The big US carrier confirmed its profit projection for the period, even as jet fuel prices almost doubled, according to Chief Executive Officer Ed Bastian.

Bastian told an investor conference the carrier had experienced “a $400 million fuel spike just in the month of March” due to a roughly 40 percent surge in crude prices from the period just ahead of the February 28 start of the US-Israeli campaign against Iran.

But Bastian said consumers have still been booking trips in significant numbers, resulting in eight of the company’s 10 highest sales days in history during the quarter. Five of them came in March, with the war under way.

“Sales for us have been very, very strong all quarter long, most particularly starting off in the March spring season, which is typically the season when travel bookings really start to accumulate,” he said.

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Bastian reported broad-based growth in Delta’s domestic market. By contrast the company has seen “a very modest decline in Europe since the war started,” he said.
Shares of Delta jumped 4.8 percent in early trading.

But Bastian said less than 20 percent of the company’s transatlantic revenues is from point-of-sale Europe.

WASHINGTON — Joe Kent, director of the National Counterterrorism Center, announced his resignation Tuesday, becoming the first senior official in the Trump administration to step down in protest over the ongoing U.S. military involvement in Iran.

In a statement posted on X, Kent said he “cannot in good conscience” continue to support what he described as an unnecessary war. He asserted that Iran “posed no imminent threat to our nation, and it is clear that we started this war due to pressure from Israel and its powerful American lobby.”

The resignation marks a significant break within the administration’s national security ranks amid escalating conflict in the Middle East. U.S. and allied forces have been engaged in strikes against Iranian targets since early March 2026, following a series of escalations that included Israeli operations and Iranian proxy attacks on regional interests.

Kent, a former Army Green Beret and longtime Trump supporter, was confirmed as NCTC director in July 2025 after a contentious Senate process. He had faced criticism during his nomination for past associations with far-right figures and promotion of conspiracy theories, but Republicans advanced his confirmation along party lines.

The National Counterterrorism Center, part of the Office of the Director of National Intelligence, fuses intelligence on domestic and foreign terrorism threats, coordinates analysis and shares information across agencies. Kent’s departure comes as the U.S. faces what officials describe as elevated terrorism risks tied to the Iran conflict, including potential retaliation from Tehran-backed groups.

Administration officials did not immediately comment on the resignation or name a successor. White House press secretary statements earlier in the day defended U.S. actions as necessary to counter Iran’s nuclear ambitions and support for terrorism, rejecting claims of external pressure dictating policy.

Kent’s statement drew swift reactions across the political spectrum. Some Trump allies criticized the move as disloyalty, while critics of the war hailed it as principled dissent. Rep. Don Bacon, R-Neb., posted on X that Kent’s departure was “good riddance,” citing Iran’s history of attacks on Americans. Democratic lawmakers, including those who opposed Kent’s nomination, pointed to his words as validation of concerns over the war’s justification.

The conflict’s origins remain disputed. Administration officials have described initial U.S. strikes as preemptive against an “imminent” Iranian nuclear breakout or threats to American forces, though intelligence assessments shared publicly have varied. Kent’s claim that no such imminent threat existed aligns with some congressional Democrats’ arguments that the war lacks constitutional authorization and clear strategic rationale.

The war has intensified in its second week, with reports of heavy airstrikes on Iranian military sites, ballistic missile exchanges and civilian casualties on both sides. A new Iranian supreme leader assumed power amid the chaos, facing immediate internal and external pressures. U.S. officials have reported no direct homeland attacks linked to the conflict so far, but warnings persist about heightened risks to Americans abroad and potential cyber or proxy operations.

Kent’s background as a combat veteran who served in Iraq and Afghanistan added weight to his critique. In his confirmation hearing, he emphasized using intelligence to avoid “endless wars,” a stance some now see as ironic given his role in an administration pursuing aggressive action against Iran.

The resignation highlights strains within U.S. national security apparatus. Recent reports indicate firings and departures at the Justice Department and FBI have depleted counterterrorism resources, even as threats rise amid the war. About half of the DOJ’s counterterrorism prosecutors have left since the administration began, alongside significant turnover elsewhere.

Kent’s post on X garnered rapid attention, with thousands of reposts and comments. He did not elaborate on immediate plans but signaled intent to speak more publicly about his concerns.

The White House has maintained that military operations aim to eliminate threats from Iran’s nuclear program and its support for groups like Hezbollah and the Houthis. President Trump has described the campaign as decisive action to prevent a nuclear-armed Iran, contrasting with what he calls failed diplomacy under previous administrations.

Iranian officials have denounced U.S. involvement as aggression driven by Israeli interests, vowing retaliation while denying nuclear weapon pursuits. International observers warn of risks for broader regional escalation, including potential involvement from other powers.

Kent’s exit is the most prominent yet in what some analysts describe as growing unease among intelligence and defense professionals over the war’s scope and justification. Earlier departures have been quieter, tied to policy shifts or personnel changes rather than explicit protests.

As the administration navigates the fallout, questions linger about intelligence-policy alignment. Kent’s assertion challenges the narrative used to launch operations, potentially fueling congressional scrutiny when lawmakers return from recess.

The NCTC continues operations under acting leadership, with focus on monitoring any spillover terrorism threats. Officials urged vigilance but reported no immediate changes to threat levels.

Kent’s resignation underscores deep divisions over U.S. foreign policy in a volatile moment, as the nation grapples with the costs and consequences of another Middle East conflict.

Bentley is to cut 275 jobs as the luxury carmaker grapples with a sharp decline in profits and mounting pressure from a weakening global market, underlining the growing strain even at the very top end of the automotive sector.

The Crewe-based manufacturer confirmed that around 6 per cent of its 4,600-strong workforce will be affected as part of what it described as “organisational efficiency measures”, with roles expected to go across management, agency and non-manufacturing functions. The reductions will now enter a consultation process, with the company stressing it will support affected employees throughout.

The announcement came as Bentley revealed a 42 per cent drop in operating profit to £187 million, down from £322 million the previous year and significantly below its £509 million peak in 2023. The downturn reflects a combination of softer global demand, rising cost pressures and geopolitical uncertainty, all of which are increasingly shaping the outlook for premium automotive brands.

Vehicle sales also slipped, with Bentley delivering 10,131 cars last year, a decline of nearly 5 per cent, driven largely by a contraction in key international markets, particularly China. The slowdown in Chinese demand has become a defining challenge for luxury manufacturers, many of whom have relied heavily on the region for growth over the past decade.

Chief executive Frank-Steffen Walliser acknowledged the scale of the challenge, saying the company was being forced to take “difficult decisions to ensure the long-term competitiveness of the business”. While he emphasised that the cuts were not “panic measures”, he conceded that the operating environment remains volatile, with the possibility of further adjustments if conditions deteriorate.

Bentley sought to contextualise the profit decline, arguing that without external pressures, including increased costs linked to its parent company Volkswagen and the impact of US tariffs, financial performance would have been broadly in line with 2024. Nonetheless, the figures highlight how even high-margin luxury brands are not immune to wider economic headwinds.

The restructuring comes at a pivotal moment for the business as it transitions towards electrification. Bentley is nearing completion of a new assembly line at its Crewe headquarters, which will support production of its first fully electric vehicle, scheduled for launch in early 2027. The investment marks a critical step in its long-term strategy, although the pace and direction of that transition are evolving.

In a notable shift, the company has stepped back from its previous ambition to become an all-electric brand within this decade. Instead, it is pursuing a more “balanced portfolio”, extending the lifespan of internal combustion and hybrid models in response to renewed customer demand and a broader slowdown in the uptake of luxury electric vehicles.

This recalibration mirrors a wider trend across the premium automotive sector. Manufacturers including Lamborghini have also delayed or revised EV-only strategies, reflecting both consumer hesitancy and the practical challenges of delivering high-performance electric models at scale.

Beyond product strategy, Bentley is also navigating an increasingly politicised environment around vehicle size and emissions. Walliser defended the company’s larger models, such as the Bentayga SUV, following criticism from London Mayor Sir Sadiq Khan, who has suggested imposing additional taxes on large vehicles, often labelled “Chelsea tractors”, due to perceived safety risks.

Rejecting those claims, Walliser described the debate as politically driven, arguing that all vehicles must meet strict regulatory standards for pedestrian and cyclist safety regardless of size.

Despite the current pressures, Bentley remains committed to its long-term transformation, positioning electrification, product innovation and operational efficiency as key pillars of its future strategy. However, the latest results and job cuts underscore a more immediate reality: even the most prestigious automotive brands are being forced to adapt quickly in an increasingly uncertain global market.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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State Farm General Insurance Company has finalized a settlement agreement with the California Department of Insurance and consumer advocacy group Consumer Watchdog, allowing the insurer to retain an average 17% increase in homeowners insurance rates implemented last year following devastating Los Angeles wildfires. The deal, filed with an administrative law judge on March 6 and reported widely March 7-9, resolves a contentious rate review proceeding while providing concessions including no mass non-renewals of homeowner policies through 2026 and potential refunds or credits for some policyholders.

The agreement stems from State Farm’s emergency rate request in 2025 after massive payouts from the January 2025 Los Angeles County fires — the costliest disaster in the company’s history. State Farm paid billions in claims, prompting financial strain and an initial interim hike approved by Insurance Commissioner Ricardo Lara. The insurer sought further increases, but the settlement caps the rate at the existing 17% average for homeowners, rejecting additional hikes that could have pushed totals toward 30% in some cases. Renters face a slight adjustment from 15% to 15.65%.

Under the terms, State Farm commits to forgo broad non-renewals in 2026, offering stability to its roughly 1 million California home customers amid ongoing market challenges. The company also agreed to a full rate review by 2027 and other consumer protections. Consumer Watchdog estimated the deal saves policyholders approximately $530 million overall compared to State Farm’s original requests, though some details — including exact refund mechanisms — remain pending judge approval and supporting filings due March 20.

The settlement addresses criticisms from consumer groups and regulators over rising premiums in a state plagued by wildfire risks, insurer pullbacks and availability issues. State Farm, holding about 20% of California’s home insurance market, had paused new business writings in prior years before navigating emergency approvals. The deal balances solvency concerns with consumer relief, as the company continues claims processing from past catastrophes while facing scrutiny over handling practices.

Beyond California, State Farm announced active catastrophe response efforts in mid-March. On March 13, the company deployed teams to assist customers hit by historic hail and severe weather across the central U.S., including tornado outbreaks. Claims teams mobilized to support affected policyholders in multiple states, emphasizing rapid aid following storms that caused widespread damage.

Financially, State Farm reported a strong turnaround in recent results. In February 2026 disclosures, the mutual company highlighted a $1.5 billion underwriting gain for property/casualty lines in 2025 — a reversal from multibillion-dollar losses in prior years driven by catastrophes. This improvement underpinned the largest dividend in company history: $5 billion in cash back to auto customers announced February 26, with payouts averaging around $100 per eligible driver expected this summer. The dividend reflects better-than-expected performance and rewards loyal policyholders nationwide, including in states like Louisiana where $136 million was allocated.

Auto rate adjustments continue in select markets. State Farm secured approvals for reductions in areas like California (6.2% in recent filings) and South Carolina, part of broader efforts to ease pressures where possible. In Georgia, cumulative cuts exceeded 10% over the past year, saving drivers an estimated $400 million annually through fraud reforms and negotiations.

The California homeowners settlement drew mixed reactions. Advocates praised concessions on non-renewals and potential savings, while some policyholders expressed frustration over sustained higher costs in wildfire-prone zones. The agreement avoids immediate further hikes but underscores ongoing challenges in the state’s insurance market, where carriers cite rising reinsurance costs, climate risks and regulatory hurdles.

State Farm’s newsroom emphasized customer focus, with recent leadership updates including the appointment of Michelle Russo as Chief Communications Officer. The company maintains strong community ties through ESG initiatives and remains the nation’s largest auto and home insurer, serving over 96 million policies and accounts via 19,000 agents.

As the settlement awaits final judicial review, attention turns to implementation and any broader implications for California’s insurance landscape. State Farm continues advocating for reforms to address catastrophe exposure while committing to coverage stability. The deal represents a key step in navigating post-wildfire recovery and financial recovery for the insurer and its policyholders.