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☆ UN rights expert urges US to go further with sanctions against Myanmar junta
▼ + stars: | 2023-09-13 | by ( David Brunnstrom | ) www.reuters.com time to read: +2 min

REUTERS/Ajeng Dinar Ulfiana/Pool/File Photo Acquire Licensing RightsWASHINGTON, Sept 13 (Reuters) - The U.N. human rights expert for Myanmar on Wednesday called on the United States to further tighten sanctions on the country's military rulers to include their main revenue source, the state oil and gas enterprise. Andrews praised Washington for imposing sanctions on the Myanmar Foreign Trade Bank and Myanma Investment and Commercial Bank in June, but said more needed to be done. I urge the U.S. to join the European Union and immediately impose sanctions on the junta's single largest source of revenue, the Myanma Oil and Gas Enterprise," Andrews said. In January, the United States targeted the managing director and deputy managing director of the Myanma Oil and Gas Enterprise with sanctions, but has yet to go further against the firm, despite the urgings of rights groups and dissidents. Myanmar military officials have played down the impact of sanctions and say their air strikes target insurgents.

Persons: Tom Andrews, Andrews, Congress's Tom Lantos, Washington, David Brunnstrom, Christopher Cushing Organizations: Association of Southeast Asian Nations, REUTERS, Rights, Myanmar, U.S . Congress, Myanmar Foreign Trade Bank, Myanma Investment, Commercial Bank, European Union, Gas Enterprise, United, Thomson Locations: Myanmar, Jakarta, Indonesia, United States, Washington, U.S, Bangladesh, Russia, China

☆ American Airlines makes a drastic cut to profit forecast as fuel prices soar
▼ + stars: | 2023-09-13 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

American said that fuel prices have “increased considerably” since July, when it issued its initial third-quarter guidance. Also on Wednesday, discount carrier Spirit cut third quarter revenue by 5% from its previous forecast. It blamed rising fuel prices and “heightened promotional activity with steep discounting for travel booked” for the weeks leading into Thanksgiving weekend for the adjusted guidance. The organization said in June that it more than doubled its 2023 profit forecast for the global airline industry despite a looming economic downturn. Airlines are expected to make $9.8 billion in net profit in 2023, up from a December forecast of $4.7 billion.

Persons: Scott Kirby, ” Kirby Organizations: New, New York CNN — American Airlines, Labor, Global, International Air Transport Association, United Airlines, CNN Locations: New York, Worth

☆ Airline ticket prices will be cheaper in the fall compared to the summer
▼ + stars: | 2023-09-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

But don’t worry if you missed out — falling ticket prices could make fall the better time to fly. Airfare to top international destinations will drop in the fall as well, with prices to Europe down 31% from summer peaks — nearly $330 off ticket prices. Known as “shoulder season,” airfare typically drops in the fall as demand cools off after the busy summer months. The three major US international airlines — American, Delta and United — all saw a surge in international traffic in recent months and added additional service to meet demand. One factor that could cause ticket prices to increase, however, is rising fuel prices.

Persons: ”, Hopper Organizations: New, New York CNN, Spirit Airlines, —, Federal, “, Frontier Airlines, American Airlines, Labor Locations: New York, Europe, Hopper, Delta, United, America

The Parliament said that sustainable fuels will include “synthetic fuels, certain biofuels produced from agricultural or forestry residues, algae, bio-waste, used cooking oil or certain animal fats." However, stocks of sustainable aviation fuel remain low. The EU Aviation Safety Agency says supply accounts for less than 0.05% of total EU aviation fuel use. On Sept. 5, the head of the German airline Lufthansa warned automakers to keep their hands off synthetic aviation fuels. Carsten Spohr said sustainable fuels represented the only workable way to decarbonize aviation, and there wouldn't be enough for the car industry as well.

Persons: Carsten Spohr Organizations: European Commission, EU, EU Aviation Safety Agency, Aviation, German, Lufthansa Locations: BRUSSELS, Strasbourg, France

☆ UN Rights Expert Urges US to Go Further With Sanctions Against Myanmar Junta
▼ + stars: | 2023-09-13 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By David BrunnstromWASHINGTON (Reuters) - The U.N. human rights expert for Myanmar on Wednesday called on the United States to further tighten sanctions on the country's military rulers to include their main revenue source, the state oil and gas enterprise. U.N. Special Rapporteur Tom Andrews, a former member of the U.S. Congress, also said it was vital for Washington to at least maintain levels of humanitarian support for victims of the junta inside and outside Myanmar. Andrews praised Washington for imposing sanctions on the Myanmar Foreign Trade Bank and Myanma Investment and Commercial Bank in June, but said more needed to be done. I urge the U.S. to join the European Union and immediately impose sanctions on the junta's single largest source of revenue, the Myanma Oil and Gas Enterprise," Andrews said. Myanmar military officials have played down the impact of sanctions and say their air strikes target insurgents.

Persons: David Brunnstrom WASHINGTON, Tom Andrews, Andrews, Congress's Tom Lantos, Washington, David Brunnstrom, Christopher Cushing Organizations: Myanmar, U.S . Congress, Myanmar Foreign Trade Bank, Myanma Investment, Commercial Bank, European Union, Gas Enterprise, United Locations: United States, Washington, Myanmar, U.S, Bangladesh, Russia, China

☆ Here are 3 trends to watch for in the key August inflation report, according to Goldman Sachs
▼ + stars: | 2023-09-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Goldman Sachs expects August headline CPI to rise 3.58% annually, up from July's 3.2% gain. Strategists wrote Monday they expect to key trends to emerge, including a 3.1% decline in used car prices. CarsThe strategists said used car prices should fall 3.1% in August from July, reflecting lower auction prices. Goldman Sachs estimates used car prices to fall in August. Shelter inflation will remain roughly at its current pace in August, Goldman Sachs says.

Persons: Goldman Sachs, Goldman Organizations: Service, Federal Reserve, Transportation Goldman, CPI Locations: Wall, Silicon

☆ Oil prices are pressuring airline stocks. These options trades can take advantage, Barclays says
▼ + stars: | 2023-09-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The spike in oil prices is weighing on airline stocks, and there is still time to for traders to take advantage of that relationship through options trades, according to Barclays. Such underperformance has been worse only 10% of the time in the past 25yrs," the Barclays note said on Tuesday. The options market does not appear to have priced in these risks, Pascale said, so Barclays recommended two short-term trades. This structure would lower the cost of the trade, though it would also limit the upside if the JETS ETF falls below the lower strike price. The Barclays note recommended using $18 and $17 as the strike prices.

Persons: Stefano Pascale, Morgan Stanley, Pascale, CNBC's Michael Bloom Organizations: Barclays, Futures, U.S, Texas, U.S . Global Jets ETF, JETS, Airlines, Tuesday, Delta Air Lines, Morgan, Jet, JETS ETF, DAL Locations: underperform

A general view of a crude oil importing port in Qingdao, Shandong province, November 9, 2008. Many of the newer, complex refineries in Asia prefer medium sour crude as it offers a higher yield of middle distillates such as diesel and jet fuel. ALTERED FLOWSThe higher prices for medium crude grades is impacting the ways in which crude is flowing around the world. China's imports from Brazil are expected to reach 29.07 million barrels in September, which would be the highest in three years, according to Kpler. While Saudi Arabia may have been successful in boosting oil prices, it is also disrupting the markets and altering physical crude flows.

Persons: Brent, China doesn't, Simon Cameron, Moore Organizations: United Arab Emirates, Moscow, Kpler, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, Asia, Saudi Arabia, OPEC, Russia, East, Kuwait, Brent, Dubai, Ukraine, India, Iraq, China, Iran, Islamic Republic, United States, Brazil

While domestic travel has rebounded, thereby lifting demand for gasoline and jet fuel, there are other factors at work driving China's crude imports. The question then becomes why did crude imports drop in July even though refinery processing rates remained robust? This means that China's crude imports in September may be robust, but arrivals from October onwards would have been bought at higher prices. The strength in coal imports is being driven by factors largely unrelated to the state of the economy. With crude oil, coal and iron ore all having dynamics separate to the overall state of China's economy, the commodity that appears most correlated with the outlook is copper.

Persons: Aly, Refiners, refiners, Brent, China's, Russia's, Christian Schmollinger Organizations: REUTERS, Rights, Administration of Customs, Imports, Reuters, Thomson Locations: Zhuhai, China, Rights LAUNCESTON, Australia, COVID, Saudi Arabia, OPEC, Russia, Ukraine, Beijing

ATLANTA (AP) — Hurricane Lee is rewriting old rules of meteorology, leaving experts astonished at how rapidly it grew into a goliath Category 5 hurricane. Political Cartoons View All 1148 Images"That extra heat comes back to manifest itself at some point, and one of the ways it does is through stronger hurricanes,” Shepherd said. More intense major hurricanes are also threatening communities farther inland, since the monster storms can grow so powerful that they remain dangerous hurricanes for longer distances over land. It has been 69 years since a major hurricane made landfall in New England, McNoldy said. Margot is far to the east of Lee, but as Margot strengthens it could affect the weather systems in the region that steer hurricanes.

Persons: Hurricane Lee, Lee, ”, Marshall Shepherd, ” Shepherd, “, Shepherd, Kerry Emanuel, Brian McNoldy, Idalia, Hurricane Michael, it’s, McNoldy, Gale, there’s, ” Mike Brennan, ” Brennan, Emanuel, they’re, Margot, it's Organizations: ATLANTA, Hurricanes, University of Georgia’s Atmospheric Sciences Program, American Meteorological Society, D.C, Massachusetts Institute of Technology, University of Miami, Florida Panhandle, Hurricane, U.S ., National Weather Service, National Hurricane Center Locations: Hurricane, Washington, New York, Boston, Florida, Georgia, Valdosta, U.S . East Coast , New Englanders, New England, Maine, Rhode, U.S, Lee, New Harbor , Maine, Louisiana

☆ U.S. airlines flag high fuel costs, Southwest's August bookings disappoint
▼ + stars: | 2023-09-06 | by ( Mehr Bedi | ) www.reuters.com time to read: +2 min

[1/2] A Southwest Airlines aircraft flies past the U.S. Capitol before landing at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua Roberts/File Photo Acquire Licensing RightsSept 6 (Reuters) - Southwest Airlines (LUV.N) on Wednesday flagged softer August leisure bookings and joined two other U.S. airlines in warning of higher fuel costs in the third quarter due to a jump in crude prices. United Airlines (UAL.O) and Alaska Air Group (ALK.N) also warned of higher fuel costs in the current quarter as crude oil prices rose for a third straight month in August, amid signs of tightening supply. In a regulatory filing, United said jet fuel prices have climbed over 20% since mid-July. U.S. airlines do not generally hedge against fuel costs, making them vulnerable to price swings.

Persons: Joshua Roberts, Gerald Laderman, Stephen Trent, Mehr Bedi, Abhijith, Aishwarya Jain, Pooja Desai Organizations: Southwest Airlines, U.S, Capitol, Reagan National Airport, REUTERS, United Airlines, Alaska Air Group, United, Cowen Transportation Conference, Alaska Air, Citi Research, Thomson Locations: Arlington , Virginia, U.S, Denver, Chicago, Southwest, Bengaluru

☆ Three US airlines warn of higher fuel costs in third quarter
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Southwest Airlines aircraft flies past the U.S. Capitol before landing at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua Roberts/File Photo Acquire Licensing RightsSept 6 (Reuters) - Three U.S. airlines on Wednesday warned of higher fuel costs in the third quarter due to a jump in crude prices, adding to pressures the industry faces from expensive labor contracts. Shares of Southwest Airlines (LUV.N) fell 4.1%, United Airlines (UAL.O) was down 1.3% and Alaska Air Group (ALK.N) edged lower about 1% before the bell. U.S. airlines do not generally hedge against fuel costs, making them vulnerable to price swings. Southwest Airlines, the largest U.S. domestic carrier, said it expects revenue per available seat mile - a proxy for pricing power - to fall 5% to 7% in the current quarter.

Persons: Joshua Roberts, United, Mehr Bedi, Abhijith, Pooja Desai Organizations: Southwest Airlines, U.S, Capitol, Reagan National Airport, REUTERS, United Airlines, Alaska Air Group, Alaska Air, Washington State, American Airlines, Delta Air Lines, Thomson Locations: Arlington , Virginia, U.S, Bengaluru

An easyJet Airbus A320neo aircraft is parked on the tarmac of Adolfo Suarez Madrid-Barajas Airport, in Madrid, Spain, June 22 2022. REUTERS/Isabel Infantes/File Photo Acquire Licensing RightsCompanies Easyjet PLC FollowLONDON, Sept 6 (Reuters) - Decarbonisation efforts in the aviation sector will cost more money, but that cost should not fall to the consumer, easyJet Chief Executive Johan Lundgren said on Wednesday. He added that options to decarbonise, like creating sustainable aviation fuels, are not yet at scale and cost three to five times more than typical jet fuel. Lundgren also said a wide range of stakeholders including governments needed to chip in to ensure decarbonisation costs remain low. A lot of the cost will depend on the speed of innovation, which Lundgren is hopeful can mitigate price hikes.

Persons: Adolfo Suarez, Isabel Infantes, Johan Lundgren, Lundgren, Sarah Young, Joanna Plucinska, Sachin Ravikumar, William James, Mark Heinrich Our Organizations: Airbus, Adolfo Suarez Madrid, Barajas Airport, REUTERS, Reuters IMPACT, Reuters, Thomson Locations: Madrid, Spain, London

☆ Airlines warn about spike in fuel costs, Southwest narrows revenue outlook
▼ + stars: | 2023-09-06 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A bird flies by in the foreground as a Southwest Airlines jet comes in for a landing at McCarran International Airport on May 25, 2020 in Las Vegas, Nevada. Major U.S. airlines warned about a spike in jet fuel prices, adding to costs during the busy summer travel season. The higher cost forecasts come as Southwest Airlines narrowed its unit revenue outlook for the current quarter. The Dallas-based carrier said it expected unit revenue to fall 5% to 7% from last year in the three months ending Sept. 30. Alaska Airlines said higher fuel prices will eat into its pretax margin this quarter.

Organizations: Southwest Airlines, McCarran International Airport, Major U.S, Jet, Los Angeles and New York, Labor, Airlines for America, Southwest, Alaska Airlines, United Airlines, Airlines Locations: Las Vegas , Nevada, Major, Chicago, Houston, Los Angeles and New, Dallas, Southwest

☆ Stock Market Today: Dow, S&P 500 Open Lower; Blackstone, Airbnb Stocks in Focus
▼ + stars: | 2023-09-05 | by ( ) www.wsj.com time to read: +1 min

U.S. stocks started Tuesday lower after Chinese data pointed to a slowdown in services activity, fueling more concerns about global growth. A private gauge showed the slowest expansion in China’s services output in eight months on Tuesday. Beijing has put forward additional stimulus measures in recent days, including support for China’s ailing property sector and the creation of a government body to help the private sector. The Shanghai Composite Index retreated nearly 1% and Hong Kong’s Hang Seng Index lost over 2%. An index of U.S.-listed Chinese stocks fell more than 2%.

Persons: Dow Organizations: Nasdaq, Treasury, Bank of America, Nikkei Locations: Beijing, U.S, Saudi Arabia, Shanghai, Europe

SINGAPORE, Sept 5 (Reuters) - The dominating theme in crude oil markets is that there are too many competing narratives and driving factors to allow for anything approaching a clear view of the path ahead. So, what are the main issues clouding the crude oil market, both for the short and longer terms? - What will happen to Chinese oil demand? - Even if a soft landing can be achieved, interest rates may stay elevated for an extended period, which eventually flows through into crude trading. - How does the change in the main global price benchmark of Brent affect trading?

Persons: Brent, APPEC, Jamie Freed Organizations: P, Insights, Brent, Midland, Reuters, Thomson Locations: SINGAPORE, Asia, Singapore, OPEC, United States, Brazil, Russia, Iran, Venezuela, Rotterdam, China, UKRAINE, Ukraine

☆ Labor Day weekend gas prices are near all-time highs
▼ + stars: | 2023-08-31 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year. The good news is that gas prices are still well below the peak set in June 2022. Psychologically important pricesIt’s worth noting that while gas prices are high for this point of the calendar, these figures aren’t adjusted for inflation. Still, consumers are very sensitive to increases in gas prices, in part because of how visible they are. In fact, the Conference Board blamed the recent uptick in gas prices for driving down consumer confidence in August.

Persons: ”, John LaForge, Andy Lipow, – can’t, “ Organizations: New, New York CNN, Drivers, Labor, CNN, AAA, Wells, Investment Institute, Biden, Lipow Oil Associates, US Energy Information Administration, Conference Board Locations: New York, Illinois, Washington , Arizona, California, Russia, Saudi Arabia

☆ Op-ed: Why the world needs more oil, not less
▼ + stars: | 2023-08-30 | by ( His Excellency Haitham Al Ghais | Opec Secretary General | ) www.cnbc.com time to read: +3 min

If oil vanished today, these and many other vital products and services that use oil or its derivatives would vanish too. The World Energy Report for 2022, published by the UK-based Energy Institute and consulting firms KPMG and Kearney, noted that fossil fuels constituted 82% of global energy in 2022. This is comparable to OPEC's latest world oil outlook and represents a similar level to 30 years ago. The bottom line is that it is possible to invest heavily in renewables while continuing to produce the oil the world needs today and in the coming decades. Similarly, in the EU, vehicles using petrol or diesel still accounted for around half of all car sales in 2022.

Persons: BEV, BEVS Organizations: Transportation, Energy, Energy Institute, KPMG, Kearney, Toyota Prius, U.S . National Automobile Dealers Association, EU Locations: U.S, China, Paris

☆ Oil prices rise on large U.S. stockpile draw, hurricane jitters
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +2 min

Malo deepwater oil platform stands in the Gulf of Mexico in the aerial photograph taken off the coast of Louisiana, on Friday, May 18, 2018. Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels. Oil major Chevron Corp evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico. Official crude stockpile data from the EIA is due at 1430 GMT on Wednesday.

Persons: St, Toshitaka Tazawa Organizations: Chevron Corp, Brent, . West Texas, U.S, greenback, American Petroleum Institute, Reuters, Fujitomi Securities Co, Hurricane, Energy Information Administration, Oil Locations: Malo, Gulf of Mexico, Louisiana, U.S, Gulf, Mexico

☆ Chevron evacuates Gulf platforms, Kinder Morgan to shut pipeline ahead of Idalia
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gaby Oraa/File Photo Acquire Licensing RightsHOUSTON, Aug 29 (Reuters) - U.S. oil producer Chevron (CVX.N) on Tuesday said it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan (KMI.N) planned to shut a petroleum pipeline, as the energy companies braced for Hurricane Idalia. Blind Faith and Petronius are up to 160 miles (257 km) southeast of New Orleans in the central Gulf of Mexico. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. Meanwhile, Kinder Morgan shut its Port Manatee, Port Sutton and Tampaplex terminals, which handle commodities such as fertilizers, scrap metal, pet coke and coal. "Our Orlando refined products facility remains operational at this time, but we are closely monitoring the storm’s progress to prepare for any impacts," Kinder Morgan said.

Persons: Gaby Oraa, Kinder Morgan, Idalia, Petronius, Faith, Gary McWilliams, Arpan Varghese, Chizu Nomiyama, Cynthia Osterman Organizations: Chevron, U.S, REUTERS, Rights, Idalia, Gulf, Central Florida Pipeline, Florida Pipeline, Thomson Locations: Venezuela, Caracas, U.S, Gulf, Mexico, New Orleans, Port Manatee, Port Sutton, Tampa, Morgan's

☆ A spike in gas prices is one of the biggest risks to the stock market and economy
▼ + stars: | 2023-08-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

One of the biggest risks to the stock market and economy is a gasoline price shock, according to Carson Group's Sonu Varghese. Gas prices are already up 23% year to date, and a further rise could reaccelerate inflation. His big worry is that surging gas prices can have a negative knock-on effect on the broader economy. That's because higher gas prices at the pump weigh heavily on consumer sentiment and can lead to curtailed spending. While he remains bullish on the outlook for the stock market and economy, he does worry that another gasoline price shock could serve as a big headwind for investors and consumers.

Persons: Carson Group's Sonu Varghese, Sonu Varghese, that's, Varghese, there's Organizations: Service, Carson Group, Energy Information Administration, Federal Reserve Locations: Wall, Silicon, Russia, Ukraine, Louisiana

☆ StanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 bln
▼ + stars: | 2023-08-28 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. Riyadh-headquartered AviLease, also known as Aircraft Leasing Co, is a jet lessor owned by Saudi Arabia's sovereign wealth fund. StanChart said in January it was exploring options for its global aviation finance business. Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes. PIF is setting up startup carrier Riyadh Air to predominantly serve the kingdom’s capital, which has ambitions to become a global business hub.

Persons: Peter Nicholls, StanChart, Simon Cooper, Airfinance, Fahad Al, Saif, AviLease, Rishav Chatterjee, Shounak Dasgupta, Mark Potter Organizations: Chartered, REUTERS, Aircraft Leasing Co, Chartered Aviation Finance, Aviation Finance, Corporate, Institutional Banking, Standard Chartered, Saudi Public Investment Fund, Riyadh Air, Thomson Locations: London, Britain, Saudi Arabia, Riyadh, Saudi, Dublin, Europe, Bengaluru

The improvement has largely been driven by stronger demand for refined fuels across Asia as economies open up from the COVID-19 pandemic, with China's domestic demand leading the charge. Margins have also been helped by the ability of refiners to pass on higher prices for refined fuels quickly, while still processing crude bought months in advance at lower prices. It's also likely that the strong refining margins in Asia will attract refiners in China and India to maximise exports of fuels such as gasoline and diesel. The profit margins for refined fuels have risen in recent sessions largely because the price of crude oil has dropped more than the prices for refined fuels. Crude prices rallied from July onwards as OPEC+ tightened supply, especially with the producer group's leading exporter Saudi Arabia announcing an additional 1 million barrel per day cut to its production.

Persons: Caroline Chia, It's, Brent, Robert Birsel Organizations: REUTERS, Rights, Brent, Saudi, Reuters, Thomson Locations: Tuas, Singapore, Rights LAUNCESTON, Australia, Asia, Dubai, South Korea, Vietnam, China, India, Refinitiv, Saudi Arabia, OPEC

☆ Ampol CEO expects to see more growth as aviation industry recovers
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect to see more growth through the recovery in aviation volume: Ampol CEOMatthew Halliday, CEO and Managing Director of Ampol, says the jet fuel demand has not yet returned to the pre-COVID levels and will continue to increase as Chinese travelers return.

Persons: Matthew Halliday

☆ Kuwait Airways plans to lease eight Airbus jets within 10 years
▼ + stars: | 2023-08-20 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +1 min

KUWAIT CITY, Aug 20 (Reuters) - Kuwait Airways (KA.UL) plans to lease eight Airbus (AIR.PA) passenger jets within 10 years, Chairman Ali Aldokhan said on Sunday. The state-owned carrier is examining offers from leasing companies, and the contract duration for the leased planes, all Airbus 321 neo aircraft, will be between eight and 10 years, Aldokhan told a news conference. The plan to lease eight planes is in addition to Kuwait Airways' multi-billion dollar deal with Airbus in 2022 to buy 31 planes, 18 of which it has already received. The cost of jet fuel for Kuwait Airways has increased 38% year-on-year since the beginning of 2023, Aldokhan said. Kuwait Airways is in negotiations with Kuwait Petroleum Corporation on a discount mechanism to reduce the airline's jet fuel costs, CEO Maen Razouqi told the same press conference.

Persons: Ali Aldokhan, Aldokhan, Maen Razouqi, Ahmed Hagagy, Adam Makary, David Goodman, Susan Fenton Organizations: KUWAIT CITY, Kuwait Airways, Airbus, Kuwait Petroleum Corporation, Tala, Thomson Locations: KUWAIT

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