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European airlines slump on Brexit vote, IAG warns on profit -- Airline stocks plunged on Friday and IAG said it would no longer meet its profit targets this year after Britain's vote to leave the EU raised concerns over travel demand and flying rights. Airlines with a strong focus on the UK market were worst hit, with IAG, EasyJet, Wizz Air and Ryanair all down by 18-22 percent. British bank HSBC downgraded all European carriers to "reduce". Victoria Bryan/Reuters
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Big implications for American Airlines following Brexit vote -- American Airlines is likely to be hit harder than any other U.S airline following the decision by U.K voters to leave the European Union, and the stock now presents greater short term risk versus its U.S airline peers. 6.2% of American Airlines capacity touches the United Kingdom and the airline offers 25 daily departures to London along with flights to Birmingham, Manchester, Edinburgh, and Glasgow. By comparison, United Airlines sees 5.3% of its capacity touch the UK and Delta sees 2.7% touch the UK. Seeking Alpha
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The Brexit boost for British tourism -- If you're a tourist, welcome to Britain. With the fall in the pound, it's massively cheaper to visit the U.K. So looking beyond today's stock market shakeout, that could prove to be a boost for the leisure industry, some hotels and luxury brands. Andrea Felsted/Bloomberg
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Burbank Airport Authority approves budget of nearly $86.6M, up from last fiscal year -- Through the use of reserve funds and grants, the Burbank-Glendale-Pasadena Airport Authority approved a balanced budget for the 2016-17 fiscal year. The authority is working with a nearly $86.6-million budget, which is about $19.3 million more than the previous fiscal year. This is due to a $17-million project the airfield is undertaking to rehabilitate one of its runways, said Kathy David, deputy executive director of finance and administration, on Monday. Anthony Clark Carpio/Burbank Leader
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Heathrow's third runway is 'rip off', says British Airways boss -- Heathrow's new runway plans are a "rip off", according to airline boss Willie Walsh, and billions could be saved by extending an existing runway instead. The outspoken chief executive of IAG, which owns British Airways, has called for the airport to shelve plans for a third runway and double its northern runway instead, claiming that it is the best way to create extra capacity at Heathrow. Rebecca Burn-Callander/The Telegraph
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American Express throws swanky party for new Houston airport lounge -- You may not want to leave the airport after a visit to American Express' new Centurion Lounge in Terminal D. On Wednesday, the company hosted a swanky party to unveil the new 8,596 square-foot lounge with a dining area, a kid's room and plenty of space to stretch out before catching a flight at Houston's George Bush Intercontinental Airport. No one wanted to leave. Justin Yu, Oxheart chef/owner and James Beard Award winner, created the lounge's upscale menu. Joy Sewing/Houston Chronicle
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| L.A. Metro Board approves half-cent sales tax increase -- The Los Angeles Metropolitan Transportation Authority Board approved a transportation expenditure plan Wednesday that would place a countywide half-cent sales tax increase on the upcoming November ballot. The sales tax measure would fund $140 billion for use in a variety of transit and highway projects, roadway improvements, and pedestrian and bike paths. The Los Angeles County Traffic Improvement Plan, approved by the Metro board in an 11-2 vote, aims to create a source of sustainable funding for new rail and bus lines, including a subway line from the San Fernando Valley to the Los Angeles International Airport. Jonathan Ponciano/Los Angeles Business Journal Related: Metro Releases Draft EIR for Airport Metro Connector 96th Street Transit Station for Public Review |
Southwest postpones delivery of 67 Boeing 737 Max jetliners -- Southwest Airlines Co. will postpone delivery of 67 Boeing Co. 737 Max 8 aircraft by as many as six years, pushing $1.9 billion of spending on planes into the next decade. The airline also plans to accelerate six 737-800 orders to next year from 2018 to help cover the already announced early retirement of its oldest 737s. The moves are the second shakeup of Southwest's aircraft order book since 2013 and were unveiled in a presentation to investors Thursday. Mary Schlangenstein & Julie Johnsson/Bloomberg
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Alaska Air Group and Virgin: Running two brands is a growing trend. Working them is the hard bit -- One of the most discussed aspects of the pending merger between Alaska Air Group and Virgin America is how Alaska would navigate the sensitivities of dissolving the Virgin America brand, given the fierce brand loyalty that Virgin America engenders among higher-yielding passengers. Now it appears that Alaska is giving serious consideration to retaining the Virgin America brand. CAPA Centre for Aviation
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How Spirit Airlines changed course to become the hottest airline stock -- The hottest stock in the airline industry is Spirit Airlines, which is winning by doing something unexpected: raising fares. Spirit raised fares in May, and the airline industry followed. It raised fares again on Tuesday, and the industry followed once again. On Monday, Credit Suisse analyst Julie Yates upgraded Spirit to outperform from neutral, triggering a 5% run-up. Spirit shares closed Wednesday at $43.98. Their year-to-date gain is 10%, by far the biggest among airlines. Ted Reed/TheStreet
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Promises, promises: Airline CEOs say things are different now but investors aren't convinced -- Oscar Munoz is promising that United Continental Holdings will generate an extra $3.1 billion annually by operating more efficiently. American Airlines' Doug Parker is promising that the days of outrageous volatility and huge losses for his airline and others are gone forever. To drive home that point, he has given up his salary and will now be paid only American shares. Dan Reed/Forbes
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Forget the taxpayer bailout, Qantas needs a big tax cut says Alan Joyce -- Do you remember the dark days of December 2013 when Qantas boss Alan Joyce was desperately trying to convince Tony Abbott's government that the airline needed a taxpayer bailout? Well, you're not the only one for whom this dark chapter is ancient history. Qantas has regained altitude after that multi billion dollar loss in 2014. And with nothing but record profits as far as the eye can see, Joyce has new challenges to address. Colin Kruger/Sydney Morning Herald
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Airline policies on children flying alone vary -- Parents should tell the airline when making a reservation that a child will be flying alone. There are usually extra forms to fill out. More restrictions apply to international flights and some airlines prohibit unaccompanied minors on international trips or if the child's itinerary includes another airline. For more details, go to the airline's website. Here are highlights from policies for some of the leading U.S. airlines for children flying without an adult on domestic flights. AP
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Why airline safety videos are getting catchier -- It has been a familiar routine for decades: you find your seat on a plane, strap in and make yourself comfortable, and just as you are settling down with latest issue of The Economist, you are interrupted by a safety announcement. Most people who fly regularly find it easy to tune out the instructions on how to buckle a seatbelt and inflate a life jacket. But in recent years, they have become a lot harder to ignore. That's because the safety videos have become entrancingly, maddeningly catchy. A.W./The Economist
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Saudi Arabia's new airline granted licence to start flying -- A new airline is to take off in Saudi Arabia as the kingdom takes a major step in liberalisation of its aviation sector. SaudiGulf Airlines won a �licence to operate internal flights in the country. Saudi �Arabia's General Authority of Civil Aviation (GACA) approved the airline's application for an air operator's certificate on June 9, which was formally handed over on Wednesday night, Saudi Press Agency reported yesterday. Shereen El Gazzar/The National
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USA-Serbia nonstops now flying for first time in 24 years -- Air Serbia launched its inaugural flight to New York JFK on Thursday, giving the Balkan nation of Serbia its first nonstop link on a local carrier to the United States in more than two decades. The Belgrade-to-New York flight also marks Air Serbia's first trans-Atlantic route. That in itself is a milestone development for the airline, Serbia's new national carrier that sprouted from the demise of the old loss-making state-owned JAT Airways. Ben Mutzabaugh/USA Today
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TSA PreCheck applications soar amid long lines at airports -- Navigating airport security lines is a hassle, for most. Among the exceptions: passengers with TSA PreCheck stamped on their boarding pass. They don't take off their shoes, they don't take out their laptops and they often clear security in just a few minutes. And now, there are a lot more of them. In the past three months the number of applications for TSA PreCheck has more than doubled. Lee Hale/NPR
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How the 1% pays to skip TSA security lines -- During a summer when the rest of us are spending hours in airport security lines and sometimes missing flights, the 1% are skipping to the front and the airlines are happy to help them. The four major airlines and many smaller ones have programs that allow fliers to pay their way out of security lines, according to Bloomberg. These include different ticket tiers, since first-class passengers often have separate lines. But there are also many carriers that allow fliers to buy the privilege a la carte. Ian Salisbury/Money
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Kansas City museum rescues former plane from being scrapped -- Forgive John Roper if he flashes a big grin when he talks about the latest aircraft the Airline History Museum has acquired. The former American Airlines Boeing 727-223 will be a perfect fit, especially because of its condition. "When American Airlines retired the aircraft, they left it complete," said Roper, vice president of operations for the museum, which is at Wheeler Downtown Airport in Kansas City. Most airlines pull out items, including the engines, that they still can use or that have value. Robert A. Cronkleton/Kansas City Star
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When is private jet travel worth the splurge? -- Private jet travel is something most travelers fantasize about, with a select few lucky enough to actually experience it. While the high prices may seem like a splurge, Private Fly recently found fliers chartering a long-range jet in this growing market costs about $76,500 on average - are there times when booking a private plane is actually worth it? We asked the experts to find out. Jessica Festa/USA Today
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Transportation Network Companies
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When Uber drivers are hurt at work, who pays? -- Kip Baldwin was driving four Uber passengers near downtown San Francisco when his car was broadsided by another Uber driver who ran a stop sign. Three months later, lingering pain from neck injuries and a concussion leave him unable to work. Uber's insurance company has offered him $21,000 for medical expenses, lost wages and "inconvenience." He considers that amount "ridiculously low" but feels that he may have to accept it because he needs the money. Carolyn Said/San Francisco Chronicle
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AEG drops hotel project amid dispute at L.A. City Hall over convention center plans -- Officials with entertainment giant Anschutz Entertainment Group said Thursday they are dropping plans for a 755-room hotel on Olympic Boulevard, the latest development in an escalating dispute over a proposal to put a hotel next to the Los Angeles Convention Center. AEG spokesman Yusef Robb said the company will no longer pursue construction of a high-rise Marriott project, which was announced in March 2015. David Zahniser/Los Angeles Times
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Los Angeles may pass new ban on homeless people living in car -- A federal appeals court last year struck down the city's ban on vehicle dwelling, calling it an invitation to discriminate against the poor. Now, what could be a new legal confrontation with homeless advocates is shaping up as the City Council is poised Friday to adopt a new ban that could link enforcement to providing restricted parking for homeless people to sleep in their cars. Gale Holland/Los Angeles Times
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L.A. takes step toward new rules on short-term rentals -- Los Angeles is one step closer to imposing new rules on Airbnb and other websites that advertise rooms - or whole homes - for short stays, including limiting the number of days places may be offered and penalizing platforms that fail to provide key information to the city. The Planning Commission voted 5 to 4 on Thursday to back the proposal, which would legalize and regulate the popular but largely unsanctioned practice. Emily Alpert Reyes/Los Angeles Times
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