The world this week--Business
More Americans took flights over the July 4th weekend than at any time since the start of the pandemic.
The Transportation Security Administration screened almost 2.5m passengers on July 1st alone, the most since February 11th 2020.
But the rebound in travel has left airlines and airports, which cut staff during the pandemic, struggling to cope.
Hundreds of flights were cancelled over the weekend, and thousands more delayed.
Estimates of the number of people travelling to America in the coming months have risen, now that it has lifted requirements on testing for covid-19.
Flight cancellations in Europe were more than double those in America between April and June.
British Airways has cancelled more flights over the busy summer, bringing its total to almost 30,000.
The chief operating officer of easyJet has resigned.
The airline, one of Europe’s biggest low-cost carriers, has also had to cut its flight schedule.
And Scandinavian Airlines sought bankruptcy protection following a strike by its pilots.
SAS has long been in trouble.
The Swedish government recently refused to bail it out.
Tesla’s delivery of vehicles to customers fell by more than a fifth in the second quarter compared with the first three months of the year.
It was the first quarter-on-quarter decline in sales for the carmaker since early 2020.
The company blamed “ongoing supply chain challenges” and factory shutdowns, but said that it had produced more cars in June than in any previous month.
The Bank of England warned that the economic outlook for Britain and the global economy has “deteriorated materially”.
It noted, however, that liquidity and capital positions at British banks remain strong, and that they still have “considerable capacity” to support lending to households and businesses.
Curtailing lending “would harm the broader economy”, it said.
Australia’s central bank raised its main interest rate by half a percentage point, to 1.35%, the third consecutive increase.
Annual inflation of 5.1% is at a 20-year high, and expected to rise again when official figures are published later this month.
South Korea’s annual inflation rate hit 6% in June, the highest level since the Asian financial crisis of 1998.
The euro zone’s average inflation rate leapt to a new high, of 8.6%; the Baltic countries of Estonia, Latvia and Lithuania are contending with inflation rates of around 20%.
Most countries battling surging prices might take comfort that things aren’t as bad as in Turkey, where inflation has reached 78.6%.
The government there has almost doubled the minimum wage over the past six months to help low-income workers cope with the soaring cost of living, though that has only added to inflationary pressures.