FT News Briefing Boris Johnson drops out
Oct 24, 2022
Boris Johnson's exit from the Tory leadership race sends shockwaves through UK politics. Profit warnings soar among FTSE-listed firms, the highest since 2008, revealing economic strains. Meanwhile, the airline industry grapples with significant jet shortages, impacting operations. Toyota, once a leader in hybrids, now faces hurdles transitioning to fully electric vehicles, struggling with its first model, the BZ4X. Their innovative leasing approach for EVs in Japan highlights an intriguing strategy amid market challenges and the quest for sustainability.
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Johnson Drops Out
- Boris Johnson withdrew from the UK Tory leadership race.
- Rishi Sunak emerged as the frontrunner to replace Liz Truss as Prime Minister.
Profit Warnings Soar
- UK companies face rising profit warnings, exceeding levels seen since 2008.
- Inflation, high costs, and falling demand contribute to this concerning trend.
Jet Shortages
- Airlines struggle with jet shortages, impacting flight availability.
- Supply chain disruptions from the pandemic and Boeing/Airbus delays are to blame.