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SAS said today that a pilot strike now in its 11th day threatened the airline's ability to access bridge financing without which it may be forced to radically downsize or could collapse, Reuters reported. SAS and unions were locked in more talks on Thursday to end a strike among most of its pilots at the peak of the holiday travel season, over conditions related to the Scandinavian carrier's rescue plan. "The strikes ...
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Italian Prime Minister Mario Draghi is expected to offer his resignation after the Five Star Movement, a key member of his coalition, went ahead with its threat to boycott a confidence vote on the government, triggering political turmoil, Bloomberg News reported. The party led by former premier Giuseppe Conte, the second-biggest group in parliament, announced in the Rome Senate that it would stay away later Thursday from the vote on an aid package for businesses and households hit by high energy prices.
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British former finance minister Rishi Sunak said his first economic priority if he becomes prime minister will be tackling high inflation, not the tax cuts pledged by some of his rivals in the race to replace Boris Johnson, Reuters reported. British consumer price inflation hit a 40-year high of 9.1% in May, and the Bank of England forecasts it will exceed 11% in October when regulated household energy tariffs increase next. "I think our number one economic priority is to tackle inflation and not make it worse," Sunak told BBC radio on Thursday.
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France needs to mobilise to prepare for the probable scenario of energy shortages this autumn because Russia is using cuts in supplies to Europe as a weapon in its war with Ukraine, French President Emmanuel Macron said on Thursday, Reuters reported. Speaking in a televised interview to mark France's national day, Macron said part of that mobilisation would involve French consumers and businesses scaling back their energy use. "We need to prepare ourselves for a scenario where we have to manage completely without Russian gas," he said.
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Train drivers at eight British rail companies will go on strike later this month in the second large-scale industrial action set to affect commuters in July, the Associated Press reported. The Aslef train drivers’ union said Thursday its members will walk out for 24 hours on July 30 over pay disputes. The disruptions, which come during the busy summer holidays, are expected to affect sports fans attending the Commonwealth Games, which kick off in Birmingham on July 28, and the opening weekend of the English Football League.
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Europe’s economies showed resilience in May but remain vulnerable and could suffer a steep downturn should Russia stop supplying natural gas to the region, the Wall Street Journal reported. Economic data released Wednesday showed output at factories across the eurozone jumped in May, while the U.K. economy rebounded from a contraction in April. However, the rise in eurozone factory output was almost entirely down to U.S. businesses that operate in Ireland, while U.K. growth was partly driven by the lifting of two years of restricted access to local health services. Both the U.K.
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Euro zone industrial production increased by more than expected in May as output of capital and non-durable consumer goods picked up sharply during the month, data showed on Wednesday, Reuters reported. The European Union statistics agency Eurostat said industrial production in the 19 countries sharing the euro single currency rose by 0.8% month-on-month and by 1.6% from a year earlier. That compared with market expectations of rises of 0.3% from a month earlier and compared with May 2021.
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