Asia

AirAsia's Tony Fernandes calls the jet fuel shortage worse than Covid for airlines, and the numbers back him up. Asian carriers have slashed 2 million seats amid soaring oil prices driven by Middle East conflict, with 27,000 flights to West Asia disrupted. Unlike Covid, which killed demand, this crisis combines peak travel appetite with supply-side fuel constraints. The industry body warns Asia faces the earliest impact during summer peak season, precisely when carriers need maximum capacity to make annual profits.

Swedish private equity giant EQT raised $15.6 billion for its Asia fund, the largest regional PE vehicle on record. The fund targets mid-market buyouts across Southeast Asia and India, betting on consumption growth as Chinese economic expansion slows. EQT's timing looks smart: Asian PE valuations sit 30% below US equivalents while GDP growth rates run twice as high. The question is whether Western capital can navigate regulatory complexity in markets where government relationships matter more than spreadsheet models.