Iceland's budget carrier WOW Air has ceased operations and cancelled all flights - potentially leaving thousands of passengers stranded as well dealing a heavy blow to tourism on the volcanic island.
Low cost carrier WOW has grounded all flights indefinitely after entering a final round of talks with investors. Passengers had been advised to seek other means of travel, but many have been left stranded.
German airline Lufthansa has reported sliding profits in the second quarter. Stiff competition from budget European carriers and rising operating costs are eating into the company's earnings.
The skies over Asia Pacific are more crowded than ever thanks to the rise of low-cost airlines. As costs continue to rise, and flyers are tempted with fares for just a few cents, profit margins are razor-thin.
Ryanair said its first-quarter profit dropped more than a fifth due to higher fuel costs and salaries for pilots. The budget carrier is under growing pressure to improve pay and conditions for its staff.
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