TSX up on positive US retail sales higher oil prices amid concern

TSX up on positive U.S. retail sales, higher oil prices amid concern over Iraq by Linda Nguyen, The Canadian Press Posted Jun 12, 2014 6:49 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – The Toronto stock market closed higher Thursday amid unfolding conflict in Iraq that pushed up energy prices and positive economic data from the United States.The S&P/TSX composite index added 17.50 points to 14,909.63. The Canadian dollar gained 0.10 of a cent to 92.12 cents US.In the U.S., the Dow Jones industrials dropped 109.69 points to 16,734.19, the Nasdaq fell 32.99 points to 4,298.94 and the S&P 500 dipped 12.03 points to 1,931.86.Oil prices rose after an al Qaida-inspired group that captured two key cities in Iraq last week vowed to also invade Baghdad.One of those two cities, Mosul, lies in an area that is a major gateway for Iraqi oil. The uncertainty over oil supplies prompted the July crude contract on the New York Mercantile Exchange to jump $2.13 to US$106.53 a barrel.Portfolio manager Kash Pashootan said there is little evidence that demand for oil, particularly from China and the U.S., will rise in the medium to long term, but any kind of international conflict will raise prices.“The market will try to trick us with rising oil prices,” said Pashootan, a vice-president at First Avenue Advisory in Ottawa, a Raymond James company.“But if you look at examples from earlier this year, the major driver for energy prices has been the same factor — geopolitical tension.”The energy sector climbed 1.69 per cent on the Toronto Stock Exchange. However, gold was the leading advancer, up by 2.73 per cent, as bullion gained $12.80 to US$1,274 an ounce. July copper declined three cents to US$3.02 a pound.Meanwhile, there were more signs of economic improvement in the U.S., as the Commerce Department reported retail sales rose for a fourth consecutive month in May — up 0.3 per cent amid a surge in demand for autos.However sales fell shy of the 0.4 per cent increase that economists had expected.Also, the U.S. Labor Department says weekly applications for unemployment benefits rose 4,000 to a seasonally adjusted 317,000.In Canada, the central bank issued a warning about the country’s housing market and the high levels of consumer debt.In its latest semi-annual review, the Bank of Canada said the housing market is showing signs of a soft landing, but it still remains the biggest domestic risk.The comments come as Statistics Canada reported that its new housing price index rose 0.2 per cent in April, following identical increases in both February and March. Meanwhile, the Teranet–National Bank National composite house price index said Canadian home prices were up in May, rising 0.8 per cent over the previous month.On the corporate front, shares of Lululemon Athletica Inc. (NASDAQ:LULU) were hammered after it reported a lower first-quarter profit of $18.98 million and cut its outlook for the year. Shares in the company fell nearly than 16 per cent, or $7.05 to close at US$37.25 in New York despite the company announcing it plans on buying back up to US$450 million of its shares.Follow @LindaNguyenTO on Twitter.Note to readers: This is a corrected story: A previous version incorrectly said the market closed lower. It also incorrectly pegged the Dow close at 16,752.05 read more

Seat allocation controversy has boosted Ryanairs annual revenue by at least £15m

first_imgThe ongoing furore over Ryanair’s seat allocation policy has coincided with millions more of the airline’s passengers paying up to £22 per return flight to reserve where they sit.The carrier has faced a barrage of criticism in recent weeks with travellers lining up to complain that they had been split up from their friends and family after refusing to pay the fee – despite cabin layouts on the airline’s website often showing rafts of unclaimed seats together. He said reserved seating was introduced in response to customer demand for passengers wishing to avoid the “free for all” for seats during boarding, and that the reasons many random allocated seats were in the middle of a row was because those who pay to select generally choose window or aisle seats.“I’ve flown in randomly allocated seats and had both window and aisle seats,” he said.The airline, which launched its Always Getting Better campaign in 2013 to refresh its image, is the largest carrier in Europe, by passenger numbers, and regularly reaffirms its commitment to ensuring high load factors drive fares down. Jacobs said fares are set to fall 7 per cent by March.This week Ryanair announced a drastic change to its carry-on luggage policy. From November, anyone who does not pay £10 per return flight for priority boarding now faces having their hand luggge placed in the hold. Passengers have also accused the airline of “punishing” those who do not pay for seat reservation by placing them in a middle seat. One story to emerge told how a party of 23 found themselves sat in a line across 23 rows. But Ryanair has repeatedly denied that its seating policy, or any computer algorithm that assigns seats, has changed, and reasons that the majority of reservations are for windows or aisles, leaving only middle seats free.But, while social media is awash will negative sentiment towards the airline, it would appear that the controversy has had a positive impact on Ryanair’s revenue. The fee to reserve a seat costs from £4 per return flight, up to £22 per return flight for extra leg room – and more customers than ever are paying it.Kenny Jacobs, the airline’s chief marketing officer, revealed to Telegraph Travel that since the start of the year, the percentage of Ryanair customers paying for seat reservations has risen from 40 per cent to half. Up to July this year, the airline has carried 73,870,000 people, so that equates to 7.4 million more passengers paying the fee – raising Ryanair’s annual revenue by at least £15m. “It’s settled down down and it’s working well,” said Jacobs. “We’ve seen more [passengers paying for seat reservations] – about 10 per cent more – if I go back to the start of the year it was about 40 per cent and now it’s about half. Use regions/landmarks to skip ahead to chart and navigate between data series.How Ryanair (and Easyjet) has grownLong description.No description available.Structure.Chart type: line chart.The chart has 1 X axis displaying categories.The chart has 1 Y axis displaying Passengers (m).Chart graphic.How Ryanair (and Easyjet) has grownHow Ryanair (and Easyjet) has grown – Highcharts CloudPassengers (m)How Ryanair (and Easyjet) has grownRyanair passengers (m)Easyjet passengers (m)200520062007200820092010201120122013201420152016255075100125HighchartsChart context menucenter_img @Ryanair why not together! For sure your ramdom allocation donit on purpose just for us to buy the seat! @easyJet we always seat together! pic.twitter.com/r9MqesO6NQ— Alexandre Gomes (@alegomessp) September 6, 2017 “As the story evolved people said it used to be 0 per cent and now suddenly everyone has to take a reserved seat, but it was 40 per cent already and now more and more customers choose to select particular seats, since we introduced reserved seating about three years ago.”Jacobs said he did not believe some of the negative media coverage – which included a BBC Panorama investigation – was “warranted”.“When I read some of the headlines, it was just silly season,” he said. “Has Ryanair gone back to being the bad boy of aviation? No, we haven’t.”last_img read more