British budget airline easyJet (LON:EZJ) said on Friday it would establish a new airline in Austria to protect its flying rights in the European Union once Britain leaves the bloc.
The new airline, easyJet Europe, will be headquartered in Vienna. The budget airline must have a licence and an air operator’s certificate (AOC) in an EU member to allow it to continue flying between and within EU countries after Brexit.
The new airline licence in Austria will protect these flights regardless of what happens in negotiations over the status of flights between Britain and the EU after Britain leaves the bloc in March 2019.
The FTSE 100 index faltered on Friday, but was set to end the week in positive territory on the back of a global rally after US Fed officials suggested monetary policy tightening would go ahead at a slower pace.
The FTSE 100 (FTSE) was down 0.1 percent by 0840 GMT (9.40 a.m. BST), in line with mid-caps (FTMC). Blue-chips were set for a 0.7 percent weekly gain, their best performance since late May.
Drugmaker AstraZeneca (L:AZN) continued Thursday’s slide, down 1.6 percent due to uncertainty around reports that CEO Soriot was preparing to leave the company.
By Helen Reid
JPMorgan Chase & Co (NYSE:JPM), the biggest U.S. bank by assets, reported a better-than-expected quarterly profit on Friday as gains from higher interest rates and loan growth more than offset a drop in bond trading.
Trading revenue fell for the first time in five quarters as volatility hit multi-year lows, but the drop was not as bad as expected by a company executive in the run-up to the results.
Executives at big banks warned in recent weeks that trading revenue for the quarter would be down from a year earlier, when client trading surged around UK’s Brexit vote.
The quarter benefited from the Federal Reserve raising interest rates for the second time this year in June. The target range for overnight interest rate now stands at 1 percent to 1.25 percent, compared with 0.25 percent to 0.50 percent a year earlier.
Georges Kern, tipped as a potential chief executive of Richemont (S:CFR), left the luxury goods group abruptly on Friday just four months after taking over as head of its watchmaking division.
The departure of Kern, who had been at Richemont for 17 years, is a blow after the maker of Cartier, IWC, Montblanc and other top brands recently moved to a new management structure that split the top role between a handful of heir-apparents to the post.
Swiss newspaper Le Temps reported that Kern had taken a stake in rival Swiss watchmaker Breitling and planned to try to revive that brand.
Breitling declined to comment on the report.
“Georges has been offered an interesting opportunity to become an entrepreneur,” Chairman Johann Rupert said in a statement. “He has had a very successful career at IWC Schaffhausen and we wish him well.”
By Brenna Hughes Neghaiwi