Wallet Turbulence: The Fuel-Price Crunch That’s Turning Into a Disaster for Airlines and Passengers (Wall Street Journal)

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Across the world, airlines have been trying to deal with rising fuel costs that are threatening to add billions of dollars in unexpected expenses this year, forcing carriers to raise fares and trim routes to stem their mounting costs, the Wall Street Journal reports. 

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Budget carriers are especially squeezed, but the finances of larger companies are also suffering, while passengers face sticker shock from travel costs.

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It is a radical turn of events for businesses that started 2026 forecasting that travel demand would fuel strong profits and touting plans to expand routes and open new lounges.

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American Airlines in April estimated its fuel costs would jump by $4 billion and warned that it could lose money in 2026. United Airlines also slashed its profit outlook, according to the Journal. 

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Growing pressure from jet fuel is widening the gap between big carriers, which believe they can manage by raising fares and cutting flights, and smaller players that are being pushed closer to the edge. Longtime airline executives say they are pulling out the familiar playbook: raising fares and cutting flight schedules.

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Airfares have gone up five times since the Iran war squeezed jet fuel supplies, sending prices soaring. A sixth price increase was underway late last month, according to executives.

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Travelers are absorbing much of the hit from higher prices so far, the Wall Street Journal reports. 

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No Spirit Left: Spirit Airlines Shutdown Sends Travelers Rushing to Find Flights (Bloomberg)

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The collapse of Spirit Airlines is cascading through airports across the US, leaving passengers stranded mid-journey and sending rival carriers into rapid-response mode to contain the damage.

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Spirit Aviation canceled all flights and told customers not to go to the airport after failing to secure emergency funding, ending a tumultuous period marked by its bankruptcy filings in August and mounting losses. The final blow came as surging fuel prices, driven by the war in Iran, squeezed liquidity, while a proposed $500 million government bailout fell apart.

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Spring Temperature Whiplash Is Getting Worse With Climate Change (Bloomberg)
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Dramatic temperature jumps marked this March and April in the US Northeast, making it hard to know what to dress for: chilly or sweltering conditions? Researchers have concluded that wild temperature swings are becoming more common as the world heats up.

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That’s changing how we experience spring, with plants blooming sooner and consumers rushing to buy more warm-weather goods earlier in the year.

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Consider this April 23, when the temperature in New York City hit 73 degrees Fahrenheit shortly before 4 p.m. — a full 28 degrees higher than it had been 12 hours earlier. On April 13, the high was 79 — 30 degrees above the overnight low — while on April 4 the temperature fell to 42 from 73. Those jumps are bigger than the month’s average daily fluctuation of 17 degrees at Central Park’s weather station. Fluctuations over multiple days are also growing larger.

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Springtime weather is naturally wild. But the size of recent temperature shifts points to the influence of climate change, experts say.

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Greenhouse gas pollution, as well as kick-starting spring earlier in the year, may be adding spikiness to daily highs and lows. Temperatures are rising earlier across the Earth’s temperate band; a hotter Gulf of Mexico is pushing warm air north; a wobblier jet stream lets more cold Arctic air travel south. In other words, the ingredients are ripe for surprises.

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More than 60% of the globe has experienced more common, intense and rapid temperature flips since 1961, a trend that is expected to worsen, according to a 2025 study. 

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Weather Volatility I: So Much for Spring, NYC. Winter is 'Giving Us One Last Punch in The Face.' (The Gothamist)

Spring can’t seem to make up its mind. After a taste of summer earlier this season, New Yorkers endured another weekend in jackets — and forecasters say the chill isn't going anywhere soon.

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A brief reprieve arrives early this week with temperatures in the low 70s today, and approaching 80 degrees on Tuesday.

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But then it’s back to unseasonably cool weather through at least the middle of the month, said John Homenuk of New York Metro Weather.

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Weather Volatility II: Warm, Wild Weather Puts Europe on Storm and Drought Watch in May (Bloomberg)

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Europe is set for weeks of erratic and increasingly warm weather over the coming month, raising the risk of storms, early-season drought stress and increasing cooling demand.

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Detour Ahead: Trump Vows 25% Tariff on European Autos in Escalating Trade Rift (Bloomberg)

President Trump said he was raising tariffs on cars and trucks from the European Union to 25%, claiming that the bloc had failed to fully comply with a trade agreement negotiated with the US.

Speaking to reporters at the White House on Friday, Trump reiterated his claim that the EU was “not adhering” to their agreement, without providing more details, and said the levies would force their automakers to “move their factory production much faster” to the US.

The decision injects fresh volatility into an auto industry that’s still adapting to Trump’s whipsawing trade policies from last year, which significantly increased costs and squeezed profits for carmakers and their suppliers. Trump has pushed automakers to expand their US manufacturing operations by imposing tariffs on vehicles and parts that cross the border, even from countries with prior trade agreements.

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Empty Benches: US Department of Justice Loses a Quarter of Its Lawyers (Financial Times)

The US Department of Justice has lost more than a quarter of its lawyers, with thousands quitting or being fired as Donald Trump’s administration has ousted those who worked on now-disfavored cases and used the agency to target opponents.

The departures have left the DoJ, which says it is the world’s single largest employer of attorneys and was previously a magnet for ambitious lawyers, struggling to fill its ranks at a time when Trump has talked up the importance of law enforcement and the government is fighting a large number of lawsuits, the Financial Times reports.

Shock Poll: Trump Approval at Record Lows, Independent Voter Support Collapses to 25% (ABC News)
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Health Status: Former NYC Mayor Rudy Giuliani in Critical Condition, Trump Says (Bloomberg)

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Today in Australia: Sanae Takaichi Visits Australia to Bolster Economic, Defense Ties (Bloomberg)

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Japan’s prime minister is visiting Australia to strengthen ties with one of her country’s strongest allies, as she seeks to build on an updated regional strategy that faces challenges from both Beijing and Washington.

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Sanae Takaichi touched down late Sunday in Canberra for the three-day visit, which will focus on defense, critical minerals and broader economic security.

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The two countries have grown increasingly concerned about the changing security and economic environment in the region, with Japan taking a more assertive military stance and looking to build economic ties and stable supply chains with nations such as Vietnam.

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Alert Level 3: Philippines Says Thousands Evacuated as Mayon Volcano Erupts (Bloomberg)

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The Philippines said on Sunday that thousands of people have evacuated the area south of Manila after Mayon Volcano erupted, and authorities advised the public to stay out of the six-kilometer-radius danger zone.

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The volcanology institute issued Alert Level 3 in its five-step scale as it reported “strombolian activity and short-lived lava fountaining,” from one of the Southeast Asian nation’s most active volcanoes. It warned of landslides and lava flows.

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Bot Brokers: AI Agents Are Becoming Day Traders, but Gains Are Elusive (Bloomberg)

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Across equities, crypto and prediction markets, a growing legion of retail traders are training AI agents to buy and sell assets on their behalf. It’s a sign of a new era in retail investing, where traders believe that AI-powered tools can produce better investment outcomes — and that anything still done manually is a process waiting for improvement.

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Open-source platforms such as OpenClaw allow users to talk to their AI agents through accessible messaging apps like WhatsApp and Telegram, attracting hordes of wannabe stock-pickers without a tech-school resumé. All they have to do is connect an AI model to the system, then let it loose with simple instructions.

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Education News: Global Scholars Launches Alumni Network (Global Cities)

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In conjunction with Bloomberg CityLab in Madrid, Global Cities Founder and President Marjorie B. Tiven last week announced the launch of the Global Scholars Alumni Network.

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A decade after first meeting one another through virtual exchange,

Global Cities welcomed alumni from 9 cities across 7 countries for in-person collaboration. 

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Their focus: elevating youth voices in sustainable urban design. Their foundation: a shared global perspective first built at ages 10–13 through virtual exchange, grounded in cultural understanding, respect for diversity, and active global engagement.

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That early investment in global competency education is proving its value. These young adults are demonstrating what’s possible when collaboration transcends borders to tackle complex, shared challenges. Learn more about the Global Scholars program here. 

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Historic Horserace: Golden Tempo Wins Kentucky Derby, Giving Trainer Cherie DeVaux a Momentous Victory (New York Times - The Athletic)

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Golden Tempo raced from the back of the pack to win the Kentucky Derby on Saturday, holding off morning-line favorite Renegade at the finish and making Cherie DeVaux the first female trainer to claim victory in a race that was being run for the 152nd time.

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Golden Tempo, who was a 23-1 long shot at post time, was well off the lead at the top of the stretch. Then jockey Jose Ortiz urged the horse on, and Golden Tempo thundered past the rest of the field, with Renegade following suit. Ocelli, an also-eligible horse that got into the field during the week and went off at 70-1, was third.

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"President Trump met with the Artemis II astronauts in the Oval Office, and told them "I like space," which is actually a direct quote from Melania's wedding vows."
-- Michael Che

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On the news of Spirit Airlines shutting down:

"The airline stranded thousands of passengers at airports with no employees manning any of the check-in desks. Spirit said they were proud they were still maintaining their normal level of service."
-- Colin Jost

On Secretary of Defense Pete Hegseth revealing that the war in Iran has already cost the US $25 billion:

"How has the war already cost $25 billion, what are we bombing them with, White House ballrooms?"
-- Colin Jost 

And from the Cold Open: Pete Hegseth (Colin Jost) and Kash Patel (Aziz Ansari) answer reporters' questions about the war in Iran. Click the photo below to watch.

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