Jul 30, 2019

Ryanair CEO warns of lower growth if Boeing doesn't "get their s--- together"

A Ryanair Boeing 737-800 aircraft. Photo: Nicolò Campo/LightRocket via Getty Images

Ryanair, Europe’s largest low-cost airline, reported a 21% drop in after-tax profits for the first quarter, blaming fierce price competition and higher fuel and staff costs. The airline also warned job cuts may be coming and future growth projections may be lowered because of issues with Boeing.

The state of play: Ryanair ordered 58 of Boeing's 737 MAX jets for summer 2020, but CEO Michael O'Leary said that order may change since all of the planes have been grounded following two fatal crashes: "It may well move to 20, it could move to 10, and it could well move to zero if Boeing don’t get their shit together pretty quickly with the regulator." The worldwide grounding of the MAX is now in its fifth month, and FAA regulators have yet to say when they will allow the plane to fly again.

Go deeper: Everything you need to know about the Boeing 737 MAX crashes

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1,200 new fires identified in Amazon region this week

A burned area after a fire in the Amazon Rainforest in Novo Progresso, Para state, Brazil, on Saturday. Photo: Joao Laet/AFP/Getty Images

Some 1,200 new fires have been identified burning in the Amazon Rainforest region this week, Brazil's National Institute for Space Research (INPE) reported Saturday.

By the numbers: There have been 40,341 fires in the Amazon this year, per the New York Times. More than 1,330 square miles burned in the first 7 months of 2019. The largest swaths of the Amazon rainforest, in Brazil and Peru, are burning at the highest rates since records began in 2013 — a rise of 84% compared to the same period last year, according to INPE.

Go deeperArrowAug 25, 2019

The collapse of WOW Air could push Iceland into recession

A WOW Air plane. Photo: Francis Dean/Corbis via Getty Images

In the months since Iceland's low-cost carrier WOW Air shuttered, the country's booming tourist industry — its largest — has suffered, spiking fears of a recession, the New York Times reports.

The big picture: The airline helped to push Iceland's tourist numbers from a few hundred thousand in 2011 to 2.3 million by 2018, helping the North Atlantic nation to recover from the collapse of its banking system during the Great Recession. But visits from international visitors could drop by 16% this year — including 20% fewer Americans, who are regarded as bigger spenders.

Go deeper: Icelandic activists host funeral for nation's first glacier to go extinct

Keep ReadingArrowAug 26, 2019

Cathay Pacific threatens to fire staff who support Hong Kong protests

Photo: Getty Images

Hong Kong's flagship airline Cathay Pacific threatened to fire staff members who participate in "illegal" demonstrations in the city, the Wall Street Journal reports.

Why it matters: The move seems designed to placate Beijing, which has required that any employees involved in the protests be removed from flights to the Chinese mainland. A fifth of the airline's flights are routed through China, meaning that a government crackdown could significantly hamper its operations.

Go deeperArrowAug 12, 2019