Connect with us

Business

UK scraps action against Ryanair, British Airways

Published

on

Britain’s competition regulator has scrapped legal action against Ryanair and British Airways.

It had claimed the airlines failed to offer refunds to those prevented from flying by the global health crisis.

Instead of providing refunds to those legally unable to fly, IAG-owned British Airways offered vouchers or rebooking.

Ryanair provided the option to rebook.

The Competition and Markets Authority started action against the airlines in June.

It said passengers who were legally unable to take flights booked in good faith should have their money back.

But on Thursday (October 7) it said the law did not provide passengers with a sufficiently clear right to a refund in such unusual circumstances.

It concluded that the length of time that would be required to take the case through the courts, and the uncertain outcome, no longer justified further expense of public money.

Instead the CMA hopes the law will now be clarified.

Ryanair said it welcomed the decision.

British Airways said in a statement it had acted lawfully at all times, issuing nearly 4 million refunds and highly flexible booking policies.

Business

OPEC+ agreed to its deepest cuts to oil production since 2020

Published

on

By

OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting

OPEC has agreed to the biggest cuts in oil output since the height of the global health crisis.

Ministers from the group of oil-producing nations, and allies including Russia, met in Vienna on Wednesday.

That marked their first in-person get-together since lockdowns made them impossible.

They agreed to slash production by 2 million barrels per day. This move could spur a recovery in oil prices.

They’ve fallen from $120 per barrel three months ago, to about $90 now.

But the decision is unlikely to go down well in Washington.

After OPEC+ agreed to cut oil production, U.S. Secretary of State Antony Blinken said that the United States is working to ensure energy supply is on the market and that prices are low.

Asked if he was disappointed in U.S. ally Saudi Arabia agreeing to the cuts, Blinken said Washington has a “multiplicity of interests with regard to Saudi Arabia.”

“We are working every single day to make sure to the best of our ability that, again, energy supply from wherever is actually meeting demand in order to ensure that energy is on the market and the prices are kept low,” Blinken said.

It wanted OPEC to pump more oil, to help reduce prices ahead of U.S. midterm elections.

The Biden administration also wants to limit revenues for Russia, as part of moves to punish it for the conflict in Ukraine.

However, Saudi Arabia has refused to condemn Moscow, which is part of the broader OPEC+ grouping.

Market watchers at JPMorgan expect Washington to react with countermeasures by releasing more oil stocks.

The UAE energy minister said Wednesday’s decision was technical, not political.

The Saudis and other OPEC members say it’s aimed at calming market volatility, not targeting any particular price for oil.

Continue Reading

Business

Rolls Royce CEO slams aviation for failing on climate targets

Published

on

Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

Continue Reading

Business

Amazon halts hiring on all corporate roles

Published

on

E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

Continue Reading

Trending Now

Copyright © 2022 The Ticker Company PTY LTD