October, 2022

• 1 October

  This year’s midterms are so hard to predict

  

  Very few people will confess to being such loyal followers of their political party that they automatically adopt whatever positions it takes. Most voters like to think of themselves as independent: They have their own opinions on the issues, and they support candidates, not parties. People are not necessarily wrong to think like this — as the political scientists Chris ...

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• 1 October

  The stealth tax buried in UK’s budget

  

  For all the talk of tax cuts in UK Chancellor of the Exchequer Kwasi Kwarteng’s mini budget last week, the most significant stealth tax imposed by his predecessor Rishi Sunak remains very much in place. In his spring budget of 2021, Sunak sought to offset the cost of the pandemic with a four-year freeze in income-tax thresholds. Ordinarily, these thresholds ...

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• 1 October

  Here’s who really needs the new Covid booster

    The new US Covid booster campaign needs a dose of clarity about its goals and limitations. The latest “bivalent” vaccine — retooled to protect against the currently circulating BA.5 variant — will benefit some more than others. The oldest and most vulnerable citizens are likely to benefit most. Public health officials should aim to protect them through a targeted ...

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• 1 October

  Amid crisis, Truss needs to show competence

    A rush to dump UK government bonds following a botched budget announcement forced a dramatic intervention by the Bank of England on Wednesday. The central bank promised to buy long-term bonds “on whatever scale is necessary” to restore order in the market. It amounted to an official declaration of imminent financial crisis, apparently centered on pension funds facing insolvency ...

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• 1 October

  JetBlue’s pursuit of airport slots irked rivals: Southwest

  

    Bloomberg JetBlue Airways Corp decided to partner with American Airlines Group Inc. because of the legacy airline’s access at congested airports in New York, JetBlue Chief Executive Officer Robin Hayes told a Boston court. The alliance, which is being challenged by the Justice Department in federal court in Massachusetts, rankled rival Southwest Airlines, which had unsuccessfully sought to raise ...

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• 1 October

  Amazon raises hourly wages to $19 an hour

  

    Bloomberg Amazon.com Inc. announced a pay increase for hourly workers in the US that it says will take average starting wage for most front-line employees in warehousing and transportation to more than $19 an hour. The company’s minimum level of $15 an hour for all hourly workers in the US remains unchanged. For jobs in Amazon’s customer fulfilment and ...

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• 1 October

  Ryanair ready to relocate planes from UK if pound hits demand

  

  Bloomberg Ryanair Holdings Plc said it’s ready to redeploy aircraft from Britain to more vibrant markets if the pound’s collapse, soaring inflation and higher interest rates begin to undermine travel demand there. The economic situation in Ryanair’s biggest market has become challenging following the turmoil unleashed by Prime Minister Liz Truss’s new fiscal policy, with concerns about the impact of ...

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• 1 October

  Next cuts guidance as inflation weighs on UK consumers

  

  Bloomberg Next Plc issued its second profit warning this year due to soaring inflation and a devaluation of the pound which has undermined consumer confidence. The British clothing and housewares chain said that profit for the year will total £840 million ($905 million), compared with previous guidance of £860 million. Full-price sales in the second half are expected to drop ...

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• 1 October

  Hermes Kelly bag sells for $346,802 at Paris auction

    Bloomberg A Hermes handbag fetched a record price for a Sotheby’s auction, latest evidence that rare luxury items are increasingly seen as stores of value by investors and wealthy buyers. The Himalaya Retourne Kelly 25 bag sold for €352,800 ($346,802) in a Paris auction, Sotheby’s said. The crocodile-skin handbag in mother-of-pearl white, reminiscent of a snowy mountain landscape, sold ...

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• 1 October

  Rolex watches on sale in UK for US visitors

    Bloomberg The crash in the value of sterling has put Rolex and other luxury watches at discounts of as much as 19% for US visitors lucky enough to get their hands on the coveted timepieces. Promised policy changes by the new UK government including a plan to reintroduce Value Added Tax rebates on goods bought by tourists could even ...

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