The global airline industry is set to return to profitability again next year following a near three-year downturn. The International Air Transport Association says it expects the industry to post a “small” net profit of $4.7 billion in 2023, with more than 4 billion passengers set to take to the skies. The group says its predictions mark a “step in the right direction” for an industry clobbered by pandemic-induced travel restrictions and resultant staff shortages.
The International Energy Agency says renewables are on course to overtake coal and become the planet’s biggest source of electricity generation by the middle of this decade. The agency predicts a major shift within the world’s electricity mix at a time of significant volatility and geopolitical tension. The IEA expects renewables to account for nearly 40% of worldwide electricity output in 2027, coinciding with a fall in the share of coal, natural gas and nuclear generation.
Futures are lower after stocks closed sharply lower yesterday. The Dow Industrials fell 350, the Nasdaq lost 225 and the S&P 500 dropped 57.
