In a strategic bid to fortify national fuel reserves, Foreign Minister Penny Wong recently secured a diplomatic breakthrough during high-level Beijing talks - after the escalating Middle East conflict paralysed the Strait of Hormuz, plunging Australia into a precarious energy crisis.
Airbus's adjusted earnings before interest and tax and revenue both fell short of analyst estimates in the first quarter, dragged down by a steep earnings drop at the main aircraft making subsidiary. The company said it's confident it can achieve its full-year aircraft delivery and earnings targets. Bloomberg's Benedikt Kammel reports.
President Donald Trump said he is considering having the US purchase Spirit Aviation Holdings Inc., saying it could be a potentially good investment for the federal government. "We'd be getting it virtually debt free. They have some good aircraft and good assets," the president told reporters Thursday. Bloomberg's Benedikt Kammel reports.
Airlines around the world are grounding more planes to cope with the increases in jet-fuel prices. Global capacity for May has been reduced by about 3 percentage points, with all but one of the 20 largest airlines slashing flights, according to data compiled by analytics firm Cirium Ltd. Lufthansa is scrubbing 20,000 uneconomic short-haul flights from its European summer schedule to save on fuel. Earlier in the week, United Airlines slashed its full-year profit forecast due to higher fuel prices caused by war in the Middle East. Bloomberg's Benedikt Kammel breaks down the situation.
Chancellor Friedrich Merz said he plans to convene Germany's national security council, adding that the council is empowered to take immediate action to ensure the nation's energy security if needed. Meanwhile, Germany's sovereign wealth fund, known as Kenfo, is abandoning long-held restrictions on investing in weapons manufacturers. Bloomberg's Oliver Crook reports.
The effective closure of the Strait of Hormuz by Iran has stranded a significant proportion of global jet fuel shipments and led refineries in Asia to cut production. Bloomberg's Danny Lee reports on how this impacts the global aviation industry.
Qantas (ASX:QAN) faces a potential 50% profit slump as rising fuel costs and Middle Eastern conflict create a "perfect storm."
The supply shockwaves from the US and Israel's war in Iran are spreading across the global economy as farmers, factory managers, and freight carriers deal with a spike in oil, gas, aluminum, fertilizers and chemicals. Jack Wittels and Eleanor Thornber report.
The Australian Competition and Consumer Commission is closely monitoring the domestic airline industry as the escalating Middle East conflict threatens to drive up local ticket prices.
Qantas (ASX:QAN) will review airfare pricing fortnightly and consolidate flights as soaring fuel costs and Middle East conflict volatility impact international operations.
