Sunday, August 14

EasyJet operations chief departs amid battle to avoid more flight chaos – business live | Business


EasyJet’s chief operating officer Peter Bellew’s resignation comes amid growing anger over flight disruption, points out PA Media:

The aviation sector is struggling to cope with the rising demand for travel amid staff shortages and difficulties obtaining security clearance for new recruits.

Trade union Unite last month claimed there was a “lack of leadership” within easyJet, and Mr Bellew should be “taking control of this situation”.

Aviation analyst Alex Macheras points out that unions had recently blamed the newly-departed Peter Bellew for the breakdown in relations between crew and easyJet’s management.

Breaking: Exclusive: easyJet’s Chief Operating Officer Peter Bellew has resigned from the airline 🚨✈️ — his resignation comes as easyJet faces a crisis of immense disruption and now significant strike action across Europe. #aviation pic.twitter.com/VaeDak6exx

— Alex Macheras (@AlexInAir) July 4, 2022

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Breaking: Exclusive: easyJet’s Chief Operating Officer Peter Bellew has resigned from the airline 🚨✈️ — his resignation comes as easyJet faces a crisis of immense disruption and now significant strike action across Europe. #aviation pic.twitter.com/VaeDak6exx

— Alex Macheras (@AlexInAir) July 4, 2022

Just weeks ago, pilots at easyJet blamed “the breakdown in relations between crew and the airline management” on easyJet’s Chief Operating Officer Peter Bellew — an aviation veteran with more than 30 years of industry experience, who has now resigned.

— Alex Macheras (@AlexInAir) July 4, 2022

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Just weeks ago, pilots at easyJet blamed “the breakdown in relations between crew and the airline management” on easyJet’s Chief Operating Officer Peter Bellew — an aviation veteran with more than 30 years of industry experience, who has now resigned.

— Alex Macheras (@AlexInAir) July 4, 2022

easyJet’s top executives were supposed to fly to Mallorca this week for a “corporate retreat” while thousands of passengers bear the weight of the ongoing travel chaos in UK & across EU

easyJet continue to cancel flights due to staff shortages, & further strike action is ahead.

— Alex Macheras (@AlexInAir) July 4, 2022

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easyJet’s top executives were supposed to fly to Mallorca this week for a “corporate retreat” while thousands of passengers bear the weight of the ongoing travel chaos in UK & across EU

easyJet continue to cancel flights due to staff shortages, & further strike action is ahead.

— Alex Macheras (@AlexInAir) July 4, 2022

easyJet's Chief Operating Officer Peter Bellew has resigned from the airline with effect from 1 July.

He is leaving to "pursue other business opportunities".

David Morgan, who has been with easyJet since 2016, will act as interim COO.

— London Air Travel (@LondonAirTravel) July 4, 2022

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easyJet’s Chief Operating Officer Peter Bellew has resigned from the airline with effect from 1 July.

He is leaving to “pursue other business opportunities”.

David Morgan, who has been with easyJet since 2016, will act as interim COO.

— London Air Travel (@LondonAirTravel) July 4, 2022

EasyJet COO Peter Bellew departs

Just in: budget airline easyJet has announced the resignation of its chief operating officer, Peter Bellew, with effect from last Friday.

Bellew is leaving to “pursue other business opportunities” says easyJet, which has experienced significant disruption and cancelled flights in this year’s travel chaos.

Johan Lundgren, CEO of easyJet, says in a statement:

“I would like to thank Peter for his hard work and wish him well. Everyone at easyJet remains absolutely focused on delivering a safe and reliable operation this summer.

Bellow’s departures comes as easyJet tries to avoid a repeat of the shambolic scenes at airports last Easter and over half term.

EasyJet has appointed David Morgan, who served as interim COO in 2019 (before Bellow arrived), to lead its operations function as interim COO, in a critical summer for the airline industry.

Lundgren says:

“I am pleased that Operations will be in the very capable hands of David Morgan who can move seamlessly into this role having previously led the operation, as interim Chief Operating Officer, throughout 2019.

“David has significant experience and deep knowledge of the business and operation and will provide strong leadership for the airline this summer.”

EasyJet cut its summer flight capacity last month, having previously been cancelling flights, often at the last minute, due to problems including staff shortages, air traffic control problems, and airport disruption.

Our transport correspondent, Gwyn Topham, wrote in the Observer’s Agenda last month that Bellew could be ousted:

Some sources say the [easyJet] board, led by chairman Stephen Hester, may get twitchy.

Chief executive Johan Lundgren, who pledged to use data to reduce disruption and cancellations when he took the job in 2017, and chief operating officer Peter Bellew, formerly of Ryanair, would probably be first in the line of fire.

Easyjet's crisis costs COO Peter Bellew his job, as predicted by @GwynTopham last month. But will chairman Stephen Hester stop there…https://t.co/39xs7ghcz9 pic.twitter.com/M249SspuGm

— John Collingridge (@jmcollingridge) July 4, 2022

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The Sunday Times reported yesterday that easyJet’s senior managers were set to jet off to a corporate jamboree in Mallorca this week.

They wrote:

The executives will stay for two nights at the five-star Iberostar resort hotel in Palma. The Iberostar, which is on the beach, has a rooftop infinity pool and a sunset champagne bar.

Gas prices rise as strike adds to supply worries

UK gas prices have jumped this morning, on fears that a planned strike among Norwegian oil and gas workers will hit production.

The day-ahead price of natural gas in the UK has soared 35% to 225p per therm, the highest in over two weeks.

Gas for UK delivery next month has jumped 13%, to 274p per therm.

Norwegian supply is becoming increasingly important for Europe due to the cuts in shipments from Russia.

European gas prices also rose this morning, as Bloomberg explains:

Natural gas in Europe rose to the highest level in almost four months as planned strikes in Norway threaten to further tighten a market that’s already reeling from Russia’s supply cuts.

Benchmark futures, which have already more than doubled this year, surged as much as 9.8% on Monday. About 13% of Norway’s daily gas exports are at risk amid plans to escalate an impending strike by managers, the nation’s oil and gas lobby warned over the weekend.

Three fields are set to be shut by the strike starting Tuesday, while planned action the following day would take out another three projects.

Turkey’s inflation rate hits nearly 79%

While inflation in the UK is painfully high, it has soared to staggering levels in Turkey.

Turkey’s inflation rate rose to 78.62% last month, the highest the country has seen in almost 25 years, up from 73.5% in May. It was led by rocketing transport and food prices.

Turkey’s inflation rate Photograph: Refinitiv

Prices rose by almost 5% in June alone, according to the Turkish Statistical Institute.

June’s inflation repoirt showed that

  • Transportation prices more than doubled, up 123% in the last year
  • Food and non-alcoholic foood prices jumped by 93.93% per year, up from 91.6%
  • The lowest annual increase was 23.74% in communication, while clothing and footwear prices rose 26.99%

Prices soared due to the energy and commodity price shock from the Ukraine war. But inflation has also been pumped up by a weak currency — the lira tumbled last year as Turkey’s central bank cut interest rates, under pressure from president Erdoğan.

Turkey June headline inflation comes in at %78.6% – – exactly in line with our estimates.

Increases were widespread across sub components, and imply higher inflation in the second half of the year. pic.twitter.com/IhI1x9yKmR

— Selva Baziki (@SelvaBaziki) July 4, 2022

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Turkey June headline inflation comes in at %78.6% – – exactly in line with our estimates.

Increases were widespread across sub components, and imply higher inflation in the second half of the year. pic.twitter.com/IhI1x9yKmR

— Selva Baziki (@SelvaBaziki) July 4, 2022

Germany’s top union official has warned that the country’s heavy industries could face collapse because of cuts in the supplies of Russian natural gas.

The warning came last weekend, before crisis talks with Chancellor Olaf Scholz start today.

“Because of the gas bottlenecks, entire industries are in danger of permanently collapsing: aluminum, glass, the chemical industry,” said Yasmin Fahimi, the head of the German Federation of Trade Unions (DGB), in an interview with the newspaper Bild am Sonntag.

“Such a collapse would have massive consequences for the entire economy and jobs in Germany.”

Here’s the full story, on Bloomberg.

Germany’s union head warns of collapse of entire industries https://t.co/4dtEGG8fSS pic.twitter.com/XxMKLxs3ZN

— Zoe Schneeweiss (@ZSchneeweiss) July 3, 2022

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Britain made progress in reducing child poverty rates at single-parent families in the 2000s.

But that progress was ‘entirely undone’ in the last decade due to benefit cuts (in the Conservative austerity drive), points out IFS senior economist Xiaowei Xu (one of the authors of today’s research).

Half of all children in single-parent families were in poverty in 2019-20.

Child poverty rates fell steeply for single-parent families in the 2000s. This progress was entirely undone in the 2010s as result of benefit cuts. https://t.co/R3X2VBnwSl

— Xiaowei Xu (@xiaoweixu_) July 4, 2022

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Half of all children in single-parent families were in poverty in 2019-20.

Child poverty rates fell steeply for single-parent families in the 2000s. This progress was entirely undone in the 2010s as result of benefit cuts. https://t.co/R3X2VBnwSl

— Xiaowei Xu (@xiaoweixu_) July 4, 2022

This is an early finding from my chapter on child poverty with @JCribbEcon and Tom Wernham, published on 14 July as part of our annual living standards report. Funded by @jrf_uk.

— Xiaowei Xu (@xiaoweixu_) July 4, 2022

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This is an early finding from my chapter on child poverty with @JCribbEcon and Tom Wernham, published on 14 July as part of our annual living standards report. Funded by @jrf_uk.

— Xiaowei Xu (@xiaoweixu_) July 4, 2022

Excellent article by @RJPartington today drawing on our research.

Reminds us that when we talk about single parents, we mean mothers. 9 out of 10 single parents are mothers. https://t.co/lSnHQ74jtZ

— Xiaowei Xu (@xiaoweixu_) July 4, 2022

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Here’s Sam Freedman, senior fellow at the Institute for Government, on the rise in lone-parent families in relative poverty:

We'll now almost certainly be back to over half of lone parents in poverty. 90% of lone parents are mothers. https://t.co/3y866tWNyn

— Sam Freedman (@Samfr) July 4, 2022

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Investor morale in the eurozone has fallen to its lowest level since May 2020, pointing to an “inevitable” recession in the 19-country currency bloc.

Research group Sentix’s index for the eurozone fell to -26.4 from -15.8 in June, worse than expected, to levels that suggest a downturn.

Sentix managing director Manfred Huebner said “the energy crisis … is leading to considerable economic distortions”:

“In every respect, the dynamics are reminiscent of the crisis year 2008, and what was then the collapse of the financial system is now the danger of the collapse of the European energy supply.

June was only the calm before the storm. The #sentix economic index in the #eurozone surprised with a sharp drop to -26.4 points. This is the lowest value since May 2020. Germany data plummet too. We have to report an all-time low of for expectations! https://t.co/24e8fW5BeT pic.twitter.com/pJFVQOkJTY

— sentix (@sentixsurvey) July 4, 2022

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Analysts at Nomura have predicted that Europe will fall into recession this year, with economists worried that Russian gas and oil supplies could be cut this winter.

Here’s one for the history books. Germany, Europe’s manufacturing powerhouse, has run up a trade deficit for the first time in over 30 years, according to Bloomberg.

FYI, #Germany ran a #trade deficit in goods in May – only 1 billion euros, but still a collectors item. https://t.co/Ns6dleXWRx pic.twitter.com/UnFPFqzH6O

— Andrew Man (@TegoArcanaDei) July 4, 2022

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German exports fell by 0.5% in May, as slowing economic growth hit demand for its wares, data firm Destatis reported this morning.

That included a 2.8% drop in sales to other European Union countries, as Russia’s invasion of Ukraine and China’s lockdowns both disrupted supply chains.

But imports rose by 2.7%, with the costs of imported goods such as fuel rising this year.

This left Germany with a trade deficit of €1bn for May, rather than its usual surplus.

Thomas Gitzel, chief economist at VP Bank, said the fall in exports should not be overemphasised.

“But the number of negative reports is growing, which is why a sober view of the figures leaves one with an uneasy feeling.”

Germany has its first monthly trade deficit since 1991 on exports due to its failed energy policy and weak manufacturing. When Germany sneezes, Europe catches pneumonia. #geoeconomics #realpolitik #Velsig

— Velina Tchakarova (@vtchakarova) July 4, 2022

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Germany has its first monthly trade deficit since 1991 on exports due to its failed energy policy and weak manufacturing. When Germany sneezes, Europe catches pneumonia. #geoeconomics #realpolitik #Velsig

— Velina Tchakarova (@vtchakarova) July 4, 2022

From The Living Standards Audit 2022: There has been a marked slowdown in income growth in the past two decades. GDP per person grew by 13% between 2004-05 and 2019-20, but this was the smallest increase over a 15-year period since 1919-34 – which spans the Great Depression. pic.twitter.com/WMmWSBxjac

— Resolution Foundation (@resfoundation) July 4, 2022

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From The Living Standards Audit 2022: There has been a marked slowdown in income growth in the past two decades. GDP per person grew by 13% between 2004-05 and 2019-20, but this was the smallest increase over a 15-year period since 1919-34 – which spans the Great Depression. pic.twitter.com/WMmWSBxjac

— Resolution Foundation (@resfoundation) July 4, 2022




www.theguardian.com

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