Ryanair’s Michael O’Leary: Worldwide inflation good for our growth October 25, 2022 The world’s surge in inflation rates will help Ryanair’s growth as people will not stop flying altogether, but will rely instead on budget airlines. “We think recession [and] price inflation is very good for our growth,” chief executive Michael O’Leary told journalists today in Lisbon. European countries have in fact been hit by soaring inflation [...]
Backing the central bank pivot is a risky bet October 25, 2022 It is easy to criticise central banks for heaping pain on households and businesses. But, this is exactly what they are supposed to do under current economic conditions. Inflation in the UK, US and eurozone has hit 10.1 per cent, 8.2 per cent and 9.9 per cent respectively, all historic highs. The Bank of England [...]
HSBC shares sink to bottom of FTSE 100 despite profits topping City forecasts October 25, 2022 HSBC’s profits slid over 40 per cent in the third quarter of the year as it was hit by rising loan losses and hefty charges relating to the sale of its French retail business.
THG shares swell after e-commerce retailer inks banking facility October 25, 2022 Shares in THG have surged after the group reported resilient sales of healthy and beauty products despite consumers tightening their belts. In third quarter results on Tuesday, the e-commerce retailer posted growth of 4.9 per cent in its beauty arm and 2.9 per cent in its nutrition division. Its share price surged by 19 per [...]
Pendragon expects vehicle shortfall to spill into 2023 as profit slumps October 25, 2022 Pendragon expects current vehicle shortfalls to spill into 2023, as its profit slumped by 41 per cent. In the three months ended 30 September, the UK dealer’s underlying profit before tax was £14.7m – down on last year’s £25.1m – due to the impact of inflation and rising interest rates. Used car volumes were slumping [...]
Premier Inn owner Whitbread swings to profit but warns of £60m inflation bill October 25, 2022 Premier Inn owner Whitbread is back in the black after posting a £307.4m profit before tax, in better than expected first half results. The interim results marked better fortunes for the hospitality operator, which last year posted a 19.3m loss. However, the firm said it had not seen its pub business return to pre-pandemic levels [...]
Range of 30 low-cost items increase in price by 17 per cent in last year – ONS October 25, 2022 A range of 30 every-day low-cost items have increased in price by 17 per cent in the last year, new figures have revealed. Data from the Office for National Statistics show a range of products went up considerably over the 12 months to September, as the cost of living continues to bite. Items including vegetable [...]
A blank cheque for two years of capped energy bills was a perverse kind of plan October 25, 2022 It was always perverse to ask the taxpayer to write a blank cheque for two years as part of the energy support package and ignore the huge potential gains in increasing our energy efficiency.
Dishy Rishi has a lot on his plate and there’s little time to waste October 25, 2022 Rishi Sunak may not have lots of time on his hands, but one book is perhaps worth reading. In his recent tome Stupid Bankers, Irish author Paul Kilduff makes the case that sometimes – just sometimes – it really can be one individual that changes the course of financial history. Nick Leeson, for instance, crashed [...]
Millions face difficulty paying mortgage if rates hit six per cent, says Morgan Stanley October 24, 2022 Millions will face difficulties paying their mortgages if rates hit six per cent, a research note issued by Morgan Stanley has warned. The US bank said there is “significant stress” building in the UK’s mortgage market, as house prices spiral out of control and the Bank of England seeks to tame rising inflation. Last week, [...]