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Business

Virgin Atlantic flight was aborted mid-flight after bosses discovered pilot hadn’t completed training Business

A Virgin Atlantic flight to New York was forced to return to Heathrow after bosses discovered one of its pilots had not completed training.

Virgin Atlantic, majority-owned by billionaire businessman Sir Richard Branson, apologized for the disruption to passengers and blamed a “listing issue”.

He said internal training protocols, rather than UK aviation or safety regulations, had been breached.

Pilots blamed Britain’s ‘draconian Covid restrictions’ which strained airline training systems.

Flight VS3, an Airbus A330 capable of carrying 261 passengers, halted its flight to New York as it passed over Ireland around 10.15am on Monday.

Virgin Atlantic officials on the ground realized shortly after takeoff that one of the pilots had not completed his final assessment flight. The captain was not qualified to fly alongside a co-pilot who had not fully completed Virgin Atlantic’s dedicated training.

The pilot was swapped after the plane returned to Heathrow. The flight then arrived at JFK airport in New York two hours and 40 minutes late.

The airline, for its part, has reviewed its internal processes to avoid the repetition of such an incident.

Virgin Atlantic said both crew members were fully licensed and qualified to operate the aircraft. However, the flight was turned back as the pilot pairing did not follow airline training protocols as the captain did not hold designated trainer status.

The captain was described by sources as “very experienced” with “several thousand flying hours over 17 years with Virgin Atlantic”.

His co-pilot was a first officer who joined Virgin Atlantic in 2017. He is trained, fully licensed and fully qualified to UK regulations, but was awaiting a ‘final assessment’ flight.

A Virgin Atlantic spokesperson said: “Due to an alignment error, flight VS3 from London Heathrow to New York-JFK returned to Heathrow on Monday May 2 shortly after takeoff.

“The qualified first officer, who flew alongside an experienced captain, was replaced with a new pilot to ensure full compliance with Virgin Atlantic training protocols, which exceed industry standards.

“We apologize for any inconvenience caused to our customers who arrived 2 hours 40 minutes later than expected following the crew change.”

A Civil Aviation Authority spokesperson said: “Virgin Atlantic informed us of the incident. Both pilots were properly licensed and qualified to undertake the flight.

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Source: www.telegraph.co.uk
This notice was published: 2022-05-04 18:44:30

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Business

Labor demands windfall tax on election day as Shell profits triple Business

ggood morning.

Shell followed rival BP in posting a surge in first-quarter profit thanks to the chaos in energy markets.

The FTSE 100 company reported adjusted profit of $9.1bn (£7.2bn), nearly triple what it made in the same period last year and £1bn more dollars than expected.

Energy companies have benefited from the recent rise in oil and gas prices, which has been exacerbated by the war in Ukraine. This has prompted calls for a windfall tax, although the government has resisted such a move, warning it would discourage investment.

Shell also reported a $3.9 billion charge for its decision to pull out of Russia, including its major Sakhalin-2 liquefied natural gas project with Gazprom.

He is warned that the move will cost him up to $5 billion, although that is significantly less than the $25 billion that BP expects.

5 things to start your day

1) Barclays challenges environmentalists to support oil and gas Bank pledges to help Europe break away from reliance on Russian fossil fuels

2) Workplace lawsuits for ‘joking’ hit record high Former colleagues clash over what they deem to be acceptable office humor

3) Can a Ferrari ‘unicorn’ save Aston Martin? The sports car manufacturer aims to replicate the success of its Italian rival by banking on veteran Ferraris

4) Virgin Atlantic flight aborted mid-flight after pilot training error Airline blames Monday blunder on ‘alignment issue’

5) Elon Musk’s SpaceX rockets linked to endangered bird deaths Habitats threatened by traffic, noise, heat and rocket launch explosions, draft report says

What happened overnight

Hong Kong stocks started Thursday with a healthy lead after the Federal Reserve raised interest rates but played down any possibility of a huge 75 basis point hike in the near future.

The Hang Seng Index climbed 1.41pc, or 293.63 points, to 21,163.15.

The Shanghai Composite Index fell 0.07pc, or 2.21 points, to 3,044.85 as traders returned from an extended break this week, while the Shenzhen Composite Index on the second China’s stock market fell 0.66pc, or 12.39 points, to 1,866.49.

coming today

  • Business : Railway line (full year); Endeavor Mining, Shell, Virgin Money (temporary); BAE Systems, Barratt Developments, Derwent London, Hiscox, IMI, Mondi, Next, Rathbone Brothers, Reach (commercial statement)
  • Economy: Bank of England interest rate decision (UK)unemployment benefit claims (WE)

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Source: www.telegraph.co.uk
This notice was published: 2022-05-05 07:14:26

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Business

Aston Martin chief Tobias Moers resigns after staff exodus Business

The Aston Martin boss was abruptly replaced by a veteran Ferrari executive tasked with turbocharging his efforts to go electric.

Tobias Moers left the British company with immediate effect on Wednesday in a departure that executive chairman Lawrence Stroll said was by “mutual agreement”.

He was replaced by Amedeo Felisa, who was Ferrari’s chief executive from 2008 to 2016. Roberto Fedeli, another Ferrari veteran, will also join Aston next month as technical director.

It came as the company revealed pre-tax losses of £111m for the three months to March 31, compared with a loss of £42m a year earlier.

Mr Stroll – a Canadian billionaire who is Aston’s biggest shareholder – had previously denied he was planning to replace Mr Moers, whose management style is said by insiders to have ruffled the feathers of the company.

Mr Stroll said on Wednesday that Mr Moers had not been forced to leave and added that the change, including the separation of his two roles as managing director and technical director, was necessary for the next phase of growth of the company.

He said: “Tobias did a great job for me for phase one. We’ve always said this business is in phases.

“Going into phase two, I just want to have a dedicated CEO and a dedicated CTO. Both are full-time jobs and shouldn’t be split 50-50…and I had the opportunity to to have two of the greatest people in the business.

“I thank Tobias for the work he did, but we needed a different management team. We mutually agreed.”

Aston shares jumped 13% after the announcement.

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Source: www.telegraph.co.uk
This notice was published: 2022-05-04 19:00:23

Categories
Business

Workplace lawsuits for ‘joking’ hit record high Business

Workplace lawsuits that include the word ‘joke’ have risen 45% in a year as former co-workers clash over what they deem to be acceptable office humor.

According to a study by law firm GQ Littler, the number of complaints filed with the labor courts for “joking” as justification for alleged discrimination rose from 67 in 2020 to a record 97 in 2021.

Employers have failed to substantiate their jokes in a number of recent legal battles, including a case involving a 69-year-old Isle of Wight plumber who was awarded £25,000 after bosses dubbed him “Dave half dead” due to his age.

However, the lawyers pointed out that using “joking” as a defense can sometimes work.

A salesman who was called a “big ginger pike” because of his weight and his travel history lost his lawsuit in 2018, in part because he made similar jokes to others.

GQ Littler has warned that employers could be held liable for discriminatory comments made by staff “in the course of employment”, even if it falls outside working hours.

He said jokes can serve as a defense if the employee made similar jokes, wasn’t offended, or the comment wasn’t related to a protected characteristic.

Some staff who have been fired for bullying are also taking their former employers to court as they challenge what is seen as toxic behavior in the workplace.

A top trader who was sacked in 2019 for ’emotional terrorism’ who left a colleague with a ‘waterboarding feeling’ now wants £3m for unfair dismissal.

Omar Alami, who earned around £1million a year running a trading desk at BNP Paribas, told a Paris employment tribunal last month that one of his interactions was simply ‘lively’ and that he was “never insulting or aggressive”.

The Paris-based financier found a new job less than a year after his redundancy, but said he was now earning 60% less than before. The financial sector in particular is faced with an increasing number of questions about behavior at work.

In one case in London, a UBS trader claimed the Swiss bank had a ‘toxic’ work environment where people were yelling at staff across the trading floor. The bank’s lawyers suggested that this kind of tense atmosphere “is the inescapable reality of the job of a City merchant.”

Earlier this year, sources told The Telegraph that Lloyd’s of London, the world’s oldest insurance market, was preparing to fine or ban a member for behavior involving a “systematic campaign of intimidation against a junior employee for several years”.

The employee worked for Atrium Underwriters, which was hit with a record £1million fine earlier this year after condoning bullying and an annual ‘boys night out’ involving initiation games, strong alcohol consumption and harassment of female staff. in the years leading up to 2018.

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Source: www.telegraph.co.uk
This notice was published: 2022-05-05 05:00:00

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Business

Unilever “must be broken up to avoid mediocrity” Business

Unilever bosses should break up the company before an activist forces their hand, analysts said as they warned the owner of Ben & Jerry’s is “going back to mediocrity repeatedly”.

Bruno Monteyne, an analyst at AllianceBernstein, the asset manager, suggested Unilever could be a “perennial turnaround case” without major change.

He said one way to create value would be to split the business into “smaller” and “more cohesive” businesses, with one in home care, another in personal care and beauty, and a third in food. This would separate brands such as Marmite and Ben & Jerry’s from Dove soap and Comfort fabric softener.

In January, Unilever revealed plans to cut 1,500 management positions and split the business into five divisions after it drew anger from shareholders over its failed £50bn bid for the healthcare division of GlaxoSmithKline.

However, executives are facing growing pressure to go further in a reshuffle, as analysts have raised concerns that attempts to turn Unilever’s business around and accelerate growth are “still failing”.

Mr Monteyne said: “If we don’t want this latest effort to be wasted, we need to address the structural and/or cultural issues that have caused Unilever to revert to mediocrity on several occasions.

“A more drastic and potentially effective change could be to recognize that there is no one size fits all when it comes to culture at Unilever.”

Unilever is struggling to restructure the business and rekindle growth after it emerged billionaire activist investor Nelson Peltz took a stake in the company earlier this year. Mr. Peltz’s investment firm, Trian Partners, has not yet made any requests to Unilever management.

But Mr Monteyne warned: “Unilever should not wait for an activist to appear on the shareholder register to make drastic changes. Rethinking the corporate structure and dividing the company into more agile divisions would accelerate the process of change they have started.

It comes amid growing shareholder frustration at Unilever, whose share price has fallen 8% since the start of the year.

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Source: www.telegraph.co.uk
This notice was published: 2022-05-03 16:34:48

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Business

Energy companies accused of overcharging direct debits Business

In a TV interview, Boris Johnson admitted ‘we can do more’ after being confronted with stories from viewers struggling to make ends meet.

He promised to ‘use all ingenuity and compassion’ available to help families, but warned he did not have ‘an unlimited number of moves’ to deal with the crisis.

It came after Chancellor Rishi Sunak said last week that it would be ‘foolish’ to do more to cut energy bills now, without knowing what will happen to wholesale prices later in the year. ‘year. The price cap must be reset before the winter crisis.

Mr Sunak said he would “consider” the possibility of a windfall tax on energy companies, an idea which was again rejected by the Prime Minister on Tuesday.

An additional levy would “discourage [energy companies] to make investments that we want to see, that will end up keeping prices lower for everyone,” Johnson said.

One of the biggest blows to household budgets has been the unprecedented spike in energy prices since last summer. Last month, the cap on energy bills rose by 54%, from an average of £1,277 to £1,971 a year.

This has allowed suppliers to raise their gas and electricity rates for the second time since October, prompting many to recommend that customers increase their direct debit payments in order to build up enough credit for next winter – when the cap is expected to increase further. .

Consumers contacted The Telegraph after being shocked by their bills rising, with a man saying his direct debit had more than doubled from £52 to £122 a month. Another reader said his direct debit had risen from £85 per month to an “outrageous” £185.

He added: “My boiler hasn’t been on for more than half an hour a day and I barely use it in the summer.”

Soaring costs will add thousands of pounds to some households’ annual outgoings.

But Gillian Cooper, energy policy manager at Citizens Advice, warned that suppliers should only increase payments for “good cause”.

Customers can also object to direct debit increases and request a lower amount if they think their business got it wrong.

Ms Cooper added: “There are normally justifiable reasons for an increase in your direct debit – such as building up winter credit – but your supplier should always be able to explain why it happened.

“Unfortunately, in the past we have seen some energy companies consolidate their finances at the expense of consumers. It’s totally unacceptable.”

Mr Kwarteng raised concerns about the “troublesome” dealings with Ofgem and urged him to act quickly.

In a letter to the regulator, seen by The Daily Telegraph, he said: ‘Now more than ever, we need to scrutinize and hold energy companies to the high standard which the British public rightly expects.’

“I have heard disturbing reports that some energy providers may be increasing direct debits for consumers more than they should. This is totally unacceptable behavior.

“The people who are hurting the most from record high gasoline prices are ultimately the customers, not the energy suppliers.

“It is absolutely essential that consumers pay a fair price for their energy.”

The letter was sent on April 22. On Tuesday, Ofgem responded to confirm it had commissioned a series of “market compliance reviews”, giving suppliers three weeks to respond to its data requests.

A spokesman for the regulator said: ‘Our top priority is to protect consumers and we recently wrote to suppliers alerting them that we are commissioning a series of market compliance reviews to ensure, among other things, that they treat direct debits fairly, and that overall they are held to higher standards of performance in customer service and protection of vulnerable customers.

No individual company is known to have artificially increased its levies.

A spokesperson for Energy UK said: ‘Suppliers must increase direct debit payments to reflect bill increases and are required to set them at a fair and reasonable level depending on the customer’s individual circumstances – taking into account factors such as previous energy consumption or check-in with previous installments.

“It is right for the regulator to seek to ensure that suppliers comply with these requirements.

“Customers who have concerns about the level of their Direct Debit payments should contact their provider.”

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Source: www.telegraph.co.uk
This notice was published: 2022-05-03 18:25:22

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Business

Chinese firms risk US sanctions as they buy cut-price Russian oil Business

ggood morning.

Chinese companies seem to be riding close to the wind in stealthily grabbing Russian oil at heavily discounted prices.

The country’s independent oil refineries have continued to make deals with Russian oil suppliers since the start of the war, but have stopped reporting them, reports the Financial Times.

Publicly, the country’s state-owned energy companies have halted new contracts. But purchases by independent refineries suggest China is finding other ways to access cheap oil without attracting public attention.

The move risks pushing the US to introduce secondary sanctions to cut off Kremlin revenue. The US and UK have already banned imports of Russian oil, while the EU is set to introduce a phased ban.

5 things to start your day

1) Klarna purchases will now affect customer credit scores “Buy now, pay later” transactions on the platform will be reported to credit agencies

2) Energy companies accused of artificially increasing direct debits paid by millions of customers Kwasi Kwarteng orders Ofgem to find companies that break the rules

3) TalkTV ratings plummet as viewers tune out of Piers Morgan Rupert Murdoch broadcaster suffers 80% ratings drop for flagship show after Trump interview

4) Cazoo struggles to step up a gear as supply issues hold it back Wheels may come off at online vehicle retailer as stock price tumbles and progress slows

5) Airliners ‘stolen’ by Putin will cost $304 million to rent planes Aircraft leasing companies depreciate the value of planes in Russia as the Kremlin puts jets out of reach of foreign owners

What happened overnight

Asian markets were mixed in thinning holiday trade.

At around 02:30 GMT, the Hang Seng index was down 0.8% and the yen at 130.09.

The Nikkei 225 and the Shanghai Composite were closed for the holidays.

coming today

  • Business : Boohoo Group (full year); Aston Martin Lagonde (temporary); Direct Line, Flutter Entertainment, JD Wetherspoon, OSB Group (commercial statement)
  • Economy: Fed interest rate decision (WE)Compound PMI (US, EU)PMI services (US, EU)retail (EU)mortgage approvals (UK)evolution of ADP employment (WE)

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Source: www.telegraph.co.uk
This notice was published: 2022-05-04 06:45:16

Categories
Business

Klarna purchases will now affect customer credit scores Business

Klarna must start reporting customers to credit agencies before a crackdown on the “buy now, pay later” industry.

The Swedish payments giant said it would report purchases on its platform to companies such as Experian and TransUnion which hold data on the credit scores of around 50 million adults in the UK from of June.

The move comes as the booming Buy It Now Pay Later (BNPL) industry faces a crackdown from ministers and regulators who fear its products are encouraging people to spend more than they cannot afford it, which forces them to pay arrears.

Klarna allows consumers to pay for goods in three installments when checking out in an online store. He says he charges no interest or hidden fees for late payments.

However, the charity Citizens Advice said one in 10 ‘buy now, pay later’ users have been referred to debt collectors and warned the products can be a ‘slippery slope into debt’ .

Klarna said it would start reporting UK consumer purchases, including those “paid on time, late payments and unpaid purchases”, to provide the industry with “greater visibility” into usage BNPL products.

Alex Marsh, Head of Klarna UK, said: “The vast majority of the 16 million UK consumers who make Klarna BNPL payments in full and on time will be able to demonstrate their responsible use of credit to other lenders.”

The move means that shopping on Klarna will now affect the credit ratings of its UK customers.

Klarna has around 90m users and a $46bn (£34bn) valuation, making it Europe’s most valuable fintech start-up. It is expected to go public in the coming months.

Downing Street tried to convince the Swedish company to choose London over New York for an IPO.

The UK is struggling to attract tech companies, such as microchip designer Arm, despite the latter eyeing a Wall Street listing after a failed $40bn takeover deal.

Klarna, which is already Europe’s most valuable start-up, is expected to attract sovereign wealth funds and pension funds as new investors. It is targeting a valuation of $60 billion.

Despite promises of quick action early last year, the slow rollout of new regulations for BNPL products has frustrated charities and debt campaigners.

Critics argue that the buy-now-pay-later model encourages young people to spend beyond their means and have likened its business model to that of a payday lender.

Last October, Klarna overhauled its UK business before the crackdown, introducing a “pay now” feature so users could purchase items immediately through its systems and introducing stronger accessibility controls, a language clearer payment plan, easier to understand terms and conditions, improved complaints process and the removal of some fees.

Sebastian Siemiatkowski, the firm’s chief executive, said the regulations “will promote consistency, especially as we see more traditional lenders entering the industry who, as we all know, have a long history of finding dirty tricks to keep their clients in debt”.

Last year, he also told The Telegraph that he plans to introduce new features that will make Klarna more like a traditional bank.

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Source: www.telegraph.co.uk
This notice was published: 2022-05-04 05:00:00

Categories
Business

BP boss insists profit jump will benefit pension savers Business

It is accelerating its share buybacks to $1.5bn per quarter, up from $1.25bn, and is maintaining its dividend at 5.46 cents per share.

He added: “We should remind ourselves, it’s only 15 months ago that we made our largest loss in history, in large part because of lower prices.

“Nonetheless, we’re here today with high oil prices and strong profits. The question is, what are we doing with the money?

“If you’re paying into a pension in the UK, or drawing a pension in the UK, you are influenced by how much BP returns.”

High wholesale gas prices are the main driver behind a 54pc increase in Britain’s energy price cap on April 1 which has pushed household bills up to an average £1,971 per year.

BP’s FTSE 100 rival Shell is set to report results on Thursday morning, adding to the scrutiny on producers.

BP’s strong financial results were driven not just by high prices but by the volatility in prices which has helped the company’s trading division.

Russia’s war on Ukraine has led to huge disruption on oil and gas markets, with refining margins also increasing.

BP announced days after Russia’s war began that it will exit its19.75pc stake in Russian state oil giant Rosneft, with both Mr Looney and his predecessor Bob Dudley resigning from its board.

On Tuesday it has valued the stake at zero given the uncertainty over the terms of the exit, leading to a $24bn write down.

That pushed the company to a headline loss of $20bn, but the underlying profits of $6bn exceeded analysts’ expectations.

Shares pink 3pc to 403p by early afternoon.

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Source: www.telegraph.co.uk
This notice was published: 2022-05-03 12:27:48

Categories
Wine News

How to make the most of English asparagus Wine News

It’s that time of year again: when everything that’s just come into season dictates dinner. Asparagus will be around until June, briefly overlapping its winter counterpart, sprouting purple broccoli. I love them both, but the purple sprouting lasts for months, while the asparagus season always seems too short. I feel rejuvenated just looking at her. It reminds me of hyacinths. You can imagine the tops of the asparagus tips turning into lavender-tinged flowers. Of course not, but asparagus is part of the same family.

I cook differently these weeks, with the feeling of abandonment that accompanies summer, even if it is still far away. It’s asparagus every three days at my house, mostly simply cooked. The first meal is hot asparagus with melted butter. You also need good bread – different types work, but at first it’s plain white bread.

The second meal consists of asparagus with fried eggs, good extra virgin olive oil, a little balsamic vinegar, seasonings and parmesan shavings. You might think the parmesan would be too strong, but no. The flavor of asparagus seems to get more assertive when you pair it with Parmesan cheese. I love the sense of messy partying when cooking with my sons. There’s the cheese slicer, the asparagus maker, the egg fryer, all battling for space at the cooktop. You need to cook lightly so that the asparagus has the right degree of tenderness and the eggs are done. You need bread again—ciabatta this time—to mop up the last bit of egg yolk that gets mixed in with the olive oil. Sounds extravagant, but asparagus with eggs? It’s cheaper than meat or fish.

Antonio Carluccio, who I worked with for a while, showed me how to get rid of the woody end by finding the point where the spear has a natural bend. Then you cut or break it there. It seems pointless, but cook the suckers in water and use them for soup or to add to asparagus risotto.

How to cook it? I have a big cheap pot with a metal basket inside. I don’t often leave room for things that have limited use, but I’m happy to bring out the asparagus steamer every year. No saucepan? Use a wide saucepan, put boiling water – about 4 cm – in the bottom. Tie the asparagus together and press them against the side so that the bases boil and the tips steam (the pan must be covered).

As the season progresses, there are hundreds of dishes you can make with asparagus (about half of them, admittedly, with eggs), some of them surprising. Just read on…

Try the asparagus with…

In Veneto, they take hot hard-boiled eggs (use four) and blend them in a food processor with eight anchovy fillets, 1 tbsp capers and 1½ tbsp white wine vinegar while slowly adding 200 ml of extra virgin olive oil. They serve it with white asparagus but it’s also good with green.

In French cuisine, a dish called “mimosa” indicates the presence of finely chopped hard-boiled eggs. Keep the eggs warm, pour the melted butter over the steamed asparagus, sprinkle over the eggs and season.

If you’re roasting asparagus in olive oil – the time depends on the size but count 8 minutes on a 200°C fan – it can take strong Mediterranean treatments, like a black olive and bacon vinaigrette, or a Hollandaise with the addition of chopped anchovies (these melt as you heat them in olive oil, then add them to your Hollandaise).

Arrange a poached egg on asparagus with anchovies, melted as above, and chopped sautéed shallots.

Romesco sauce – made with roasted peppers and tomatoes, smoked paprika, walnuts (I like hazelnuts), garlic, vinegar and extra virgin olive oil – also goes well with roasted asparagus. Add a spoonful of fresh cream to each plate along with the toasted hazelnuts.

Serve the steamed asparagus with the crab mayonnaise – mix the white crab meat with the mayonnaise, chopped chervil and chives – and put a small spoonful of salmon roe on top.

Steamed asparagus with sautéed summer mushrooms, mashed peas and a drizzle of melted butter are an elegant accompaniment.

Asparagus with dippy eggs and smoked salmon and soldiers

I use Karaway Bakery dark rye with sunflower seeds for soldiers (available from Ocado) because it tastes good with salmon. The individual slices of this bread are quite small, hence the suggestion that you might need 8 slices (two per person).

Even though it makes things quite messy, I put the asparagus in melted butter. Asparagus without any shine does not look so appetizing. Towels should be offered, as people will need to wipe their hands.

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Source: www.telegraph.co.uk
This notice was published: 2022-05-03 17:06:06