© Reuters. FILE PHOTO: Ryanair Chief Executive Michael O’Leary speaks during a Reuters Newsmaker event in London, Britain October 1, 2019. REUTERS/Peter Nicholls
DUBLIN (Reuters) -Ryanair on Monday said that Boeing (NYSE:) was “delusionary” for imposing a double-digit price increase for an order for the 737 MAX 10 during talks earlier this year.
Europe’s largest low-cost carrier in September abruptly ended talks with the U.S. planemaker over an order of 737 MAX 10 jets, worth tens of billions of dollars because of differences over price.
Speaking in a video presentation following the airline’s latest financial results, Group Chief Executive Michael O’Leary said Boeing’s approach was “delusionary”.
Boeing did not immediately respond to an emailed request for comment.
“Boeing out of the blue sought a… substantial double-digit price increase. I don’t understand the strategy. We think Boeing’s approach to this is delusionary,” he said, describing Ryanair as Boeing’s only significant customer in Europe.
“Ryanair I think was very close, in active negotiations for a follow-on order for MAX 10 but Boeing walked away from the discussions because they are looking for a price increase at a time when prices should be falling so Boeing can recover its production,” O’Leary said.
O’Leary in September said Ryanair had been in talks to order 100 of the 230-seat MAX 10 for delivery from 2026 to 2030 with an option for 100 more before the talks were cancelled.
Ryanair Chief Financial Officer Neil Sorahan told Reuters in an interview on Monday that the airline’s management were “very patient people”.
“We’ll wait until the time is right and the price is right” for a Boeing plane order, Sorahan said.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Morgan Stanley: bear market rally to continue
One of Wall Street’s best-known bears, Michael Wilson, thinks the S&P 500 will rise another 7% before turning down, so the bear market rally will continue for now, writes Market Watch.
After the Dow Jones, S&P 500 and Nasdaq Composite joined their strongest weekly gains since at least May last Friday, Wilson, who is chief strategist and head of U.S. equity markets at Morgan Stanley (NYSE:MS), told clients that there could be another 5% to 7% before the downward trajectory of U.S. stocks resumes during the latest bear market recovery.
Wilson has held a bearish view of the stock market for about 2 years and correctly predicted a sell-off this year.
Wilson explained in a research note sent out to clients on Monday that a pullback in the 38-50% drop in the stock market this year “would not seem like something unnatural, not consistent with the previous bear market rally.”
While growth concerns have triggered a sell-off in commodities and lowered inflation expectations, the fact that the U.S. economy is already slowing and heading toward recession means that any market rally is likely to be short-lived, and U.S. stocks are likely to eventually fall.
Wilson mentioned in the note that the bear market is not over yet, although it may appear otherwise in the next few weeks as the market takes the rate cut as a sign that the Fed can still manage a “soft landing” and prevent a meaningful revision to earnings forecasts.
U.S. stocks rose last week as investors now hope the slowing economy and falling commodity prices may inspire the Fed to raise interest rates less sharply. Federal funds futures, a derivative used by investors to bet on the pace of the Fed’s monetary policy changes, estimate with a high probability that the Fed will be forced to start cutting interest rates again as soon as next summer.
They also consider the lower peak in the federal funds rate: it will peak around 3.5% at the end of 2022 instead of 3.75% just a couple of weeks ago. Wilson also pointed out the drop in Treasury yields: the 10-year Treasury bond yield went from 3.230% to a low of 3.07% on Friday before rebonding again on Monday.
Wilson expects the S&P 500 index to fall to around 3,400 points if the U.S. Federal Reserve manages to get a “soft landing” for the economy — which Fed Chairman Jerome Powell said last week would be “a very difficult thing to do.”
Wilson expects that if the U.S. economy plunges into recession, the S&P 500 index will fall to around 3,000 points. In any case, Wilson believes that U.S. stocks are still highly valued because the risk premium — that is, the measure of compensation that investors receive for the extra risk of owning stocks instead of bonds — remains about 300 basis points higher than the 10-year Treasury bond yield, which is considered a “risk-free rate.”
Easing chip shortages to help Volkswagen in H2 – CEO
© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo
BERLIN (Reuters) – Volkswagen (ETR:VOWG_p) sees a strong second half of 2022 and expects progress in catching up with rival Tesla (NASDAQ:TSLA) as easing chip shortages start to offset supply chain bottlenecks and rising costs, the carmaker’s CEO said on Tuesday.
“We are earning more than ever,” Chief Executive Herbert Diess said at a works meeting, adding Volkswagen is ramping up electric vehicle volumes in its biggest markets in Germany and China thanks to easing semiconductor shortages.
This should allow the carmaker to narrow the Volkswagen-Tesla gap this year and meet its goal of becoming market leader by 2025 if it seizes the moment while the U.S. electric car maker burns cash on large investments, the CEO said.
“Elon (Musk) has to ramp up two highly complex factories in Austin and Gruenheide at the same time – as well as expand production in Shanghai. That’s going to take strength out of him,” Diess said.
Reliance Chairman Mukesh Ambani steps down as director of telecom arm
© Reuters. FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company’s annual general meeting in Mumbai, India July 5, 2018. REUTERS/Francis Mascarenhas
BENGALURU (Reuters) – Reliance Industries Chairman Mukesh Ambani has stepped down as director of Reliance Jio Infocomm Ltd, the conglomerate’s telecom arm said on Tuesday.
Reliance Jio said https://refini.tv/3Nrs773 it has appointed Mukesh’s son and non-executive director Akash Ambani as the chairman of its board. Akash has been involved with the telecom unit since its launch in late 2016, where he started as a director.
India’s telecoms sector had been upended after the entry of Jio, which triggered a price war that forced some rivals out of the market and turned profits into losses.
Jio, which started out offering mobile teleservices, has been aggressively investing in services like internet broadband and forging ties with handset makers to launch low-cost smartphones and providing 5G services.
RCB Bank Cyprus latest news: Bank will stop providing banking services to its clients from October 8
RCB Bank Cyprus latest news: As of October 8, the bank will cease to provide banking services to its customers....
Stainless steel market news: EC to impose five-year duties on stainless steel from Russia and Turkey
Stainless steel market news: The European Commission, after completing an anti-dumping investigation that covered the period from January 1 to...
German Ministry of Economics news: Economic outlook for the second half of the year significantly worsened
German Ministry of Economics news: The ministry said in its monthly report published this Friday that the economy is facing...
Forex News today: Markets get restless ahead of weekend
News forex today: The rally in risky assets, fueled by weak US inflation data in the middle of the week,...
Exxon oil and gas company increases global trading operations amid high commodity prices
Exxonmobil oil and gas company USA is actively increasing trading operations around the world amid continuing high prices for its...
Industrial production in the Eurozone rose 0.7% m/m in June, exceeding forecasts
Industrial production in the Eurozone grew stronger than expected in June, according to official data released by Eurostat on Friday....
Are copper prices going up or down? Experts expect copper prices to fall due to slow global economic growth
Are copper prices going up or down? Speculative investors in the copper market expect a slowdown in global economic growth,...
Oil prices declined today after a strong increase in previous trading results
The October futures for Brent crude oil prices on London’s ICE Futures Exchange stood at $99.04 per barrel, down $0.56...
Huobi CEO wants to sell stake in business
Huobi exchange CEO Leon Lee is in talks to sell his stake in the business for $3 billion The founder...
Arrests have begun in Korea in a case involving the laundering of billions in the biggest crypto exchanges in Korea
Law enforcement authorities in South Korea have begun making arrests in a case involving abnormal bank transfers linked to the...
Best crypto traders to follow do not believe in improvement of the situation in the crypto market
According to the survey, 90% of best crypto traders to follow consider the possibility of the economic crisis in the...
Is the American dollar going down? The dollar is going down faster than expected after inflation data
Is the American dollar going down? The dollar accelerated its fall against major currencies Thursday as traders lowered bets on...
SEC against Coinbase: U.S. exchange regulator launches investigation into Coinbase business
SEC against Coinbase: The U.S. exchange regulator has begun investigating Coinbase’s service structure. The exchange announced this in its quarterly...
OpenSea allowed to resell stolen NFTs if not to make OpenSea report stolen NFTs
OpenSea allows users to resell stolen tokens if you don’t make an OpenSea report stolen NFT and the marketplace isn’t...
Cryptocurrency prices today rise as U.S. inflation declines
Cryptocurrency prices today are gaining momentum as U.S. inflation declines, although many had expected it, on the contrary, to rise...
German Chancellor: A ceiling on Russia oil prices a barrel could be agreed upon globally
German Chancellor Olaf Scholz believes that a ceiling on Russia’s oil prices should be agreed with most of the international...
Oil prices and Russia: Russia is named the winner in the oil confrontation
Oil prices and Russia: Russia has won the confrontation in the oil market. This was stated by Bloomberg analyst Javier...
Reuters: gold futures price chart went down on comments of the Fed to raise rates
Gold prices declined in trading on Wednesday. Gold futures price chart turned down after an initial rise. Data released on...
Copper price today rises on the Asian exchanges
Copper prices today rose on Thursday, following the rise in stock exchanges in the Asia-Pacific region, reaching a six-week high,...
Are oil prices going down? Oil gets cheaper after U.S. inventories surge
Are oil prices going down? Global oil prices on Thursday morning slightly decreased on news of reaching a record high...
Brent crude oil prices: the IEA has ruled out another rally in oil prices
Brent crude oil prices: the International Energy Agency has not ruled out another price rally in the oil market due...
Iran cryptocurrency news: Iran conducts first import deal using cryptocurrencies — media
Important Iran cryptocurrency news: Iranian authorities have conducted the first import deal of $10 million using cryptocurrencies, media found out...
Stablecoins Issuers Support Ethereum’s Transition to Proof-of-Stake
It’s no secret that Ethereum is planned to transition over to proof of stake. Major stablecoins issuers Tether and Circle...
Bitcoin protocol rules: critical vulnerability discovered
The Bitcoin-based Lightning Network scaling protocol is vulnerable to a hypothetical attack by network validators. Researchers at the University of...
Microcircuit market crash? Chip makers fear worst recession in a decade
Microcircuit market crash? Shares of semiconductor makers fell after chipmaker Micron Technology Inc warned of an impending slowdown in demand...
Tesla stock down? Musk sold Tesla stock for $6.9 billion
Tesla stock down? U.S. billionaire Elon Musk Tesla sold $6.9 billion worth of stock in Tesla, the company he founded,...
FX rate EUR/USD: Everything depends on US CPI
FX rates EUR/USD have been unable to make a decisive move since the beginning of the week; market participants are taking...
Analyst Goldman Sachs cuts silver and gold price forecasts
Analyst Goldman Sachs cuts silver and gold price forecasts© Reuters Goldman Sachs cuts silver and gold price forecastsAn analysts at...
International oil prices keep on rising on news of supply restrictions in Europe
International oil prices continue to rise by 1%, investors assessed the news that Ukrtransnafta stopped pumping oil from Russia to...
The cost of zinc a day falls amid an increase in stocks at exchange warehouses
The cost of zinc a day in London fell on Tuesday amid an increase in stocks in exchange warehouses, Reuters...
- Coronavirus9 months ago
Biden administration still seeking agreement from Mexico on return of asylum seekers
- Cryptocurrency9 months ago
NFT World Records: CryptoDragons Sold Out 500 Eggs in Its Primary Pre-Sale in Тhe Тwinkling of аn Еye!
- Economy9 months ago
Analysis-Europe’s big payday remains elusive even as inflation surges
- Cryptocurrency8 months ago
In the Wilder World, Staking and Liquidity Mining Have Arrived
- Stock Markets5 months ago
WeLion Cooperates with Nio to Produce Semi-Solid Battery
- Cryptocurrency10 months ago
Crypto.com is the #1 app in the Google Play Store in the US
- Cryptocurrency8 months ago
Arvalex Token Launches It’s PreSale to Shake Up The Metaverse
- Cryptocurrency9 months ago
The Next Web 3.0 Social Media Will Be Built on Solana