Thu. Jan 20th, 2022


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Travel shares will be in focus again today after sharp rises in airline shares yesterday. Shares in Wizz Air rose 12 percent on Tuesday in London, IAG 11 percent and easyJet 9 percent as investors bet Omicron would have a less severe impact on the industry than feared.

Shares in the sector were particularly prone to disruption. But a sharp rally since mid-December lifted IAG and easyJet, travel correspondent, by 25 percent Philip Georgiadis reported.

Ryanair reported December traffic figures this morning, a day after low-cost competitor Wizz reported its data. Ryanair flew aircraft that were on average 81 percent full in December, slightly lower than in October and November, but in line with the July to September period. It flew 9.5 million passengers in the month. To underline the extent of the recovery so far: in December 2020, it flew just 1.9 million.

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Briefly

Rishi Sunak hit bad news for consumers by high energy prices. The chancellor has warned colleagues there is a limit to potential government support to offset the price increases, with support to be directed at the most needy British households. Our political and energy team has more details on the options being considered here.

Investors in gambling software group Playtech wait another four weeks while competing bidders surround the company. Playtech held back a meeting to vote on a 680p cash offer from Australian gambling group Aristocrat Leisure while discussing a potentially competitive deal with JKO Play, a company led by former F1 boss Eddie Jordan be controlled. The shareholders’ meeting was to be held next week, but was rescheduled to 2 February. JKO originally faced a “stop or close” Takeover Panel deadline to declare its intentions today at 5pm, but Playtech and JKO have asked the Panel for an extension.

The boss of the company behind discount retailer Pondland is to give up for health reasons. Pepco Group, which listed on the Warsaw Stock Exchange in May last year, said Andy Bond, chief executive, plans to leave his role at the end of March. He will remain as an adviser to the board until the end of the company’s financial year.

Beyond the square mile

Tencent’s moves to sell more than $ 3 billion of its shares in Sea, the New York-listed Singapore gambling and e-commerce group, wiped out more than 11 percent of Sea’s shares on Tuesday. Tencent’s shares will fall from 21.3 percent to 18.7 percent after the sale, Primrose Riordan Hong Kong reports. The sale comes less than a month after Tencent sold its stake in Chinese e-commerce company JD.com.

Sony is launching a new company to “explore” the entry into the electric vehicle market. Shares in the Japanese group climbed 4.5 percent after plans were announced to open the subsidiary and unveil an electric SUV prototype.

Shares in bad debt manager China Huarong Asset Management fell more than 40 percent after trading resumed after a nine-month suspension, William Langley reported of Hong Kong. The company suspended trading in March after delaying the release of its results, announcing record losses of $ 16 billion in August before a state-sponsored $ 6.6 billion bailout was announced in November.

Brooke Masters pack the Theranos verdict in her column. “‘Fake it until you make it’ may work in Silicon Valley, but that slogan does not fly in federal court,” she writes. “Holmes’ conviction is a timely warning that there is a crucial difference between rosy optimism and outright fraud.” Read the full column here.

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