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☆ King Charles’ coronation: Britain forked out $91 million in the middle of a cost-of-living crisis
▼ + stars: | 2024-11-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The coronation of King Charles III and Queen Camilla held in May last year cost British taxpayers £72 million ($91 million), an amount some have labeled excessive. The £72 million spent on the coronation could have paid for 24 million free meals for schoolchildren in London, based on the city government’s current budget of £3.00 ($3.75) per meal. Some additional spending came from the Privy Purse, the monarch’s private source of income, a royal source told CNN. “Plans (for the coronation) were scaled back,” the royal source told CNN. The culture department, in its accounts, said it had underspent its budget on the coronation by £2.8 million ($3.5 million).

Persons: King Charles III, Queen Camilla, Queen Elizabeth II, Finnbarr Webster, ”, Graham Smith, Sovereign Grant —, Sovereign Grant, “, Elizabeth II’s, Max Foster Organizations: London CNN, Department for Culture, Media, Sport, Home Office, Volunteers, Republic, CNN, Sovereign, CNN’s Royal Locations: United Kingdom, Weymouth , England, British, London, Lancaster, London’s Westminster

☆ With Elon Musk in tow, Trump eyes changes to government policies on AI and its risks
▼ + stars: | 2024-11-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The Republican document said the executive order contained “radical leftwing ideas” that hindered innovation. The most advanced AI systems could, in the worst case, “pose an extinction-level threat to the human species,” the report said. A related document said AI systems could be used to implement “high-impact cyberattacks capable of crippling critical infrastructure,” among a litany of risks. However, he worries that a repeal of Biden’s executive order would spell the end of the US government’s AI Safety Institute. It is possible that that would be the subject of a future Trump executive order,” said Strait.

Persons: London CNN — Donald Trump, Elon Musk, Joe Biden, Sandra Wachter, ”, Andrew Strait, Ada Lovelace, Strait, Kamala Harris, Musk, Steve Kramer, Dean Phillips, Biden, Phillips ’, Taylor Swift, Alexandria Ocasio, Cortez, ” Manoj Chaudhary, What’s, It’s “, Trump, ” Strait, Gavin Newsom, JD Vance, “, Musk’s Tesla Organizations: London CNN, White House, Republican Party, Republican, Oxford Internet Institute, Oxford University, CNN, Ada, Ada Lovelace Institute, US Department of Homeland Security, Democratic, US State Department, AI Safety, “ Department, Government, Trump Locations: London, United States, New Hampshire, Alexandria, Colorado, New York, ”, California

Former President Donald Trump has gained 266 electoral votes — just four away from the 270 he needs to be elected 47th President of the United States. Republicans will control the Senate: Republicans will win the US Senate majority, CNN projects, shifting the balance of power in Washington. The Republican march to control started early on election night when West Virginia Gov. Battleground projections: Early on Tuesday evening, Trump swept reliable red states and Vice President Kamala Harris picked up blue strongholds. Harris will speak later today: The campaign’s co-chair Cedric Richmond told supporters the vice president wasn’t going to speak Tuesday evening, but is expected to speak today.

Persons: Donald Trump, ” Trump, ”, Jim Justice, Sen, Joe Manchin, Democratic Sen, Sherrod Brown, Bernie Moreno, Trump, Kamala Harris, Harris, Cedric Richmond, wasn’t, Richmond Organizations: ” CNN, Senate, Republicans, CNN, Republican, West Virginia Gov, Democrat, Democratic, Trump, Howard Locations: United States, Florida, America, Washington, In Ohio, North Carolina, Georgia, Pennsylvania

☆ Oasis fans hit with a ‘landslide’ of ticket scams
▼ + stars: | 2024-11-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Hundreds of Oasis fans are looking back in anger after falling victim to a “landslide” of ticket selling scams. The bank said Oasis fans made up around 70% of all reported ticket fraud between August 27 and September 25. Fans scrambling for tickets have fumed about eye-watering prices and long waits online. Lloyds said its customers buying Oasis tickets on a major UK ticket selling site splashed out more compared with any other music concert over the past three years, parting with an average of £563 ($731) per debit card transaction during the first day of ticket sales in August. That’s higher than the average £342 ($444) spent on tickets for Taylor Swift’s UK tour last year, it noted.

Persons: ”, Liz Ziegler, you’re, Noel, Liam Gallagher —, SJM, Taylor Organizations: London CNN, Oasis, Lloyds Banking Group, Lloyds, Facebook, Meta, “, CNN, Taylor Swift’s Locations: United Kingdom, Ireland, United States, Canada, Mexico, Australia

A boy carries a humanitarian aid package provided by the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) in central Gaza City on August 27. Omar Al-Qattaa/AFP/Getty ImagesIsrael’s parliament is considering two bills this week that could significantly restrict the operations of UNRWA, the UN’s relief agency for Palestinians, in territories occupied by Israel. The OIOS added that they were not able to independently authenticate information used by Israel to support the allegations. “UNRWA provides essential and life-saving humanitarian aid and basic services to Palestinian refugees in Gaza, East Jerusalem, the West Bank and throughout the region. Here’s a look at how many Palestinian refugees are registered for UNRWA services – and where.

Persons: Omar Al, “ Organizations: United Nations Relief, Works Agency for Palestine Refugees, Getty, UNRWA, UN, West Bank, Hamas, Oversight Locations: Gaza City, AFP, Israel, Gaza, East Jerusalem, Canada, Australia, France, Germany, Japan, South Korea

☆ ChatGPT can be tricked into telling people how to commit crimes, a tech firm finds
▼ + stars: | 2024-10-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —ChatGPT can be duped into providing detailed advice on how to commit crimes ranging from money laundering to the export of weapons to sanctioned countries, a tech startup found, raising questions over the chatbot’s safeguards against its use to aid illegal activity. Norwegian firm Strise ran experiments asking ChatGPT for tips on committing specific crimes. And in another experiment, run earlier this month, ChatGPT produced lists of methods to help businesses evade sanctions, such as those against Russia, including bans on certain cross-border payments and the sale of arms. Strise sells software that helps banks and other companies combat money laundering, identify sanctioned individuals and tackle other risks. “It’s like having a corrupt financial adviser on your desktop,” Rødevand said on the company’s podcast last month, describing the money laundering experiment.

Persons: London CNN —, Strise, ChatGPT, Handelsbanken, Marit Rødevand, Strise’s, ”, OpenAI, “, Rødevand, “ We’re, Europol, Olesya Dmitracova Organizations: London CNN, Strise, CNN, Russia Locations: Russia, Nordic, Norway

☆ ‘Unsafe’ toys being sold in Europe by Amazon, Temu and other online marketplaces
▼ + stars: | 2024-10-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

Lonodn CNN —Some toymakers are “flooding” Europe with dangerous toys via online marketplaces, including magnets capable of puncturing a child’s intestines if swallowed and products containing toxic chemicals, according to an industry body. An Amazon spokesperson said the company has “proactive measures in place to prevent unsafe or non-compliant products from being listed” on its site. The EU has the “strictest toy safety regime in the world” but toymakers from outside the bloc are exempt from EU rules when selling their products via online marketplaces, TIE said. In the United States, too, regulators are concerned about the safety of goods sold online. In September, two officials from the Consumer Products Safety Commission called for an investigation into Shein and Temu over the potential sale of “deadly baby and toddler products.”

Persons: Catherine Van Reeth, ”, Shein Organizations: CNN, Toy Industries of, European Union, EU, Amazon, Consumer Products Safety Locations: Europe, Toy Industries of Europe, United Kingdom, United States, Shein

☆ Airbus plans to lay off up to 2,500 workers in its defense and space division
▼ + stars: | 2024-10-16 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

Airbus’ announcement comes against a backdrop of a global defense and space industry in flux, presenting both challenges and opportunities for companies. But large legacy defense firms like Airbus that should benefit from the boom in demand face stiff competition. Boeing said earlier this month that it would slash 10% of its global workforce over the coming months. The company’s own defense business posted a $913 million loss in the three months to the end of June. And in September, Ted Colbert, the head of the unit, called Defense, Space & Security, stepped down.

Persons: Mike Schoellhorn, —, ” Schoellhorn, Ted Colbert, Olesya Dmitracova Organizations: London CNN, Airbus, Boeing, Airbus Defence, Governments, Citi, Defense, Space & Security Locations: Ukraine, United States

☆ Strait of Hormuz: A 21-mile-wide channel is key to cheap gas. It’s under threat
▼ + stars: | 2024-10-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Global oil prices have spiked in recent days as the conflict in the Middle East has reached fever pitch. They could rise yet further if Israel’s widening war embroils the vital Strait of Hormuz off Iran’s southern coast. About one-fifth of the world’s global oil trade passes through the strait every day, notes Simone Tagliapietra, a senior fellow at Brussels-based think tank Bruegel. It also accounts for about a quarter of the world’s daily trade in liquefied natural gas. But if oil trade through the critical Strait of Hormuz wobbles, prices could soar above $100 a barrel, according to research firm ClearView Energy Partners, sending gasoline prices surging.

Persons: Simone Tagliapietra, Hassan Nasrallah, Yoav Gallant, ” Tagliapietra, Brent, Richard Bronze, “ Organizations: London CNN —, US Energy Information Administration, Israel’s, CNN Sunday, Israel . West Texas Intermediate, ClearView Energy Partners Locations: Hormuz, Brussels, Iran, Israel, Lebanon, United States, China

☆ Nike sneaker ad labeled ‘misleading’ for marketing $35 kids’ shoes to adults
▼ + stars: | 2024-09-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —A “misleading” online advertisement for $35 Nike sneakers has been banned in Britain for failing to make clear that the product was actually targeted at children and therefore the offer didn’t represent a true discount for adults. The ad appeared on the X account of The Sole Supplier, an online marketplace selling footwear and clothing from several major brands, in December 2023, the regulator said in its ruling Wednesday. Nike (NKE) said the ad was created and published by The Sole Supplier “without any (of its) input or oversight,” the ASA noted. The Sole Supplier, for its part, said it was open to considering how to display sizing information “more prominently” in future ads, the ASA said. The Sole Supplier did not immediately respond to a request for comment.

Persons: ’ Organizations: London CNN, Nike, Advertising Standards Agency, ASA, CNN, Markets Authority Locations: Britain, United Kingdom, United States

☆ Europe will loan war-torn Ukraine up to $39 billion to aid recovery
▼ + stars: | 2024-09-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —The European Union will loan Ukraine up to €35 billion ($39 billion) to help rebuild its economy, the bloc’s executive arm announced Friday. Western nations froze Russia’s assets in bank accounts located in Europe and the United States as part of a massive wave of sanctions enacted after Russian President Vladimir Putin ordered the full-scale invasion of Ukraine in 2022. Von der Leyen’s visit to Kyiv comes just as the winter heating season starts in Ukraine. Russia’s bombardments targeted at the country’s energy infrastructure have intensified in recent months, leaving Ukrainians vulnerable to power outages. On Thursday, the International Energy Agency said this coming winter will be the “sternest test yet” for Ukraine’s energy system.

Persons: Ursula von der Leyen, ”, Vladimir Putin, Von der Organizations: London CNN, European Union, International Energy Agency Locations: Ukraine, Kyiv, Europe, United States

☆ AI voice-cloning scams could target millions of people, Starling Bank warns
▼ + stars: | 2024-09-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —“Millions” of people could fall victim to scams using artificial intelligence to clone their voices, a UK bank has warned. Starling Bank, an online-only lender, said fraudsters are capable of using AI to replicate a person’s voice from just three seconds of audio found in, for example, a video the person has posted online. These types of scams have the potential to “catch millions out,” Starling Bank said in a press release Wednesday. “People regularly post content online which has recordings of their voice, without ever imagining it’s making them more vulnerable to fraudsters,” Lisa Grahame, chief information security officer at Starling Bank, said in the press release. As AI becomes increasingly adept at mimicking human voices, concerns are mounting about its potential to harm people by, for example, helping criminals access their bank accounts, and spread misinformation.

Persons: London CNN —, Scammers, ” Lisa Grahame, OpenAI Organizations: London CNN, Starling Bank, ”, Bank, Research Locations: Starling

☆ Beleaguered Burberry is no longer one of UK’s most valuable public companies
▼ + stars: | 2024-09-05 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Luxury brand Burberry is dropping out of Britain’s main stock index after suffering a steep fall in value following a plunge in sales and profits. The 168-year-old brand will leave the FTSE 100, which brings together the 100 most valuable companies listed on the London Stock Exchange, as a result of a quarterly review, the exchange said in a statement Wednesday. Spending on luxury goods has been slowing globally but particularly in the world’s no. 2 economy China, hitting not only the likes of Burberry but also higher-end brands. In July, the company replaced its chief executive — who had spent just two years in the role — after another disappointing quarter.

Persons: —, Gerry Murphy, “, Anna Cooban Organizations: London CNN, Burberry, London Stock Exchange Locations: China

☆ Mars buys Kellanova, maker of Cheez-It and Pringles
▼ + stars: | 2024-08-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Mars has agreed to buy Kellanova in a deal that values the maker of Cheez-It and Pringles at almost $29 billion. The mega-deal will create a global snacks behemoth, adding a bevy of new nibbles to Mars’ portfolio of brands, which includes Snickers, M&M’s, and the Mars bar. “The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Andrew Clarke, global president of Mars Snacking, said in a statement. The Kellanova acquisition ranks in the top 10 global food and beverage mergers and acquisitions since 1995, according to Dealogic. The Kellanova deal is expected to close in the first half of next year, subject to shareholder and regulatory approval.

Persons: London CNN — Mars, Kellanova, ” Andrew Clarke, Mars Snacking, —, Burger King, ” Kellanova, Trü, Anna Cooban Organizations: London CNN, Reuters, Kellogg Company, MorningStar, Nestle, McDonald’s, Starbucks, Mars

☆ BBC asks ex-presenter Huw Edwards to pay back $250,000 after he pleads guilty to having images of child sexual abuse
▼ + stars: | 2024-08-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

Edwards pleaded guilty to an appalling crime,” the publicly funded broadcaster said in a statement Friday. “Had he been upfront when asked by the BBC about his arrest, we would never have continued to pay him public money. On Wednesday last week, Edwards pleaded guilty to having 41 “indecent images of children,” all under the age of 18, on the messaging app WhatsApp, according to PA Media. London’s Westminster Magistrates’ Court, where Edwards pleaded guilty, heard that the presenter had been in contact with an adult man on WhatsApp who sent him 377 sexual images, 41 of which were indecent images of children. The court also heard that Edwards had told a man on WhatsApp not to send him images of minors.

Persons: Huw Edwards, ”, “ Mr, Edwards, “, ” Edwards, Queen Elizabeth II, —, WhatsApp, Philip Evans, Mr, Evans Organizations: London CNN, BBC, CNN, PA Media, ’, Prosecution Service Locations: London’s Westminster, ’ Court, UK’s

mapodile/E+/Getty ImagesFor individual investors, the quick-turn global rout in stocks on Monday was unsettling, even with news Tuesday that there is somewhat of a bounce-back going on. But if you’re investing in a 401(k), daily market dramas are no reason to take dramatic actions with your portfolio. Andy Smith, executive director of financial planning at Edelman Financial Engines, puts it this way: “Separate your emotion from your money. Say you set up a portfolio of 70% stocks and 30% bonds but now it’s morphed into a 60/40 portfolio. And remind yourself periodically that even bear markets have not stopped the long-term increases in stocks over time.

Persons: you’re, ” Quincy Krosby, Andy Smith, it’s, Smith Organizations: LPL, Edelman

Hong Kong/London CNN —Japanese shares soared Tuesday, clawing back some of their record losses from the previous day and underpinning a tentative recovery on global markets. Markets around the world plunged during Monday’s session when a combination of fears about a slowing US economy, rising Japanese interest rates and crumbling tech stocks combined to trigger a meltdown. The bounce in Japan is “typical after a market crash,” Neil Newman, head of strategy at Astris Advisory in Tokyo, told CNN. “It is too early to conclude that the Japanese stock market has hit a bottom,” they said, adding that any recovery would likely only occur after Japanese companies report first-half earnings in October, or even after the US presidential election in November. A stronger yenJapan’s stock market, in particular, was hard-hit by the rapid appreciation of the yen, which undermines the export competitiveness of the country’s manufacturers.

Persons: clawing, Kospi, ” Neil Newman, ”, “, Stephen Innes, ” Newman, Newman, Fumio Kishida Organizations: London CNN, Nikkei, Nasdaq, Advisory, CNN, UBS Chief Investment, Moody’s, Bank of Japan, Management, Tokyo “, Traders, Reuters Locations: Hong Kong, London, Asia, South, Taiwan, Europe, Japan, Tokyo, South Korea

☆ Let them eat lobster! France spent over $500,000 on a state dinner for King Charles
▼ + stars: | 2024-07-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Entertaining the King of England is an expensive business, France is finding out. A sumptuous lobster dinner held to welcome Britain’s King Charles III to Paris last September cost the French president’s office nearly €475,000 ($515,000), according to accounts published on Monday by France’s public auditor. The state dinner included outlays of more than €166,000 ($180,000) for catering and €42,000 ($46,000) for drinks, on top of other costs including furniture, flowers and table decorations. King Charles and his wife, Queen Camilla, attended the banquet as part of a three-day state visit to France, which had been postponed from earlier in 2023 because of widespread protests over Macron’s pension reforms. During the trip, King Charles praised the “indispensable relationship” between the UK and its neighbor in a historic speech to the French senate chamber.

Persons: Britain’s King Charles III, King Charles, Queen Camilla, Mick Jagger, Hugh Grant, Arsene Wenger, ”, Narendra Modi Organizations: London CNN, Paris, European Union, Indian, France Locations: England, France, of Versailles, French, Versailles, Louvre

☆ The aviation industry mess is turning into bad news for the planet
▼ + stars: | 2024-07-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

Air New Zealand is waiting for eight Boeing 787 Dreamliners and five Airbus A320neo and A3201neo planes, according to its website. SAF has a lower carbon footprint than traditional jet fuel because it’s made from waste products, where the carbon has already been emitted; or from plants that absorb CO2 as they grow. That was much higher than the 5% reduction target in international aviation emissions by 2030 agreed by 193 countries at a United Nations-backed conference last November. The aviation industry accounted for 2% of global energy-related carbon emissions in 2022, according to the International Energy Agency (IEA). “Planned production capacity for sustainable aviation fuels will provide just a small fraction of jet fuel demand by 2027,” notes the IEA on its website.

Persons: ” Greg Foran, “, it’s, ” Organizations: London CNN — Air, Zealand, Air, Boeing, Airbus, CNN, SAF, United, International Energy Agency, New, Reuters Locations: Zealand, Air, United Nations, New Zealand

☆ Why do women’s haircuts cost more than men’s?
▼ + stars: | 2024-07-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

Last year, the average cost for a standard women’s haircut was $51.71 compared with $34.56 for a men’s haircut across the United States, according to transaction data provided exclusively to CNN by Square, a payment systems provider. A man gets his hair cut in a barber shop in Colchester, United Kingdom. That report found the average cost of a women’s haircut ranging between $45 and $75 across the country, while men’s toggled between $25 and $50, though it did not specify whether the typical women’s haircut included extra services such as a blow dry. “When you go to cosmetology school to become a hair stylist, you learn to how to cut hair,” they told CNN. Goldie x Bob is one such hair salon that, five years ago, threw out its gender-based price list.

Persons: London CNN —, YouGov, ” Matthew Smith, Carl Court, Fred Jones, I’m, ”, Jones, “, Tara Farmer, ” Farmer, Raychel Brightman, Newsday, Caroline Larissey, ” Larissey, ‘, Kristin Rankin, Rankin, ” Rankin, Goldie, Bob, Liz Burns, Ashlie, Burns Organizations: London CNN, CNN, Square, Professional Beauty Federation of California, Getty, & Beauty Federation, “ Locations: United States, South Dakota, Colchester, United Kingdom, West Babylon , New York, New York City, Denver, Ashlie Heath

☆ Robyn Grew: AI won’t be making decisions ‘anytime soon,’ says top hedge fund CEO
▼ + stars: | 2024-07-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The head of one of the world’s biggest hedge funds says artificial intelligence systems are unlikely to replace traders anytime soon. London-based Man Group, whose assets under management hit an all-time high of $178.2 billion during the first six months of the year, makes its money by charging investors management and performance fees. “I don’t think of AI as making investment decisions anytime soon,” Grew said. In the interview with CNN, Grew said the era of rock-bottom interest rates that broadly defined the decade following the 2008 financial crisis had made way for a period of “volatility and dispersion” ushered in by the rise in inflation after the pandemic. In other words, traders navigating a volatile market can expect to make a greater range of — and possibly bigger — returns across various assets than during more stable times.

Persons: Robyn Grew, ” Grew, “, Grew Organizations: London CNN, CNN, Man Group, Surgeons, ”, London Stock Exchange Locations: London

☆ LMVH and other global luxury brands are hurting as Chinese shoppers rein in spending
▼ + stars: | 2024-07-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The value of some of the world’s best-known luxury companies is plunging as Chinese consumers pull back on spending, with even the most exclusive brands feeling the pain. The rout seems to be accelerating, with those sales tumbling 14% in the second quarter, according to results published late Tuesday. “For now, the (luxury) market remains volatile as investors reassess the once-held belief that luxury brands are a safe-haven investment, shielded from broader economic downturns,” Jochen Stanzl, chief market analyst at CMC Markets, told CNN. “The Chinese market contracted slightly; the market situation in the premium and luxury segment in China remained weak,” the company said. China’s economy grew 4.7% year-on-year in the second quarter of the year, according to official data released last week, missing economists’ expectations and marking the weakest growth since the first quarter of 2023.

Persons: Bernard Arnault’s, Louis Vuitton, Christian Dior, ” Jochen Stanzl, Richemont, Cartier, ”, Gucci, Kering, Hermes, Birkin, Olesya Dmitracova Organizations: London CNN, Prada, CMC Markets, CNN, Europe’s, Reuters, Porsche, Benz, Bain & Company Locations: Asia, Japan, China, Paris, Hong Kong, China , Hong Kong, Macao, North America, Europe, United States

☆ The British monarchy steps up efforts to go green with solar panels on palaces and biofuel-powered Bentleys
▼ + stars: | 2024-07-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

And, fittingly, in the first full year of his reign, the British monarchy introduced a slew of measures to tackle its rising carbon emissions. The King’s two Bentleys will also be modified within the next year to run on biofuel, according to Britain’s PA Media. The Royal Household aims to transition to an “almost fully electric” fleet of vehicles eventually, the accounts said, without providing a target date. Whether biofuels used for vehicles reduce carbon emissions is contentious and depends on many factors, including their source. Crown Estate profits soared in the 2023-24 financial year to a record £1.1 billion ($1.4 billion), boosted by revenue from offshore wind projects.

Persons: London CNN — King Charles III, Prince Harry, Meghan, —, Charles ’, Sovereign Grant —, Sovereign Grant, Angela Dewan Organizations: London CNN, Royal, Windsor Castle, Britain’s, Media, Royal Household, SAF, Sandringham Estate, Sovereign, Northern Ireland — Locations: British, Windsor, Windsor Castle —, Sandringham, United States, London, England, Wales, Northern Ireland

☆ Ryanair, Europe’s biggest airline, says airfares will be ‘materially lower’ this summer
▼ + stars: | 2024-07-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Ryanair said Monday that it expects airfares during the busy summer travel season to be “materially lower” than last year as the low-cost carrier reported a plunge in profits. Europe’s biggest airline by passenger numbers, comparable in size to Delta Air Lines in the United States, said its average fare fell nearly 15% in the April-to-June quarter from the same period in 2023, to €41.93 ($45.65) from €49.07 ($53.42). Ryanair (RYAAY) attributed that dip in the first quarter of its financial year, in part, to the timing of the Easter break this year, some of which fell over March. The airline previously thought fares would be “flat to modestly up,” he added. Ryanair reported a 46% fall in profits in the first quarter of the year, to €360 million ($392 million), despite a 10% rise in the number of passengers.

Persons: ”, Michael O’Leary, Neil Sorahan Organizations: London CNN, Ryanair, Europe’s, Delta Air Lines, “, British Airways, Boeing, Alaska Airlines, Delta Locations: United States

☆ Euro and French stocks subdued despite France’s political limbo
▼ + stars: | 2024-07-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —French stocks and government bonds struggled to find direction Monday following surprise results in France’s parliamentary elections, which saw left-wing parties outperform the far right, leaving the country’s parliament facing gridlock. The yield on benchmark 10-year bonds rose by a fraction of a percentage point to 3.21% by 6.37 a.m. But the premium traders demand to hold French bonds instead of the ultra-safe German equivalents was lower on the day. However, it was still a lot higher than before French President Emmanuel Macron called the snap elections on June 9. France’s left-wing alliance came in first after the vote Sunday, while the far right trailed in third place in a shocking reversal of first-round results.

Persons: Emmanuel Macron, Macron, France’s, “, ” Organizations: London CNN, Rabobank, European Union Locations: gridlock, France, Paris

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