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News in Brief – Spring 2019

  • Ryanair reports €20m third quarter loss. Ryanair flew 32.7m passengers in the quarter, an increase of 8%, while revenue flew to €1.53bn, a 10% increase, the loss did not consider the €46.5m the airline spent buying Austrian airline, Laudamotion. Chief executive Michael O’Leary said, “While a €20m loss in Q3 was disappointing, we take comfort that this was entirely due to weaker than expected air fares. While ancillary revenues performed strongly, up 26% in Q3, this was offset by higher fuel, staff and EU261 (compensation) costs.”
  • M&S paid more UK tax last year than Amazon has in 20-years. An investigation by the Mirror found Amazon UK Services had paid £61.7 million corporation tax in the UK in the last 20 years. It also found the company had turned over £6.86 billion in the UK since 1998, but made £213 million profit – including five years of losses. Marks & Spencer paid £65.4 million corporation tax last year, and £3.3 billion in the last two decades, the newspaper found.
  • Italy has fallen into recession after its economy shrank by 0.2 per cent in the final three months of 2018. Italy has now entered its third recession in 10 years. Its economy has been weakening since early 2017 and has recently been hit by a slowdown in key trading partners including Germany and China. Italy’s government has also been involved in a fight with Brussels over the country’s budget deficit which critics say has damaged market confidence, pushing up Italy’s borrowing costs and hurting the economy.
  • HMV chain saved but some stores will close Canadian firm Sunrise Records has emerged as the buyer of collapsed music chain HMV, beating competition including Sports Direct owner Mike Ashley. The firm will buy 100 stores out of administration, securing 1,487 jobs. But 27 stores will close, resulting in 455 redundancies.