Airfares skyrocket as both fuel prices and demand reach record levels
It’s that time of year, when everyone wants to get away and enjoy the festive season.
But if you’re looking to get on a plane, be prepared to pay a whole lot more.
Airfares have skyrocketed and, unfortunately, there doesn’t seem to be an end in sight.
The Australian Competition and Consumer Watchdog’s recent review found ticket prices are around 27 per cent higher than they were just 12 months ago.
As an example, fares from Adelaide to Gold Coast are up 156 per cent from $374 to $958, while Melbourne to Perth is 146 per cent higher, sitting at $1078.
Now, Qantas boss Alan Joyce has commented on the price hike.
Speaking to The Sydney Morning Herald, Joyce said the sky-high fares are due to a rang of factors including increasing fuel prices.
Fuel prices skyrocket
The airline’s fuel bill in the year-to-date has hit $5 billion mark – the biggest fuel bill the company’s ever had.
On top of this is the unprecedented consumer demand.
Understandably, following two years of Covid lockdowns and restrictions, people are desperate to get away on that long-awaited holiday.
“It’s at unbelievable levels internationally and domestically because people were locked up for so long,” Joyce said.
While this can be expected, no one predicted just how rapidly demand would rebound to exceed 2019 levels.
“Supply is difficult because, like every airline, it’s been hard getting those aircraft back in the air and the combination means that air fares are higher,” Joyce said.
So is there an end in sight?
Well, supply chain issues should begin to ease in 2023.
“Airbus and Boeing are telling us the supply chain issues should be fixed by the end of next year, which will get more planes in the air and airfares will come down as a consequence of that.”
But, more broadly, the Qantas boss believes the global situation remains too volatile to predict. This is particularly true given the ongoing war in Ukraine.
So, for now, we’ll just have to get used to paying more for a getaway.
Peloton partners with Lululemon as stock surges
Peloton’s stock prices experienced a remarkable surge as the company unveiled an exciting collaboration with popular athletic apparel brand, Lululemon.
This strategic partnership is set to bring a fusion of digital fitness content and stylish workout apparel to fitness enthusiasts worldwide.
The partnership aims to leverage Peloton’s extensive library of on-demand and live fitness classes with Lululemon’s renowned activewear. Subscribers to Peloton’s digital fitness platform will soon have access to exclusive Lululemon workout collections, making it easier than ever for fitness enthusiasts to look and feel their best during their workouts.
Investors have responded positively to this news, driving Peloton’s stock prices to new heights. The synergy between the two companies is expected to create a win-win situation. Peloton can tap into Lululemon’s massive fan base, while Lululemon can expand its presence in the rapidly growing digital fitness market.
The partnership also includes collaborative marketing efforts, with joint promotions and events that will undoubtedly generate buzz and excitement among fitness enthusiasts. This move is seen as a bold step by both companies to stay competitive in the evolving fitness landscape.
As the fitness industry continues to evolve and adapt to changing consumer preferences, partnerships like this one highlight the importance of innovation and collaboration. Peloton and Lululemon’s joint venture promises to provide consumers with not only top-notch fitness content but also the trendiest workout attire.
Kraken to launch US stock trading, expanding offerings
Cryptocurrency exchange Kraken is set to broaden its services by enabling users to trade US-listed stocks, according to reports from Bloomberg News.
This move marks a significant expansion for the platform, allowing customers to diversify their investment portfolios beyond cryptocurrencies.
Kraken’s foray into traditional stock trading will provide its users with access to a wide range of US-listed equities, including well-known companies from various industries. By offering this additional asset class, Kraken aims to cater to the growing demand for a holistic investment experience that combines both traditional and digital assets.
The move is seen as a strategic response to the evolving landscape of financial markets, where traditional and cryptocurrency investments are becoming increasingly intertwined. Kraken intends to streamline the trading process for its users, enabling them to manage both their cryptocurrency and stock portfolios within a single platform.
Kraken’s entry into the US stock market could potentially introduce new opportunities and challenges for the exchange, as it will need to navigate the regulatory requirements associated with stock trading. However, the exchange’s established track record and commitment to compliance should help ease this transition.
This development aligns with Kraken’s ongoing efforts to position itself as a comprehensive financial services provider, offering a wide array of investment options to its global user base.
Does remote work hamper diversity efforts?
UK finance executives express concerns that remote work is hindering diversity initiatives, signaling potential setbacks in the industry’s push for inclusivity.
As businesses continue to adapt to the changing work landscape brought on by the COVID-19 pandemic, remote work has become a staple for many industries, including finance. While it has provided flexibility and continuity during uncertain times, some financial leaders are now questioning its impact on diversity and inclusion within their organizations.
In a recent survey of UK finance executives, a substantial portion voiced apprehensions about the ramifications of prolonged remote work. They argue that the lack of physical presence in the office can exacerbate disparities, making it harder to foster an inclusive work environment.
One of the primary concerns raised by these executives is the potential for remote work to perpetuate existing inequalities. They believe that employees from underrepresented groups may face more significant challenges in terms of career progression and networking when they are not physically present in the workplace. This could lead to a stagnation in efforts to diversify leadership teams and foster equal opportunities.
Furthermore, the executives highlight the difficulties in monitoring and addressing issues related to diversity when employees are dispersed geographically. Ensuring equitable access to resources, mentorship, and career development opportunities becomes a more complex task.
Despite these concerns, it’s important to note that remote work has also opened doors for talent from different locations and backgrounds, potentially contributing positively to diversity efforts. Striking a balance between the advantages of remote work and the imperative to promote diversity remains a pressing challenge for finance organizations.
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