Business
Delta, Southwest raise checked bag fees $10 amid jet fuel price surge, joining other carriers
A Delta Air Lines Airbus A350 airplane lands at Los Angeles International Airport after arriving from Atlanta on March 7, 2026 in Los Angeles, California.
Kevin Carter | Getty Images
Delta Air Lines and Southwest Airlines are raising checked bag fees by $10, the third and fourth major U.S. carriers to increase prices as the industry grapples with a jump in jet fuel expenses this year.
“As part of an ongoing analysis of the business and against the evolving global backdrop, Southwest Airlines is increasing its fees on first and second checked bags by $10, effective on all reservations ticketed or voluntarily changed on or after April 9, 2026,” Southwest said in a statement.
Southwest Airlines ended its policy allowing all customers to check two bags for free less than a year ago.
The changes would bring the fee to check a first piece of luggage to $45, and $55 for a second bag on each airline.
Delta’s changes take effect with bookings starting Wednesday and apply to domestic flights and shorter flights abroad, but not to long-haul international travel.
“These updates are part of Delta’s ongoing review of pricing across its business and reflect the impact of evolving global conditions and industry dynamics,” the airline said in a statement Tuesday.
A third bag on Delta would cost $200 to check.
Last week, United Airlines and JetBlue Airways increased their checked bag fees. Other carriers often follow such pricing moves.
Jet fuel in major U.S. cities was going for $4.69 a gallon on Monday, according to Airlines for America, citing Argus data, up nearly 88% since the U.S. and Israel attacked Iran on Feb. 28. The key Strait of Hormuz shipping channel has remained effectively closed over the past month, choking off global crude and refined fuel supplies.
Delta reports first-quarter results before the market opens on Wednesday, and investors are likely to question executives on how well they are covering the surge in fuel, airlines’ biggest expense after labor. Analysts have pointed to strong demand as a salve for high fuel, but it’s not clear that carriers will be able to cover the entirety of the fuel price run-up.
A student aged about 13 opened fire at random in a Turkish school Wednesday killing four people and wounding 20, just one day after a shooter wounded 16 people and then killed himself in another school, officials said.
Kahramanmaras province governor Mukerrem Unluer said a teacher and three students were killed in the latest attack. The attacker was also dead.
“A student came to school with guns that we believe belonged to his father in his backpack. He entered two classrooms and opened fire randomly, causing injuries and deaths,” Unluer told reporters.
Four of the wounded were in serious condition and undergoing surgery, he said.
The attacker, an eighth-grade student, was the son of a former police officer, Unluer said, adding that the suspect was carrying five guns and seven magazines.
“We suspect he may have taken his father’s weapons,” the governor said.
Unluer said the attacker was also dead.
“He shot himself. It is not yet clear whether this was suicide or happened amid the chaos,” he said.
Footage released by IHA private news agency showed a person, body and face covered, being evacuated in an ambulance, as well as tearful parents who had rushed to the school in the southern province’s main city, Kahramanmaras.
Witnesses quoted by media said intense gunfire was heard.
Police increased security around the building, and television footage showed ambulances in the area.
‘Will be held accountable’
Justice Minister Akin Gurlek said prosecutors had launched an immediate investigation into the shooting.
On Tuesday, an ex-student opened fire with a shotgun at his former high school in Siverek district of Sanliurfa province, wounding 16 people before killing himself in a showdown with police. Ten students were among the casualties.
Speaking to the ruling AKP party in parliament, President Recep Tayyip Erdogan promised that those found to have been negligent or at fault “will certainly be held accountable” over the school shootings.
Police detained one suspect after Tuesday’s attack and suspended four officials from duty, Erdogan said. The school was ordered closed for four days.
School shootings in Turkiye had been rare until this week. In May 2024, a former student killed a private high school principal in Istanbul with a firearm five months after he was expelled.
Turkiye has strict gun laws that require licensing, registration, mental and criminal background checks, and severe penalties for illegal possession.
Business
Donald Trump targets Fed chief Jerome Powell again, threatens to fire him if he is ‘not leaving on time’ – The Times of India
US President Donald Trump on Wednesday renewed his attack on Federal Reserve Chair Jerome Powell, saying he would fire him if he continues in the role beyond the end of his mandate.Powell’s term as Fed chair ends in mid-May, and Trump has repeatedly criticised him for not cutting interest rates more aggressively, AFP reported.
“I’ll have to fire him,” Trump told Fox Business, if Powell “is not leaving on time.”The president added: “I’ve wanted to fire him.”The remarks come as the Trump administration steps up pressure on the independent central bank, including initiating a Department of Justice probe into Powell over alleged renovation cost overruns and seeking to remove Fed governor Lisa Cook.Asked if he would drop the DOJ investigation, Trump said: “I’m not playing. I have to find out.”Trump has nominated former central banker Kevin Warsh to succeed Powell, but his appointment requires confirmation by the US Senate.Warsh is scheduled to appear before the Senate Banking Committee next Tuesday, though his confirmation faces resistance.Senator Thom Tillis, a Republican member of the committee, has said he would hold up the nomination while the probe into Powell remains unresolved.As long as the nomination process is delayed, Powell can legally continue as Fed chair.While uncommon, it is possible for a Fed chair to remain on the board even after their term as chief expires.Powell first became Fed chair in 2018 during Trump’s earlier presidency and was reappointed in 2022 under then president Joe Biden.
Morgan Stanley on Wednesday posted results that topped analyst estimates as the firm’s trading operations generated almost $1 billion more in revenue than expected.
Here’s what the company reported:
- Earnings: $3.43 a share vs. $3 LSEG estimate
- Revenue: $20.58 billion vs. $19.72 billion estimate
The bank said profit jumped 29% to $5.57 billion, or $3.43 a share. Revenue rose 16% to $20.58 billion, fueled by gains in the firm’s trading, investment banking and wealth management businesses.
Equities trading revenue jumped 25% to a record $5.15 billion, or about $450 million above the StreetAccount estimate. The firm cited strong volumes across its global equities franchise, especially in its prime brokerage business catering to hedge funds and its derivatives unit.
Fixed income revenue rose 29% to $3.36 billion, or about $540 million more than expected, helped by commodities trading that benefited from volatility in energy markets in the period.
Morgan Stanley, led by CEO Ted Pick since 2024, appears to have capably navigated the tumult of the first quarter, which saw rolling corrections in software stocks and the upheaval caused by the Iran war. Of note, the bank edged out rival Goldman Sachs in the key arena of fixed income trading, where Goldman posted an unusually large miss of $910 million versus the StreetAccount estimate.
Morgan Stanley’s investment banking revenue surged 36% to $2.12 billion, essentially matching the StreetAccount estimate, on rising fees from completed mergers, as well as stock and bond underwriting.
Wealth management revenue climbed 16% to a record $8.52 billion as the firm cited rising asset values and fee-generating transactions.
The firm’s smallest division, its investment management business, saw revenue drop 4.2% to $1.54 billion, or about $110 million below expectations. Morgan Stanley cited lower carried interest on private funds for the drop in performance.
Analysts will want to know what Pick has to say on the business outlook for the rest of the year as geopolitical tensions remain high.
This story is developing. Please check back for updates.
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