EU and airlines disagree on fuel shortage concerns

The BBC's World Business Report examines the escalating crisis in global aviation caused by soaring jet fuel prices following disruptions in the Strait of Hormuz, with airlines like AirAsia and Spirit Airlines facing existential threats. AirAsia's Tony Fernandes claims the current fuel crisis is worse than COVID-19 due to heightened consumer expectations and limited industry flexibility, despite airlines passing costs to passengers and governments offering tax relief. Meanwhile, the European Union maintains that fuel price volatility is not an 'extraordinary circumstance' justifying flight cancellations without passenger compensation, emphasizing existing rights and the need for clear guidance. The episode also explores the booming market for oral weight-loss pills, particularly Novo Nordisk’s Wegovy, which is selling at twice expected rates and could reshape the $100 billion obesity drug industry. In fashion, EU legislation is pushing brands toward sustainability through mandatory QR codes and a ban on destroying unsold goods, accelerating the resale economy. Finally, a German tourist successfully sued tour operator TUI over unfulfilled sun lounger expectations, highlighting growing consumer rights in package holidays. Despite global supply chain shocks, energy giants like Shell are reaping record profits, underscoring the uneven burden of inflation on consumers and industries.