Business
Qantas Slashes Domestic Flights and Hikes Fares as Middle East Conflict Drives Fuel Costs to $3.3b
SYDNEY — Qantas Airways Ltd. has cut domestic flight capacity by about 5% for May and June and raised fares as surging jet fuel prices linked to the escalating conflict in the Middle East threaten to add as much as $800 million to its second-half fuel bill.
The national carrier said Tuesday its expected fuel costs for the second half of the 2026 financial year would now reach between $3.1 billion and $3.3 billion, sharply higher than previous forecasts around $2.2 billion to $2.5 billion. Jet fuel prices have more than doubled since late February amid disruptions from U.S.-Israeli actions against Iran and related supply uncertainties.

Qantas and its budget subsidiary Jetstar have reduced domestic seat capacity by around five percentage points in the June quarter, with most cuts targeting off-peak services on routes between major capital cities. Some regional routes have also been affected, including suspensions or reductions on services such as Darwin-Gold Coast, Sydney-Busselton and Adelaide-Mount Gambier. Affected passengers are being contacted and offered alternative flights or refunds.
The airline has simultaneously redeployed aircraft from domestic and some U.S. routes to capitalize on surging demand for European travel, as passengers avoid carriers transiting through the troubled Middle East. Routes to cities such as Paris and Rome have seen strong interest, prompting Qantas to shift capacity toward higher-yield international services.
CEO Vanessa Hudson and executives described the moves as necessary to mitigate the impact of volatile fuel markets and broader economic uncertainty. “Given the continued volatility in fuel prices and the global economic conditions, we have reduced domestic capacity in the fourth quarter,” the company said in a market update. Fare increases have already been implemented on both domestic and international routes to help offset the cost pressure.
Fuel typically accounts for a significant portion of airline operating expenses, and the rapid spike has caught many carriers off guard despite hedging programs. Qantas had previously hedged a substantial portion of its fuel needs, but the scale of the recent rise — with some reports noting jet fuel prices jumping from around US$20 to US$120 per barrel in extreme scenarios — has overwhelmed protections and forced operational adjustments.
The changes come as Qantas braces for a potential $500 million hit to full-year profit. Analysts estimate the extra fuel costs could erode margins unless fully passed on through higher ticket prices and lower capacity. Domestic routes, which often operate on thinner margins than long-haul international services, have borne the brunt of the cuts.
Travel industry observers note that Qantas is not alone. Several international airlines have announced capacity reductions, fuel surcharges or fare hikes in response to the same pressures. However, the Australian market’s relative isolation and Qantas’ dominant domestic position mean local travelers will feel the impact more directly through fewer flight options and higher prices.
For consumers, the timing is challenging. May and June traditionally see steady demand for domestic leisure and business travel ahead of the winter school holidays. Reduced capacity on key east-west and inter-capital routes could lead to higher load factors on remaining flights and fewer last-minute booking opportunities. Industry sources suggest off-peak and shoulder-period services are most affected, while peak business routes may see minimal disruption.
Qantas has emphasized that it is working closely with the Australian government and fuel suppliers to secure adequate jet fuel supplies. Prime Minister Anthony Albanese has been engaging with regional partners in Asia to help stabilize energy flows into Australia.
The airline’s actions reflect a broader industry response to geopolitical risk. Disruptions in the Strait of Hormuz and related oil infrastructure concerns have tightened global supply chains for refined products like jet fuel, even as crude oil prices fluctuate. Qantas noted that while supply into Australia remains confident for the immediate term, volatility persists.
Shares in Qantas extended losses following the announcement, reflecting investor concerns over margin compression despite the company’s efforts to protect profitability through pricing and capacity discipline. The stock has been sensitive to fuel price movements throughout the year.
Qantas has a history of adjusting fares in response to fuel cost changes, though critics have pointed out that increases often stick even when prices later moderate. The current environment, however, is marked by exceptional uncertainty, with some analysts warning that prolonged conflict could keep jet fuel elevated for months.
For the broader aviation sector, the episode highlights vulnerabilities in global supply chains. Airlines worldwide are monitoring developments closely, with some parking aircraft or suspending routes in more exposed regions. In Australia, the dual-brand strategy of Qantas and Jetstar provides some flexibility, allowing the group to fine-tune capacity across premium and low-cost offerings.
Passengers planning domestic travel in the coming weeks are advised to check bookings directly with Qantas or Jetstar, monitor for notifications, and consider flexible fare options where available. Those affected by cancellations can rebook on alternative services or request refunds under standard consumer protections.
Longer term, Qantas continues investing in fleet modernization, including more fuel-efficient aircraft such as the Airbus A321XLR and Boeing 737 variants, to improve resilience against cost shocks. The airline has also pointed to its loyalty program and freight operations as diversifiers that help buffer earnings volatility.
Tuesday’s update marks one of the most significant operational shifts for Qantas in recent memory tied directly to external geopolitical events. While the airline has navigated fuel crises before — most notably in the aftermath of earlier Middle East tensions and the Russia-Ukraine conflict — the speed and scale of the current price surge have prompted swift action.
As the situation in the Middle East evolves, further adjustments cannot be ruled out. Qantas said it would continue to monitor fuel markets closely and adjust its network, pricing and capacity as needed to maintain financial stability.
For Australian travelers, the message is clear: expect tighter availability and higher prices on domestic routes in the short term as the national carrier grapples with an $800 million fuel shock. Whether the conflict eases or deepens will determine how long these measures remain in place, but for now, the flying kangaroo is tightening its belt to weather the storm.
Business
S&P 500 falls from record high on Middle East worries

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OPEC+ Agrees to Raise Oil Production in June in First Meeting Without U.A.E.
The Organization of the Petroleum Exporting Countries and their allies have agreed to raise oil production in June by 188,000 barrels a day in their first meeting without former member United Arab Emirates.
Seven countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to the move at a meeting on Sunday. It’s less than the May output raise of 206,000 barrels a day.
Business
MediaAlpha, Inc. 2026 Q1 – Results – Earnings Call Presentation (NYSE:MAX) 2026-05-04
Q1: 2026-04-29 Earnings Summary
EPS of $0.30 misses by $0.04
| Revenue of $310.00M (17.29% Y/Y) beats by $11.42M
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Business
Extreme Networks CEO Meyercord sells $1.1m of company stock

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Business
Medifast, Inc. 2026 Q1 – Results – Earnings Call Presentation (NYSE:MED) 2026-05-04
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Business
Walmart, Aldi, and Culinary Circle recall: full list of recalled products
Check out what’s clicking on FoxBusiness.com.
Frozen pizzas sold at Walmart and Aldi are being recalled due to concerns that they may be contaminated with salmonella, as well as other items.
On April 30, the U.S. Department of Agriculture’s Food Safety and Inspection Services issued a public health alert for meat and poultry products containing FDA-regulated ingredients that may be contaminated with Salmonella.
Customers who have purchased the recalled products are urged not to consume them, even if they are cooked thoroughly, over concerns about the food-borne bacterium.
RAT POISON FOUND IN BABY FOOD JARS SPARKS CHILLING SCARE, SUSPECT NABBED

Great Value Thin Crust Chicken Bacon Ranch Pizza and Pork King Good Sour Cream & Onion Pork Rinds are among several items being recalled amid concerns of salmonella contaminations. (U.S. Food and Drug Administration / Fox News)
“The health and safety of our customers is always a top priority,”a Walmart spokesperson told FOX Business. “We have issued a sales restriction and removed this product from our impacted stores. We are working with the supplier to investigate.”
The products contain dry milk powder that had been recalled and was used to make frozen pizzas and pork rinds, the FDA said. No confirmed cases of illness or adverse reactions have been reported due to the consumption of the recalled products, the agency said.
Walmart products recalled

Workers stock shelves in a grocery aisle at a Walmart store on Black Friday in Columbus, Ohio, on Nov. 28, 2025. (Brian Kaiser/Bloomberg via Getty Images)
Great Value Thin Crust Chicken Bacon Ranch pizza, 17.55 oz.
- Lot codes: WC103203, WC103803
- Best if used by: 10/9/2026, 11/7/2026
- EST number: M1487
Great Value Stuffed Crust Chicken Bacon Ranch pizza, 23.1 oz.
- Lot codes: WC104173, WC104065, WC103793
- Best if used by: 10/25/2026, 10/26/2026, 11/8/2026
- EST number: M1487
Great Value Stuffed Crust Chicken Bacon Ranch, 23.1 oz.
- Lot code: WJ100977
- Best if used by: 12/9/2026
- EST number: M1928
GHIRARDELLI RECALLS DRINK MIXES OVER POTENTIAL SALMONELLA CONTAMINATION
Aldi products recalled

An Aldi supermarket in Alhambra, California, US, on Thursday, June 27, 2024. The Bureau of Economic Analysis is scheduled to release personal consumption figures on June 28. (Eric Thayer/Bloomberg via Getty Images)
Mama Cozzi’s Biscuit Crust Sausage & Cheese Breakfast Pizza, 18.5 oz.
- Best if used by: 10/15/2026, 10/21/2026, 10/22/2026, 10/23/2026, 10/24/2026
- EST number: EST5699
Mama Cozzi’s Biscuit Crust Cooked Pork Belly Crumbles, Cooked Bacon Topping, Pepper & Onion Breakfast Pizza, 17.15 oz.
- Best if used by: 10/15/2026, 10/21/2026, 10/22/2026, 10/23/2026, 10/24/2026
- EST number: EST5699
Other products recalled
Pork King Good Sour Cream & Onion Pork Rinds, 1.75-oz. bag
- Best if used by: 6/30/2026, 7/14/2026, 7/20/2026, 7/26/2-26. 8/4/2026, 8/5/2026, 8/12/2026
- EST number: EST1321
Pork King Party Size Sour Cream & Onion Pork Rinds, 7-oz. bag
- Best if used by: 7/7/2026, 7/23/2026, 8/10/2026
CHOCOLATE SOLD NATIONWIDE RECALLED OVER UNDECLARED ALLERGEN POSING POTENTIAL ‘LIFE-THREATENING’ RISK
Culinary Circle Ultra Thin Crust Chicken Bacon Ranch, 16.4 oz.
- Lot code: WC103309
- Best if used by: 10/18/2026
- EST number: M1487
- Customers who purchased the products are urged not to consume them, and instead, either throw them away or return them where they were purchased, the FDA said. Retailers are urged to remove said products from store shelves.
Salmonella bacteria are a leading cause of food-borne illness in the United States, according to the Centers for Disease Control and Prevention.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Symptoms include nausea, vomiting, headaches, loss of appetite, abdominal cramps and diarrhea. CDC estimates Salmonella causes about 1.35 million infections in the United States every year.
FOX Business has reached out to Aldi, Pork King and Culinary Circle.
Business
Which Star’s Absence Hurts Their Team More in 2026 Playoffs?
MINNEAPOLIS — As the NBA playoffs intensify in early May 2026, two Western Conference superstars remain sidelined by significant injuries, forcing their teams to navigate high-stakes series without their primary offensive engines. Los Angeles Lakers guard Luka Doncic continues a slow recovery from a Grade 2 left hamstring strain, while Minnesota Timberwolves star Anthony Edwards battles a left knee hyperextension with bone bruise — raising the question of whose absence carries the heavier cost for playoff aspirations.
Doncic, acquired by the Lakers in a blockbuster move, suffered the injury on April 2 in a loss to the Oklahoma City Thunder. The Slovenian superstar, who led the NBA in scoring much of the season, has missed the entire first-round series against the Houston Rockets. Despite advancing, the Lakers face the top-seeded Thunder in the Western Conference semifinals without their MVP-caliber playmaker.
Recent updates paint a cautious picture. ESPN’s Shams Charania and Brian Windhorst report no contact work yet for Doncic, who has progressed only to controlled on-court movement and spot-up shooting. He remains week-to-week with no firm timeline, likely missing the start of the Thunder series and possibly more. Coach JJ Redick has emphasized a deliberate approach to avoid setbacks on the delicate soft-tissue injury.
“Luka has not begun contact basketball yet,” Windhorst noted. “You’re looking at 3-on-3, then 5-on-5. That has not happened.” Sources indicate a slow build, with some speculation he might not return until deeper into the postseason — if at all this spring.
The impact on the Lakers has been profound yet mitigated by LeBron James’ veteran leadership and supporting casts stepping up. Los Angeles pushed past Houston in six games, but facing a powerhouse Thunder team without Doncic’s 30-plus point, triple-double threat creates an uphill battle. Analysts estimate his absence equates to losing roughly 35-40% of the team’s offensive creation, spacing and clutch scoring.
Edwards’ Timeline Offers More Hope
Edwards’ injury occurred in late April during the Timberwolves’ first-round series against the Denver Nuggets. An MRI revealed a left knee hyperextension and bone bruise, compounding ongoing right knee patellar tendinitis issues. He has been ruled out for the start of Minnesota’s second-round matchup against the San Antonio Spurs but listed as questionable for Game 1 after clearance for on-court activities.
Coach Chris Finch described Edwards as “week-to-week,” yet optimism persists for a return as early as Games 3 or 4. Shams Charania reported Edwards is “hopeful” and communicating plans to rejoin if the series extends, with around-the-clock treatment accelerating progress beyond initial multi-week projections.
The 24-year-old All-Star averaged 28.8 points per game in the regular season and remains the Timberwolves’ clear alpha scorer and leader. Minnesota advanced despite his limited availability, but the drop-off without him is stark: reduced athleticism on drives, perimeter creation and defensive versatility.
Measuring the Cost: Production, Team Context and Playoff Stakes
Quantifying “more costly” involves stats, roster depth and series difficulty. Doncic’s per-game averages hover near 30 points, 9 assists and 8 rebounds in recent seasons, with elite playmaking that elevates teammates. His injury removes a generational facilitator from a Lakers squad already thin on star power beyond James. Without him, Los Angeles relies heavily on role players against OKC’s elite defense and depth.
Edwards, while slightly less efficient as a creator, brings explosive scoring (often 25-35 in big games) and two-way impact that fits Minnesota’s gritty identity alongside Rudy Gobert and others. The Timberwolves boast stronger supporting talent, including veterans like Mike Conley, but losing Edwards’ gravity strains their offense against a young, dynamic Spurs team led by Victor Wembanyama.
Playoff metrics underscore the gap. Teams typically see win probabilities drop 15-25% without superstar usage rates above 30%. For the Lakers, projected as underdogs versus OKC, Doncic’s void feels existential — potentially shortening their run dramatically. Minnesota, with home-court advantages possible and a more favorable matchup, has a clearer path to weather the storm until Edwards returns.
Retail analysts and betting markets reflect this: odds for Lakers advancing deep without Doncic lengthen significantly, while Timberwolves series odds improve markedly with Edwards projected back mid-series. Historical parallels — stars missing early playoff rounds — show recovery speed and replacement quality as key variables. Edwards’ shorter expected absence (potentially 1-3 games) versus Doncic’s open-ended timeline tips the scale.
Broader Implications for Franchises
Both injuries highlight playoff fragility. The Lakers, post-Doncic trade, bet heavily on his availability for a title push alongside James. Prolonged absence risks not just this postseason but long-term chemistry and fan expectations in a win-now window. Minnesota’s contention window feels more sustainable, with Edwards’ prime years ahead and roster flexibility.
Fan and social media reactions amplify the drama. Hashtags like #LukaReturn and #AntBack trend, with debates raging on X and forums over load management, rehab protocols and “what if” scenarios. Some argue Doncic’s heavier usage makes his strain more debilitating; others point to Edwards’ youth and explosiveness creating higher re-injury risk upon rushed return.
Medical experts note hamstring strains in basketball often require 4-8 weeks for full strength, while knee bone bruises vary but respond well to rest and modern therapies. Both organizations prioritize long-term health over desperate gambles.
What Lies Ahead
For the Lakers, survival against Oklahoma City without Doncic demands heroic efforts from James, Austin Reaves (also managing an oblique issue) and defensive intensity. A potential Game 3-4 Doncic return remains a long shot but could swing momentum if achieved.
The Timberwolves enter San Antonio hopeful Edwards tests the knee positively. Even limited minutes could tilt a series against the Spurs. Finch’s rotation adjustments — leaning on guards like Ayo Dosunmu and Bones Hyland — have shown promise but lack Edwards’ finishing punch.
Ultimately, Edwards’ injury appears less costly in the immediate term due to a quicker projected return and Minnesota’s supporting cast. Doncic’s extended absence weighs heavier on a Lakers team chasing contention in a brutal Western bracket. Yet both absences underscore basketball’s team nature: no single star guarantees success, but their voids expose roster limits.
As series unfold this week, franchises, coaches and fans monitor every update. In the 2026 playoffs, health remains the ultimate separator — and for now, both Luka Doncic and Anthony Edwards are fighting time to prove their irreplaceable value.
Business
Trump IRAs Are Coming. They’re No Silver Bullet for America’s Retirement Savers.
Our president loves slapping his name on things. The latest example involves retirement. This past week, President Trump announced the creation of TrumpIRA.gov, a platform that will connect savers with retirement accounts from private-sector companies–similar to what TrumpRx does for drugs. Only funds with low administrative costs and zero minimum contribution and balance requirements will be included.
Business
Analog Devices chair & CEO Vincent Roche sells $3.98m in stock

Analog Devices chair & CEO Vincent Roche sells $3.98m in stock
Business
Luka Doncic Injury Update Delivers Brutal Blow to Lakers Before Thunder Playoff Series
LOS ANGELES — As the Los Angeles Lakers prepare for a daunting Western Conference semifinals showdown against the top-seeded Oklahoma City Thunder, fresh updates on Luka Doncic’s Grade 2 left hamstring strain offer little optimism for fans hoping their superstar returns soon. The Slovenian phenom remains sidelined more than a month after the injury, casting a shadow over LA’s playoff hopes.
Doncic suffered the injury April 2 during a blowout loss to the very Thunder team the Lakers will now face. He has not played since, missing the entire first-round series against the Houston Rockets. Despite advancing in six games, the Lakers enter the next round without their primary offensive creator and floor general.
ESPN’s Shams Charania delivered the latest sobering report Sunday on ABC’s “Inside the NBA.” “I’m told right now Luka Doncic will be out to start the series against the Oklahoma City Thunder,” Charania said. “The Lakers are evaluating Doncic on a week-to-week basis with that Grade 2 hamstring strain.”
The recovery path remains slow. Doncic has progressed to controlled on-court movement, drills and spot-up shooting, but he has not advanced to full running, one-on-one work or full-contact scrimmages. ESPN’s Brian Windhorst echoed the concern Saturday, stating Doncic is “not close” to returning.
“He’s not close,” Windhorst said. “Most likely you’re not gonna see Luka Doncic at the front end of this series maybe at least for another week to 10 days on the minimum.”
Impact on Lakers’ Playoff Hopes
The absence weighs heavily. Doncic led the NBA in scoring for much of the season after his arrival in Los Angeles via blockbuster trade. His elite playmaking, spacing and clutch scoring have been sorely missed. Without him, the Lakers relied on LeBron James’ leadership and contributions from Austin Reaves (who returned from his own oblique injury) and role players to dispatch Houston.
Analysts estimate the Lakers lose roughly 35-40% of their offensive creation and efficiency without Doncic. Facing the Thunder — a deep, athletic and defensively elite squad featuring Shai Gilgeous-Alexander, Chet Holmgren and a strong bench — amplifies the challenge. The teams met multiple times in the regular season, with OKC dominating, including the game where Doncic went down.
Coach JJ Redick and the organization have taken a cautious approach. “These decisions are about long-term health,” sources close to the team indicated, prioritizing avoiding re-injury over a rushed return that could end his postseason entirely.
Medical Context and Recovery Timeline
Grade 2 hamstring strains typically require 4-6 weeks for recovery, placing Doncic near the early end of that window but still not cleared for basketball activities demanding explosive movement. He traveled to Spain earlier for specialized injections and treatment to accelerate healing, yet progress has been methodical.
Medical experts note that returning too soon from soft-tissue injuries often leads to setbacks. Full ramp-up involves 3-on-3, then 5-on-5 contact before game action. Current reports suggest that process has not begun in earnest.
Insiders like ClutchPoints’ Brett Siegel added that Doncic remains about a week from even rejoining full practices and scrimmages. A potential return in the later stages of the series, possibly Games 3-5 if it extends, represents the optimistic scenario.
Fan and Team Reactions
Lakers Nation expressed frustration and concern across social media. Hashtags like #LukaReturn and #LakersVsThunder trended with mixed emotions — hope for a miracle mid-series comeback tempered by realism about the matchup. Many fans point to the team’s resilience without him in Round 1 as a silver lining, crediting James’ veteran presence and defensive adjustments.
Teammates have noted Doncic’s presence around the group provides intangible boosts, even if he cannot play. “Just having him back around matters,” one source told reporters. Yet the on-court void looms large against OKC’s transition game and perimeter pressure.
LeBron James, in his potential final postseason run, faces increased burden. Reaves’ return helps, but the lack of Doncic’s gravity disrupts offensive flow. Betting markets and advanced projections show Lakers’ series win probability dipping significantly without their star — some models place LA as heavy underdogs.
Broader Implications for Lakers Franchise
This injury arrives at a pivotal moment. The post-trade acquisition of Doncic signaled a win-now mentality alongside James. A short or nonexistent playoff run without him raises questions about roster construction, future moves and James’ future. Management must balance short-term desperation with long-term asset protection for a player still in his prime.
The Thunder, meanwhile, enter with momentum and health advantages. Their defensive schemes exploited LA earlier, and without Doncic’s creation, the Lakers’ half-court offense faces stiff resistance. OKC’s youth and depth could wear down the older Lakers core over a seven-game series.
What’s Next for Doncic and Lakers
Series schedule details point to Game 1 in Oklahoma City mid-week, with subsequent games offering incremental recovery windows. The Lakers will provide daily updates, but expectations remain tempered. Week-to-week evaluation means no guarantees even if the series extends.
Doncic’s history of toughness and desire to compete suggests he will push boundaries, but medical staff hold final say. Fans cling to stories of stars returning heroically from similar injuries, yet current reporting paints a picture of patience over urgency.
For now, the Lakers must find ways to compete — emphasizing defense, rebounding and James’ scoring — while monitoring every Doncic workout update. A potential Game 4 or later appearance could shift momentum, but betting on it remains risky.
As the Western Conference semifinals begin, Luka Doncic’s slow-healing hamstring stands as the defining subplot. Lakers fans enter the series with heavy hearts, knowing their MVP-level talent watches from the sideline. Whether the supporting cast can defy odds against a championship-caliber Thunder team will define this chapter — and possibly the franchise’s immediate future.
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