Air New Zealand faces backlash over rising airfares
Live Events
Air New Zealand is under growing scrutiny as passengers express frustration over soaring airfares. The airline has blamed the rise in ticket prices on inflation pressures and the impacts of the COVID-19 pandemic.Chief Financial Officer Richard Thomson said non-fuel operating costs have risen approximately 5%, contributing to an overall inflation impact of 25% to 30% over the past five years.Consumer NZ, an independent, non-profit organization advocating for consumer rights since 1959, reports that domestic flight prices have surged between 34% and 297% compared to pre-pandemic levels. For many travelers, the rising cost of flying with Air New Zealand has become unaffordable.They have called for a government inquiry into its pricing practices. Additionally, the Commerce Commission is investigating whether Air New Zealand has breached the Fair Trading Act, particularly in how it communicates delays and cancellations.Thomson expressed regret that air travel is becoming inaccessible for some and emphasized that the airline is working to control costs while remaining economically viable. He also noted that operating in a geographically complex country the size of Japan but with the population of Sydney presents additional financial challenges.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
26 minutes ago
- Mint
Vijay Mallya ‘overwhelmed' by podcast gaining 2 crore views, says ‘fills my heart with joy, factual story being heard…'
Vijay Mallya, the former owner of 2025 IPL champions Royal Challengers Bengaluru (RCB) and now-defunct Kingfisher Airlines, has reacted to the reception of his extensive podcast with YouTuber Raj Shamani. The podcast, titled 'Vijay Mallya Podcast: Rise & Downfall Of Kingfisher Airlines, Loans & RCB', has so far garnered 2 crore views on YouTube, besides multiple clips being shared on other social media platforms such as Instagram and Facebook. In a post on X on June 10, Vijay Mallya wrote: 'To say that I am humbled and overwhelmed is well short of what I truly feel.' 'A big heartfelt thank you to all those who took the time to watch my 4 hour plus podcast with @rajshamani 20 million views on YouTube alone in 4 days and god knows how many more reposts on Instagram and Facebook fills my heart with joy that my true factual story is being heard. May god bless you all. (sic)' he added. Liquor baron Vijay Mallya, fled India in 2016 after being accused in a bank loan default case of over ₹ 9,000 crore. During the podcast he denied all allegations and issued a rare apology to his former employees while reflecting on the fall of Kingfisher Airlines. He also spoke at length about his first media appearance in nine years, the rise and collapse of Kingfisher, and how he founded the IPL franchise team RCB. When asked by when Shamani, 'Would you be willing to return to country if you are assured fair time'. The fugitive responded, 'If I am assured, Absolutely I will. I will think about it seriously.' On the allegations of financial misconduct, Vijay Mallya said, 'You may call me a fugitive for not going to India post March, but I didn't run away. I flew on a prescheduled visit. Fair enough, I didn't return for reasons that I consider are valid… so if you want to call me a fugitive, go ahead. But where is the 'chor' (thief) coming from? Where is the 'chori' (theft)? From where is the 'chor' [thief] comming from? Where is 'chori' [theft]?' Vijay Mallya lives in Britain at present, and has been embroiled in a long legal battle with lenders – as well as the Indian authorities – following the 2012 collapse of his defunct Kingfisher Airlines. He is accused of defrauding a consortium of Indian banks of over ₹ 9,000 crore (approximately $1.2 billion), primarily through loans granted to Kingfisher Airlines. In February, Mallya informed the Karnataka High Court that the ₹ 6,200 crore debt he owes to the banks has been recovered 'multiple times over,' and requested a detailed statement of accounts showing the amounts recovered from him, his liquidated company United Breweries, and other certificate debtors.
India Today
28 minutes ago
- India Today
US-China trade talks resume in London amid rare earth supply concerns
LONDON, June 10 (Reuters) - Top US and Chinese officials will resume trade talks for a second day in London on Tuesday, hoping to secure a breakthrough over export controls for goods such as rare earths that have threatened a global supply chain shock and slower economic are hoping that the two superpowers can improve ties after the relief sparked by a preliminary trade deal agreed in Geneva last month gave way to fresh doubts after Washington accused Beijing of blocking exports that are critical to sectors including autos, aerospace, semiconductors and talks come at a crucial time for both economies, with customs data showing that China's exports to the U.S. plunged 34.5% in May, the sharpest drop since February 2020, when the outbreak of the COVID-19 pandemic upended global trade. While the impact on US inflation and the jobs market has so far been muted, the dollar remains under pressure from U.S. two sides met at the ornate Lancaster House in the British capital on Monday to discuss disagreements around the Geneva deal, and are due to resume talks early on Tuesday before both sides are expected to issue U.S. side is led by US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, while the Chinese contingent is helmed by Vice Premier He inclusion of Lutnick, whose agency oversees export controls for the US, is one indication of how central rare earths have become. China holds a near-monopoly on rare earth magnets, a crucial component in electric vehicle did not attend the Geneva talks at which the countries struck a 90-day deal to roll back some of the triple-digit tariffs they had placed on each often erratic policymaking on tariffs has roiled global markets, sparked congestion and confusion in major ports, and cost companies tens of billions of dollars in lost sales and higher second round of meetings between the two sides comes four days after Trump and Xi spoke by phone, their first direct interaction since Trump's January 20 the call Trump said Xi had agreed to resume shipments to the US of rare earths minerals and magnets, and Reuters reported that China has granted temporary export licenses to rare-earth suppliers of the top three US tensions remain high over the export controls, after factories around the world started to fret that they would not have enough of the materials they need to keep InTrending Reel
Time of India
38 minutes ago
- Time of India
India's Next Big Themes: AI, Semiconductors & Defense to Lead Wealth Creation: Manish Jain
In this edition of ETMarkets Smart Talk, Manish Jain, Chief Strategy Officer & Director at Mirae Asset Capital Markets, shares his insights on the emerging megatrends that are set to reshape India's investment landscape over the next decade. From artificial intelligence and semiconductors to defense and renewables, Jain believes these sectors hold the key to long-term wealth creation . He also delves into the current market volatility, the evolving IPO landscape, and why India is poised for a multi-year growth story driven by innovation, digital transformation, and strategic modernization. Edited Excerpt - Q) What is fuelling volatility on D-Street – are tariff war fears still playing spoilsport? A) Last week, during our Invest India Global Conference in Mumbai, I mentioned that tariff war-related fears will not be the main driver of volatility going forward. On tariffs, the world is now tuned for sudden news and adjustments thereof. A 10% tariff tax is universal to other countries as well. The impact of the tariff war on India's GDP is limited. The impact on markets is more sentimental and news-driven. FY26 consensus GDP is projected to grow at around 6.5%, which is expected to be better than last year's print of 6.3%. Bilaterally, India is at an advanced stage of discussion with the US and the UK. India is also negotiating with the EU and New Zealand. Earnings seem to have bottomed out. Now, any earnings shock could be a factor for volatility. Geopolitics has become very complex. This could drive volatility. COVID could be another reason for increased volatility going forward. Q) How are you managing volatility in your portfolio? Have you made any recent tweaks? A) Gold is part of the portfolio. I have increased the allocation. Cash levels vary, but I try to keep cash at around 10% to take advantage of any opportunities that volatility may present. US stocks and ETFs (including Bitcoin ETF) are part of the portfolio. I'm also evaluating UAE markets to see if they present good yields on bonds and REITs. Q) What are your thoughts on the March quarter results from India Inc.? Any notable winners or laggards? A) For 478 companies in the Nifty 500, Revenue/EBITDA/PAT grew by 6%/11%/12% YoY. Ex-financials, growth was 6%/9%/15% YoY. EBITDA/PAT margins improved by 120/60 bps to 23.8%/10.5%. The highest earnings growth was observed in Metals, PSU Banks , Healthcare, Telecom, Internet Services, Chemicals, Transportation, and Capital Goods . Earnings were dragged by Oil & Gas (ex-OMCs), Private Banks, and Infrastructure . Q) We're seeing increased activity in the IPO market. What's your take on the companies getting listed – any names that look interesting? A) It's difficult to talk about specific names. Any business with a cash-generating ability would be on the radar. Sustainable EPS growth and growing market share would be the criteria for selecting IPO companies from the lot. Q) The SME space has seen more interest in 2025 compared to mainboard IPOs. Do you think there's froth building in this space or do you see it as a long-term opportunity? A) On a selective basis, I see it as a long-term opportunity. Sometimes, we have seen mainboard activity reduce, but SME IPOs have still gone through. We have more bankers coming in to place SME IPOs, and this is a space that has grown tremendously, even though there is less liquidity and a much higher application size. For a good issue, even for a smaller fund raise, there is enough and more liquidity to fill these IPOs. Q) Where do you currently see value in the market for long-term investors? A) A lot is happening in India in the next 5–7 years. So many things are doubling, including GDP. I would keep an eye on 4–5 sectors: 1. AI – India's AI market is projected to grow at a CAGR of 25–35%. It's expected to raise India's annual growth rate by 1.3% and add a trillion dollars to the economy in the next 10 years. 2. Defense – Our defense budget is USD 75 billion, ranked 4th highest globally. We have a target of USD 6 billion in exports and USD 35 billion in production in the next 5 years. 3. Digital Economy – In the next 5 years, India's DE is projected to contribute nearly one-fifth or 20% of the country's overall economy. DE industries have grown at 17% vs the economy's 12% growth rate—outpacing traditional sectors. 4. Semiconductors – Wafers and chips—not from potatoes but from silicon. The semiconductor market is expected to double to USD 100 billion in the next 5 years. 5. Renewables – India is targeting 500–600 GW of RE in the next 5–7 years. Green hydrogen is something to keep an eye on. India is targeting 5 million tonnes per year in the next 5 years. Q) What's your outlook on the defense sector? Several stocks witnessed a double-digit rally following recent geopolitical tensions between India and Pakistan. A) In the recent conflict between India and Pakistan, assets and weapons used by the armed forces were mostly made indigenously with limited foreign content. These have delivered the desired outcomes and successfully demonstrated capabilities at par with global standards. For defense products, proven capabilities of the equipment are a major deciding factor while acquiring the assets. Following the conflict, Indian defense equipment is now in high demand, and enquiries have also increased from various countries. The recent rally in the defense sector was backed by expectations of new defense orders under emergency procurement. The development of new-age weapons is also expected to see strong growth over the next 1–3 years. The government is expected to announce the process to fast-track the acquisition programme. In the longer term, the modernisation programme will pick up speed. Next year's defense budget may see an increase in the allocation of funds towards modernisation, acquisition of assets, IAF fleet strength, etc.
