British Airways owner International Consolidated Airlines Group has reported soaring first quarter profits to 124million euros from a 37million euros loss this time last year. Revenues climbed 7.9% to 5billion euros. However, it warned that its second quarter trading had been hit by the recent Brussels terrorist attacks.
UK consumer confidence has plunged as fears over the state of the economy grow. GfK’s consumer confidence index dropped to -3 in April from 0 in March. Households expectations regarding the general economic situation over the next 12 months slid by 2 points to -14 in April. The forecast for their own financial situation for the next year decreased to 7 from 9. "Trends in confidence show our degree of optimism about the state of the economy and this indicator will make for interesting reading between now and the EU referendum on June 23rd," said Joe Staton, Head of Market Dynamics.
Manufacturer Rotork is to pay $25million to buy the Mastergear business from Regal Beloit Corporation. Mastergear makes gearboxes for valves focused on the oil and gas, water distribution and treatment markets.