Economy | The Guardian23:23 Текст источника в новой вкладке
Latest financial, market & economic news and analysis from The Guardian
Guardian News and Media Limited or its affiliated companies. All rights reserved. 2018

 
 
1. Russian activity in City of London faces further scrutiny by MPs21:11[−]

Second select committee to examine issue as UK law firm criticised for advising oligarch

A second select committee of MPs is expected to examine how Russian companies use the City of London after the foreign affairs committee singled out the corporate law firm Linklaters for its role in advising on last year’s flotation of Oleg Deripaska’s En+.

Parliamentary sources indicated that the Treasury select committee would take up the subject as part of its inquiry into economic crime and that Linklaters could again be asked to appear, potentially creating a confrontation with a law firm that has so far refused to give evidence.

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2. Ryanair soars above the clouds of disharmony | Nils Pratley21:04[−]

Insulted pilots, cancelled flights and rising oil prices – yet Michael O’Leary has emerged unscathed

Ryanair cancelled thousands of flights last year, insulted its pilots but then was forced to recognise their unions, and generally generated an above-average level of bad publicity, even by its own elevated standards. The financial effect of the disharmony? Roughly zero. At the after-tax level, profits rose 10% to €1.45bn (?1.27bn).

Indeed, the most eye-catching development in Monday’s full-year statement was Ryanair’s new habit of referring to its passengers as “guests”, which is the wrong word for paying customers but may be another of Michael O’Leary’s little jokes.

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3. Part of M20 to be used as lorry park to counter Brexit jams at Channel21:02[−]

Stretch of Kent motorway may be temporarily repurposed under latest contingency plans

A stretch of the M20 in Kent will be used as a temporary lorry park should Brexit result in queues forming at Channel ports, under the latest government contingency plans.

A contraflow system, named Operation Brock, would operate between junctions eight and nine southbound to allow traffic to continue in both directions on reduced lanes, while thousands of lorries are held in line before the border.

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4. Australia and UK urged to strike free-trade deal to counter Trump's protectionism21:00[−]

Exclusive: Agreement could rebuild trust in trade liberalisation, thinktanks argue

Sign up to receive the top stories from Guardian Australia every morning

Australia and the United Kingdom have been urged to negotiate a high-quality free-trade agreement to help rebuild public trust in trade liberalisation.

The agreement should include labour and environmental standards but not a controversial investor dispute settlement clause, says new research from two progressive thinktanks, the McKell Institute in Australia and Demos in the UK.

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5. Network Rail appoints new chief – with smaller pay packet than predecessor19:50[−]

Andrew Haines takes job after eight years at Civil Aviation Authority marked by cost cutting

Network Rail has announced that Andrew Haines will be its new chief executive – and be paid 27% less than his predecessor to run Britain’s rail infrastructure.

Haines, the chief executive of the Civil Aviation Authority, will be paid ?588,000 including benefits, with a possible 9% bonus, when he takes over in the autumn following a short handover period with retiring boss Mark Carne.

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6. FTSE 100 hits record high as markets digest US-China tariff truce19:34[−]

Pound falls 0.4% against the dollar, boosting overseas earners in the UK’s leading index

The FTSE 100 soared to a new record on Monday after news of a truce in the contentious trade dispute between the US and China cheered investors and helped send the pound lower against the dollar.

News that the world’s two largest economies had backed away from a potentially disastrous trade war and agreed to abandon plans to raise tariffs on each other’s exports lifted the UK’s leading index to a peak of 7868.12, the first time it has climbed above 7800.

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7. FTSE 100 at record high after trade war truce, but pound hits 2018 low - as it happened19:27[−]

UK stock market hits new peak after US Treasury secretary Mnuchin says the trade war with China is ‘on hold’

The US-China trade truce has given a lift to stock markets at the start of the new trading week. Helped by a weaker pound, the FTSE 100 has hit a new peak, while most European markets managed to move higher.

A notable exception was Italy, where investors are growing increasingly concerned about the new coalition’s plans for borrowing and its attitude to the rest of the European Union. Italian bond yields rose sharply and the stock market fell back. Dan Smith, investment analyst at Thomas Miller Investment, said:

The Five Star Movement (5SM) and Lega progression in forming a coalition government has increased the level of political risk in Italy, particularly as both parties are interested in relaxing fiscal policy (government spending and taxes) – a result which will raise tensions between Italy and European institutions and raise question marks over the country’s commitment to the European Union.

In #Italy, #FiveStarMovement and #Lega meet president to get go-ahead for populist government. Coalition backed off some controversial proposals but still on collision course with EU. With an ‘’Italy first’’ agenda, Trumpism has arrived in Europe: https://t.co/IGrgs9Hdhi pic.twitter.com/2S2ls2k6r2

The FTSE 100 has finished at 7859.17, up 1.03% and a new record closing high. Earlier in the day it touched a new all time intra-day peak of 7868, on relief that the chances of a trade war between the US and China seemed to have receded. A weaker pound also helped, of course.

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8. Italian markets in turmoil as political novice emerges as frontrunner for PM19:23[−]

Expectation that M5S and League leaders will put forward Giuseppe Conte triggers financial jitters

Italian financial markets have been in turmoil as the country awaits news about whether an unknown law professor without any political experience will be named as the next prime minister.

The country’s two populist parties – the anti-establishment Five Star Movement (M5S), and the anti-migrant League – announced a joint agreement naming Giuseppe Conte, 53, a lawyer and M5S member, as the next leader of the eurozone’s third largest economy, after Matteo Salvini of the League, and Luigi Di Maio, of the M5S, ruled themselves out.

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9. Google sued for 'clandestine tracking' of 4.4m UK iPhone users' browsing data18:18[−]

Collective action seeking up to ?3.2bn for claims Google bypassed privacy settings of Apple’s Safari browser

Google is being sued in the high court for as much as ?3.2bn for the alleged “clandestine tracking and collation” of personal information from 4.4 million iPhone users in the UK.

The collective action is being led by former Which? director Richard Lloyd over claims Google bypassed the privacy settings of Apple’s Safari browser on iPhones between August 2011 and February 2012 in order to divide people into categories for advertisers.

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10. What is GDPR and how will it affect you?16:40[−]

The EU’s General Data Protection Regulation comes into force this week – here’s what it means

You could be forgiven for thinking that Europe’s General Data Protection Regulation (GDPR) is a law created to fill your inbox with identikit warnings from every company you have ever interacted with online that “the privacy policy has changed” and pleas to “just click here so we can stay in touch”.

But GDPR is far more than just an inbox-clogger. The regulation, seven years in the making, finally comes into effect on 25 May, and is set to force sweeping changes in everything from technology to advertising, and medicine to banking.

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11. Culture secretary raises Comcast's hopes in battle for Sky15:52[−]

Matt Hancock ‘not minded’ to intervene as TV giant and Rupert Murdoch vie for control

Comcast’s ?22bn bid to trump Rupert Murdoch in the battle to take control of Sky has been given a boost after the culture secretary said he was unlikely to call for an investigation by the media regulator.

Matt Hancock, who has 10 working days to make a final decision on referring the deal to Ofcom, said: “Having reviewed the relevant evidence available, I can confirm that I have today written to the parties to inform them that I am minded not to issue an [intervention notice] on the basis that the proposed merger does not raise concerns in relation to public interest considerations which would meet the threshold for intervention.

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12. Tesco to axe 'confusing' best before dates on its fruit and vegetables15:44[−]

Scores of retailer’s own-brand items will have no date label in drive to reduce food waste

Tesco will scrap “confusing” best before dates on nearly 70 fresh fruit and vegetable products in its latest move to reduce food waste.

Shoppers will no longer find date labels on some of the retailer’s own-brand apples, potatoes, tomatoes, lemons and onions, which it hopes will prevent them from being thrown away while still edible.

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13. 'Water firm took ?1,500 from me – but won't give it back'15:26[−]

Castle Water blames Thames Water and has held up my money for more than six months

Over a year ago, I lived in a flat and paid my water bills to Thames Water. After I left, my account was sold as part of a bundle of business water accounts to Castle Water.

This was an error since my flat was a residential address. I had already paid all my water bills. Incredibly, Castle Water then took a series of payments from my bank account totalling around ?1,500.

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14. Barclays bank fraud charges over $3bn Qatar loan thrown out by court15:20[−]

Charges related to emergency fundraising conducted by bank during 2008 financial crisis

Charges brought against Barclays bank over a $3bn loan made to Qatari investors have been thrown out by a court, in a major setback for the Serious Fraud Office.

The charges related to the ?11.8bn emergency fundraising conducted by the bank in 2008 as it struggled to maintain its independence and avoid a government takeover. However, charges against the bank’s former chief executive and other top managers remain in place.

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15. Cancellations and delays as new rail timetables introduced14:21[−]

Northern and Thameslink services particularly affected on ‘meltdown Monday’

Widespread cancellations and disruption have accompanied the introduction of new rail timetables, with Northern and Thameslink services particularly badly affected.

Many commuters who had altered their normal routines for rescheduled trains arrived at stations on Monday morning only to find services cancelled.

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16. Which is the best reusable coffee cup?14:09[−]

Waitrose says I have to bring my own cup – what should I get, and is this a ploy to stop the freebies?

Every week a Guardian Money reader submits a question, and it’s up to you to help him or her out – a selection of the best answers will appear in next Saturday’s paper.

My local Waitrose says I have to bring my own coffee cup from next week. Two questions: which is the best reusable cup (some are more than ?20!); and is this a ploy so that we don’t go in to get free coffee, as they are a pain to carry around?

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17. Cryptocurrencies have a mysterious allure – but are they just a fad? | Robert Shiller13:45[−]

Attempts to reinvent money such as bitcoin often create excitement, but achieve little

The cryptocurrency revolution, which started with bitcoin in 2009, claims to be inventing new kinds of money. There are now nearly 2,000 cryptocurrencies, and millions of people worldwide are excited by them. What accounts for this enthusiasm, which so far remains undampened by warnings that the revolution is a sham?

One must bear in mind that attempts to reinvent money have a long history. As the sociologist Viviana Zelizer points out in her book The Social Meaning of Money: “Despite the commonsense idea that ‘a dollar is a dollar is a dollar,’ everywhere we look people are constantly creating different kinds of money.” Many of these innovations generate real excitement, at least for a while.

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18. Ryanair: rising number of bags at gate may prompt review of rules11:28[−]

Chief executive also warns airline could face strikes as it reports 10% rise in profits

The Ryanair chief executive, Michael O’Leary, has said the airline may have to review its new luggage policy if large numbers of passengers continue to hand over their bags at the gate.

Ryanair has introduced a stricter cabin bag policy, which means customers have to pay ?5 for priority boarding to avoid having their main cabin bag checked in to the hold at the departure gate. This has improved boarding and punctuality, the airline said, but O’Leary added that “it is creating a handling issue, especially at peak periods” such as bank holiday weekends and during the summer.

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19. Selling your home by raffle could be a gamble09:54[−]

It may seem like a lucrative way to beat the market, but you could end up out of pocket

It was an ambitious plan: Donna Pirie offered to give away her ?1.7m Aberdeenshire mansion in a competition, but she wanted to sell ?3.75m worth of tickets to do so and give ?1m to charity.

In the end, she sold just 10,000 tickets at ?25 each – totalling ?250,000 – despite national newspaper coverage. The terms and conditions of the competition allowed her to delay the draw twice but she decided to keep her home and instead give away ?188,000 in cash prizes. She also gave ?50,000 to charity. Running the competition cost her ?43,500, so she ended up with a net loss of ?31,500.

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20. House price inflation in parts of Wales hits 10%, while London falls09:00[−]

As buyers rush to beat the new stamp duty rates, property prices in Monmouthshire leap 11.3% in a year

A rush to beat new stamp duty rates has pushed annual house price inflation in large parts of Wales to above 10%, in sharp contrast to rapidly declining prices in London.

Prices in Monmouthshire jumped by 11.3% in the year to the end of March, according to the Your Move index. But the rugged landscape of the Brecon Beacons appears to be the last refuge of the property boom, with Your Move reporting striking price falls in London.

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21. Brexit blamed for dramatic fall in UK business registrations08:01[−]

Collapse is mirrored by tumble in direct foreign investment into Britain of 90%

Britain’s decision to leave the European Union has sparked a dramatic fall in the number of French, Dutch and Belgian businesses registering in the UK, in a further illustration of Brexit’s impact on the UK economy.

Figures from Companies House show that French companies registered 48% fewer businesses in the UK in 2016-17 than the previous financial year while companies in Belgium registered 38% fewer. Companies in the Netherlands, which is probably the worst affected by Brexit of Britain’s trading partners, registered 52% fewer companies last year than in 2015-16.

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22. Breaking Bad to the Paradise Papers: all you need to know about money laundering07:39[−]

The art of hiding money from the taxman is under threat from laws demanding greater transparency

What is money laundering?
In British law, money laundering is defined as the process of concealing, disguising, converting, transferring or removing criminal property.

It is an offence to launder your own ill-gotten gains, but you can also be prosecuted for knowingly helping manage another person’s dirty money. An offence only occurs if the cash can be identified as the proceeds of a crime; for example corruption, bribery, theft, drug dealing or even tax evasion.

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23. Have you been affected by Thameslink timetable changes?07:30[−]

Passenger groups and unions have been critical of changes they say could mean working lives are severely impacted

Commuters across England face altered or reduced services as part of the biggest change to timetables in living memory, set to cause disruption beginning Sunday.

Why is this rail timetable change significant?
New timetables are published every year but normally with minor tweaks. This year Govia Thameslink Railway, which carries about 500,000 passengers daily, has redrawn its schedules from scratch.

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24. New Starbucks policy allows non-paying guests to sit in cafes and use restroomsВс., 20 мая[−]

Move comes after company was accused of bias when two black men were arrested for sitting without ordering anything

Starbucks has told its employees to allow all guests to use store facilities, including restrooms, regardless of their spending.

Related: Black men arrested in Starbucks settle for $1 each and $200,000 program for young people

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25. Outcry over mass train cancellations as new Thameslink timetable beginsВс., 20 мая[−]

London passengers find many of the promised new services not running

Rail passengers trying to use the upgraded ?7bn Thameslink service on Sunday were met with mass train cancellations and no information about why services were not running.

A huge publicity drive backed Sunday’s biggest ever timetable change but, despite the big build-up, passengers trying to get into and around London found few of the promised new services were actually running. For more than a year, Govia Trains has been working on an ambitious plan to merge its Thameslink, Southern and Great Northern train operations and introduce a raft of promised improvements.

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26. Marks & Spencer to reveal dozens of store closuresВс., 20 мая[−]

Staff braced for announcement as retailer’s restructuring plan gathers pace

Hundreds of Marks & Spencer staff will find out as soon as Monday whether their store is closing, as the retailer accelerates its retrenchment from struggling UK high streets.

The M&S chief executive, Steve Rowe, is shutting 100 of its large clothing and food shops amid falling sales and profits. It has already closed 20, affecting about 900 jobs, but staff are braced for the axe to fall on another tranche of stores before the announcement of its annual results on Wednesday.

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27. Italy’s policies make sense, it’s eurozone rules that are absurd | Larry ElliottВс., 20 мая[−]

Tax and spending plans will cost around €60bn a year, or 3.5% of Italy’s GDP

William Hague once described the euro as a burning building with no exits, and the experience of Italy over the past 20 years has proved that the then Conservative party leader was absolutely right.

Joining the single currency was made easy at the end of the 1990s. As one of the original signatories of the treaty of Rome, Italy desperately wanted to be in monetary union’s first wave.

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28. BP boss's pay may be excessive – but protests won't threaten himВс., 20 мая[−]

Energy executives prepare to face annual protest over pay, but system is stacked in their favour

Just like Napoleon, Leon Trotsky and (presumably by early July) England football manager Gareth Southgate, BP boss Bob Dudley knows all about swift retreats from Russia.

In 2008 the veteran oil exec fled the country, and his then post as head of BP’s Russian joint venture TNK-BP, following an “orchestrated campaign of harassment”.

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29. It’s said Brexit is ‘not going to plan’. Did we ever have a plan? | William KeeganВс., 20 мая[−]
The chaotic negotiations both within the Tory party and without means we need to consider an alternative: not leaving

Your correspondent is not as well up on social media as his wife and children, but I could not help noticing a slogan posted beneath a London traffic light the other day. It claimed to be from the Instagram project Notes to Strangers – new to me, I must confess – and confidently proclaimed: “Having a Plan B will make your Plan A unsuccessful”.

This was on yet another day when the press was full of reports about the chaos within Theresa May’s hapless government about the Brexit “negotiations” – negotiations that seem to be taking place mainly within her warring cabinet rather than with the rest of the EU. And – surprise, surprise – neither of the proposals supposedly being discussed is in any case considered remotely viable by most, indeed all, of the experts I have talked to.

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30. Foxtons charged us ?4,000 to find totally unsuitable tenantsСб., 19 мая[−]
Landlord Anne Day accuses the lettings agency of failing to carry out basic checks on the people who rented her ?400,00 flat

It was only a few weeks after the tenants found and verified by Foxtons moved into Anne and John Day’s luxury two-bed flat in Lewisham, south-east London, that the complaints began.

Rubbish strewn outside the flat – a property valued at more than ?400,000 – angered the neighbours. Lots of visitors arrived at all times of the day and night. Noise levels rose. After five months, the tenants went into arrears.

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31. I’ve tried to dump Google andFacebook. But it’s been painfulСб., 19 мая[−]

After the Cambridge Analytica revelations I was determined it was to be DuckDuckGo

Over the past month I’ve tried my best not to use Google. I deleted my Facebook account. I’ve gone through all my phone and iPad apps, closing down the “permissions” that give them access to my calendar, camera, contacts and location. And I’ve switched to DuckDuckGo as my (home) web browser. Like millions of others I was astounded not just by the Cambridge Analytica revelations, but the industrial-scale data harvesting by Google revealed in that extraordinary article by Dylan Curran in the Guardian.

After reading it, I picked a random day in 2014 to find out what Google had on me – and was astonished at the intensity of location tracking and snooping on all my movements.

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32. Want your mortgage to extend up to age 99? Now it canСб., 19 мая[−]
Aldermore bank is the latest lender to give older borrowers the chance to take out a home loan or remortgage in later life


A mortgage you can have until you are 99 years old was launched this week. It’s the latest in a string of home loans aimed at satisfying the growing demand for “later life” borrowing, with deals that last well into retirement.

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33. The bad bet at the heart of the East Coast rail franchise implosionПт., 18 мая[−]

Virgin Trains bosses did not conceive that passenger numbers could fall after two decades of consistent growth

At the root of the collapse of the Virgin Trains East Coast franchise, confirmed this week, was the expectation that rail passenger numbers could go only one way: up.

Two decades of consistent growth had fostered the assumption that demand would keep rising, the only question being how high.

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34. When attitude trumps experience – lessons on hiring your first employeeСр., 16 мая[−]

Looking for that perfect new recruit? Many founders discover they need to take both personality and qualifications into consideration – as well as trusting their gut

“There’s no magic wand or one single channel to find the right candidate,” reckons Anthony Sherick, managing director of IT recruitment firm Technojobs. “Word of mouth, jobs sites and social media are the best starting points, but be aware that other entrepreneurs will probably be looking for the same talent as you.”

Hiring that first member of staff is a major milestone for any startup founder. It’s an encouraging sign that their fledgling company has potential, but it comes with added risks and responsibilities. The key to getting it right is knowing when to hire, who to hire, what their role will be, and where to find the right candidate in the first place.

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35. The A-Z of modern business jargonВт., 01 мая[−]

At a loss over low-hanging fruit? Befuddled by blue-sky thinking? Think that Hodl was a 1980s’ England footballer? Join Agglomer8’s ‘guru royale’ Connie Taylor as we drill deep down into today’s latest business jargon ...

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36. Colourful roots: how Bleach London went from one sink to wholesalerПн., 09 апр.[−]

How the hip hair brand sought alternative financing to expand

Take a peek at Bleach London’s Instagram feed and a glut of colour greets your eye – pools of purple dye, rainbow braids and red glitter eyeshadow keep you scrolling. The hair and beauty brand, which began within a nail bar in Dalston, east London, back in 2010, now has three salons across the capital, and its hair and makeup lines are sold across the UK.

Friends Alex Brownsell and Samantha Campbell (nee Teasdale) are the founding duo. Brownsell’s background is as a fashion hairstylist, while Campbell brought the business know-how. It began with Brownsell’s desire to own a salon. “I started to develop a style of colouring that was the roots of Bleach; a lot of bright colouring, washed-out colouring, pastel shades, things that weren’t really very commercial at the time. And I got overwhelmingly busy. Sam was one of my clients, and kind of my agent as well.”

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37. The ingenious eco tech helping India’s entrepreneursСр., 04 апр.[−]

Skoll Awards for Social Entrepreneurship winner: Harish Hande, co-founder of Selco and CEO of the Selco Foundation

From electric flatbread machines to sustainable lighting sources for street vendors, Harish Hande’s Selco brings efficient, credit-worthy solutions to India’s micro-entrepreneurs

Inequality haunts modern India – and where it bites deepest, and hurts most, is over access to sources of energy.

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38. Flyer beware: Ryanair to sell tickets with Brexit caveatПт., 09 марта[−]

Airline reiterates warnings that planes may not fly even as UK edges closer to EU transition deal

Ryanair has reiterated warnings over “Brexit complacency” in aviation and said it was still preparing to sell tickets with caveats from September, despite hopes a transitional deal for the UK’s departure from the EU was nearer.

The budget airline’s chief marketing officer, Kenny Jacobs, told the BBC: “Everyone is saying it’ll be all right on the night once we get closer to April 2019. I don’t think you can take that for granted.”

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39. Ryanair chief: we won't bow to laughable demands from pilotsПн., 05 февр.[−]

Michael O‘Leary warns that strikes are likely over Easter as talks with unions break down

Ryanair’s chief executive, Michael O‘Leary, has warned that the airline will not bow to “laughable” demands from pilots and would rather see strikes or disruptions than undermine its productivity.

O’Leary said Ryanair was not as optimistic as some of its rivals that it would be able to push through fare rises this summer. Last year, the average fare was €41 (?36), down 13% from the year before. This year, fares will be cut by about 3%, Ryanair said.

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40. M&S store closures put nearly 500 jobs at riskСр., 31 янв.[−]

High street chain shuts 14 stores in drive to cut costs and boost online sales

Marks & Spencer has confirmed plans to close up to 14 stores, putting nearly 500 jobs at risk in what it said were “vital” changes for its future.

The six stores to close are in Birkenhead, Bournemouth, Durham, Fforestfach in Swansea, Putney in south-west London and Redditch. They will shut by the end of April. M&S said all staff in those stores would be moving to other nearby branches.

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41. Marks & Spencer poised to announce more store closuresСб., 04 нояб. 2017[−]

Falling profits and increasingly tough high street trading fuels expectations of a much bolder restructuring plan from M&S

Marks & Spencer is expected to ramp up its store-closure plan next week as a result of falling profits and tough trading conditions on the high street.

Last year M&S announced it would close 30 stores as part of an overhaul designed to slash by 10% the amount of shopfloor space devoted to its struggling clothing arm. But industry sources suggest M&S’s chief executive, Steve Rowe, has been working on a bolder restructuring plan with the new chairman, Archie Norman, before its first-half trading update on Wednesday.

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