Airlines braced for £1bn losses from oil price rise

The world’s airlines will collectively lose more than £1bn (€1.3bn) this year because of rocketing fuel prices, experts forecast today.

The estimate from the International Air Transport Association (Iata), which represents more than 240 airlines, was down from a projected profit of more than £2bn (€2.5bn) it announced in March. It was the second time Iata has lowered its forecast this year.