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TALKING POINTS

London’s Heathrow Airport extends passenger cap to October

Alberto Pezzali/Associated Press

TRAVEL

London’s Heathrow Airport extends passenger cap to October

London’s Heathrow Airport said Monday it will extend its cap on daily passenger numbers until the end of October as part of its efforts to cope with soaring demand for air travel amid staffing shortages. The airport, one of Europe’s busiest, said a maximum of 100,000 travelers can depart each day until Oct. 29. The daily cap was initially expected to be lifted on Sept. 11. Heathrow imposed the temporary limit in July and told airlines to stop selling tickets during the peak summer travel season, saying the expected passenger traffic was more than airport ground staff could handle. The airport said its temporary cap had resulted in “fewer last-minute cancellations” and “shorter waits for bags.” It added the capacity limits would be kept under review and “could be lifted earlier should there be a sustained picture of better resilience and a material increase in resourcing levels.” Scores of summer flights into and departing from Heathrow have already been cancelled in recent months, and passengers have reported long waits at security, lost luggage, and lengthy flight delays. Booming demand for summer travel after two years of COVID-19 travel restrictions have overwhelmed European airlines and airports, which had laid off tens of thousands of pilots, cabin crew, check-in staff, ground crew, and baggage handlers as the industry ground to a halt during the pandemic. — ASSOCIATED PRESS

FOOD

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Egg prices are falling fast in relief for US consumers

Egg prices that rocketed to record highs after one of the worst bird flu outbreaks in US history are now falling — fast — as the industry replaces dead hens. Midwest large eggs, the benchmark for commodity price, closed at $2.16 a dozen on Friday, down about 37 percent from late July’s record high, according to commodity researcher Urner Barry. That’ll provide relief for consumers, who saw egg prices jump 47 percent at US grocery stores last month during the worst period of food inflation since 1979. Retail rates generally follow commodity prices, so consumers should see a “significant” drop by more than a dollar per dozen in the next 30 days, said John Brunnquell, chief executive of Egg Innovations, one of the biggest US producers of free-range eggs. Farms are repopulating birds that they had to kill during this year’s highly pathogenic avian influenza outbreak, Brunnquell said. That means more hens will be around to lay eggs, which will help the supply shortcomings caused by the virus. The outbreak killed more than 30 million commercial and wild birds. Demand was pretty lackluster earlier this year so the loss of production wasn’t felt too strongly, said Karyn Rispoli, egg market reporter at Urner Barry. She said prices soared when demand rose in June, but now high shelf prices have softened appetite for eggs. The Midwest large variety have dropped by more than $1 per dozen since July 27 and current wholesale trading suggests the trend will continue, she said. — BLOOMBERG NEWS

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STARTUPS

WeWork founder gets big check from Silicon Valley VC firm

Adam Neumann, the founder of WeWork whose spectacular rise and fall has been chronicled in books, documentaries and a scripted television series, has a new venture — and a surprising backer. Neumann is starting a new company called Flow, focused on the residential real estate market. Notably, it has the financial support of Andreessen Horowitz, the prominent Silicon Valley venture capital firm that was an early investor in everything from Facebook to Airbnb. Andreessen Horowitz is considered royalty among early stage investors, so its backing is a powerful sign of support, and perhaps a rebuke to Neumann’s critics, who have described his leadership of WeWork as a cautionary tale of corporate hubris. The firm’s investment in Flow is about $350 million, according to three people briefed on the deal, valuing the company at more than $1 billion before it even opens its doors. The investment is the largest individual check Andreessen Horowitz has ever written in a round of funding to a company. Flow is expected to launch in 2023, and the venture capital giant’s cofounder Marc Andreessen will join its board, these people said. Neumann is planning to make a sizable personal investment in the firm in the form of cash and real estate assets. At its height, WeWork was valued at some $47 billion. After a botched public offering and tales of mismanagement, it imploded spectacularly. Neumann was ousted from WeWork in 2019, but he walked away with hundreds of millions of dollars. Today, WeWork has a market value of about $4 billion. Neumann, who has purchased more than 3,000 apartment units in Miami; Fort Lauderdale, Fla.; Atlanta; and Nashville; aims to rethink the rental housing market by creating a branded product with consistent service and community features. Flow will own and operate the properties Neumann had bought and also offer its services to new developments and other third parties. Exact details of the business plan could not be learned. — NEW YORK TIMES

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CRYPTOCURRENCY

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Rally cools as ethereum upgrade optimism fades

Cryptocurrencies were mostly little changed as the recent rally in market bellwethers bitcoin and ether cooled. Bitcoin was down less than 1 percent to about $24,250 as of 12:17 p.m. in New York, after reaching $25,000 over the weekend for the first time since the market crashed in June. The largest cryptocurrency by market value is up about 18 percent since June 17. Bitcoin hit a record of almost $69,000 in the fall. Ether, which led the gains amid optimism over the blockchain software update know as the Merge, was down about 1 percent to $1,919. It touched $2,000 on Saturday and has surged about 75 percent since mid-June. Ether traded at almost $4,860 in November. The rally had also lifted meme tokens like dogecoin and those for alternative platforms including Polygon. They were down 5.3 percent and 4.8 percent, respectively on Monday. Matt Maley, chief market strategist at Miller Tabak & Co, said that the pullback was natural, as investors took “some chips off the table.” Maley directed attention at the issues in the Chinese market as a potential cause of the investor wariness in today’s session. “We have to realize that the crypto market is still speculative,” Maley said. “I think it’s normal and healthy, digesting the recent gains, especially in ethereum.” Alkesh Shah, global crypto and digital asset strategist at Bank of America, said that the recent crypto increase was “likely macro driven,” and pointed out a strong correlation between digital and risk assets in a note. — BLOOMBERG NEWS

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TRANSPORTATION

Uber raises prices by 5 percent in London to attract more drivers

Uber Technologies Inc. said it will increase rates across the UK, leading to an average 5 percent increase in London fares, as the ride-hailing company works to attract more drivers. Prices will increase across the country by different rates depending on the city, Uber said in a statement on Monday. The aim is to draw 8,000 more drivers in London to meet demand in the capital. A year ago, an exodus of Uber drivers led to a shortage of rides in London, with the people who’d previously worked for the app moving to courier jobs for the likes of Just Eat Takeaway.com NV or Amazon.com Inc. That year, Uber also spent heavily trying to lure drivers back following shutdowns from the COVID-19 pandemic, driving losses. The GMB labor union took credit for negotiating the raise in a separate statement on Monday. Uber agreed to formally recognize the UK union last year following a landmark Supreme Court ruling in the country that forced the company to classify a group of its drivers as workers, and pushed it to grant similar vacation and minimum wage rights to all 70,000 of its drivers in the country. The company said it’s attracted 10,000 drivers across the UK since it began providing vacation pay and pensions. — BLOOMBERG NEWS

INFLATION

Israeli inflation exceeds all forecasts, hits highest since 2008

Israel’s annual inflation topped all forecasts as it accelerated to the highest level since October 2008, adding urgency to the central bank’s cycle of interest-rate increases. Spurred by a rise in the cost of fresh fruit and transportation, prices unexpectedly jumped an annual 5.2 percent in July from 4.4 percent in June, according to data released on Monday. The median forecast in a Bloomberg poll of 15 economists was 4.6 percent. Inflation has been stuck above the government’s 1 percent to 3 percent target since January. On a monthly basis, price growth reached 1.1 percent in July, nearly twice the median prediction in another Bloomberg survey. Israel’s central bank has tried to get ahead of inflation by moving aggressively to tighten monetary policy, delivering three consecutive rate hikes including the largest since 2011. Its next meeting is in a week. The outlook for Israeli inflation was turning favorable after gains in the shekel in recent weeks. But the currency depreciated sharply on Monday and traded 1.3 percent weaker against the dollar as of 7:09 p.m. in Tel Aviv. — BLOOMBERG NEWS