Latest news with #Walsh
Qatar Tribune
22 minutes ago
- Business
- Qatar Tribune
Airlines less optimistic for 2025, facing ‘headwinds': IATA
Agencies Airlines on Monday revised down their traffic and profit forecasts for 2025, citing 'headwinds' for the global economy, with industry chiefs warning of the risk of increased tariffs impacting the sector. The International Air Transport Association (IATA) estimates fewer than five billion air journeys will take place this year, compared with the previously forecast 5.22 billion. 'The first half of 2025 has brought significant uncertainties to global markets,' IATA's Director General Willie Walsh told its annual general meeting in New Delhi. But he added: 'Considering the headwinds, it's a strong result that demonstrates the resilience that airlines have worked hard to fortify.' Cumulative airline profits will reach $36 billion this year, $600 million less than expected, IATA said. Commercial aviation revenues are expected to remain below the $1 trillion forecast in the previous December projections, with IATA now reporting $979 billion. Walsh, addressing IATA delegates, called for the aviation sector to be spared from increased tariffs -- though he did not name U.S. President Donald Trump, who unveiled sweeping duties on trading partners in April. While looking at profits, Walsh warned that 'perspective is critical' to put industry-wide figures into context, saying that per passenger, it was still a narrow margin. 'It's still a thin buffer and any new tax, increase in airport or navigation charge, demand shock or costly regulation will quickly put the industry's resilience to the test,' he said. 'Policymakers who rely on airlines as the core of a value chain that employs 86.5 million people and supports 3.9 percent of global economic activity must keep this clearly in focus.' The organization also expects 69 million tonnes of cargo to be transported by air this year, down from the 72.5 million previously expected. A barrel of Brent North Sea crude, the international benchmark, stands below $65 as a result of Trump's tariffs, his call to 'drill baby drill' and especially a decision by OPEC+ to hike crude output quotas. This represents an immediate boon for airlines. Jet fuel is expected to average $86 a barrel in 2025, well below the $99 average in 2024, 'accounting for 25.8 percent of all operating costs', IATA added. The 2025 total fuel bill of $236 billion is $25 billion lower than in 2024. Among the 'risks' weighing on commercial aviation, IATA identified conflicts such as the war in Ukraine, as well as 'trade tensions'. 'Tariffs and prolonged trade wars dampen demand for air cargo and potentially travel,' IATA said. 'Additionally, the uncertainty over how the Trump administration's trade policies will evolve could hold back critical business decisions that drive economic activity, and with it the demand for air cargo and business travel.'
Yahoo
3 hours ago
- General
- Yahoo
Joe Walsh says he's becoming a Democrat
Joe Walsh, a former Republican member of Congress, said Tuesday he is becoming a Democrat, marking the end of his five-year streak as a political independent after leaving the GOP in 2020. Walsh announced his formal affiliation with the Democratic Party in a Tuesday Substack post, saying he made the decision because he views the Republican Party as a threat to democracy and the rule of law and thinks defeating the GOP requires 'a broad coalition of moderates, progressives, and, yes, even conservatives.' 'Three words I never thought I'd ever utter: I'm a Democrat. This former Republican Congressman, former Republican candidate for President, this former TEA Party champion is formally joining the Democratic Party. The stakes are simply too high to NOT become a Democrat,' Walsh wrote in his Substack post, before outlining his reasoning. 'Let's start with the obvious—a tyrant sits in the White House. The very thing our Founders feared most is here. Throw in the fact that one of our two major political parties is a real and direct threat to democracy and the rule of law. These are unprecedented, dangerous times in America. I know it. You know it. There are even Republicans who know it,' he continued. Walsh challenged Trump for the GOP nomination in the 2020 presidential race but dropped out after performing poorly in the Iowa caucuses. He quickly left the party and became a vocal critic of Trump, endorsing former President Biden in 2020. Walsh has been unaffiliated for the last five years but said in his Substack post that Trump critics who are holding out hope for a third party are misguided. 'Without freedom, democracy, and the rule of law, America ceases to be. And currently, only the Democratic Party is on the side of all three of these core American values,' he wrote. 'There isn't a third party coming to the rescue any time soon,' he continued. 'Right now, the Democratic Party is democracy's lone defender and best hope.' Walsh acknowledged some issues with the Democratic Party but said 'for democracy and the rule of law to persevere, Democrats must succeed' — which necessitates becoming a 'big tent' party and learning how to fight against Trump's GOP. 'Take it from a former Republican fighter,' he wrote. 'Republicans fight to the death to win politically, and they've always believed Democrats won't. I've been a fighter my whole life, and if there's ever been a moment when Americans are crying out for a Democratic Party with some fight, it's now.' He added: 'And look, here's the thing. We're gonna need a HUGE tent to defeat this Republican Party. … We're gonna need a Democratic tent big enough to hold both a conservative like Joe Walsh and a progressive like Alexandria Ocasio Cortez. I want to help build that big tent because I want to win, and … Trump's Republican Party must lose.' Walsh also reflected on his political and personal journey, saying he still is 'a border hawk, an unabashed gun rights advocate, and an unyielding defender of free speech. But I'm not the same guy as I was 15 years ago, or even eight years ago.' 'I've opened my eyes and listened to people who don't think like me,' he continued. 'And by doing so, I gained a greater understanding of and appreciation for LGBTQ issues, structural racism, the need for empathetic immigration reform, the dangers of climate change, and the role government must play to help care for the neediest and most vulnerable among us.' Walsh said he's more compassionate and sees the importance of decency, tolerance, understanding and empathy in politics, saying only the Democratic Party 'values and practices these traits.' 'Donald Trump is the worst of us, and, sadly, the rest of the Republican Party emulates his cruelty, dishonesty, and authoritarianism,' he continued. 'We're better than what we've seen every day these past four months. America is better than this. As a former Republican, I know that cruelty sells. Well, it's time for decency to sell.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
4 hours ago
- Politics
- Yahoo
Keel laid for guided-missile destroyer USS Quentin Walsh
Construction has officially begun on the new Arleigh Burke-class guided-missile destroyer Quentin Walsh (DDG 132), named after a World War II hero and Navy Cross recipient. The vessel's keel was laid May 20 during a ceremony at General Dynamics' Bath Iron Works in Maine, during which Walsh's great-granddaughter, Madison Ann Zolper, welded her initials into the keel plate as is customary for a ship's sponsor. Walsh, a captain in the U.S. Coast Guard, helped plan the capture of Cherbourg in the days leading up to the invasion of Normandy on D-Day on June 6, 1944. He earned his place in history when, in a series of daring enterprises, he captured about 750 German soldiers with a force of 53 men and liberated 52 U.S. paratroopers in the wake of the D-Day landings. He continued to lead a life of military and community service after the war. 'We are honored to mark the beginning of the construction for the future USS Quentin Walsh and celebrate his legacy with his family. DDG 132 will provide our Navy with critical strategic capabilities to support Fleet readiness,' said Capt. Jay Young, Arleigh Burke-class destroyer program manager of Program Executive Office Ships, in a release. The vessel will be equipped with AN/SPY-6(V)1 Air and Missile Defense Radar, a four-sided phased array radar that can defend against a wide variety of missiles, including hypersonic missiles, ballistic missiles and cruise missiles. Ships equipped with SPY-6 radar technology can also counter threats from surface vessels and the air, as well as electronic attacks.
The Hill
6 hours ago
- Business
- The Hill
Joe Walsh says he's becoming a Democrat
Joe Walsh, a former Republican congressman, said on Tuesday he is becoming a Democrat, marking the end of his five-year streak as a political independent after leaving the GOP in 2020. Walsh announced his formal affiliation with the Democratic Party in a Tuesday Substack post, saying he made the decision because he views the Republican Party as a threat to democracy and the rule of law and thinks defeating the GOP requires 'a broad coalition of moderates, progressives, and, yes, even conservatives.' 'Three words I never thought I'd ever utter: I'm a Democrat. This former Republican Congressman, former Republican candidate for President, this former TEA Party champion is formally joining the Democratic Party. The stakes are simply too high to NOT become a Democrat,' Walsh wrote in his Substack post, before outlining his reasoning. 'Let's start with the obvious—a tyrant sits in the White House. The very thing our Founders feared most is here. Throw in the fact that one of our two major political parties is a real and direct threat to democracy and the rule of law. These are unprecedented, dangerous times in America. I know it. You know it. There are even Republicans who know it,' he continued. Walsh challenged Trump for the GOP nomination in the 2020 presidential race but dropped out after performing poorly in the Iowa caucuses. He quickly left the party and became a vocal critic of Trump. He endorsed former President Biden in 2020. Walsh has been unaffiliated for the last five years but said in his Substack post that Trump critics who are holding out hope for a third party are misguided. 'Without freedom, democracy, and the rule of law, America ceases to be. And currently, only the Democratic Party is on the side of all three of these core American values,' he wrote. 'There isn't a third party coming to the rescue any time soon,' he continued. 'Right now, the Democratic Party is democracy's lone defender and best hope.' Walsh acknowledged some issues with the Democratic party but said 'for democracy and the rule of law to persevere, Democrats must succeed' — which necessitates becoming a 'big tent' party and learning how to fight against Trump's GOP. 'Take it from a former Republican fighter,' he wrote. 'Republicans fight to the death to win politically, and they've always believed Democrats won't. I've been a fighter my whole life, and if there's ever been a moment when Americans are crying out for a Democratic Party with some fight, it's now.' He added: 'And look, here's the thing. We're gonna need a HUGE tent to defeat this Republican Party,' he wrote. 'We're gonna need a Democratic tent big enough to hold both a conservative like Joe Walsh and a progressive like Alexandria Ocasio Cortez. I want to help build that big tent because I want to win, and…Trump's Republican Party must lose.' Walsh also reflected on his political and personal journey, saying he still is 'a border hawk, an unabashed gun rights advocate, and an unyielding defender of free speech. But I'm not the same guy as I was 15 years ago, or even eight years ago.' 'I've opened my eyes and listened to people who don't think like me,' he continued. 'And by doing so, I gained a greater understanding of and appreciation for LGBTQ issues, structural racism, the need for empathetic immigration reform, the dangers of climate change, and the role government must play to help care for the neediest and most vulnerable among us.' Walsh said he's more compassionate and sees the importance of decency, tolerance, understanding and empathy in politics, saying only the Democratic Party 'values and practices these traits.' 'Donald Trump is the worst of us, and, sadly, the rest of the Republican Party emulates his cruelty, dishonesty, and authoritarianism,' he continued. 'We're better than what we've seen every day these past four months. America is better than this. As a former Republican, I know that cruelty sells. Well, it's time for decency to sell.'
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Business Standard
7 hours ago
- Business
- Business Standard
IATA AGM ends with calls for growth, safety and sustainability in aviation
The International Air Transport Association's (IATA) 81st Annual General Meeting (AGM) concluded in New Delhi on Tuesday. Global aviation leaders gathered for the three-day event, held from June 1 to 3, to discuss the industry's direction amid economic, geopolitical and environmental headwinds. This was the first time in 42 years that India hosted the IATA AGM, the previous event taking place in 1983. India's aviation ambitions highlighted by PM Modi Speaking at the conference on Monday, Prime Minister Narendra Modi reiterated India's commitment to becoming a global hub for aviation and innovation. He emphasised the continuous expansion of India's civil aviation sector. 'By 2030, the number of air travellers in the country is expected to double from 24 crore to nearly 50 crore annually,' he said. Highlighting the sector's investment potential, he added: 'India's aviation sector is a key player in the global air transport industry... India offers an excellent investment opportunity in the aviation sector for global companies.' Industry outlook: Profits rise, risks persist IATA Director General Willie Walsh shared a forecast for global airline profits, estimating they will reach $36 billion in 2025. He called the projection 'a strong result' despite economic and geopolitical turbulence. 'Considering the headwinds, it's a strong result that demonstrates the resilience that airlines have worked hard to fortify,' Walsh said. However, he cautioned that new taxes, rising charges, demand shocks or onerous regulations could strain the industry. 'Any new tax, increase in airport or navigation charge, demand shock or costly regulation will quickly put the industry's resilience to the test,' he warned. On India's regulatory landscape, Walsh stated, 'The taxation system in India is complex and there needs to be greater certainty.' Sustainability: SAF progress too slow, says Walsh The AGM also focused on sustainability, particularly the ramp-up of Sustainable Aviation Fuel (SAF) production. While SAF output is expected to double to 2 million tonnes in 2025, Walsh said this would still meet only 0.7 per cent of aviation's total fuel needs. 'Even that relatively small amount will add $4.4 billion globally to the fuel bill,' he added. 'The pace of progress in ramping up production and gaining efficiencies to reduce costs must accelerate.' Safety and conflict risks dominate operational concerns Nick Careen, IATA's Senior Vice President of Operations, Safety and Security, said that although the industry carried more than 5 billion passengers in 2024, hidden challenges continue to affect operations. These include global engine shortages, GPS jamming and managing airspace amid active conflict zones. IATA reported that over 1,100 aircraft are grounded, with 69 per cent linked to a single engine type. Additionally, the Eurocontrol region saw 1,100 daily flight reroutes in 2024 due to conflict zones, contributing to higher fuel use, emissions and operational costs. Two aircraft were downed in conflict zones during the year, further underlining the safety and financial implications of geopolitical instability.
