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Global airlines slashed a widely watched industry profit forecast by 21 per cent as an expanding trade war and higher oil prices compound worries about an overdue industry slowdown.
#Airlines #Profit #Forecast
See more at: https://gulfnews.com/videos
Global airlines slashed a widely watched industry profit forecast by 21 per cent as an expanding trade war and higher oil prices compound worries about an overdue industry slowdown.
#Airlines #Profit #Forecast
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NewsTranscript
00:00An aviation industry body has slashed profit forecasts for the industry by 21 percent.
00:09The International Air Transportation Association, or IATA for short, said that profits would
00:15be down this year, compounded by fears of a trade war and higher oil prices. IATA, which
00:21represents over 290 airlines globally, said that profits would be down to around $28 billion
00:29this year. That was a reduction from December's forecast of $35 billion. The group's director
00:35general said that whilst the airline industry would still turn a profit this year, there
00:40was no easy money to be made anymore. Elsewhere, the U.S. is set to end its preferred trade
00:46status with India. The status, which India has had for some time and has been a large
00:51beneficiary of, will be revoked immediately. Trump said in March that he would be taking
00:57this step in retaliation for India's failure to provide the U.S. with adequate access to
01:03its markets. India, which has been a beneficiary of the scheme, allows countries like India
01:09to import goods into the U.S. duty-free. While Trump mentioned that he would be revoking
01:14India's preferred status in March, he gave no exact date for that to happen. And lastly,
01:21Apple faces heightened scrutiny over its products and services ahead of its worldwide developer
01:27conference beginning on Monday, writes our business editor Scott Shuey. The event, which
01:32is set to start on Monday in San Jose, California, is likely to see the unveiling of a number
01:38of new software services, including a new operating service for the iPhone. It's also
01:44likely that we will see potentially, according to Bloomberg, the end of iTunes and some new
01:49platform rolled out that combines all of the video, TV and audio that Apple is promoting
01:56at the moment. Apple is also likely to face scrutiny over slowing iPhone sales and pending
02:01lawsuits with regards to its listing of apps on its App Store. That's all from us today.
02:07Thank you very much for watching and Eid Mubarak.