BUSINESS LIVE: C&C profits in line with forecasts; Computacenter profits down; Barratt forms joint venture

(PA) – Ryanair chief executive Michael O’Leary has renewed calls for the resignation of the CEO of air traffic control company Nats.

Mr O’Leary urged Martin Rolfe to step down and allow “someone of suitable ability” to take over after flights at Gatwick Airport were disrupted on Sunday due to “staff shortages at the Nats”.

The airline’s CEO has repeatedly criticised Mr Rolfe, particularly over the widespread disruption at UK airports over the August Bank Holiday Monday last year, which was caused by a technical fault at the Nats.

Flights from Gatwick are often disrupted by staffing problems at air traffic control.

Analysis of data from the flight tracking website FlightRadar24 shows that 49 departing flights and 51 arrivals were cancelled between 3pm and midnight on Sunday, affecting more than 16,000 passengers.

Many other flights were delayed.

Nats previously said it was “working in line” with a staffing plan agreed with Gatwick bosses when it took over provision of ATC services at the airport in October 2022, which includes training additional controllers.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, comments on the markets as a new week begins:

‘The dour mood that had been seeping through markets has eased, with the FTSE 100 staging a comeback in early trading. Investors appear to be shaking off concerns about a deeper global economic slowdown, helped in part by a shift higher in oil prices.

This rally is likely the result of a pattern of volatility rather than a meaningful change in sentiment, given ongoing concerns about a potential US recession and continued weakness in China.

Although inflation in China has risen slightly and the economy is increasingly unaffected by deflation, the nominal rate of 0.6% was not as high as expected, indicating slow progress.

Weaker-than-expected US labor market conditions on Friday sparked a fresh sell-off last week, which was also felt in Asian trading.

Technology companies with lofty valuations have borne the brunt of risk-averse sentiment, and semiconductor stocks saw further declines, with Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. falling more than 2%.

While inflation in the US now appears largely under control, the focus is now on how severe the downturn in the world’s largest economy could be.

Businesses have suspended hiring as Labour faces accusations of economic doom-mongering ahead of the Budget.

In a further sign of declining employer confidence following the electionA report shows that companies are ‘refusing’ to hire new staff.

Labour is determined to raise taxes on those who can afford to pay. Among the high-profile targets for Rachel Reeves in her October 30 budget are the private equity barons.

A long-term undervaluation of UK shares relative to New York peers means London-listed companies are a good option for takeovers.

Hundreds of British jobs are at risk if a mega merger between Three UK and Vodafone is given the green light.

A deal between the two rivals would create the UK’s largest mobile company, worth an estimated £15 billion.