European Shares Rebound on Ukraine Hopes; Zealand Pharma Surges
European stocks rebounded Wednesday after four days of declines as Ukraine accepted a ceasefire proposal brokered by the US.
The Stoxx Europe 600 Index was 0.6% higher by 8:15 a.m. in London, with the banks and healthcare sectors leading the gains. The retail sector was the worst performer, dragged down by Zara owner Inditex SA, which fell 7.5% after reporting slowing sales.
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CNBC
12 hours ago
- CNBC
Boeing trims projection for 20-year jet demand
Boeing expects global demand for air travel to increase by more than 40% by 2030, driving the need for thousands of new jetliners in the next few years, according to its 20-year demand forecast for commercial airliners released Sunday ahead of the Paris Airshow. The company expects demand for 43,600 new airliners through 2044. That is essentially the same as last year's edition, which projected demand for 43,975 new deliveries through 2043. European rival Airbus last week revised up its own 20-year commercial demand forecast by 2% to 43,420 jets, saying the air transport industry was expected to ride out current trade tensions. Boeing's delivery projection includes nearly 33,300 single-aisle airliners, just over 7,800 widebody jets, 955 factory-built freighters and 1,545 regional jets. Single-aisle jets include the 737 MAX and competitor Airbus's A320neo family and make up roughly four of every five deliveries now. While Boeing's deliveries projection is roughly the same, it pared down its 20-year forecast for passenger traffic growth from 4.7% in last year's outlook to 4.2% this year. Likewise, it lowered its global economic growth forecast from 2.6% to 2.3%, cargo traffic growth from 4.1% to 3.7% and fleet growth from 3.2% to 3.1%. Despite the lower projection for cargo traffic, Boeing Vice President of Commercial Marketing Darren Hulst told reporters in a briefing that trade volatility is not expected to significantly shift long-term demand. "I think we need to point back to the perspective that the last 20, 40, 60 years have given us in terms of the value of air cargo, and the fact that it's roughly a 4% growth market through all this time," he said. Since Covid-19, air travel demand has bounced back, but airplane production is only half or even less than what it was before the pandemic, resulting in a shortage of 1,500 to 2,000 airliners, he said. Both Airbus and Boeing have struggled to return aircraft production to pre-pandemic levels. Boeing has been dealing with production safety concerns following a 2024 mid-air blowout of a panel on a nearly new Alaska Airlines 737 Max. As a result, the U.S. Federal Aviation Administration capped 737 production at 38 airplanes a month. Boeing has significantly improved production quality in recent months, but the crash of an Air India Boeing 787-8 Dreamliner on Thursday put it back in crisis mode. CEO Kelly Ortberg cancelled his plans to attend the Paris Airshow in order to assist with the crash investigation. Global air travel is projected to increase by more than 40% by 2030, compared to the pre-pandemic high, according to the forecast. During the next 20 years, Boeing expects about 51% of demand for new aircraft to come from growth rather than replacing older airplanes. China and South/Southeast Asia, which includes India, are expected to account for half of that additional capacity, according to the outlook. North America and Eurasia account for more than half of projected deliveries for replacing older aircraft. China makes up an estimated 10% of Boeing's existing order backlog. The country paused taking delivery of new Boeing aircraft as China and the U.S. clashed over tariffs. However, deliveries are expected to resume this month, Ortberg said in May during an investors conference.
Business Insider
16 hours ago
- Business Insider
Airbnb CEO Brian Chesky says his company is a 'convenient scapegoat' as European cities protest overtourism
Airbnb CEO Brian Chesky said his company isn't to blame for overtourism in certain European cities. Rather, Chesky said overtourism is due to poor policy and long-standing housing issues. Anti-overtourism activists plan to protest in cities like Barcelona and Venice on Sunday. Overtourism is rattling cities across Europe, where some activists blame short-term rental companies like Airbnb for swelling the cost of living and limiting housing options for locals. Airbnb CEO Brian Chesky disagrees. Chesky addressed the criticisms during an interview with Dagmar Von Taube of WELT, a German newspaper that is part of the Axel Springer Global Reporters Network, saying, "I've heard the criticisms — and I have responses." The tech billionaire mentioned Barcelona, where activists protested overtourism in 2024 and are planning further protests on Sunday. "In Barcelona, housing prices rose 60% over the past decade, but Airbnb listings actually decreased. So we can't be the culprits. Sure, people see a lot of tourists, but many of them are cruise ship passengers or hotel guests — in Barcelona, that's around 70%," Chesky said. Airbnb has become a "convenient scapegoat for a failed policy and deep, long-standing housing issues," he said. "Cities haven't built enough new homes to match urban growth. That's the real crisis," Chesky said. "But we're committed to working with cities. We support modern, targeted regulations that protect housing without blocking hosts from occasionally sharing their homes." Chesky's remarks came after Airbnb blamed hotels for the problem this week. In a new report, Airbnb said hotels make up "almost 80% of guest nights in the EU." Theo Yedinsky, Airbnb's vice president for public policy, echoed Chesky's "scapegoat" remark in an interview with The Financial Times published this week. That garnered a response from Tui, Europe's biggest travel operator, which pushed back against Airbnb's suggestion that it's not getting a fair shake on Friday. "The reason protesters hit the streets is because of issues with the cost of living and especially housing. Both are driven by the secondary home market and short-term leases," Alexander Panczuk, group director of policy and reputation at Tui," told The Guardian. "All the destinations where we have seen the conflict of tourists and living spaces in the last few years are not where [operators like] Tui are active." Representatives for Airbnb did not respond to a request for comment from Business Insider. Although tourism can boost economies, those grappling with overtourism say the influx of travelers in their cities has caused the cost of living to spike, contributed to housing crises, and encouraged overcrowding. Last July, protesters took to the streets of Barcelona holding signs that read "Barcelona is not for sale" and "Tourists go home." Some even sprayed people visiting popular tourist spots with water guns. That June, the city announced its intention to ban all short-term rentals. Activists have also staged demonstrations in Italy, Mallorca, and other popular destinations. Widespread protests are scheduled for Sunday in cities across Spain, Portugal, and Italy. "When they (officials) say that we have to specialise in tourism, they are basically telling us that you have to get poorer so that other people can get richer," Daniel Pardo Rivacoba, a spokesperson for Barcelona's Neighbourhoods Assembly for Tourism Degrowth, told the outlet.
Newsweek
18 hours ago
- Newsweek
NASCAR Driver Lists Luxurious European Style NC Estate For a Massive Price
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. NASCAR champion Martin Truex Jr.'s private European-style home in North Carolina just got listed for a massive price tag of $7.5 million. With an area of 14,000 square feet (approx.), located on a property spanning 4.82 acres on Lake Norman, there's a lot more on offer than just a fancy house. Truex Jr. parted ways with full-time NASCAR racing after the 2024 season, having secured a Cup Series championship in 2017 and two Xfinity Series championships in 2004 and 2005. The 44-year-old driver has switched to part-time racing in the stock car series. His last appearance in NASCAR was at the 2025 Daytona 500, where he raced for Tricon Garage in the No. 56 Toyota. The property on sale features 5 bedrooms and 9 baths, and is located on the waterfront. Being a racing driver, the house sports a garage for working on the cars, in addition to a large parking space to store those prized possessions. Austin Cindric, driver of the #2 Discount Tire Ford and Corey LaJoie, driver of the #01 Take 5 Oil Change/DuraMax Ford lead the field during the NASCAR Cup Series Daytona 500 at Daytona International Speedway... Austin Cindric, driver of the #2 Discount Tire Ford and Corey LaJoie, driver of the #01 Take 5 Oil Change/DuraMax Ford lead the field during the NASCAR Cup Series Daytona 500 at Daytona International Speedway on February 16, 2025 in Daytona Beach, Florida. MoreIn addition, the property screams luxury with a spa bath, a 2-story closet, and a lavish living room. Indoor highlights include a gym, theater, custom bar, and game area, while a waterfall with an infinity pool and a private dock with a boat lift make up the exterior attractions. The estate has been listed on Zillow, which states all that is on offer: "Home to NASCAR champion Martin Truex Jr., this private European-style estate on Lake Norman offers over 14,000 sq ft of luxury living on almost 5 gated, waterfront acres. A tree-lined drive leads to a stunning main house, carriage house with guest apartment, and expansive workshop/garage. "The main home features a grand living room with soaring ceilings and lake views, a chef's kitchen, formal dining, and a main-level primary suite with a spa bath and 2-story closet. Upstairs offers en-suite guest rooms and a second office with a loft. The finished basement includes a custom bar, theater, gym, and game area. Outside, enjoy a resort-style infinity pool, waterfall, fire pit, and private dock with boat lift. "A detached garage with finished space above adds even more flexibility. This home is perfect for a car enthusiast, with ample amount of garage spaces and workshop. An entertainer's dream and rare waterfront offering—experience luxury lake living with a championship pedigree." Kyle Busch also recently listed his 15,000-square-foot barndominium for $4.5 million. Newsweek Sports reported the listing earlier this month, which would lure any car or racing enthusiast, considering the underground garages and fuel storage on offer. Busch listed the property for sale since he didn't have enough time to spend there. He wrote: "We love this piece of land and the amazing barndominium but right now we just don't have enough time to spend there. We can't wait for someone to love it as much as we have!"
