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Wage negotiations between Scandinavian airline SAS and its pilots collapsed on Monday, triggering a strike that threatens the carrier’s future and extreme heat across Europe.

Airline SAS says survival at stake as pilot strike grounds flights

EasyJet on Monday announced the resignation of its chief operating officer as the British no-frills carrier and the aviation sector at large struggle with flight cancellations and staff shortages.

EasyJet said Peter Bellew would pursue other business opportunities after ensuring a smooth handover.

David Morgan, previously interim chief operating officer at the airline, will replace Bellew.

Chief executive Johan Lundgren said "everyone at EasyJet remains absolutely focused on delivering a safe and reliable operation this summer".

It comes as the carrier cuts the number of its flights during the busy European summer holiday season.

Airlines and airports in the UK and abroad are struggling to recruit staff after the lifting of pandemic lockdowns, which saw the aviation sector slash thousands of posts.

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EasyJet on Monday announced the resignation of its chief operating officer as the British no-frills carrier and the aviation sector at large struggle with flight cancellations and staff shortages.

EasyJet on Monday announced the resignation of its chief operating officer as the British no-frills carrier and the aviation sector at large struggle with flight cancellations and staff shortages. EasyJet said Peter Bellew would pursue other business opportunities after ensuring a smooth handover. David Morgan, previously interim chief operating officer at the airline, will replace Bellew. Chief executive Johan Lundgren said "everyone at EasyJet remains absolutely focused on delivering a safe and reliable operation this summer". It comes as the carrier cuts the number of its flights during the busy European summer holiday season. Airlines and airports in the UK and abroad are struggling to recruit staff after the lifting of pandemic lockdowns, which saw the aviation sector slash thousands of posts. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

EasyJet operating chief quits as flights chaos grows

Iran slashed oil prices to remain in competition in the market in China as Beijing buys Russian crude in large volumes.

Iran doubles discount on crude for China to compete with Russia

Amazon founder Jeff Bezon criticised the United States President Joe Biden for calling on companies running gasoline stations to lower their prices.

Jeff Bezos slams President Biden's call for gasoline stations to cut prices

Tesla CEO Elon Musk is back on Twitter with Pope's picture after 10 days. This was Musk's longest ever digital detox from Twitter in five years. He took a hiatus from Twitter from June 22.

Elon Musk backs on Twitter after 10 days, posts photo with Pope

The rate of flight cancellations and delays is higher this year than before the pandemic due to bad weather and staffing shortages.

Rate of flight cancellations, delays higher this year

Australia's mining and energy export revenues are forecast to climb 3% to a record $286 billion in the year to June 2023, buoyed by surging coal and gas prices in the wake of Russia's invasion of Ukraine.

Australia energy exports expected to climb 3% to $286 billion

Argentina's Economy Minister Martin Guzman submitted his resignation as the country's currency hit an all-time low and the inflation is running above 60%.

Argentina's economic minister resigns as currency hit an all-time low

Oil prices fell in early Asian trade on Monday, paring gains from the previous session. Oil supply remained tight amid lower OPEC output, unrest in Libya and sanctions on Russia.

Oil prices slip as recession fears rumble on

Eurozone inflation triggered by the ongoing gas crunch has hit a record high of 8.6%. Meanwhile, Moscow has seized control of the Sakhalin gas project.

Energy crisis brews amid Ukraine war: Eurozone inflation hits record 8.6%

JPMorgan Chase &amp; Co. analysts warned that the price of oil may rise to a "stratospheric" $380 per barrel if US and European sanctions lead Russia to reduce its oil supply in retaliation. In an effort to put more pressure on Vladimir Putin's war machine in Ukraine, the Group of Seven countries is negotiating a complex mechanism to control the price at which Russian oil can be sold.&nbsp;

However, JPMorgan analysts, including Natasha Kaneva, stated in a note to clients that Moscow can afford to reduce daily crude production by 5 million barrels without significantly harming the economy given the country's strong budgetary situation.

However, the outcomes might be terrible for a large portion of the remainder of the world. According to the analysts, a daily supply reduction of 3 million barrels would cause benchmark London crude prices to rise to $190, while a reduction of 5 million barrels would result in "stratospheric" prices of $380 a barrel.

(With inputs from agencies)

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JPMorgan Chase & Co. analysts warned that the price of oil may rise to a "stratospheric" $380 per barrel if US and European sanctions lead Russia to reduce its oil supply in retaliation.

JPMorgan Chase & Co. analysts warned that the price of oil may rise to a "stratospheric" $380 per barrel if US and European sanctions lead Russia to reduce its oil supply in retaliation. In an effort to put more pressure on Vladimir Putin's war machine in Ukraine, the Group of Seven countries is negotiating a complex mechanism to control the price at which Russian oil can be sold. However, JPMorgan analysts, including Natasha Kaneva, stated in a note to clients that Moscow can afford to reduce daily crude production by 5 million barrels without significantly harming the economy given the country's strong budgetary situation. However, the outcomes might be terrible for a large portion of the remainder of the world. According to the analysts, a daily supply reduction of 3 million barrels would cause benchmark London crude prices to rise to $190, while a reduction of 5 million barrels would result in "stratospheric" prices of $380 a barrel. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

JPMorgan sees ‘stratospheric’ $380 oil on worst-case Russian cut

In a bid to safeguard citizens from inflation, Turkey has hiked the minimum wage for the second time in 2022. The new nominal wage now stands at $330.

Turkiye hikes the minimum wage for the second time in 2022

Facebook-owner Meta Platforms Inc has cut plans to hire engineers by at least 30 per cent this year, CEO Mark Zuckerberg announced, as he warned to brace for a deep economic downturn.

Meta plans to slash hiring by 30%, tech giant to hire 3000 less workers

Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier.

Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine.

But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy.

"Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management.

The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check.

"With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research.

"This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added.

Rate hike

As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter.

Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month.

But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade.

The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows.

"We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday.

The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices.

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Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy. The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier. Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine. But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy. "Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management. The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check. "With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research. "This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added. Rate hike As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter. Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month. But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade. The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows. "We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday. The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Eurozone inflation hits record, as gas crunch looms

Record inflation or price hikes across the world are showing no signs of abating. Even as crude prices have softened a bit in the last few weeks, in the latest the price growth in the Eurozone has hit a new record high of 8.6 percent last month.

Inflation in 19 EU nations hits record high

Speaking at an event in London, the EU's Chief Brexit negotiator has accused UK of effectively putting a gun on the table by introducing a bill to scrap post-Brexit trade rules between Britain and Northern Ireland.

Brexit change a gun on the table, says EU's Chief negotiator

The European Union has agreed on ground-breaking rules for regulating crypto assets, as the rout in bitcoin piles pressure on authorities to rein in the sector.

EU agrees rules to tame 'Wild West' crypto market

Officials in Venice plans to impose an entry fee to the city or for the people coming on day trips. Over the years, over-tourism has led to crowding and harmful effects on the city and its environment.

Venice authorities to charge fee for day travellers

Many Ryanair Holdings PLC flights to and from Spain were cancelled on Thursday and several hundred others delayed during a strike by the low-cost airline's cabin staff.

Flights cancelled in Spain due to Ryanair staff strike

Piles of luggage beside baggage belts in airports from Canada to Europe are driving further demand for ground handlers, and adding to summer travel chaos as airlines scramble to bring back workers lost during Covid-19.

Fresh woes for summer travel: Luggage piles join long airport lines

Barclays is giving 35,000 of its staff in Britain $1,450 annual pay rise to help to ease the impact of the cost of living crisis. It also said that the pay rise will apply to staff in customer-facing roles.

Barclays offers pay hike to 35,000 staff to ease cost-of-living burden

Facebook parent Meta slashes hiring plans for new engineers by 30 per cent

The Ukraine war has sent global markets into a nosedive while most economies are feeling the inflation heat, the European markets are now in a tailspin, the stock markets are about to witness their worst ever quarter in 12 years.

Europe markets on course for worst quarters

Oil prices were little changed on Thursday as markets weighed a rise in US gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness.

Oil prices stable as market weigh fuel stocks amid supply concerns

Airbnb has permanently banned parties at listed sites after it announced a temporary ban in August 2020. The firm said that the temporary ban was effective in curbing guests throwing unauthorized parties or chronic party houses that disturb neighbors.

Airbnb permanently bans 'disruptive parties' on all listings

China's factory activity likely expanded in June for the first time in four months, driven by a faster recovery in production and an easing of supply chain snags as manufacturing hubs emerged from lockdowns.

China's June factory activity likely expanded for first time in 4 months