costs

WASHINGTON — A spectacular economic upturn is on its way, President Trump promised Americans last week, galvanized in part by a deal brokered this month to end his war with Iran.

“Very soon you’ll be at $2.50 a gallon for gasoline,” Trump told a crowd Wednesday night on the National Mall. The next year, he said, “is set for an economic boom the likes of which no nation has ever seen before.”

Economists are skeptical. The effects of the war and other factors driving inflation are likely to stick around for months, experts say, presenting an ongoing challenge to American households — and to Trump’s party as it seeks to retain control of Congress in November’s midterm elections.

Yesenia De La Torre, 24, from Culver City pumps gas at the Chevron gas station on Sawtelle Boulevard and Culver Boulevard on June 15. Despite an agreement announced Sunday to end the Iran war and open the Strait of Hormuz, high oil, gasoline prices and energy supply problems won’t be solved overnight.

(Kayla Bartkowski / Los Angeles Times)

The war’s end will not create “a complete snap-back,” said Patrick Harker, professor at the University of Pennsylvania Wharton School and former president of the Federal Reserve Bank of Philadelphia.

“Markets are still cautious, and the infrastructure that’s been destroyed [in the Middle East] is going to take a while to re-create,” Harker said. “Inflation’s going to stay elevated for a while.”

Oil prices were dropping last week — falling to their prewar level Friday — and average gas prices fell by 7 cents per gallon over a week ago. But it will take significant time for oil shipping to ramp up through the Strait of Hormuz, infrastructure to be rebuilt and gas prices to drop, said Michael Negron, senior fellow for economic opportunity at the Center for American Progress.

“I would expect there to be a continued inching downward,” Negron said, but “we’re not going to just go back within weeks to $2.90 per gallon.”

That means the prices of gas and of other essentials aren’t likely to improve dramatically before the midterms, in which affordability has become a driving issue. It could heighten challenges for Republicans, who are defending their majorities in the U.S. House and Senate, as Democrats seek to leverage the issue to gain ground.

Positive messaging about the economy from Trump and other officials “doesn’t really resonate” with Americans who are struggling to make ends meet, said Gina Plata-Nino of the Food Research and Action Center, a national anti-hunger advocacy organization.

“When you’re still making the same amount of money but there’s less for you to be able to pay [for] your basic needs — gas is more expensive, food is more expensive — it doesn’t really add up,” she said.

A fruit stand on West 7th Street sells bananas for $2 per bunch.

(Carlin Stiehl / For The Times)

Americans question the costs

The Iran war has cost the average American household between $775 and $1,300 so far in fuel and taxpayer costs, according to an analysis by Roger Pielke, a senior fellow at the American Enterprise Institute.

The national average gas price sat at $3.90 on Friday, according to AAA, and California’s average was $5.48 per gallon, down 13 cents from a week earlier.

The increase in oil prices has also affected diesel and fertilizer prices, creating a ripple effect through several sectors, including agriculture. Consumer prices rose 4.1% in May from a year earlier, putting the inflation gauge at a three-year high.

Trump has leaned on a bullish message about the economy, but he has largely dismissed Americans’ worries about affordability, calling it a “fake word” and a “hoax.” Last week, he undermined the first major progress by Congress on the issue, refusing to sign a bipartisan housing affordability bill after both chambers passed it.

President Donald Trump closes his eyes as Dr. Ben Carson, left, speaks during an event with the White House Religious Liberty Commission in the Oval Office on Friday.

(Anna Moneymaker / Getty Images)

Meanwhile, the president’s approval rating on the economy dropped to 33% last week in an NPR/PBS News/Marist Poll — his lowest ever for that poll and 3 points below former President Biden’s worst reading on the question during his term.

Nearly four-fifths of respondents said that gas prices present some sort of strain, with 34% categorizing it as a major strain and 44% calling it a minor strain. Half of respondents who said they were not vacationing this summer said cost was the reason.

And only 23% of Americans say the war was worth the costs, according to a Reuters/Ipsos poll conducted days after the Trump administration announced the framework agreement to end the conflict earlier this month.

“People [are] just feeling like they’re getting left behind,” Harker said. “That’s a very real, palpable feeling when you go out and talk to people. They’re worried.”

The president and his party need a midterms message that “real economic change” is coming, said Brian Reisinger, a rural policy analyst in Wisconsin and a former GOP strategist.

“It has to be substance behind the sell,” Reisinger said.

Senate Majority Leader John Thune (R-S.D.) speaks to reporters after the weekly Senate policy luncheons at the U.S. Capitol on Tuesday in Washington, D.C. Thune spoke on a meeting with President Trump on the Iran deal.

(Kevin Dietsch / Getty Images)

U.S.-Iran talks on shaky ground

Trump’s boosters have hailed the Iran deal as a victory for the president. And Trump has justified the shock to gas prices as “worth it not to have a nuclear weapon” in Iran, though the war has not achieved the president’s stated aims, which included the elimination of its nuclear program.

“President Trump was clear all along that there would be short-term, temporary disruptions to energy markets, and that oil and gas prices will quickly fall as soon as the Iran situation is resolved,” White House spokesperson Taylor Rogers said Friday.

How rapidly the conflict will be resolved is not yet clear. The U.S.-Iran negotiations were on shaky ground by week’s end, with each country offering diametrically opposed messaging on the status of key points of negotiation.

Analysts say much of the increase in traffic through the strait has been driven by the return of Iranian oil to global markets. Trump agreed in the controversial deal with Iran to lift sanctions on Iranian oil, allowing Tehran to resume trading its most valuable export and breaking with decades of U.S. policy.

The unpredictability of the talks is another factor keeping energy companies, shippers and insurers cautious for now, Negron said.

“Everything is to be negotiated in the next nearly two months,” he said. “It is natural to expect there to be additional risk priced into each barrel of oil, into the insurance people are paying, just because of the volatility and uncertainty of where we are.”

Los Angeles officials have reached a tentative agreement with organizers of the 2028 Olympic Games laying out the process for reimbursing the city for potentially hundreds of millions of dollars in public services.

The agreement, which still needs approval from Mayor Karen Bass and the City Council, would require the privately run Olympic organizing committee LA28 to provide the city with funding in advance to cover services that are ineligible for reimbursement from the federal government, such as traffic control and trash pickup.

The two parties would take a somewhat different approach for police protection at high-security venues. Under the proposed arrangement, the city would seek reimbursement from the federal government for security costs at those locations, said City Administrative Officer Matt Szabo, the city’s top negotiator.

If the federal government does not provide full reimbursement for those security costs, the city would seek to tap LA28’s contingency funds to cover the difference, Szabo said.

“This deal ensures the 2028 Games will have the City services needed to be safe and successful, while protecting the taxpayers from footing the bill,” he said in a statement.

Paul Krekorian, executive director for Bass’ Office of Major Events, praised the agreement.

“Mayor Bass’ priority is that the 2028 Olympic and Paralympic Games be fiscally responsible, protect taxpayers, and benefit Angelenos for decades to come,” he said. “This agreement helps deliver that commitment.”

Negotiations between the city and LA28 have played out behind closed doors over the last year, even as critics have grown increasingly vocal about the potential for taxpayers to be saddled with huge payouts if the Games fail to generate a profit. If organizers experience significant losses, the city would be on the hook for the first $270 million and possibly more after that.

Szabo acknowledged that under that scenario, the city would be far less likely to recoup all of its security costs if the federal government failed to provide full reimbursement.

Under an agreement finalized in 2021, the organizing committee must reimburse the city for any services that go beyond what would be provided on a normal day at a variety of locations, including parts of downtown L.A., Exposition Park, Venice and elsewhere.

President Trump’s “One Big Beautiful Bill” included $1 billion for security, planning and other costs associated with the Olympics. Nevertheless, some elected officials have voiced fears that money might not materialize once the Games are over, or that the city’s security expenses could exceed that amount.

The tentative deal, known as an Enhanced City Resources Master Agreement, goes before the council’s ad hoc committee on the Olympic Games on Tuesday, then to the full council.

Even with the agreement, many of the details surrounding taxpayer services during the Olympics and Paralympics will remain unresolved for at least a year.

The two sides still have to finalize agreements spelling out the services that will be provided at each venue by July 2027. They also must agree on the cost of those services by Oct. 31 of the same year.

According to a summary of the agreement released by the city Friday, Los Angeles World Airports, the Port of Los Angeles and the Department of Water and Power would need to enter into their own service agreements with LA28.

LA28 and the city were supposed to have a tentative agreement in place last fall. The negotiations dragged out for an additional nine months, in large part because of the “inherent complexity of the 2028 Games,” Szabo said in a memo he co-wrote with Sharon Tso, the city’s chief legislative analyst.

Under the terms of the 2021 agreement, LA28 must create a $270-million contingency fund that can be distributed as a surplus if the Games make money, or be used to cover any losses in the event of a shortfall.

The proposal unveiled Friday calls for the five-year-old agreement to be amended to ensure that those contingency funds can be used to cover the city’s costs in the event that other revenue is not enough to pay for certain city services provided during the Games.

The money from that contingency fund would be distributed to the city only after LA28 covers its own costs, according to the city’s summary.

If LA28 does make money, it would not be allowed to distribute its surplus funds to any other organization until after it has covered its financial obligations to the city, according to the tentative agreement.

Jacie Prieto Lopez, LA28’s vice president of communications and public affairs, said in a statement that her organization is pleased to forward the agreement to the council for consideration.

“We proudly stand behind this agreement which delivers on our commitment to execute a safe, secure, and fiscally responsible Games that benefits Los Angeles for decades to come,” she said.

MIAMI GARDENS, Fla. — World Cup tickets are expensive. Flights to North America are expensive. Hotel rooms in many places are expensive.

Then there’s the price of beer.

There are some fun — and yes, sometimes pricey — food and drink offerings at the venues playing host to the World Cup. A $75 caviar-topped tray of tater tots and a $40 empanada weighing in at 5 pounds for the daring or for sharing in Miami. Ribeye tacos for $8 in Guadalajara, Mexico. Something called a Twinkie cheeseburger that has nothing to do with dessert for $22 in Los Angeles.

Prices, in many cases, aren’t all that different from what U.S. fans would experience on NFL Sundays or college football Saturdays. But some international fans aren’t used to such pricing and are calling foul, especially over beer prices that can top $20.

“It’s unfair. It’s not right. It’s wrong,” said Thomas Schüller, an engineer from Germany in Toronto to watch his national team play over the weekend, as he held a beer that cost him 24.25 Canadian dollars (about $17). “It’s three times the cost of what I pay in my country.”

But is that stopping him?

“Well, no,” Schüller acknowledged.

Beer prices become a mild pint of discord

There is clearly some sticker shock among international visitors to this World Cup, especially when it comes to the concession prices. In Europe, it’s not uncommon for beers to be perhaps around 4 or 5 euros (about $5-6).

There’s also no shortage of intrigue on the menu at the concession stands at stadiums across the U.S., Canada and Mexico.

“Never seen anything like it,” said Janine Arbetter, a fan from Austria, as she waited for a hot dog, chips and soda combo in Miami last week. The pre-tip price: $19.35, which included a discount for using Visa. “It’s a lot of food for a little snack.”

Some Argentina fans happily showed off their $34 lobster rolls from a match in Kansas City on social media, but in Toronto, the brisket sandwich with chips and a bottle of soda for nearly 40 Canadian dollars ($28) had some online commenters lamenting it as “robbery.”

“It’s OK, more or less, for the World Cup,” German fan Daniel Feldmann said of the food prices while watching a match in Vancouver last week.

Concession offerings vary from stadium to stadium

FIFA, the sport’s governing body and the tournament organizer, has very specific rules on just about everything related to the World Cup — and there are guidelines that concessionaires have to follow as well. But prices can vary by market, as do the food and drink offerings. And that means the experience in one city might look, or taste, nothing like what’s offered in another.

The “Fancy AF Tots” for $75 at Miami Stadium aren’t really tots at all — it’s three deep-fried hash brown patties, with caviar, creme fraiche and chives. (For those who just want the caviar, it’ll be $70.) Southern California’s Twinkie cheeseburger is in fact a burger topped with a Texas Twinkie — a bacon-wrapped jalapeño stuffed with brisket and cream cheese.

But there’s also a slew of choices specific to a local market; for example, Vancouver offers short rib poutine along with a maple bacon smokie (smoked sausage topped with bacon onion jam that features Canadian maple syrup).

And in Miami, the signature offerings include pan con lechon (a Cuban-style sandwich with pork, infused with citrus mojo sauce and served on a toasted full Cuban loaf) and Empanada Mundial (the five-pound, handmade, chicken-and-cheese-stuffed dish named after the World Cup).

Both Vancouver and Miami have Sodexo Live as a food and beverage provider, and the typical game-day menus in both stadiums were revised a bit to accommodate a soccer crowd.

“We want it to feel like Miami when you’re here,” said Zach Williams, Sodexo Live’s vice president of operations at Miami Stadium. “Everything we do around the Miami Stadium, we want to make sure everybody understands that when they come here, they’re getting a Miami experience.”

Atlanta Stadium keeps prices low

In Mexico City, a beer could cost a day’s pay — literally. The daily minimum wage in Mexico City is just 315.04 pesos (roughly $18). Some beers at Mexico City Stadium were selling for between 299 and 310 pesos — about twice as much as fans would ordinarily pay in the same stadium when the World Cup isn’t in town.

But in Atlanta, where Falcons owner and stadium operator Arthur Blank promised the low concession prices he’s championed for many years would hold for the World Cup, pizza slices were $3, 32-ounce sodas were $4, a cheeseburger was $5, chicken tenders with fries were $6 and beers could be had for as little as $8.

Jonathan Arango, a 33-year-old from Greenville, S.C., was at a match in Atlanta with his wife, daughter and father.

“In total for what we got — three orders of tacos, a slice of pizza, two waters and a Coke — we spent like $50,” Arango said. “Compared to what we’ve paid at other events … it’s nice after you paid a lot for a ticket.”

And Schüller pointed out that even though the tournament does come around every four years, it still feels like a once-in-a-lifetime experience.

“The entire football world is having fun,” Schüller said, “so cheers to that.”

Reynolds writes for the Associated Press.

Brits who find themselves stranded in Europe due to a cancelled flights could soon have new rights to claim back travel replacement costs, amid a shake-up of the EU’s air travel rules

Cancelled flights could soon come with a more costly penalty for airlines, as a landmark air passenger rights agreement was reached between the EU Council and the European Parliament in good news for holidaymakers.

The ruling means that Brits who find themselves stranded in Europe due to their flight being cancelled could soon claim back replacement travel costs worth up to four times the price of their original ticket. It comes amid a raft of changes around airline charges for cabin bags and family seating, which could see Brits getting a fairer deal when they visit destinations such as Spain, Greece, Italy, Portugal, or France.

The law states that, after a flight cancellation, “if an airline fails to offer rerouting within three hours, passengers may organise their own rerouting and claim reimbursement of up to 400% of the original ticket price.” According to AirAdvisor, which specialise in claims for disrupted flights and mishandled baggage, this means passengers will no longer need to wait around for the airline to sort out a journey home for them.

AirAdvisor also said in a statement that this rerouting reimbursement will be separate from the standard compensation that some passengers are entitled to for cancelled flights. It explained: “The Council statement confirms that even when a passenger is rerouted, “airlines remain responsible for compensation for delays at arrival.”

This means passengers could potentially reclaim the cost of replacement flights, as well as claiming for standard cancellation compensation, which can be up to £350 per passenger for a UK to Spain flight, and higher for long-haul journeys.

“However, the standard compensation would still depend on the usual qualifying conditions, including whether the disruption was within the airline’s control. If extraordinary circumstances apply, airlines may not be required to pay financial compensation,” the statement continued.

EU rights aren’t based on nationality, but rather the route and the airline operating the flight. So even post-Brexit, Brits are protected on journeys departing from an EU airport to the UK, or any flights from the UK to the EU that are operated by an EU airline. For example, Brits taking a Ryanair flight from Malaga to the EU would be covered by the legislation.

However, flights from the UK to the EU on non-EU airlines wouldn’t be covered. So, the outbound leg of a London to Madrid flight on a carrier such as British Airways would not follow these rules because it is arriving in the EU from a non-EU country on a non-EU airline.

The UK has its own UK261 framework, which includes the Right to Care for journeys delayed over two hours, but it’s not known whether this legislation will be updated in light of the changes in the EU.

Anton Radchenko, aviation lawyer and CEO of AirAdvisor, said: “For the passengers who are genuinely in trouble, the ones standing at a desk in a European airport being told the next available flight is days away, this is the change that actually matters. A reimbursement cap of up to four times the original ticket price could make a real difference to families who suddenly have to buy last-minute flights home, and it is a part of the reform I would want every British holidaymaker to know about.”

He added: “The importance of this rule is that it gives people a clearer point at which they can act. The harder part, as with every passenger right, will be making sure travellers know it exists before they are stuck at the airport, rather than finding out months later.

“My practical advice to any traveller is straightforward. If your covered flight is cancelled, give the airline its three-hour window to offer a suitable reroute, and then keep everything: your original booking, the cancellation notice, proof of what the airline offered or failed to offer, and every receipt for the travel you arrange yourself.

“In my experience, the passengers who successfully recover what they are owed are almost always the ones who documented the situation as it happened, not the ones who tried to piece it back together weeks later. A right is only ever as useful as the evidence you keep to support it.”

Have a story you want to share? Email us at webtravel@reachplc.com

BUDGET airline Wizz Air has warned that it could be forced to cut UK routes due to rising costs.

It comes after air passenger duty (APD) was raised in April – a tax on airlines that is usually then passed onto passengers by increasing flight fares.

Wizz Air boss József Váradi said that the airline will now look at whether the rise in APD will impact demand for its flights and depending on the results, whether any of the airlines routes should be cancelled.

The APD rise in April hit a record high and further increases are expected in the future.

On economy flight fares, APD rose from £13 to £15 in April, to most destinations across Europe.

For Brits travelling on holiday, this means that a family of four could be spending an extra £60 (£8 more than previously) before even adding luggage to their flight booking.

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While Wizz Air has not confirmed which flights are at risk, the airline currently flies to 77 destinations from the UK including holiday hotspots such as Alicante, Tenerife and Majorca in Spain.

The airline boss added that while Wizz Air is mostly happy with its services from the UK, “issues affecting the UK airline industry like APD charge increases” cannot be ignored.

He said: “We have to evaluate how exactly that plays out on our network, our customer base and our financial performance and make decisions accordingly.”

“If the cost of business is going up, that will result in capacity rationalisation if you are unable to pass it on to customers.”

The APD rise comes at a time when many airlines are already feeling the financial pressure of rising air fuel costs.

Váradi added: “I do not think the UK should be overcharging airline customers to raise funds for other activities and commitments, because this is going to undermine airlines and the UK is going to lose out on tourism at the end of the day.”

Sun Travel has contacted Wizz Air for comment.

The money-saving experts shared a tip for people booking expensive holiday destinations

A savvy travel tip could help holidaymakers save money on trips to expensive destinations. MoneySavingExpert (MSE), founded by journalist and broadcaster Martin Lewis, often shares money-saving tips for the public. According to a previous blog post from the MSE team, some travellers could save money by booking a hotel they don’t need.

The experts explained that package holidays can sometimes offer better deals than scheduled flights for certain destinations. So travellers could save money by booking their flight as part of a package deal, then booking their preferred accommodation, assuming they’re not keen on the hotel included with the package.

MSE said: “Scheduled flights to some destinations, such as Orlando and Sri Lanka, can be silly money, yet packages there can sometimes come in much cheaper. If you only need the flight, check if there’s a cheaper package holiday, then grab it but DON’T stay in the hotel.”

The guidance added that Martin has previously had success with the trick, helping a friend book a holiday to Sri Lanka. MSE said the passenger paid £300 for the holiday to cover their flights, when the cheapest scheduled deal was over £1,000.”

In another blog post dedicated to cheap package holidays, MSE reiterates the advice. The experts explained: “If you’re going away specifically for seven, 10 or 14 days to a traditional holiday destination, package holidays are often best. They can sometimes be much cheaper than booking a scheduled flight… even if you DON’T want to use the hotel.

“For example, we found flights for a seven-day trip to Florida for £689 per person – a package holiday for the same dates was just £662 per person. It won’t always work, but it’s worth a try.”

When checking flight prices, passengers may wish to compare prices on sites such as Skyscanner. Booking on different days could help customers find the best deals.

Skyscanner says: “Flight pricing changes constantly based on demand, season and route. There’s no fixed ‘cheapest day’ to book but with the right tools, you can stay informed.

“Historically, Skyscanner pricing trends have shown that some airlines release deals late on Mondays, which may lead to lower fares early in the week. Prices tend to rise again as the week progresses and demand increases.”

Some holidaymakers wait until the last minute for deals. Skyscanner explains: “On quieter routes or off-peak travel days, prices may drop as the departure date approaches. But on popular routes or peak dates, fares often increase as the flight fills up.”

BUENOS AIRES, June 5 (UPI) — Argentine retirees have become one of the groups hardest hit by President Javier Milei’s fiscal austerity measures, which have pushed a growing number of older adults back into the workforce to supplement incomes that no longer cover the cost of living.

Over the past two years, the number of employed Argentines age 65 and older increased 12.7%, sociologist Candelaria Rueda, a researcher at the Argentina Grande Institute, told UPI.

The trend has had a particularly strong impact on women. Labor force participation among people older than 65 increased 14.5% for women, nearly four percentage points higher than the 10.8% increase recorded among men, according to a report by the think tank based on official data from the National Institute of Statistics and Census, known as INDEC.

One of those women is Patricia Guscione, 63. She worked as a teacher for decades and retired in 2021 at age 60, the legal retirement age for women in Argentina.

But rising living costs gradually eroded the value of her pension, leaving her unable to cover household expenses. When a call for retired teachers was issued in 2024, she applied. Today, she is back teaching in public schools.

“I lived on my pension for three years, but the reality is that it lost so much value that there came a point when I could no longer make it to the end of the month. I still have two teenage children who depend on me,” she told UPI.

Rueda said inflation remains a defining factor in Argentina’s economy and “causes incomes to lose value at an unusually rapid pace.”

“In addition, there has been a clear political decision to deregulate prices, which has led private health insurance premiums to rise 400% over the past two years,” she said.

At the center of the issue is Argentina’s minimum pension, the basic benefit received by more than half of the country’s retirees. It currently totals 450,300 Argentine pesos per month, or about $320. That includes a government assistance bonus that has remained frozen since early 2024.

Because the supplement has not been adjusted, the purchasing power of the minimum pension has fallen by nearly 10% compared with late 2023.

At the same time, food prices have continued to rise sharply, further reducing retirees’ spending power. Economic pressures have also intensified following cuts to free prescription drug coverage provided through the Comprehensive Medical Care Program, known as PAMI, Argentina’s main public healthcare system for retirees and pensioners.

Mario Perelli, 70, spent most of his career as an accountant, but now drives for ride-shareing platforms to supplement his income.

“I had never seen an economic situation like the one we are living through now. It keeps getting harder. I thought I had completed my working years and that retirement would allow me to enjoy life, travel and rest. Instead, I ended up driving for an app because I need to help support my household,” he said.

Juan Gómez, 76, faces a similar reality. After years working at an accounting firm, he now work for Uber and drives a taxi.

“I lived through different economic periods, and there were difficult moments under other governments, but this is terrible. I see it in retail stores, butcher shops, auto parts stores and oil-change businesses. There are hardly any customers. I hope things can be resolved and that we can move forward,” he said.

Gala Díaz Langou, executive director of the International Panel on Social Progress, linked the crisis to public spending cuts implemented by the current administration.

“In 2024, which was the year of the deepest adjustment, 19% of fiscal spending cuts were applied to the pension system,” she told UPI.

She also pointed to the continued freeze on the bonus supplement for lower pensions and the end of a program that allowed workers who had not completed the legally required 30 years of contributions to qualify for retirement benefits.

The trend of older adults extending their working lives is not limited to Argentina. It has become a regional phenomenon as Latin America faces a rapid demographic transition, lower levels of economic development and weaker social protection systems.

According to the Economic Commission for Latin America and the Caribbean, employment among older adults is increasing across much of the region because pensions are insufficient to cover basic living expenses.

“As a result, employment among retirees functions as a refuge from the shortcomings of the system rather than a choice. When someone who contributed for decades ends up cleaning houses at age 82 or selling goods on the street, what that reflects is a protection system that failed to sustain the old age it helped create,” the commission said.

Carlos Román, executive director of SeniorLab UC, an aging innovation laboratory at the Pontifical Catholic University of Chile, told UPI that 1 in 4 older adults in Latin America was part of the labor force in 2024.

He said the trend is particularly visible in Chile among older age groups, where a significant share of people who have already reached retirement age continue working.

For Román, the phenomenon raises two key questions: Under what conditions do older adults work and what drives them to remain economically active?

Regarding working conditions, he warned that labor informality rises sharply with age.

“Labor informality does not decline over time. It accelerates, rising from 27.7% among people ages 60 to 64 to nearly 48% in the next age group and exceeding 60% among those older than 70,” he said.

He added that the impact is uneven across social groups.

“Among the poorest women ages 65 to 69, nearly 9 out of 10 work without a contract or pension coverage. About half of older adults working informally are self-employed workers without access to social protection,” he said.

While some older adults continue working because they are living longer and want to remain active, Román said “the evidence shows that, in most cases, the primary reason is economic necessity.”

He contended that the trend reflects a deeper structural problem that goes beyond national circumstances.

“Aging arrived in Latin America before the region built the economic model and social protection system capable of supporting it,” he said. “Economists often summarize this reality with a phrase that has become common in regional discussions: We will grow old before we grow rich.”

He said the region’s long-term challenge is to ensure that longer life expectancy does not translate into more years of economic insecurity and precarious living conditions.

BANGKOK — With summer around the corner, soaring prices and other complications from the war with Iran are straining the tourism-dependent economies of Cambodia, Thailand, Vietnam and other countries in Southeast Asia.

The region’s peak tourist summer season is at risk as elevated jet fuel costs coupled with ceasefire uncertainties prompt flight cancellations and higher ticket prices.

Tourism in Asia has yet to fully recover from the COVID-19 pandemic. Now, many countries are coping with the war’s repercussions on global energy supplies and prices, which hit Asia first and hardest. Some families are pulling back on travel as gas and groceries get more expensive worldwide. Crowds have thinned at some places once synonymous with travel.

“With gasoline prices rising and tourism declining, how can we make money?” asked Siv Pech, a 58-year-old rickshaw driver in Siem Reap, home to Cambodia’s centuries-old Angkor Wat temple complex.

Tourism is an economic lifeline for many developing nations. It contributes nearly 13% of gross domestic product in Thailand and nearly 9% in Vietnam, and it underpins millions of jobs in Cambodia. Travelers bring in much-needed foreign currency for import-dependent economies such as the Philippines and Nepal.

Those tourism dollars are more crucial than ever as war-driven spikes in oil prices push up the cost of fuel imports, especially for parts of the world that relied on the Strait of Hormuz off Iran’s coast as a conduit for much of their oil and gas. Iran essentially shut down the strait to commercial traffic after the U.S. and Israel launched the war more than three months ago.

The war will determine which tourism businesses can survive long enough to benefit from the eventual return of travelers, said Jitsai Santaputra of the Lantau Group, an energy industry consulting firm. “This, happening within five years of each other, first the pandemic and now the war, is horrible for the tourism industry,” she said.

Travel costs

Jet fuel shortages and surging costs have led Vietnam Airlines, the Malaysia-based AirAsia group, Hong Kong’s Cathay Pacific and other carriers to cut flights or otherwise adjust schedules.

European carriers face a squeeze for similar reasons.

Airspace closures across the Persian Gulf early in the war and the intermittent closures of certain Persian Gulf airports cut off key layover locations for Asia-bound flights or forced commercial airplanes to take longer, costlier routes.

Airfares have jumped, with airlines such as Air India and Cathay Pacific implementing sharp increases in fuel surcharges.

Cathay Pacific’s fuel surcharge for medium-haul flights has jumped to $80, up from $34 before the war. For long-haul flights, it increased to $174, up from $73.

“Jet fuel prices remain at highly elevated levels” and have increased cost pressures, said Lavinia Lau, Cathay’s chief customer and commercial officer. Travelers are booking closer to their departure dates, she said, indicating growing unease.

Sandra Awodele, a freelance travel writer in the Washington area, often plans year-round international trips and hoped this summer would be when she finally crossed off Asia from her bucket list.

In March, she began planning a long-awaited vacation to Thailand, envisioning one to two weeks of exploring. Her plans hit a wall when she checked airfares.

“I looked at flight options and that’s where it ended,” Awodele said.

On the ground, rising fuel costs in tourism-dependent Southeast Asia are squeezing taxi and ride-hailing app drivers.

Pech, the Cambodian rickshaw driver, said he used to earn up to $20 a day toting tourists around Siem Reap. That’s plummeted to about $5 a day.

His gas bill eats half of that. The rest goes to food. “Some days, I don’t earn even a cent,” he said.

Slow summer expected

Tourism is vital for many regional economies, accounting for nearly 11% of economic activity in the Assn. of Southeast Asian Nations in 2019, according to the World Travel and Tourism Council.

An analysis by Moody’s Analytics estimated effects from the war would probably reduce economic growth across the Asia-Pacific region by 0.1 to 0.4 percentage points in 2026.

“The conflict will weigh on growth mainly through higher production costs and consumer prices, along with weaker external demand from trade and tourism,” said Albert Park, chief economist at the Asia Development Bank.

Higher airfares and weaker travel confidence can quickly spill over into household livelihoods and public revenues in economies where visitor arrivals are a major source of jobs, income and foreign exchange, according to a recent report by the United Nations Development Program.

Travel is often the first expense people cut when the economy worsens, said Le Tuyet Lan, who runs bed-and-breakfast properties in Vietnam’s Hanoi and Ho Chi Minh City.

In times of crisis, luxury travelers tend to shift toward mid-range options, mid-range travelers move toward budget hotels, and the cheapest tier of the market becomes the most vulnerable.

“This will disrupt the whole industry,” she said.

‘We are feeling it’

Tourism in Thailand is “a big industry and we are feeling it,” said Santaputra with the Lantau Group in Bangkok, one of Southeast Asia’s most visited cities.

The number of visitors to Thailand fell 7% year-on-year in April, while European arrivals fell almost 16% and Middle Eastern arrivals sank 57%, according to the Ministry of Tourism and Sports.

In neighboring Cambodia, Sokha Sambo, owner of the popular Sambo Khmer & Thai Restaurant in Siem Reap, said the rising price of liquefied petroleum gas used for cooking has strained her budget, hindering her ability to dish out her signature green curries.

“I’m worried about gas and goods inflation. It makes the business less profitable and difficult to cover employees’ salaries,” said Sambo, who has 14 staff members.

In the first four months of 2026, the number of recorded international and domestic visitors to Siem Reap dropped by 37.5% compared with the same period last year, according to the province’s tourism department.

“This has greatly affected all of us,” Sambo said.

Delgado and Chan write for the Associated Press and reported from Bangkok and Hong Kong, respectively. AP writers Aniruddha Ghosal in Hanoi and Rio Yamat in Las Vegas and freelance journalist Sinorn Thang in Phnom Penh, Cambodia, contributed to this report.

Jennifer Cohen has heard her peers this spring lament the precarious state of college football, with the College Football Playoff format in flux, the College Sports Commission under fire and the current model of college athletics hanging by a proverbial thread. As athletic director at USC, Cohen understands the reasons for their doom and gloom.

There’s little clarity about where things stand in college athletics right now, let alone where they’re going. Plus, it has never cost more to run an athletic department — or a football program, with the price tag of rosters exceeding $40 million this season — in part because of name, image and likeness rights.

“There’s no doubt that this last year’s been frustrating, and that’s because we tried to fly a plane and build a plane at the same time,” Cohen told The Times last week. “So it’s certainly not going swimmingly, right?”

Before discussing all that’s wrong with the current college sports landscape, Cohen wants to remind everyone that it hasn’t all been bad.

“It’s important to talk about what are the positives that came from what’s happened,” Cohen said.” And from my perspective, student athletes have benefited now more than ever, you know?”

At USC, Cohen has managed to steer the athletic department through the chaos. As costs have risen exponentially with the advent of revenue sharing, Cohen says department revenue at USC is up almost 60% over a three-year span, sponsorship values have doubled and USC donors have poured money into the Trojan Athletic Fund, which is up 707% since she started.

Jennifer Cohen, left, and university president Carol Folt, right, flash the “V for Victory” hand sign during a news conference in 2023 introducing Cohen as USC’s new athletic director.

(Ringo Chiu / For The Times)

And later this summer, USC will open a $200-million football facility — a rarity in an age when such spending has more often taken a backseat.

None of that is to say USC is immune to the coming financial crunch in college sports.

“We also have to manage expenses, and we’re trying to do that and still support what we think is part of our DNA, which is [keeping all] 23 programs,” Cohen said. “As you look at the financial benefits that football brings to this place, the more you’re gonna take those revenues from football and put it back into football and to football student athletes versus other programs, you’re gonna feel the pinch. And so we’ve tried to mitigate that with new strategies on revenue generation.”

But what about when football rosters costs balloon to $50 million … or $60 million? What about $100 million?

“Hopefully not,” Cohen said. “We’ve gotta match roster spends with revenues and, and, and, and how we run a business.”

“I don’t think there’s one simple answer to this, and I do think that we are at a point where we’ve got to figure out as an industry, how do we do this in a smart way and not just let our competitiveness get the best of us? But that’s hard when football winning is the only way that you pay your bills.”

The Times sat down with Cohen last week to discuss the state of affairs in college football and USC’s athletic department. The following conversation has been edited for length and clarity.

With college football in such an uncertain place, do you feel like there needs to be some form of outside intervention? Or some major governance change that would help solve these problems?

“I think at some point in time we’re gonna have to find something. I mean, obviously we’re a year in. So I think first we all need to look in the mirror — myself included, as a leader — and say, ‘What did we do in this new system that worked? And what have we done in this new system that doesn’t work? And the question becomes, ‘Can you get everybody across the Power Four [conferences] to do that exercise and be honest enough to find some sort of solutions together? Or do you need to start looking at other solutions? I, for one, fully believe in federal support. I understand why it’s needed. I’m somebody that spent a lot of time on that earlier in my career, and, you know, the patchwork situation of laws is not fair from a competitive standpoint. It’s also very confusing to student athletes and to their families and to our coaches. But I am absolutely not holding my breath for that.

Eric Musselman and athletic director Jennifer Cohen hold a jersey with Musselman’s name during his introductory news conference as the Trojans’ basketball coach in 2024.

(Myung J. Chun / Los Angeles Times)

“The most important place where I’m spending my energy is figuring out how we are going to win in whatever environment that we’re dealt. Because I don’t have as much control in my current role to solve for all of those national issues. I am 24/7 thinking about how USC is going to compete in whatever environment we’re in. And I feel really confident that we will. But as somebody that loves college sports, I also think that we are gonna have to find a different alternative than how we’re operating right now to have a sustainable and durable model.”

USC seems to be in a really strong place with NIL, stronger certainly than when you were hired. How would you say that USC has gotten to that point?

“ When we got here, my mantra was if you’re not ahead, you’re gonna get behind. And so there were a lot of areas that we focused on to just try to improve and get ahead, and NIL was one of them. There’s a natural ability here to be really competitive in NIL — especially in the third-party space with brands. You know, we were just looking at some data the other day just in this new CSC-NIL Go model. Our brand deals are valued 2 1/2 times more than the national average, and I think that really speaks to both USC, the city of L.A., and obviously the quality of the student athletes that we have. And I think it’s just been a strategy of embracing the new era, recognizing that it’s really cool to be able to have student athletes benefit in that new era, and it’s important, and that you have to be competitive in that space.

“And so I think it was just a matter of having intentionality in a plan and getting all of our stakeholders aligned around that plan, and it was an urgent matter to keep trying to get ahead in that space. Because if we weren’t, other people were. That’s how we’ve been tackling it, and so we’re really proud of how robust the program is now. But we’re gonna have to keep getting better at it. We’re gonna have to keep evolving.”

The Big Ten has come out in favor of expanding the College Football Playoff to 24 teams. What are your thoughts on that?

“We’re unified as a league around 24, there’s no doubt about that. And obviously that’s gaining traction in some of the other conferences as well. And so where we’re unified, USC’s gonna support that. I think that there’s merits in the 24 model. I also think there’s plenty of fair questions around that. It has to make sense for everybody. So that’s kind of where we stand on it.

USC athletic direct Jennifer Cohen wears a headset with microphone as she’s interviewed before a football game in 2023.

(Icon Sportswire via Getty Images)

“I think personally speaking, I would have absolutely no problem staying at 12. I think we’ve experienced a lot of change in college sports and in college football. I think we need to understand how that change is impacting not just us, but our fans and others. And so if we end up at 12, I’m confident that we’re gonna find our way in that 12 every single year. And again, uh, that’s where my focus is. I mean, I am nonstop thinking about how USC athletics can compete in whatever model that we’re in, and I feel really good about the plans that we are developing and will continue to develop because we’re gonna have to keep changing to, to make sure that we’re competitive.

Being that it’s now Year 5, is it fair to say that the expectation is that Lincoln [Riley] needs to take USC to the Playoff this year?

“The expectation has always been the same. That’s the thing, that’s the reason why I came here, is that the standard is high. We do expect to make the playoff. We do expect to have a championship run. We do expect to be competing for championships every single year. I think that’s what’s awesome about USC, is that that’s what we all expect of it. And I know that I’m not the only one that expects that. I know our fans expect that. I know that he expects that. And so I really like this team. I really like the kids that we brought in. I love the returners. I love the leadership of this team.

“We’ve got some really outstanding older young men in this program that get it, that have been through a lot and really care about this place and this program. The young guys are awesome. They’re really challenging the older guys. So I feel really good about the talent level of this team, and I feel really good about what Lincoln’s done. I think with this staff, I think we have a highly competitive staff. I think we have a really experienced staff. And then you can’t dismiss what Chad’s accomplished. You know? I think that that’s been the benefit of bringing in not just Chad, but an entire front office staff, taking the pressure off of Lincoln, taking the pressure off of the other coaches so that they can be at their best. I mean, he’s been really energized about that and really focused on taking the strengths that he has. So yeah, the expectation, I mean, we haven’t been shy about that. We expect to win, and I, I feel confident that we’re going to.”

British holidaymakers are increasingly seeking out budget-friendly European breaks

British holidaymakers grappling with spiralling travel costs are increasingly turning their backs on pricey resorts in favour of wallet-friendly destinations where a pint can still be enjoyed for under £2.50.

The most affordable European spots for travellers keen to keep their spending in check have been revealed, with southern Italy, Portugal and Spain leading the way. Puglia in Italy and Vilamoura in Portugal came out on top for inexpensive beer, with visitors able to snap up a draught pint for just £1.74, according to research by Zable.

Seville ranked third at £2.06 per pint, while destinations such as Gran Canaria, Faro, Madeira and Tenerife all clocked in at an average of £2.18. The findings emerge as countless families hunt for methods to slash holiday expenses amid ongoing strain on household finances.

Researchers examined flight costs, accommodation prices, tourist levies, supermarket shopping, dining out expenses and attraction fees across 49 destinations to identify where travellers receive the strongest overall value.

Cheapest European hotspots for a pint

Destination – Pint price – Av 5-night accommodation

Puglia, Italy – £1.74 – £516

Vilamoura, Portugal – £1.74 £1,592

Seville, Spain – £2.06 – £667

Plovdiv, Bulgaria – £2.07 – £386

Lanzarote, Spain – £2.18 – £830

Gran Canaria, – Spain £2.18 – £536

Faro, Portugal – £2.18 – £965

Madeira, Portugal – £2.18 – £1,031

Tenerife, Spain – £2.18 – £777

Tirana, Albania – £2.26 – £315

Puglia was highlighted as among Europe’s most budget-conscious destinations owing to its blend of bargain beer prices, complimentary attractions and comparatively affordable lodging. The region boasts nearly 15 hours of daylight throughout the height of summer, alongside its renowned beaches, olive groves and ancient towns.

Vilamoura equalled Puglia on beverage costs, though accommodation expenses were notably steeper due to demand for the Algarve resort’s marina, golf courses and vibrant nightlife scene. Meanwhile, Albania’s capital Tirana came out as the most affordable overall destination for a five-night getaway once flights, accommodation and daily expenses were factored in.

A typical five-night stay there totals £492.31, the study revealed. The report also identified Kotor in Montenegro as the top-value underrated destination overall, benefiting from reasonably priced flights, minimal tourist taxes and a wealth of attractions.

Cheapest destinations overall for a five-night trip

Destination – Country – Total cost

Tirana – Albania – £492.31

Plovdiv – Bulgaria – £558.10

Zagreb – Croatia – £651.06

Puglia – Italy – £690.37

Gran Canaria – Spain – £761.06

Seville – Spain – £802.47

Fuerteventura – Spain – £844.13

Bari – Italy – £914.81

Tallinn – Estonia – £953.11

Kotor – Montenegro – £974.03

Travellers opting for self-catering accommodation could slash their grocery bills by choosing destinations such as Sopot in Poland, where a standard supermarket shop costs just £30.74.

Cheapest destinations for grocery shopping

Destination – Country – Grocery basket

Sopot – Poland – £30.74

Vilamoura – Portugal – £31.19

Kotor – Montenegro – £31.63

Benidorm – Spain – £31.93

Dubrovnik – Croatia – £32.44

The research also spotlighted the growing trend of so-called “destination dupes”, where holidaymakers ditch pricey long-haul destinations for more affordable European alternatives boasting similar climates. Amongst the recommended alternatives were Capri instead of the Maldives, Mallorca instead of Hawaii and Sardinia instead of Costa Rica.

Arielle Rogers-Jenkins, senior product manager at the credit card company, Zable, said: “Planning a holiday often means balancing the experiences you want with the budget you have available. “Our research shows that travel costs can vary significantly between destinations, so choosing locations that align with your budget can make a real difference to the overall cost of a trip.”

To combat rising fuel prices, a UK holiday park is offering to reimburse guests through its newly launched ‘Fuel Cover’ scheme this summer

One of Britain’s largest holiday park operators is offering to reimburse fuel costs for guests travelling to their locations, as prices keep climbing. With oil prices at their highest level since 2022 because of tensions in the Middle East, petrol, diesel, and aviation fuel prices are being transferred to consumers.

As a results, Hoseasons is offering to refund the money spent getting to their sites this summer, through its recently introduced ‘Fuel Cover’. It comes after research revealed 15.4 million Brits (28%) have altered holiday plans this year because of increasing costs.

Nearly six in 10 of the 2,000 adults surveyed said the expense of going away, including travel, fuel, and spending while there, are deterring them from booking a trip this summer.

“UK breaks remain a hugely popular option for families looking for flexibility, value and quality time together, giving people the chance to properly switch off and reconnect closer to home,” Simon Altham, chief operating officer for the brand said.

“We know rising travel costs are becoming a bigger consideration for many holidaymakers this summer. Fuel, in particular, can quickly add to the overall cost of a trip, especially for families travelling during peak holiday periods.

“That’s why we wanted to help ease some of that pressure and support people continuing to take the UK breaks they were already planning this summer.”

The research, carried out on behalf of the brand, revealed that 7.6 million (27%) of those planning a UK holiday admitted they will cover shorter distances for a domestic getaway this year, with those driving expecting to spend an average of £68 on fuel.

Amongst those still intending to take a break, 26% have set a reduced overall budget for their trip, while 23% are seeking self-catering accommodation. Similarly, many stated they are actively hunting for cashback or money-saving deals prior to booking.

Two thirds believe holiday firms need to do more to encourage people to book trips in the current climate.

Hoseasons customers can claim back up to £75 in fuel costs through its new Fuel Cover initiative per booking between 20 May and 30 August for travel before 30 September. Bookings must be made by phone and quoting the code “FUEL75”.

Simon Altham from Hoseasons said: “Travel costs are one of the biggest considerations for holidaymakers at the moment. Fuel, in particular, can quickly become one of the biggest extra costs for families travelling during peak holiday periods.

“That’s why we’ve designed the offer to ease some of the pressure and help families make the most of their summer breaks.”

ONE of Britain’s biggest holiday park operators is offering to cover the cost of customers’ fuel to get to their sites as prices continue to skyrocket.

With oil prices hitting their highest since 2022 due to ongoing tensions in the Middle East, petrol, diesel, and plane fuel costs are being passed on to consumers. 

As a result, Hoseasons is offering to pay back the money spent travelling to their sites via its newly launched ‘Fuel Cover’ scheme this summer.

It follows research which found 15.4 million Brits (28 per cent) have changed holiday plans this year due to rising costs. 

Nearly six in 10 of the 2,000 adults polled said the hidden costs of going away, including travel, fuel and expenses while there, are putting them off booking a trip this summer.

Simon Altham, chief operating officer for the brand, which commissioned the poll, said: “UK breaks remain a hugely popular option for families looking for flexibility, value and quality time together, giving people the chance to properly switch off and reconnect closer to home.

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“We know rising travel costs are becoming a bigger consideration for many holidaymakers this summer.

“Fuel, in particular, can quickly add to the overall cost of a trip, especially for families travelling during peak holiday periods.

“That’s why we wanted to help ease some of that pressure and support people continuing to take the UK breaks they were already planning this summer.”

The study also found, 7.6 million (27 per cent) of those planning a UK break admitted they would travel shorter distances for a UK getaway this year. 

Those travelling by car expect to spend an average of £68 on fuel for their next UK holiday journey.

Rising costs are also influencing where people travel, with 28 per cent now more likely to choose a UK break over going abroad.

Among those still looking to get away, 26 per cent have set a lower overall budget for their trip, while 23 per cent are looking for self-catering accommodation. 

A similar proportion (23 per cent) said they’re actively seeking cashback or money-saving deals before booking. 

Despite the financial pressures, the research carried out through OnePoll found 56 per cent of those planning to holiday this year are still likely to book a getaway this summer. 

And 61 per cent believe holiday companies need to do more to encourage people to book trips in the current climate. 

Hoseasons customers can claim back up to £75 in fuel costs through its new Fuel Cover initiative per booking between 20 May and 30 August for travel before 30 September. Bookings must be made by phone and quoting the code “FUEL75”.

Simon Altham from Hoseasons added: “Travel costs are one of the biggest considerations for holidaymakers at the moment.

“Fuel, in particular, can quickly become one of the biggest extra costs for families travelling during peak holiday periods.

“That’s why we’ve designed the offer to ease some of the pressure and help families make the most of their summer breaks.”

It’s been years since Los Angeles County voters met a sales tax they didn’t like.

They agreed to pay half a cent more at the cash register to fund buses, trains and pothole fillings in 2016. The next year, they gave a quarter-cent more to fund homeless services. In 2024, voters bumped it up to a half–cent.

But with the electorate in a dour mood and reeling from rocketing gas prices, some speculate voters’ willingness to tax themselves may be dwindling as ballots arrive for the June 2 primary election.

“This is going to be a tougher year for taxes than prior years,” said former supervisor Zev Yaroslavsky, who pushed through a property tax ballot measure in 2002 to fund the county’s trauma care network. “There’s a limit to the tolerance people have for increasing their own taxes.”

Los Angeles County voters will soon decide whether they want to pay a temporary half-cent sales tax to shore up the region’s public healthcare system, which is facing dramatic federal funding cuts. Officials estimate the county will lose more than $2 billion in healthcare funding over the next three years.

The county currently has a base sales tax rate of 9.75%, and cities impose additional local taxes on top of that. If approved, the tax would take effect Oct. 1 and last for five years. The exact tax rate would vary depending on the city.

Voters haven’t said no to a sales tax hike since 2012, when a transportation measure fell just short with 66.1% support. It needed 66.7% to pass.

The healthcare sales tax has a lower bar to clear. The supervisors voted to put the measure on the ballot as a general tax, which gives them more leeway with how the money is spent and only requires a simple majority to pass.

But even that threshold may prove difficult. Polling from March suggested the measure was losing among L.A. city voters, who are often more generous than county voters at large. Angelenos will also find their ballot crowded with other tax hike proposals, which may leave some voters feeling picky.

“People have a very discerning instinct,” said Yaroslavsky. “They will pick and choose what they think is important.”

Despite no organized opposition, a flurry of cities, as well as the editorial board of the Los Angeles Daily News, have loudly spurned the idea, arguing it will make the region even less affordable.

“It’s just terrible timing,” said Paul Little, the head of the Pasadena Chamber of Commerce. “Costs are going through the roof for everything.”

With weeks to go until election day, healthcare workers and advocates supporting the measure have gone full steam ahead with mailers, marches and a social media campaign depicting a wallowing penny finding its lost sense of purpose with the measure. The campaign’s top funders are St. John’s Community Health and SEIU, who frame the measure as life or death for thousands of uninsured residents.

“Think about that person you know in your family who is asthmatic and relies on that inhaler, who has rheumatoid arthritis, who is diabetic,” said Supervisor Holly Mitchell at a recent town hall held in support of the measure. “And think about whether or not you’re willing to spend a half a penny — 50 cents on every hundred dollars — to make sure that that family, friend or neighbor gets what they need to be healthy.”

The supervisors voted 4-1 to put the sales tax on the ballot. Supervisor Kathryn Barger was the lone no vote.

Supporters say the One Big Beautiful Bill Act, signed by President Trump last July, is an existential threat to the public health system, leaving the county without reimbursement for the medical care of many Californians who are losing Medi-Cal coverage. The looming multibillion-dollar hole in the budget raises the prospect of hospital cutbacks, staff layoffs and possible emergency room closures, they say.

You won’t even see the fees being added

Most holidaymakers assume using their normal bank card abroad is fine. But Martin Lewis says a simple switch to a specialist card could save you from paying an extra 2.75% to 3% on every single purchase – a hidden fee that quietly adds to your bill without you even noticing.

In a clip shared on This Morning’s official TikTok, the MoneySavingExpert founder explained how most high street banks add a “non-sterling exchange rate fee” when you spend abroad. Ignore it and a £100 purchase effectively costs you £103. Switch to one of the specialist cards he recommends, and you get the same near-perfect exchange rates the banks use – without the markup.

Martin started by explaining what happens when you spend on plastic overseas. “Your bank gets a near perfect exchange rate on the day – the same as what’s called the spot rate, the city market rates. When you spend on your card abroad though, normally the card company adds what’s called a non-Sterling exchange rate fee of between 2.75 or 3%,” he said. “So your hundred pounds worth of euros cost you £103.”

The solution, he explained, is using specialist cards. “With the specialist cards, they don’t have that. So you get the same near perfect exchange rates that the banks or the card firms do.”

As for which cards to choose, Martin noted there are quite a lot available now. He judges them on the cashback they give you. The Barclaycard Rewards credit card is currently giving 0.25% cash back on spending in the UK and abroad. “So you get perfect exchange rate and cashback,” he said.

He added a crucial warning for anyone using a credit card: “Only do this if you’ll pay it off in full at the end of every month, or there is interest. That will credit score you to get it.”

For those who prefer a debit card or don’t want to undergo a hard credit check, Martin offered two alternatives. “The easiest one to get is the Chase card, which you can apply for without switching banks and only does a soft credit check, so it doesn’t mark your credit file, and virtually everybody can get it,” he said. It offers near-perfect exchange rates, no ATM withdrawal fees, and some cashback on UK spending.

Alternatively, for those willing to switch banks: “First Direct, if you’re willing to switch bank to it, will give you a near perfect exchange rate fee debit card and pay you £175 quid if you switch bank to it.”

A spokesperson for travel experts Lapland Famille said: “When spending abroad, choosing the right payment method makes a real difference. Specialist cards often work out far cheaper than standard bank cards. And if you’re ever asked to pay in pounds or the local currency, always choose the local currency – paying in cash locally is another good way to avoid hidden conversion fees.”

With no need to switch your main bank account for the easiest option, Martin’s advice shows that cutting the cost of spending abroad may be simpler than many travellers think – as long as you pick the right card before you go.

Caught between rising inflation and slowing growth, the United States Federal Reserve, the European Central Bank and the Bank of England are keeping interest rates and borrowing costs steady.

That’s despite rising energy bills, fuel and food costs squeezing businesses and households worldwide.

The International Monetary Fund is warning of a global slowdown, and no one knows how long the energy shock set off by the US-Israel war on Iran will last.

The impact will be felt hardest in emerging markets and developing nations. Central banks face a tough choice: fight rising prices or support a weakening economy.

A MAJOR airline boss has said that the ongoing fuel crisis is causing more problems than Covid did.

AirAsia chief executive Tony Fernandes said the quick increase in jet fuel overnight was “much worse”.

He told the FT: “I thought I’d seen it all with Covid but having seen jet fuel go up almost three times – this is much worse.

“You wake up one day and your major cost has tripled – it was quite a new experience for me and I’ve been through a lot in my life.”

This was backed by the Chancellor of Germany earlier this year who said if it continues, it would affect the European economy as “heavy as we recently experienced during the Covid pandemic”.

The closure of the Strait of Hormuz since March has already caused problems for airlines, due to shortages of fuel.

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Airlines have been forced to cancel thousands of seats, with European airlines such as Lufthansa and Scandinavian Airlines already scrapping routes this month.

Globally, major airlines such as United, Cathay Pacific and Emirates have all reduced capacity as well.

Data from Cirium estimated that there were two million fewer seats on sale in May compared to predicted.

American budget airline Spirit Airlines was even forced into administration, citing the higher jet fuel costs as a major cause.

Thankfully, UK airlines are yet to be massively affected, with most tour operators confirming that holidays are still going ahead as planned.

The only disruption is to the Middle East with destinations like Dubai still on the travel ban list.

On The Beach has even launched a new initiative for travellers this summer, where, if their flight is cancelled, they will get a refund on the same day.

However, Ryanair boss Michael O’Leary warned that unless fuel prices dropping, airlines are at risk of failing this summer.

According to Politico, he said: “If pricing stays higher for longer this summer, we think a number of our airline competitors in Europe are going to face real financial difficulties. I think there will be failures.”

To protect passengers from last minute travel chaos, the Department for Transport has also revealed new measures which will allow airlines to cancel flights up to two weeks in advance, without losing their airport slots.

Transport Secretary Heidi Alexander said it would “give families long-term certainty and avoid unnecessary disruption at the departure gate this summer.”

But Which? Travel Editor Rory Boland warned: “Many passengers will understand that disruptions can occur and may be happy to travel a few hours or a day later.

“But for those on short trips or connecting flights it could mean the trip is no longer worthwhile.”

ASEAN leaders have begun meeting in the Philippines as residents near the summit venue say their main concerns are soaring fuel prices and living costs. The regional bloc enters what officials describe as a “stress test decade”, facing issues stemming from the Iran conflict since so many member states are heavily reliant on energy from the Gulf.

Warner Bros. Discovery’s impending sale has rattled Hollywood — and the company’s balance sheet as the auction’s high costs increasingly come into focus.

The New York-based media company released its first-quarter earnings Wednesday, which included a $2.9 billion loss. That amount includes $1.3 billion in restructuring expenses, including updated valuations for Warner’s declining linear cable television networks.

Contributing to the net loss was the $2.8 billion termination fee paid to Netflix in late February when the streaming giant bowed out of the bidding for Warner. The auction winner, Paramount Skydance, covered the payment to Netflix but Warner still must carry the obligation on its balance sheet in case the Paramount takeover falls apart. Should that happen, Warner would have to reimburse Paramount.

Warner also spent another $100 million to run the auction and prepare for the upcoming transaction, according to its regulatory filing.

“As we prepare for our next chapter, our focus remains on executing our key strategic priorities: scaling HBO Max globally, returning our Studios to industry leadership, and optimizing our Global Linear Networks,” Warner Bros. Discovery leaders said Wednesday in a letter to shareholders.

Warner generated $8.9 billion in revenue, a 3% decline from the same quarter one year ago, excluding the effect of foreign exchange rate fluctuations.

Its streaming services, including HBO Max, notched milestones in the quarter and 9% revenue growth to $2.9 billion. The company launched HBO Max in Germany, Italy, Britain and Ireland during the quarter.

Advertising revenue for streaming was up 20% compared to the first quarter of 2025.

The streaming unit posted a 17% increase to $438 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

Warner’s studios, primarily its TV business, had a strong quarter.

Studios revenue rose 31% to $3.1 billion, compared to the prior year quarter.

Television revenue soared 58% (excluding exchange rate fluctuations) due to increased program licensing fees to support the launch of HBO Max in international markets. Those launches also propelled the movie studio, which saw revenue increase 21%.

Video games revenue declined 30% because of lower library revenues.

Adjusted EBITDA for the studios grew $516 million (158%) to $775 million compared to the prior year quarter.

The company’s vast linear television networks saw revenue fall 9% to $4.4 billion compared to the prior year period.

TV distribution revenue tumbled 8% largely due to a 10% decrease in domestic linear pay TV subscribers.

The company also felt the loss of its NBA contract for its TNT channel, which NBC picked up. Advertising revenue fell 12%. “The absence of the NBA negatively impacted the year-over-year growth rate,” Warner said.

As the costs of the merger with Paramount come into clearer focus, the opposition has grown louder.

More than 4,000 artists and entertainment industry workers, including Bryan Cranston, Noah Wyle, Kristen Stewart and Jane Fonda, have signed an open letter warning about the dangers of the merger with Paramount. “This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries — and the audiences we serve — can least afford it,” according to the letter.

“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”

Adjusted EBITDA for the television networks fell 10% to $1.6 billion, compared to the prior year quarter.

Warner ended the quarter with $3.3 billion in cash on hand and $33.4 billion of gross debt.

Published on
06/05/2026 – 15:39 GMT+2

The surge in jet fuel prices has become a primary concern for the European travel industry, with Lufthansa finding itself at the centre of this crisis.

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According to Lufthansa’s latest earnings report, the airline expects an additional €1.7 billion ($2bn) fuel cost burden in 2026 as soaring jet fuel prices continue to weigh on the industry.

The need to avoid certain airspaces has led to longer flight times, which naturally increases consumption. These adjusted routes also require more staff hours and higher maintenance cycles, adding layers of complexity to an already strained global supply chain.

As reported by Euronews, global airlines have already cancelled approximately 13,000 flights this May, while Lufthansa alone has axed 20,000 short-haul flights through to October in a bid to cut fuel consumption.

This reduction in capacity is a direct response to the unsustainable cost of operating older, less fuel-efficient aircraft during price peaks.

While Lufthansa has managed to stay profitable, the jet fuel price spikes have forced the firm to advise passengers to book their holidays as early as possible to avoid further surcharges.

The company is currently investing heavily in its “fleet modernisation” programme to mitigate these risks in the long term, though the immediate impact of fuel volatility continues to weigh on the balance sheet.

Lufthansa remains committed to its financial targets, but the volatility of the global oil market remains the largest variable in its 2026 outlook.

“We are satisfied with the first quarter […] at the same time, the current situation compels us to rigorously examine every lever available to reduce costs, improve efficiency and mitigate risks in order to maintain our ability to act decisively. Our annual profit will likely be lower than originally anticipated,” CFO Till Streichert stated.

The Lufthansa Group has announced a landmark financial performance, revealing that it generated the highest revenue in its history in 2025. Revenue rose by 5% compared with the previous year to €39.6 billion.

According to the latest figures, the airline group also saw its operating profit grow by 20% compared with 2024, highlighting a robust recovery in passenger demand.

In the first quarter of 2026, year-on-year revenue climbed 8% despite challenges linked to the conflict involving Iran, including €1.7 billion in additional costs caused by volatile jet fuel prices and the suspension of dozens of routes.

The firm kept its capacity broadly stable with slight growth in long-haul traffic compensating for capacity reductions in short and medium-haul segments.

Lufthansa Technik and Lufthansa Cargo also significantly contributed to earnings with demand for maintenance, repair and overhaul services increasing, as well as through the marketing of ITA Airways’ cargo space.

Global demand for air travel remains high and continues to prove resilient even in times of crisis, as Lufthansa Group again expects a strong summer travel season.

“In the first quarter, we significantly improved on the previous year’s financial results […] but the ongoing crisis in the Middle East, combined with rising fuel costs and operational constraints, poses enormous challenges for the world as a whole, for global air travel and for our company as well,” CEO Carsten Spohr stated.

“However, we are resilient in our ability to absorb these impacts. This applies both to our above-average hedging against fuel price fluctuations and to our multi-hub, multi-airline strategy, which provides us with greater flexibility in our route network and fleet development,” Spohr added.

US budget carrier Spirit Airlines shuts down after talks for a government bailout failed, leaving 17,000 workers jobless and many passengers stranded. Rising fuel prices from the US-Israel war on Iran partially blamed for Spirit’s rapid decline.