Can mandatory maths reinvigorate Rishi Sunak’s premiership? Well, he’s going to try. That’s part of a bid to reset his premiership, and perhaps distract from the economic crisis, troubled health service and widespread strikes — of which we have more today. Meanwhile, BT is taking a stake in a drone startup in a bid to support an aerial superhighway linking logistics hubs.
(Bloomberg) — Can mandatory maths reinvigorate Rishi Sunak’s premiership? Well, he’s going to try. That’s part of a bid to reset his premiership, and perhaps distract from the economic crisis, troubled health service and widespread strikes — of which we have more today. Meanwhile, BT is taking a stake in a drone startup in a bid to support an aerial superhighway linking logistics hubs.
Here’s the key business news from London this morning:
In the City
Ryanair Plc: The low-cost airline reported a 21% increase in December traffic compared to the year before, with 11.5 million people traveling with the carrier.
- The figure is slightly higher than the company’s November traffic, showing robust demand during the holiday season
- It comes after Wizz Air reported an almost 60% increase on Tuesday, with both figures benefiting from a strong comparable year given the disruption from the omicron coronavirus variant in December 2021
BT Group Plc: The telecommunications company will take a stake in drone startup Altitude Angel Ltd. as part of an agreement to invest in the developer of a proposed aerial superhighway linking key UK logistics hubs.
- BT will provide Altitude Angel with £5 million of financing in return for a stake in the business as part of a series B fundraising, the companies said
Pershing Square Holdings Ltd: Bill Ackman’s London-listed large cap investment fund’s net performance was down 4.2% in December, ending the year 8.8% lower.
In Westminster
Rishi Sunak will pledge to make all pupils in English schools learn some form of maths to the age of 18, in a speech today seeking to reset his premiership amid a health crisis, ongoing industrial action and dire poll ratings for the Tories.
The British Museum and the Acropolis Museum in Athens are closing in on an agreement that would see the Parthenon Marbles returned over time to Greece as part of a cultural exchange, ending a feud over the historical artifacts that dates back to the 1800s.
Meanwhile, few major currencies stand to lose out as much from the yen’s comeback as the British pound this year.
In Case You Missed It
Inflation in UK stores dipped in December, marking the first decline in over a year as Britons look for signs that the worst of the cost of living crisis is behind them.
H2O Asset Management was fined a record of €75 million in France over accusations the London-based fund harmed investors by making unauthorized investments in illiquid securities owned by controversial German financier Lars Windhorst.
Looking Ahead
Results from Next Plc will be in focus tomorrow, with Citi analysts expecting the high street brand to exceed its own projections for the fourth quarter, helped by strong Christmas trading.
Also on Thursday, Bank of England policymakers will be looking for signs that a weakening economy is translating into softer price pressures in its December survey of chief financial officers. The central bank is closely monitoring the direction of travel in businesses’ medium-term inflation expectations, which have slowed to 3.9% in November, according to Bloomberg Economics.
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