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Airlines around the world prepare for slower growth, tighter earnings and cost cuts as record oil prices begin to bite. Air France KLM warned that a fuel price hike of over a billion euros could squeeze this year's profits and force it to find savings. Soaring fuel prices are also rocking U.S. carrier American Airlines which plans drastic job cuts and new charges. But as airlines look to make savings, oil's rally continues. Prices reached new heights for a third day on Thursday rising above $135 dollars a barrel, knocking European stocks to a three week low in Thursday's trade./// Stepping up its battle to force open Europe's power markets the European Commission is launching a new antitrust probe against Gaz de France. A spokesman for the Commission said investigations show the state controlled natural gas operator may have reduced competition on supply markets. (SOUNDBITE) (English) JONATHAN TODD, EUROPEAN COMMISSION SPOKESMAN SAYING: "But essentially the assertion is indeed there was a deliberate under investment in the necessary infrastructure you need to import gas and that as a result these imports are restricted and that could potentially be an abuse of the dominant position in the market.''/// The UN says bumper harvests are expected around the world this year but that food prices will remain high, especially for the world's poorest. The global spike in food prices is down to increased demand from rapidly developing countries, high oil prices and a growth in bio-fuel production. (SOUNDBITE) (English) HAFEZ GHANEN, ASSISTANT DIRECTOR-GENERAL FOR U.N. FOOD AND AGRICULTURAL ORGANISATION SAYING: "All of this points to the need for more action by governments and people around the world to improve agricultural production.'' The organisation says global production in some foods needs to rise by 50 percent or more in the next two decades to meet rising demand. /// And finally French workers staged a day of strikes across the country against pension reforms. Thousands rallied in city streets to protest government plans to make people work longer before qualifying for a full pension. The strike was also aimed at the rising cost of living. Michelle Carlile-Alkhouri, Reuters