July, 2022

• 30 July

  Southwest slumps on cost pressures, new jet delays

  

    Bloomberg Southwest Airlines Co said it’s facing high costs and delays in aircraft deliveries from Boeing Co, tarnishing a quarter in which the carrier topped Wall Street’s profit expectations on rebounding summer travel. The airline will receive 66 jets this year, down sharply from its prior plan for 114 deliveries, Southwest said in a statement. That puts further pressure ...

  Read More »
• 30 July

  JetBlue gets long-sought deal to buy Spirit for $3.8b

  

    Bloomberg JetBlue Airways Corp is acquiring deep-discounter Spirit Airlines Inc for at least $3.8 billion in cash, clinching a deal less than a day after Spirit called off a planned merger with Frontier Group Holdings Inc. JetBlue will pay $33.50 per share for Spirit, or as much as $34.15 depending on timing, the airlines said in a joint statement. ...

  Read More »
• 30 July

  British Airways parent posts profit as high ticket fares offset turmoil

  

  Bloomberg British Airways (BA) parent IAG SA reported a second-quarter profit and said it expects to post positive earnings for the full year as a rebound in travel led by premium leisure bookings more than makes up for capacity curbs tied to the industry’s staffing crisis. IAG had an operating profit of 287 million euros ($293 million) in the three ...

  Read More »
• 30 July

  Demand for Hermes watches, clothes soars, boosting profit

  

  Bloomberg Hermes International’s profitability rose to record levels in the first half as the maker of the $10,000-plus Birkin bag became the luxury industry’s standout performer. The French company’s shares soared as much as 8.5% after it said its recurring operating margin reached a historical high of 42%, up from 41% a year earlier. “This set of results confirms that ...

  Read More »
• 30 July

  IndiGo jet slips off runway while taxiing for takeoff

    Bloomberg An Airbus SE A320 aircraft operated by IndiGo, India’s biggest airline, slid off the runway onto grass while taxiing for takeoff in Jorhat, the carrier said in a statement. The flight to Kolkata was cancelled and the aircraft is being inspected in Jorhat, a city in the northeastern state of Assam. IndiGo, which is operated by InterGlobe Aviation ...

  Read More »
• 30 July

  L’Oreal luxury makeup demand grows

    Bloomberg L’Oreal SA sales climbed as demand for makeup bounced back and the strength of its luxury products offset the negative impact of Covid-19 restrictions in China. Overall sales rose 13% on a comparable basis in the second quarter, the French company said. Analysts expected a gain of 9.7%. The company’s stock rose more than 2% in early trading. ...

  Read More »
• 30 July

  UK banks risk new fines unless they put their customers first

  

    Bloomberg Financial firms may be fined and stripped of their regulatory authorisation unless they put their customers’ needs first under far-reaching reforms from the UK City regulator. Banks, insurers and other companies will have to ensure their services are actually good for their clients and that this approach is taken at all levels of the business, Ian Searle, head ...

  Read More »
• 30 July

  Standard Chartered in $500m share buyback

  

    Bloomberg A strong quarter from Standard Chartered Plc’s traders provided a boost to the emerging market-focused bank despite fears that a slowing global economy could squeeze its lending business. The London-based bank reported underlying pretax profit rises 7% to $1.32 billion in the second quarter, as its traders benefitted from volatility in global markets along with many of its ...

  Read More »
• 30 July

  Barclays earnings miss as legal costs overshadow trading jump

  

    Bloomberg Barclays Plc’s profit fell more than expected in the second quarter after it booked charges and penalties in the US, marring a strong period for the bank’s bond traders. The British lender said a market plunge would increase the cost of buying back US investment products it mistakenly oversold. Barclays also expects to pay $200 million in penalties ...

  Read More »
• 30 July

  BNP Paribas announces highest profit on record

  

    Bloomberg BNP Paribas SA posted its highest profit on record as lending income rises amid the prospect of higher interest rates and volatile markets lifted securities trading in the second quarter. Revenue at the unit that houses BNP’s retail operations rises 11%, reflecting higher fees, rising rates and gains in specialised businesses, the Paris-based firm said in a statement ...

  Read More »