Cost of dying falls in Brexit Britain

Shares in Britain’s biggest listed funeral services company, Dignity, lost almost half their value on Friday as it warned families were becoming increasingly “cost-conscious.” (Reuters)
Updated 19 January 2018
0

Cost of dying falls in Brexit Britain

LONDON: From the cost of carpets to coffins, Brexit Britain is spooking consumers.

Shares in Britain’s biggest listed funeral services company, Dignity, lost almost half their value on Friday as it warned families were becoming increasingly “cost-conscious.”

But it is not all bad news for the beleaguered British consumer.

The uncertainty created by the country’s exit from Europe is at least making the cost of exiting this world for the next, more affordable.

Dignity is slashing the cost of its basic funeral by 25 percent with immediate effect while it is also planning a price freeze for its traditional funerals in most locations, its said on Friday.

Carpetright shareholders were in similarly funereal mood as they too watched about half the value of their shares wiped as the London market opened.

A slew of profit warnings from the British High Street, and now it seems, also the crematorium, reflect growing caution among British consumers over the direction of the economy as the country prepares to leave the EU.

Dignity warned its 2018 results would be substantially below market expectations as it cut some of its prices. That sent its stock tumbling by about 49 percent by 9:30 a.m. in London.

Meanwhile Carpetright’s profit warning wiped about £54 million ($75 million) from its market capitalization.

“The number of customer transactions since Christmas was sharply down, which we believe is indicative of reduced consumer confidence,” said Carpetright CEO Wilf Walsh.

Both Carpetright and Dignity are the latest in a long line of retailers that have warned on profits in recent weeks — leading to heavily discounting.

That trend has now extended to the cost of a funeral which Dignity said would be reduced with immediate effect to £1,995 (plus disbursements) in England and Wales.


American Airlines ‘unaware’ of some Boeing 737 MAX functions until last week

Updated 15 November 2018
0

American Airlines ‘unaware’ of some Boeing 737 MAX functions until last week

  • The FAA and Boeing are evaluating the need for software or design changes to 737 MAX jets
  • ‘Safety remains our top priority and is a core value for everyone at Boeing’

WASHINGTON: American Airlines Group Inc. said on Wednesday it was “unaware” of some functions of an anti-stall system on Boeing Co’s 737 MAX until last week.
Boeing and the US Federal Aviation Administration (FAA) issued guidance on the system last week after a Lion Air jet crashed in Indonesia on Oct. 29, killing all 189 people on board.
The FAA warned airlines last week that erroneous inputs from the system’s sensors could lead the jet to automatically pitch its nose down even when autopilot is turned off, making it difficult for pilots to control.
The system was designed to prevent the jet from stalling, according to information provided by Boeing to airlines.
“We value our partnership with Boeing, but were unaware of some of the functionality of the Maneuvering Characteristics Augmentation System (MCAS) installed on the MAX 8,” an American Airlines spokesman said.
“We must ensure that our pilots are fully trained on procedures and understand key systems on the aircraft they fly.”
Indonesian investigators said on Monday the situation the crew of a doomed Lion Air jet was believed to have faced was not contained in the aircraft’s flight manual. US pilot unions were also not aware of potential risks, pilot unions said.
The FAA and Boeing are evaluating the need for software or design changes to 737 MAX jets in the wake of the Lion Air crash, the regulator said on Tuesday.
The American Airlines spokesman said his airline was continuing to work with Boeing and the FAA and would keep pilots informed of any updates.
A Boeing spokeswoman said the manufacturer could not discuss specifics of an ongoing investigation but it had provided two updates for operators around the world that re-emphasize existing procedures to deal with situations relating to MCAS.
“We are confident in the safety of the 737 MAX,” she said. “Safety remains our top priority and is a core value for everyone at Boeing.”