Good morning. EasyJet is reducing thousands of flights this summer as it struggles with a severe staff shortage that has caused tourists misery since Covid restrictions were lifted.
Initial estimates suggest that easyJet will have cut more than 4,000 flights in the three months to June and plans to halve them in July, August and September.
EasyJet CEO Johan Lundgren said: “Along with the limits of the airport, we are taking preventative action to increase resilience during the summer balance sheet, including a number of additional flight consolidations at the affected airports. notifying customers in advance and hopefully the vast majority will be booked back on alternative flights within 24 hours “.
Elsewhere, the FTSE 100 will open slightly higher after a poor performance last week.
5 things to start the day
1) Buyers with poor credit history may be frozen in the “buy now, pay later” schemes. Lenders would be forced to carry out accessibility checks and face tougher advertising rules under the new proposals. government.
2) The EU’s plot to punish the city of London is counterproductive The Brussels campaign to move lucrative business from the city to the mainland has so far yielded few results.
3) The British manufacturing center in crisis in the midst of the West Midlands supply crisis is struggling more than any other part of the country to return to its pre-pandemic size.
4) Johnson urged to cut energy tax while Germany turns to coal The German government will pass emergency laws to reactivate coal-fired power plants while Europe takes action to reduce energy supply Russia.
5) Airlines use post-Brexit gap to attract foreign workers Airlines are borrowing planes registered in the EU under so-called wet lease agreements, as they face some of the worst shortcomings of staff who have registered.
What happened overnight
Asian markets fell again on Monday and oil prices widened losses amid growing fears that central bank moves to curb rising inflation could lead to a recession. Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Jakarta and Wellington were all in red.
Arrive today
Annual Results: BMO Global Smaller Companies; Business Statement: Associated British Foods, SThree; Economy: Interest Rate Decision (China), Rightmove Housing Price Index (UK), Chicago Fed (US) National Activity Index, Producer Price Index (Germany)