Korean Air Takes Emergency Action as Fuel Prices Soar

Korean Air has entered emergency management mode due to soaring jet fuel costs triggered by the ongoing conflict with Iran and global economic impact. The airline's Vice Chairman Woo Ki-hong communicated plans for company-wide cost efficiency measures to ensure financial stability. Separately, Singapore residents will experience increases in electricity and town gas tariffs for Q2, with further hikes anticipated later this year, attributed to escalating global fuel costs driven by the Middle East conflict. Meanwhile, Kenya is shielding its fuel supply and prices from global instability through a Government-to-Government import deal amid tensions in the Middle East.