Rolling coverage of the latest economic and financial news
British Airways’ parent company has warned its earnings will be lower than expected as the Iran war drives up the cost of jet fuel.
International Airlines Group (IAG) told the City this morning that it expects a “more substantial impact” from the Middle East crisis throughout the rest of the year as the increase in the fuel cost starts to manifest itself.
“We are actively managing the uncertainty created by the fuel price increase and its impact, taking the necessary action on yields, costs and capacity. We currently see no issues with fuel availability in our main markets, particularly as we benefit from our investment in fuel self-supply at our hubs.
Whilst the impact of the higher fuel price will inevitably lead to lower profit this year than we originally anticipated, we are confident in our business model and strategy, which has made us one of the best-performing airline groups in the world, and which gives us the opportunity to prove our resilience. This confidence means we are on track to continue with the remaining €1 billion return of excess cash.
Northern Ireland still leads UK annual house price growth, with average prices up +7.6% over the past year to £224,851.
Scotland also recorded strong growth, rising +4.0% annually to an average price of £222,448.
Wales has seen property price growth continue to slow, now +0.7% on annual basis, taking the typical home value to £230,952.
The North East of England saw prices rise +4.5% over the year to £183,445, while the North West recorded annual growth of +3.4%, with the average home now costing £248,945.
By contrast, the southern markets continue to see prices fall. The South East led declines, with prices down -2.0% year‑on‑year to £383,044, while London saw average values fall by - 1.4% to £536,051.
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