Airlines Financial News

WestJet Airlines Ltd., Canada’s second-largest carrier, will begin cancelling flights on Thursday — just ahead of a long holiday weekend — as it prepares for a strike.

Southwest Airlines says a key revenue ratio will be weaker than expected in the second quarter because of changes in how consumers book travel

Iowa regulators have approved a controversial carbon dioxide pipeline for transporting emissions of the climate-warming greenhouse gas for storage underground

manufacturing giant Boeing is facing a huge crisis, having received orders for only four new planes in May. Orders for its once-best-selling 737 Max have almost dried up since an incident in January, in which the side panel of an Alaska Airlines aircraft blew out mid-air. The crisis, however, was not entirely unexpected.

New Delhi, India, June 26, 2024: Shankh Air, poised to become the first scheduled airline in Uttar Pradesh, is advancing its launch initiatives and awaiting final NOC from Ministry of Civil Aviation. Recently, Chairman Sharvan Kumar Vishwakarma had a pivotal meeting with Honorable Minister of Civil Aviation Shri Kinjarapu Rammohan Naidu and deliberated on the airline's strategic direction and forthcoming developments as a Full Service Start Up Airline.

Heathrow Airport plunged into chaos Tuesday night due to an IT allocation failure in British Airways' systems, stranding passengers on planes and causing significant delays in luggage collection. The disruption led to hours-long delays for travelers attempting to retrieve their baggage. According to a Daily Mail report, the failure affected numerous flights, leaving passengers stuck on aircraft for extended periods. Many travelers were unable to disembark or collect their luggage, resulting in widespread frustration and anxiety about their onward journeys. This incident underscores the vulnerability of modern air travel infrastructure to technological failures. British Airways is working to resolve the issues and assist affected passengers, but the delays have drawn significant criticism from travelers who described the scene at Heathrow as chaotic and disorganized.

revision of goods and services tax (GST) rules is likely to bring relief for India’s aircraft maintenance and repair industry which has for long been trying to take advantage of the booming aviation market in India. Last week, the 53rd GST council recommended a uniform 5% tax on imports of parts, components, testing equipment, tools and toolkits of aircraft, irrespective of their HSN code. HSN, or Harmonised System of Nomenclature, is an internationally acceptable numerical code used to classify products for taxation purposes.

Malaysia Airlines says one of its plane en route to Bangkok made a U-turn back to Kuala Lumpur International Airport after experiencing a “pressurization issue."

If you think airports are crowded this summer, it's not your imagination

A Japanese transport ministry panel has proposed a number of air traffic control measures to boost safety

Benchmark NSE Nifty closed 36.75 points up at 23537.85 amid buying in frontline bluechip counters.

Reinsurance and coinsurance are not the supply of a service and, hence, not liable to tax, according to a decision by the Goods and Services Tax (GST) Council on Saturday. This spells a significant breather to insurance companies facing thousands of crores in tax demands. The GST Council also recommended clarifications on taxability of reimbursements of securities or shares as employee stock option plans given by a company to its workers. Officials said exemptions would be conditional and notified later. Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities. Reinsurance is the cover an insurer buys to insure itself through the payment of premiums. The industry has contended that GST should only be paid by one company in this chain. However, the Directorate General of Goods and Services Tax Intelligence (DGGI) last year issued notices to about 20 insurance companies raising tax demands of about Rs 12,000 crore for non-payment of GST on coinsurance and reinsurance premiums. Apex grouping General Insurance Council had lobbied the government, seeking clarity. It submitted that the levy of GST on all firms amounted to double taxation.

Manchester Airport faced cancellations and severe delays on Sunday after a power cut in the area caused widespread disruption, an airport spokesperson said. A significant number of flights, particularly from Terminals 1 and 2, were expected to be delayed or cancelled, the spokesperson said.

waive interest and penalties on past tax demands, reduced the pre-deposit amount for filing appeals, fixed monetary limits for appeals against assessees at various legal forums and set a sunset date for anti-profiteering cases in a range of decisions aimed at easing doing business in the country. “Our intent is to make GST assessees’ life easier, simpler and less cumbersome… We are working towards less and less compliance,” Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council’s 53rd meeting that was held in the capital. The council will take up pending reform measures when it meets next, likely by August end. Saturday’s measures by the council at its first meeting after the formation of the new government at the Centre could bring relief to multiple sectors, including shipping, airlines, insurance and nonbanking financial companies (NBFCs) facing large tax demands, said experts.

Boeing is in the news once again for the wrong reason. In the latest addition of Boeing mishaps that have taken place this year, a fire broke out 15 minutes after the Boeing 738 aircraft took off from the Indian city of Hyderabad and the Kula Lumpur-bound flight returned, reports 'Business Insider'. A video going viral on social media sites shows the engine of the plane on fire with sparks flying out behind it. The plane returned to make an emergency landing at Hyderabad's Rajiv Gandhi International Airport.

tax (GST) council which is meeting today is likely to take up host of reforms including conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, empowering the centre and states to quash tax notices on industry specific trade practices and putting a sunset clause on anti profiteering cases. The council may also decide on reducing the pre deposit for filling appeals to 7% from 10%, may set a monetary threshold for filing appeal in GST Appellate Tribunal and hight court and apex court and may set deadline for issuing summons even in case of willful default. The proposals once passed would set the ground ready for next level reforms in goods and services tax regime which will complete seven years in July. Also it may open window for relief to insurances, non banking financial services, banks, airlines and shipping companies facing tax demands along with penalties.

Also Read: 60% make rewards top priority in credit card choice, reveals surveyAccor is one of the world’s largest hospitality groups, with a portfolio of more than 45 hotel brands across various categories, from luxury to economy. It has 5,500+ hotels spread across 110+ countries.

 Jack Otter and the panel discuss the downfall of Southwest Airlines’ popularity and how they could turn it around on ‘Barron’s Roundtable.’

Salvadoran officials refused to connect the jet bridge to allow the roughly 300 passengers, all Indian nationals, to disembark, according to three former crew members on the flight who spoke to Reuters on condition of anonymity. Several passengers told the cabin crew they planned to travel onward to Mexico and cross the border there illegally into the U.S., one crew member said. Others said they were going on vacation to the Mexican border city of Tijuana, another crew member said.

Benchmark NSE Nifty closed 65.91 points down at 23501.1 amid selling in frontline bluechip counters.

Great Hill Capital Chairman and managing member Thomas Hayes on American Airlines' market performance and companies cutting prices to respond to inflation.