Good morning. EasyJet is cutting thousands of flights this summer as it grapples with severe staff shortages causing holidaymakers unhappiness following the lifting of Covid restrictions.
Initial estimates suggest that easyJet will cut more than 4,000 flights in the three months to June and plans to more than halve the number in July, August and September.
EasyJet CEO Johan Lundgren said: “Along with airport caps, we are taking preventive action to increase resilience over the summer, including a number of additional flight consolidations at affected airports, notifying customers in advance and expecting most to be recharged for alternate flights within 24 hours. “
Elsewhere, the FTSE 100 will open a little higher after a poor performance last week.
5 things to start your day with
1) Buyers with bad credit history could be frozen by buy-now-pay-later schemes Lenders will be forced to carry out accessibility checks and face stricter advertising rules under new government proposals.
2) The EU’s conspiracy to punish the City of London has the opposite effect. Brussels’ campaign to transfer lucrative business from the city to the mainland has so far yielded little.
3) Britain’s manufacturing center in crisis against the backdrop of the West Midlands supply crisis is struggling more than any other part of the country to return to its size before the pandemic.
4) Johnson called for a reduction in the energy tax as Germany turns to coal. The German government will pass urgent laws to reactivate coal-fired power plants as Europe takes steps to tackle reduced energy supplies from Russia.
5) Airlines use a post-Brexit loophole to attract foreign workers. Airlines borrow EU-registered aircraft under so-called wet lease agreements as they grapple with some of the biggest staff shortages in history.
What happened during the night
Asian markets fell again on Monday, and oil prices increased losses amid growing fears that the central bank’s actions to curb rising inflation would trigger a recession. Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Jakarta and Wellington were in the red.
Expect today
Year-round results: BMO Global Smaller Companies; Trade statement: Associated British Foods, SThree; Economy: interest rate decision (China), Rightmove housing price index (UK), Chicago Federal Reserve National Activity Index (US), producer price index (GER)
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