airline
Delta Air Lines faces a significant financial setback following an IT outage caused by a faulty CrowdStrike update earlier in July, with estimated losses reaching $500 million. Delta’s CEO Ed Bastian announced the financial impact and emphasized the company’s intention to seek damages for the disruptions that grounded thousands of planes and caused widespread passenger chaos. Extent of the CrowdStrike IT outageThe IT outage, which stemmed from a botched CrowdStrike update affecting approximately 8.5 million Windows devices globally, led to severe disruptions across various sectors. The inciden...
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Boeing reported a nearly 90% jump in its net loss for the quarter ending June 30, compared to the same period last year with lower commercial delivery volumes and losses in defense development programs dragging down its earnings in a big way. The company also announced Robert K Ortberg as the new president and CEO who will succeed Dave Calhoun when he steps down by the end of this year. Ortberg, 64, is an aerospace industry veteran who last helmed Rockwell Collins as its CEO, and steered its integration with United Technologies and RTX until he retired from RTX in 2021. Boeing’s net loss rises...
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Boeing has announced the appointment of Kelly Ortberg as its new chief executive, tasking the former leader of aerospace supplier Rockwell Collins with navigating the plane maker through one of the most challenging periods in its history. Ortberg, 64, will succeed Dave Calhoun, who has led Boeing since 2020 and previously announced his intention to step down by the end of the year. Former Rockwell Collins head to take the helm on August 8The decision to bring in Ortberg, effective August 8, was spearheaded by Boeing’s board chair, Steven Mollenkopf. Mollenkopf emphasized Ortberg’s extensive ex...
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“Southwest was the only remaining airline that didn’t punish my family financially when we wanted to sit next to our young children without paying $35-50 extra per flight,” Emily Porter, a doctor based in Austin, Texas wrote on X soon after the airlines announced it was doing away with its open-seating model. Free bags will be on the chopping block next and they’ll be just as bad as American. Drew Ayling, a software engineer at the Ford Motor company described the move as something that just simply did not “feel right” while TJ Moe, a former America football wide receiver called the move an “a...
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The European Commission has launched an in-depth investigation into its 2021 decision to approve €321 million in restructuring aid from Germany for the airline Condor. This move comes after the General Court of the EU annulled the initial approval in May 2023, citing an insufficient assessment by the Commission on whether Germany received adequate remuneration for the bailout. Court ruling prompts new probe into bailout termsThe General Court of the EU’s decision in May overturned the Commission’s earlier approval of the state aid, which had been contested by rival airline Ryanair. The court f...
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Jet fuel prices have seen a dramatic drop, now standing at $2.39 per gallon as of July 2024, marking a significant 42% decrease from their peak in 2022. This reduction is a welcome shift for the aviation industry, which faced severe financial strains due to soaring fuel costs in the wake of the pandemic. However, while this drop offers some relief, it comes with its own set of challenges and implications for airline ticket prices and the broader industry landscape. Fuel price trends: From peaks to troughsAccording to Statista, the current price of $2.39 per gallon represents a substantial decr...
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Airline stocks listed on the London Stock Exchange (LSE) have tumbled this week. International Consolidated Airline (LON: IAG) and EasyJet (LON: EZJ) shares have crashed to their lowest levels in weeks. IAG has moved into a technical correction as it dropped by 12% from its highest level this year. It is hovering at its lowest point since June 2nd. Meanwhile, EasyJet’s stock has plummeted to 425p, its lowest point since November 2023. Unlike IAG, EZJ has moved into a bear market as it dropped by over 24% from its highest point this year. Other airline stocks like Wizz Air and Ryanair have also...
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Boeing Co (NYSE: BA) has received a major endorsement from Korean Air, despite recent setbacks involving the airline’s Boeing 737 Max 8. At the Farnborough Airshow on Monday, Korean Air placed an order for 40 new wide-body planes from Boeing, including the highly anticipated 777X model and the 787-10 Dreamliners. This substantial commitment highlights ongoing confidence in Boeing amid recent challenges. Boeing stock opened about 1.0% up after receiving the Korean Air order on Monday. Watch here: https://www.youtube.com/embed/Xm43ZDnA8wY?feature=oembed Korean Air orders Boeing 777X and Dreamlin...
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CATL, the world’s biggest electric vehicle (EV) battery manufacturer, has achieved a groundbreaking milestone by successfully testing a battery that powers a four-ton electric aircraft. This advancement marks a significant step forward in the development of commercial electric planes, which could play a crucial role in reducing aviation’s impact on global warming. CATL’s new battery technologyCATL’s new Condensed Battery has achieved an impressive energy density of up to 500 watt-hours per kilogram per cell, doubling the average energy density of current EV batteries. This remarkable leap is e...
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Cybersecurity firm CrowdStrike experienced a significant drop in its share price on Friday following an update that led to a widespread outage, affecting businesses globally. The company, known for its software that helps firms manage IT security, saw its shares plummet 20% in US premarket trading. Meanwhile, Microsoft also faced issues with its Azure cloud services and Microsoft 365 suite of apps, leading to a 2.5% decline in its shares during premarket trading. Impact of CrowdStrike’s update issueCrowdStrike’s major outage was caused by an issue with an update affecting its Falcon Sensor pro...
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