that other factors, such as fierce winds at the time of the fire, contributed to the conflagration on January 7, 2025. However, it points out the electrical arcing captured by video footage from an Edison transmission mast, which was the only cause and origin for the fire. The report stated that two "electrical events" occurred quickly, causing "unknown material" to fall from the tower, igniting in 12 seconds. Edison has not yet disputed or accepted the findings of this report. A spokesperson for SoCal Edison said: "We've seen the report and are reviewing it." She added, "At SoCal Edison we have taken the potential role we may have played in this fire very seriously since the beginning." In October 2025 the company created a special fund for compensation to "accelerate payments" in the event of death claims, damage to property and smoke damages resulting from the Eaton Fire, which devastated the suburbs of LA, Altadena, and destroyed more than 9,400 homes. The fire burned more than 14,000 acres. Edison's voluntary funds has paid out more than 2,400 claims to date. In response to lawsuits filed by?property owner and the U.S. Government over the Eaton?fire, the utility publicly acknowledged that it's equipment was likely associated with the ignition of the fire. DOUBLE FIRE CALAMITY Edison has also sued LA County, Southern California Gas, and other agencies, alleging that they are all responsible for the magnitude and severity of this disaster. Twelve people were killed in the Eaton fire, which occurred at the same time as another wind-driven catastrophe that erupted about 30 miles west on 7 January. Investigators have determined that the Palisades Fire was caused by a smaller fire which was intentionally started six days earlier. The Palisades Fire was suppressed quickly but remained smoldering for almost a week in dense brush before re-igniting with heavy winds. Jonathan Rinderknecht, 30, was charged with three federal arson offenses in June. However, the judge declared that a mistrial had occurred after the jury failed to reach an unanimous verdict and deadlocked at 10-2. The prosecution said that they would request a new trial in the case. The Eaton and Palisades fires, taken together, are the deadliest wildfire disaster in Los Angeles County's history. They surpass the Griffith Park Fire of 1933, which claimed 29 lives. The Journal of the American Medical Association published a study last year that estimated 440 "excess" deaths were caused by the two fires. The study used statistical models to include factors such as the increased exposure of heart and lung disease patients to smoke and toxic substances released by fires as well as the healthcare delays and disruptions caused. The twin fires are considered one of the costliest natural disasters to have ever struck the United States. Southern California Edison offered $1 billion in self-insurance to its customers for Eaton claims a year earlier. Losses above that amount can be reimbursed by California's Wildfire Insurance Fund. It has an estimated $22 Billion. Steve Gorman, Los Angeles (Writing and reporting; Anjana Anil in Bengaluru and Katha Kaalia in Bengaluru providing additional reporting; editing by Nick Zieminski, Sam Holmes).
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LATAM Airlines raises its earnings forecast for 2026 as fuel prices ease
LATAM Airlines increased its full-year 'core earnings' forecast on Tuesday, after improving fuel prices expectations. The 'carrier' said that it expects adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), in?2026, to be between $4.1 billion and $4.4 billion. This is up from $3.8 billion to $4 billion it predicted in May. Latin America's biggest airline estimated a capacity increase of between 9% and 10% for this year. Chief Financial Officer Ricardo Bottas stated that LATAM is benefiting from an improved fuel price outlook compared to the one assumed three month ago after conflict in Middle East disrupted crude oil flows, causing jet fuel prices to soar. Bottas stated that "we are updating our (price scenario) to around $150 per barrel for the third quarter, instead of $170 and $130 for fourth quarter instead $150." He said that although fuel prices are still well above the pre-conflict assumption of $90 per barrel, the improvements in the outlook justified an upgrade. Bottas stated that the second half of the year would be a challenge due to the uncertainty around the geopolitical environment. However, he added that LATAM is increasingly confident about a gradual improvement in the operating environment as well as its business model. He said, "There was a testing and we passed it." LATAM forecasted an adjusted EBITDA range of $4.2 to $4.6 billion in December before the conflict. Q2 RESULTS LATAM announced a second-quarter net loss of $125.2 million. This is down from the $241.6 million reported a year ago. Revenue increased by 27%, to $4.12 billion. Passenger traffic was the primary driver of growth but cargo also contributed to the increase. Fuel costs almost doubled compared to a year ago, with the airline facing what Bottas described as more than $800 million additional fuel expenses within a single quarter. He said, "That's the magnitude of challenge we faced in this period." EMBRAER - E2 EXPANSION IN BRAZIL LATAM also announced that it will begin operating Embraer E195-E2 aircraft in Brazil between 2026 and 2027, on 42 routes. LATAM Brazil's Jerome Cadier said the aircraft will support expansion into markets with strong corporate demand. This includes agribusiness, oil-producing areas, and strengthening connectivity via the carrier hubs. Cadier stated that the company had already evaluated 18 possible destinations for future expansion by April 2027. (Reporting and editing by Gabriel Araujo, Kylie Madry)
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Families of victims of massive Lebanon port explosion still waiting for justice six years after the blast
Lebanon marked Tuesday the sixth anniversary of a deadly explosion at Beirut's?port. Both victims and Lebanese authorities expressed a cautious but renewed hope that justice would be served for one of the largest non-nuclear blasts in history. It was believed that hundreds of tons ammonium-nitrate, stored at the port, were responsible for the explosion on?August?4, 2020. This explosion killed over 200 people and ravaged large areas of the capital. Years of political interference stymied an investigation into which officials might be considered negligent and the chemical substances involved. Former ministers and judicial officials would raise legal challenges against the judges who were investigating the case, effectively paralysing the investigation. In a normal country, we would be finished by now, and in a new phase of our life. We'd also have the right to mourn," said Paul Naggear whose daughter Alexandra, nicknamed Lexou, was killed in this blast. Lexou's death has no worth when there is no justice. A PROBE could lead to the arrest of 70 people for a blasphemy In early 2025 President Joseph Aoun, and Prime Minister Nawaf Salam?took over and promised to hold the perpetrators accountable for the explosion. Tarek Bitar resumed his investigation and presented an investigative report to the public prosecution's office in late March 2026. According to a senior official of the Lebanese judiciary who was briefed about the investigation, Bitar's report includes accusations against 70 people for different offenses related to the explosion. To protect the judicial system, this official was not able to provide any further information. The official stated that Bitar would prepare a public accusation after receiving a response by the public prosecutor. This will include names of the accused and initiate the trial process. Hundreds gathered on Tuesday evening at a memorial near the port. Organizers read the names of the victims and survivors shared their stories. Many of the attendees said that they hoped the perpetrators would have been sentenced to prison by the 7th anniversary?of the explosion. Some remained sceptical that the state would deliver justice. Reine Abbas said she has always participated in the annual memorial marches, but that numbers have been declining year after year. "The number of families of victims is decreasing and that's proof there's no trust." Abbas stated that he would not trust a situation where he didn't see even?one person behind bars. On Tuesday morning, Justice Minister Adel Nassar of Lebanon laid a wreath on a memorial in the port. The state and judiciary let this case go all the way to the end. "This is a must for those who are affected, the families of the victims and the Lebanese," Nassar said. "We can't say that there is a judicial system (in Lebanon) when we remain silent on a tragedy as large as the Beirut Port blast."
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Indian Minister: Projectile sinks Indian vessel near Yemeni waters, but all seafarers are safe
In a Tuesday post on X, India's Shipping Minister Sarbananda said that a projectile hit a vessel flying the Indian flag near Yemen, causing a capsize. All 14 seafarers were rescued. Sonowal stated that the crew, which included 13 Indians, were rescued by Yemeni Coast Guards and brought to the Port of Mokha after the MSV Faize Noore Oliya sank into the Red Sea. Yemen's Transportation?Ministry, a part of the Saudi-backed and internationally recognised 'government', has accused Yemen's Iran aligned 'Houthis' of carrying out an attack using a boat laden with explosives. The group did not comment. The Houthis have disrupted Red Sea traffic off the coasts of?Yemen, as they want to blockade Saudi oil exports and expand the U.S.Iran conflict that has already choked the oil supply?throughout the Strait?of Hormuz. The Indian Foreign Ministry confirmed that it was coordinating with Yemeni officials. Since the Houthi attack on several Saudi tankers, Indian?refiners are now importing cargoes from the Middle East.
FAA investigates Trump helicopter safety incident
The U.S. Federal Aviation Administration is reviewing a Tuesday air-traffic incident involving a military helicopter carrying President Donald Trump.
The FAA announced that it was investigating a Marine One safety incident. However, the FAA stated that the close call did not appear to be dangerous and the aircraft were not apparently convergent. Two sources said that Trump's Marine One helicopter left the White House on Tuesday afternoon. However, air traffic controllers at Ronald Reagan Washington National Airport had not stopped commercial flights as required by a policy set last year after a fatal accident.
The Wall Street Journal was the first to report on the incident. According to a report from a 'pool, Trump's helicopter took off around 2:33 pm (1833 GMT) on its way to Joint Base Andrews to take a flight to Los Angeles. Sources told us that Envoy 3742, a regional E170 bound for Pensacola in Florida, departed at 2 p.m. Envoy is an American Airlines subsidiary, and the company did not comment immediately.
FAA regulations require that aircraft remain at least 500 feet above the ground and 1.5 miles away from airports. Sources said that it seemed Marine One and the aircraft did not maintain separation. One source said that it appeared they did not converge during the incident. Both Trump's jet and helicopter landed safely.
Two sources have confirmed that the FAA plans to convene an incident Safety Review Team. The White House declined to comment immediately. The other source stated that another regional flight, Republic 4700, was located 3?miles away (5 km) at the time the incident occurred and was diverted around for safety. FlightAware reports that the Republic Embraer 175, which was flying on behalf of American, had left Raleigh-Durham. It looped around the airport and landed at 2:52 pm.
After a mid-air collision between an American Airlines regional plane and an Army helicopter in January 2025, the FAA placed permanent restrictions on helicopter operation?around Washington Reagan National Airport.
National Transportation Safety Board stated in January that a series of?systemic failures' by the FAA caused the collision. Citing the agency's decision to allow helicopters to fly close to airports without safeguards to separate aircraft from them. The FAA banned mixed helicopter-jet traffic near the airport after the crash. Commercial traffic is usually halted when Marine One is flying around the airport. The FAA banned the use of visual seperation to handle helicopter traffic around major airports in March.
The FAA will usually give at least three-minutes' notice to the air traffic controllers before Marine One leaves Reagan in order to stop traffic. Reporting by David Shepardson, Washington; and Fabiola Aramburo, Mexico City. Editing by Tom Hogue & Lincoln Feast.
(source: Reuters)