1) Canceled flights stain long weekend: Thousands of U.S. flights were canceled over the long weekend as more than 2.4 million people passed through TSA checkpoints on Friday. Friday was the busiest air travel day of the year as travelers scrambled to their Father’s Day and Juneteenth destinations. This weekend travel disruption follows an airline industry battling growing staffing shortages.
Titan’s Takeaway: Airline prices have soared from higher input costs and recovering demand, but the appetite for travel has remained strong. But, coupled with higher prices with cancellations and delays becoming the norm, travelers could may twice about booking their next trip.
2) Sri Lanka’s economy freezes: The Sri Lankan government declared a national holiday Friday to curb vehicular movement throughout the country to ration fuel. The country of nearly 22 million people is in dire straits confronting inflation of almost 40%, a debt default, power outages, and severe shortages, including medicine. It’s the worst financial crisis in its history.
Titan’s Takeaway: Emerging economies face the steepest complications from historically high global fuel prices and a bottled supply chain. As the U.S. dollar appreciates and interest rates rise, emerging markets could have trouble paying back their dollar-denominated debts.
3) Dutch reignite coal power plants: Amidst a global squeeze on energy, the Netherlands is removing constraints on coal power production. The move follows Germany and Austria’s decision to revive their coal power production to offset energy pressures from Russia’s war on Ukraine.
Titan’s Takeaway: With Russian energy giant Gazprom tightening gas supplies to the EU, natural gas prices closed in on their highest level since March. Moving to coal production isn’t a long-term solution, but with material scarcity in the natural energy market, we expect coal production to reignite.
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