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Ryanair posts first quarterly profit since late 2019

DUBLIN (Reuters) -Ryanair reported its first quarterly profit since before the onset of COVID-19, but said it expects to post an annual loss of up to 200 million euros ($231 million) as it would be forced to discount tickets to fill its planes over the winter.

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Ryanair posts first quarterly profit since late 2019
© Reuters. FILE PHOTO: A Ryanair plane takes off from Manchester Airport as the spread of the coronavirus disease (COVID-19) continues in Manchester, Britain June 21, 2020. REUTERS/Phil Noble/File Photo GLOBAL BUSINESS WEEK AHEAD

DUBLIN (Reuters) -Ryanair reported its first quarterly profit since before the onset of COVID-19, but said it expects to post an annual loss of up to 200 million euros ($231 million) as it would be forced to discount tickets to fill its planes over the winter.

The Irish airline, which operated more flights this summer than its European rivals, reported on Monday an after-tax loss of 48 million euros for the six months to September. A company poll of analysts had forecast a loss of 43 million euros.

While it did not break out its after-tax profit for the three months ended September, its second quarter, the 273 million euros loss it reported in the first quarter implies a second quarter profit of 225 million euros.

That marks its first quarterly profit since October-December, 2019 – before the pandemic disrupted travel.

The budget airline, Europe’s largest, carried 39.1 million passengers in the six months ended September, 54% fewer than in the same period of 2019.

Ryanair is expected to turn in a loss of between 100 million and 200 million euros for the financial year, which ends on March 31, Group Chief Executive Michael O’Leary said, adding that there was extremely little visibility.

O’Leary, who has said the pandemic offers the best growth opportunities of his three-decade career, in September lifted the Ryanair’s five-year growth target to fly 225 million passengers a year by 2026, from 200 million previously forecast.

Ryanair nudged up its passenger target for its financial year to March 2022 to “just over” 100 million. It flew 149 million passengers a year before the pandemic.

The airline reiterated it expects to return to pre-COVID profitability in the year ending March 2023.

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Economy

Costs of electricity in Italy rose by more than 76% in August

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cost of electricity in Italy

Costs of electricity in Italy rose by 76.4% in August, compared with an average of 51.9% in the euro area. La Repubblica writes about it, citing the estimates of Italy’s Confartigianato, an association of small and medium-sized businesses.

“Italy has structural problems. Here the cost of gas and electricity has always been very high because of the nature of production and the fact that there has never been an appropriate energy plan. Therefore, the average electricity bill in Italy will continue to rise,” said the head of Confartigianato, Bruno Pannier.

According to him, now Italy can concentrate on the production of energy from renewable sources. In this matter, the country is in a better position than other countries of the European Union, in particular due to the climate.

The newspaper said that in July electricity and gas prices in France jumped by 23.8%; in Germany – by 46% and in Spain – 54.3%, while in Italy the increase was 59.1%.

Earlier we reported that Nord Streams was almost completely out of service due to malfunctions.

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Economy

The situation in Europe is worsening. Rising food and energy prices are becoming a growing problem

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rising food and energy prices

The situation with rising food and energy prices in the EU soon will only get worse. This follows from the statement of the head of the European Central Bank Christine Lagarde.

British residents have already spent more than half of their savings. According to The Times, monthly expenditures on British energy prices are growing by a record £145. The pound itself reached a historic low against the dollar and almost equaled it. The sharp decline occurred after the decision of the British government to reduce taxes in the country.

Against this backdrop, Parliament began to prepare a vote of no confidence in the new Prime Minister, Liz Truss, who proposed new economic measures. The situation in Germany is also difficult. As German Finance Minister Christian Lindner admitted, he does not yet know how to fight gas prices.

“We are working in parallel with the commission on gas prices, which was created by the federal government. And so we will be looking for ways in which we can put price control into practice. I have an idea of what direction to think, but I don’t really want to go into all the details,” Ridus said.

Earlier, we reported that cryptocurrencies and the dollar began a showdown for the title of most profitable asset.

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Economy

Nord stream sabotage? “Nord Streams” is almost completely out of order due to malfunctions

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nord stream sabotage

The Nord Stream and Nord Stream 2 gas pipelines are almost completely out of service due to various faults. Many are voicing opinions about sabotage on Nord Stream.

Both gas supply routes to Europe via the Baltic Sea bed are out of service. First there was the Nord Stream 2 accident, where the pressure on one of the lines dropped drastically. The cause of the leakage is currently being investigated. Then pressure dropped in both strings of Nord Stream, but the reason for the drop in pressure is still unknown. There are serious reasons to assume a Nord Stream attack.

The publication noted that the German authorities have already started working with the Danish authorities and local law enforcement agencies to find out the reason for the pressure drop in Nord Stream-2. However, it is not clear how the pipeline will be repaired, as it is under U.S. sanctions and bankruptcy proceedings, although it has been postponed until January 2023.

At the moment it is impossible to name the exact cause of the malfunctions that have occurred. However, the sudden drop in pressure may indicate not just a leak, but a much more serious problem. Also, this accident could have certain consequences for the entire gas market, and repairs could take quite a long time.

Earlier we reported that British banks had begun stopping some mortgage deals because of the pound falling against the dollar.

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