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Ryanair boss Michael O’Leary is on track to earn a E100mn bonus after the low-cost airline’s shares hit a record high this week. Shares rose to E18.99 on Friday, bringing their gains for the year to more than 50% and underlining Ryanair’s position as by far the most valuable airline in Europe. Under a bonus scheme agreed in 2019, O’Leary can earn share options worth around E100m if the airline’s share price hits E21 for 28 days, or it reports E2.2b in annual profits after tax. The payout would be one of the biggest in corporate European history, and see O’Leary granted the options to buy 10m shares at E11.12 each. Financial analysts covering the company have an average share price target of E24 over the next 12 months, according to Bloomberg data, while the airline has forecast profit after tax of between E1.85bn to E2.05bn for the fiscal year to March. The incentive plan was originally due to run until 2024, but was extended until 2028 in December last year, when the shares were below E13. O’Leary was paid E925,000 in Ryanair’s most recent financial year, but also owns 3.9% of the company, a stake which has a market value of E907mn, according to FactSet. Low-cost rival Wizz Air has also offered its CE an eye-catching incentive plan.<br/>

Middle Eastern carrier Gulf Air’s CE is to step down at the end of January next year, the Bahraini government has disclosed. Capt Waleed Al Alawi previously served as a Gulf Air pilot and worked with Bahrain’s Royal Flight. He became deputy chief of the Bahraini carrier in 2017, under Kresimir Kucko, and took over the leadership in an interim role in 2020. Al Alawi, who steered Gulf Air through the effects of the Covid-19 pandemic, was subsequently formally appointed head of the airline last year. The Bahraini government, through its official news agency, states that Al Alawi will retire from 31 January 2024. It has not identified a successor. Al Alawi says the airline’s personnel have “achieve a lot together” and wishes them and the carrier “every success and prosperity”. He has previously been named to various other positions in the Gulf kingdom, including chair of the Bahrain Tourism & Exhibitions Authority investment committee, and president of the Bahrain Basketball Association.<br/>

Israel appears determined to get back to normal. Despite its current war with Hamas in the Gaza Strip that began on October 7, 2023, Israel has slowly but surely increased the number of flights from Tel Aviv to New York-area airports. All flights are aboard El Al Israel Airlines. The carrier has been slowly increasing flights since November. New York has the largest Jewish population outside of the state of Israel. The airline plans to fly 32 weekly flights to New York to Newark Airport in New Jersey and John F. Kennedy International Airport, up from 22 weekly flights. The flights are likely coincidental with the holiday season, as no flights have been filed for beyond mid-February. It remains to be seen whether the flight increases will be staying the same past February or will be adjusted again. Other airlines and cruise lines have canceled itineraries to the Middle East because of the war. Tel Aviv and its airport are only about an hour from the Gaza Strip. <br/>

T’way Air has high hopes for stronger earnings growth next year, fueled by potential expansion into Europe in place of the nation’s two mega carriers which may merge, according to the company's CEO. “Our target sales are forecast to hit 1.8t won ($1.38b) in 2024, if we are granted permission to operate air routes from Korea to major European cities,” T’way Air CEO Jeong Hong-geun said. The EC is still reviewing whether T’way Air is qualified to operate four air routes from Korea to Frankfurt, Paris, Rome and Barcelona, after Korean Air decided to give up the traffic rights for its high-stakes acquisition of Asiana Airlines. The decision is part of a tradeoff offered by Korean Air to seek approval for the long-delayed deal. But the head of T’way displayed confidence that the antitrust watchdog will give the green light to the deal. “We will create new opportunities by launching our first European air routes,” he said. “If Korean Air’s ongoing takeover of Asiana makes smooths progress, we will be able to lease five A330 passenger jets from Korean Air. Under the optimistic scenario, T’way is ready to launch our first air route to Paris sometime around June next year.” Story has more.<br/>

Tibet Airlines signed a deal on Sunday with Commercial Aircraft Corporation of China (COMAC) to jointly research a variant of China's narrow-body C919 jet suitable for high-altitude plateaus. The deal will help develop domestically made passenger jets and safeguard national security and border stability, Tibet Airlines said in a statement on its WeChat account, citing the Tibet region's vice-chairman, Wei Xiuchang. No timeframe was given for the new variant development. State-backed COMAC recently showcased two variants of C919 - a stretched model and a shortened one fit for plateaus - at an aviation exhibition in Shanghai, Chinese media reports said. The C919 is being touted as a rival to the Airbus A320neo and Boeing 737 MAX single-aisle jet families.<br/>

AirAsia X is suspending its only New Zealand services shortly after announcing it would replace its Auckland to Sydney service with a Gold Coast route. The low-cost carrier said services to and from Auckland would stop from February 3, 2024 as a result of lower than expected demand. The new Gold Coast service was set to be the airline’s only New Zealand route when the Auckland to Sydney route halts on February 1. Both routes connect Kiwis to Kuala Lumpur. AirAsia X CE Benyamin Ismail said the airline regrets having to suspend the New Zealand services, adding “Auckland remains one of our guests’ favourite bucket list destinations”. Ismail said the airline is working hard to bring back more aircraft, and “will certainly consider Auckland services again in future” when market conditions are more favourable. “We sincerely apologise to guests affected by this decision who are booked to fly with us to and from Auckland from early February next year and will ensure that we prioritise guest reimbursements as soon as possible.”<br/>