Evening Briefing Europe: Inflation, Apple, Ryanair, Weed, Redzepi
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U.K. inflation held at a 5 1/2-year high in October, as cheaper auto fuel offset the rising cost of food. Consumer prices rose 3 percent from a year earlier—just short of the 3.1 percent predicted by economists. The surge in food prices reflects rising import prices caused by the pound’s drop since the Brexit referendum. Because the rate was just one percentage point above the Bank of England’s target, Governor Mark Carney is spared having to write to to explain the miss. If he had, here’s what Bloomberg Gadfly’s Mark Gilbert suggests he might have said. — Andy Reinhardt
“Run of bad luck.” Millennials get a lot of press—good and bad—but Credit Suisse reckons they deserve sympathy. Its new Global Wealth Report says those who came of age after the turn of the century have “faced the rigors of the financial crisis … and have also been widely hammered by high and rising house prices, rising student debt and increasing inequality.” As a result, their wealth accumulation lags behind that of other age groups—and previous generations.
Augmented reality. It’s no secret Apple is interested in developing augmented-reality technology: CEO Tim Cook has said he considers it potentially as revolutionary as the smartphone itself. So it makes sense that Apple is working on a rear-facing 3-D sensor system for the iPhone in 2019, a step that would allow for more AR applications. The iPhone X already uses a front-facing 3-D sensor for Face ID, its facial-recognition and identification feature.
Bare bones. Michael O’Leary built Ryanair into Europe’s most valuable airline by being cheap, right down to charging pilots for coffee on their own flights. Now those aviators are pushing back. A group of disgruntled flight crew is demanding more pay, better work conditions and the ability to bargain collectively across Europe. For Ryanair, becoming a union shop would test its business model and threaten its very identity. O’Leary is trying to appease the pilots with a pay increase.
Medical weed. Investors in Greece could put more than €1.5 billion ($1.74 billion) into projects to build greenhouse parks for the cultivation and manufacture of cannabis. That could give Greece a share of the global market estimated to be worth €200 billion in the next 10 years. With Greece’s warm, sunny climate, and new legislation expected by the end of the year, medical weed could help the government deliver on a promise to pull the country out of a seven-year economic crisis.
Tourism on the seas. The Middle East is becoming a hotspot for the cruise industry. Countries there are investing heavily in port infrastructure, and cruise lines see the region as an attractive place to move their Europe fleets in the winter. For travelers, a cruise can be an easy, safe way to check off several bucket-list attractions from the Mediterranean to the Persian Gulf.
High standards. Preparing dinner for your family each day takes creativity and hard work—and no one knows that better than the wife of one of the world’s top chefs. Nadine Levy Redzepi’s husband René runs Noma in Copenhagen, which has been named the World’s Best Restaurant four times. But she says being married to a culinary star doesn’t faze her in the kitchen. Here are a few recipes she relies on, from her new book, “Downtime.”
Compiled by Andy Reinhardt and Leila Taha
©2017 Bloomberg L.P.
With assistance from Editorial Board