Business
Sky‑high losses: Iran war drives airlines to biggest crash since Covid – $50bn gone – The Times of India
Global airlines have suffered their worst financial shock since the COVID‑19 pandemic as the ongoing war involving US Israel and Iran has disrupted industry operations, wiping more than $50 billion off the market value of the world’s largest carriers amid rising fears of fuel shortages.The conflict, now entering its fourth week, has grounded flights, disrupted key Gulf hub airports and driven jet fuel prices sharply higher, compounding pressure on an industry that was rebounding strongly following pandemic‑related losses.According to Financial Times calculations, the 20 largest publicly listed airlines have collectively lost about $53 billion in market capitalisation since the war began. In response, airline executives have warned of a potential rise in ticket prices as carriers seek to protect shrinking profit margins.Jet fuel, which accounts for roughly a third of operating costs for airlines, has doubled in price since the United States and Israel launched attacks on Iran at the end of February. Many carriers had hedged against fuel price swings, but the rapid rise is expected to force airlines to pass on costs to passengers.“Fuel spiked quite heavily after the Ukraine invasion in 2022 as well, but this has gone further north,” easyJet chief executive Kenton Jarvis told FT, describing the current crisis as the most significant upheaval since the pandemic closed global skies in 2020.Executives also point to broader structural challenges, including the risk that sustained high fares may dampen demand. Carsten Spohr, CEO of Lufthansa, said higher ticket prices were unavoidable but expressed concern that they could weaken long‑term demand. “Our average profit is about €10 per passenger, there’s no way you can absorb the additional cost,” he said.In addition to passenger traffic pressures, airlines are preparing contingency plans for possible jet fuel shortages. Air France‑KLM CEO Ben Smith said the carrier is drawing up measures to cope with potential supply squeezes, including scaling back services on some Asian routes.The crisis has hit Middle Eastern carriers particularly hard. Carriers such as Emirates, Etihad and Qatar Airways have had to sharply reduce schedules due to airspace closures and a collapse in regional tourism, industry officials say. Despite the severity of the current disruption, Willie Walsh, head of the International Air Transport Association (IATA), noted that it still falls short of the pandemic’s impact but is reminiscent of the downturn in transatlantic demand after the 9/11 attacks, according to FT.
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The conflict’s ripple effects are also visible in cargo operations, as freight traffic shifts from disrupted shipping routes to air cargo, straining airport facilities. At Geneva airport, for example, freight re‑routing has led to overflow onto services bound for Paris.Industry observers remain hopeful that airline valuations and demand will rebound once the conflict abates. “The share price has moved against all airlines since the start of the conflict,” Jarvis said, adding that short sellers would likely close positions quickly if a ceasefire is announced.
Deliveroo is set to significantly broaden its offerings beyond its core takeaway service, introducing a new feature that will allow customers to book restaurant reservations directly through its platform.
The initiative, named Deliveroo Reservations, is scheduled to launch initially in London this Thursday.
Customers will gain the ability to secure tables at a range of prominent London eateries, including Dishoom, Dove, Hide, Kricket, Barrafina, and Kolae. This expansion marks a strategic move for the company, which was acquired by US-based DoorDash for £2.9 billion last year.
The new reservation system integrates technology from SevenRooms, a restaurant booking platform business that DoorDash also purchased for approximately £900 million.
This integration follows DoorDash’s own expansion into restaurant bookings on its platform in the United States late last year, setting a precedent for Deliveroo’s latest venture.
This move is central to Deliveroo’s ambitions to grow beyond its established takeaway delivery model in the UK. While the feature will first be rolled out to restaurants in London, Deliveroo has indicated plans to extend the service across the wider UK later in the year.
Suzy McClintock, vice president for consumer and new verticals at Deliveroo, commented on the development: “This launch is about supporting restaurants to grow in new ways. Whether it’s a Deliveroo order or a reservation in store, we want to drive discovery, demand and revenue across every channel.”
She added: “By fully integrating SevenRooms into the Deliveroo app, we’re giving restaurants access to new customers and giving diners an easier way to discover and book some of London’s best tables – all in one place.”
Joel Montaniel, vice president and co-founder of SevenRooms, echoed this sentiment, stating: “Bringing reservations into the Deliveroo app gives London restaurants a new way to connect with diners and grow, while making it easy for consumers to discover and book great restaurants.”
Business
Warner Bros. Discovery books $2.9 billion net loss tied to Paramount deal, restructuring costs
An American flag flies at Warner Bros. Studio in Burbank, California, on Sept. 12, 2025.
Mario Tama | Getty Images
Warner Bros. Discovery on Wednesday reported a staggering net loss for the first quarter, but it has an explanation.
The company booked a net loss of $2.9 billion, far larger than the net loss of $453 million it reported in the year-earlier quarter.
The figure included $1.3 billion of “pre-tax acquisition-related amortization of intangibles, content fair value step-up and restructuring expenses” as well as the $2.8 billion termination fee that Warner Bros. Discovery owed Netflix after their pending transaction fell through in February.
Netflix walked away from its proposed deal to buy WBD’s assets after Paramount Skydance came in with a higher offer. Paramount agreed to pay the termination fee as part of its agreement to buy the entirety of WBD, but the cost lives on WBD’s books until the close of that deal.
Since the amount is refundable to Paramount under certain circumstances, such as if it were to terminate the deal with Paramount for a higher offer, the obligation would be shifted to WBD.
Paramount’s proposed acquisition received approval from WBD shareholders in April and is currently in the midst of a regulatory review process. On Monday, Paramount said in its earnings release that it has “made significant progress” toward closing the deal, which it expects to be completed in the third quarter.
WBD on Wednesday also reported first-quarter revenue that was down 1% year over year to $8.89 billion. The company’s adjusted earnings before interest taxes, depreciation and amortization was up 5% to $2.2 billion. WBD had $33.4 billion in gross debt at the end of the quarter.
Streaming continued to be a highlight for the company.
Total streaming revenue was up 9% to about $2.89 billion as subscriber revenue increased due to the expansion of HBO Max — WBD’s flagship streaming platform — in international markets. Advertising revenue for the unit was up 20% due to an increase in customers subscribing to the ad-supported tier.
The company said in a shareholder letter it exceeded its guidance of more than 140 million global streaming customers at the end of the first quarter, and it remains on track to surpass 150 million global subscribers by the end of the year.
WBD’s portfolio of pay TV networks, which includes CNN, TBS and the Discovery Channel, continued to weigh on the company. The linear TV networks reported $4.38 billion in revenue, down 8% from the prior year. The company said linear advertising revenue was down 11%, which was primarily driven by the absence of NBA media rights from its portfolio.
Revenue for the film studio division, meanwhile, increased 35% to $3.13 billion year over year.
Virgin Media O2 recorded its highest-ever broadband traffic spike as millions across the UK tuned in to watch Arsenal‘s Uefa Champions League semi-final victory over Atletico Madrid.
Peak downstream traffic on the network surged by 17 per cent compared to an average Tuesday evening, marking an unprecedented event in Virgin Media’s broadband history.
This figure was 4.2 per cent higher than the previous record, established during Liverpool’s Champions League match against Real Madrid last November.
Jeanie York, chief technology officer at Virgin Media O2, commented on the phenomenon: “Live sport is one of the biggest drivers of broadband traffic in the UK and last night’s Champions League semi-final set a record on our network.
“As more people stream the biggest sporting moments from home, reliable, high-capacity connectivity has never been more important.”
Bukayo Saka delivered the decisive goal at the Emirates Stadium on Tuesday night as Arsenal secured a 2-1 aggregate triumph over Atletico Madrid to reach the Champions League final in Budapest on May 30 – their first on Europe’s grandest stage for 20 years.
And although Arsenal have received an official allocation of just 16,824 tickets from UEFA for the final at the 67,000-capacity Puskas Arena, Declan Rice wants the Hungarian capital to be a sea of red for the fixture against either Bayern Munich or Paris St Germain.
He said: “Bring it on, bring it on, I’ll be ready. I want every Arsenal fan out there, 200,000 of you, come out. Let’s try and do it because we’re going to need all the support, all the energy and let’s make it special.”
Mikel Arteta, meanwhile, hailed his “incredible” players for “making history” after securing the win.
Arteta said: “It was an incredible night. We made history again together and I cannot be happier and prouder for everybody that’s involved in this football club.
“The supporters were with us for every ball. They made it special and unique, and I have never felt it like that in this stadium.
“We knew how much it meant to everybody, we put everything on the line, the boys did an incredible job and after 20 years, and the second time in our history, we are back in the Champions League final.”
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