EasyJet to slow hiring as it warns of higher fares by summer [Yahoo! Finance]
EASYJET PLC S/ADR (ESYJY)
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Source: Yahoo! Finance
EasyJet will slow hiring after warning that the Middle East crisis could push up air fares by the summer. The low-cost carrier plans to leave vacant posts unfilled for longer while flight frequencies could be reduced on some weaker routes to preserve cash. Airlines are bracing for higher jet fuel prices after the effective closure of the Strait of Hormuz dented supplies, forcing them to trim costs. For customers, it means that ticket prices will probably rise this summer as fuel hedges that have helped contain fare increases come to an end, said Kenton Jarvis, easyJet's chief executive. The airline is “?hedged” on around 80pc of its fuel needs for the first half of the year, but that diminishes to 60pc ?in the second, which includes the peak summer months. Mr Jarvis said: “The reality is that prices will start feeding through to the consumer towards the back end of the summer, but equally it depends what happens to fuel prices.” Mr Jarvis has previously urged passengers t
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