BT is set to close more than 270 of its locations across the UK, as the company looks to streamline costs in the years ahead. The telecommunications giant said it will reduce its 300 offices to just 30 as part of its ‘Better Workplace Programme’. Nevertheless, Ipswich, Edinburgh, Belfast, Birmingham, Bristol, Cardiff, London and Manchester have been named as key cities for the business. BT is also looking to finalise a deal to sell its London headquarters in St Pauls, where it has been located since 1874. Last year, the FTSE 100 group announced it would be cutting as many as 13,000 jobs, in a bid to save £1.5 billion in costs. The firm has also recently welcomed a new chief executive, Philip Jansen, who has been at the helm since February of this year. Jansen took over from Gavin Patterson, who had been chief executive of BT from 2013 until 2019. In May, the telecoms provider reported a 1% fall in reported and adjusted revenue in its final results, as consumer growth was offset by price regulations for OpenReach. As it stands, BT employees 52,000 people across the UK. Shares in the London-listed firm (LON:BT.A) are currently down 11:38AM (GMT).  

Tiffany reported a fall in sales for the first quarter of the year, as lower tourist spending impacted profits. The New York jewellery company said global sales fell by 3% to $1 billion (£787 million) for the three months until the end of April. Tiffany revealed that net earnings totalling $125 million marked a 12% decline on the previous year. In addition, net earnings per diluted share were $1.03, down from $1.14 the year before. In the U.S, net sales fell 4% to $406 million, whilst comparable sales declined 5%. The decline was blamed on lower spending by foreign tourists across the period. Similarly, in the Asian-Pacific region, net sales slipped 1% to $324 million and comparable sales also fell 5%, as a result of the effect of foreign currency translation. Meanwhile in Japan, total net sales declined 4% to $145 million and comparable sales also fell 4%. This was also attributed to a decline in tourist spending. In Europe, total net sales dropped 4% to $102 million and comparable sales declined 7%. Alessandro Bogliolo, Tiffany Chief Executive, commented on the figures: “Our first quarter results reflect significant foreign exchange headwinds and dramatically lower worldwide spending attributed to foreign tourists. That said, we were pleased that, at the core of our business, global sales attributed to local customers, led by sales in China, grew over last year’s very strong sales results. We believe this growth in sales to local customers reflects progress in executing our strategic priorities, including innovations across products, communications and the customer experience, and that Tiffany is positioned for improving trends in the second half of 2019.” Tiffany is a luxury jeweller that also sells sterling silver, china, fragrances and some leather goods. Its New York Fifth Avenue flagship store was immortalised in the American film classic, Breakfast at Tiffany’s, staring Audrey Hepburn. Shares in Tiffany (NYSE:TIF) are currently trading +2.60% as of 10:57AM (GMT).

The UK new car market has fallen again in May 2019, according to data provided by the Society of Motor Manufacturers and Traders. Across the month, new car registrations in the UK dropped by 4.6%, with 183,724 units registered. The decrease is a reflection of ongoing uncertainty surrounding diesel and clean air zones, in addition to the removal of incentives for plug-in hybrid vehicles, the industry body said. The prevailing economic and political instability to veil the UK was also highlighted as a reason for the decline as it continues to have an impact of consumer and business confidence. “Confusing policy messages and changes to incentives continue to affect consumer and business confidence, causing drivers to keep hold of their older, more polluting vehicles for longer,” Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders, commented on the data. “New cars are safer, cleaner and more advanced than ever and, with sophisticated safety, efficiency and comfort features as well as a host of attractive deals on offer, there has never been a better time to invest in a new car,” Mike Hawes continued. Declines occurred across all sales types in May. Registrations by private consumers fell 5%, fleets by 3% and business buyers by 29%. The modest growth in petrol registration and alternatively fuelled vehicles was not significant enough to offset the considerable decline in demand for diesel, which dropped for the 26^th consecutive month, the industry body revealed. As a result of the significant industry investment in new technology, the latest diesel models are safer and cleaner than before, and do not face charges of restrictions at any locations in the UK. Among the best sellers for the month, Ford Fiesta and Ford Focus (NYSE:F) came in at first and second place respectively, followed by Volkswagen Golf (ETR:VOW3) in third and Vauxhall Corsa in fourth.

Ryanair (LON:RYA) posted its traffic statistics on Tuesday, growing its May passenger volume by 13%. Founded in 1984, the Irish low-cost airline is headquartered in Swords, Dublin, with its primary operational bases located at Dublin and London Stansted airports. Passenger numbers grew to 14.1 million in May, which is 13% higher than that of the same month a year prior. Numbers were boosted by an 8% growth at Ryanair, in addition to the 0.6 million passengers from the acquisition of Lauda, a subsidiary of Ryanair Holdings fully acquired at the start of the year. Additionally, the low-cost airline operated roughly 78,000 flights in the month of May. Ryanair’s passenger statistics come just a day after those posted by Wizz Air, the largest low-cost airline in Central and Eastern Europe. The Hungarian airline, Wizz Air, saw a 22.4% rise in its May passengers, flying 3,470,889 people. Over in Germany, Lufthansa (ETR:LHA) revealed its first-quarter loss of €342 million, citing higher fuel costs. This figure is nine times deeper than that of its first-quarter period a year prior. In aviation across the world, the recent global grounding on the Boeing 737 MAX fleet has taken its toll on certain airlines. American Airlines (NASDAQ:AAL) posted its first-quarter results, citing the $350 million blow it has had on the major American airline. Travel company Tui (ETR:TUI) also warned that the global grounding of the model may cost it as much as £258 million. Since the two Boeing 737 MAX crashes, airlines and governments across the globe have grounded the model, triggering investigations into the accident. Shares in Ryanair Holdings plc (LON:RYA) were trading at -0.14% as of 09:20 BST Tuesday. Wizz Air shares (LON:WIZZ) were also down, trading at -0.6% as of 09:22 BST. Shares in Tui (ETR:TUI) were up 1.18% as of 10:08 CEST, as were shares in Deutsche Lufthansa AG (ETR:LHA) trading 0.37% higher as of 10:15 CEST.

Card Factory (LON:CARD), the UK’s leading specialist retailer of greeting cards, said on Wednesday that sales for the first-quarter grew 6.4%, citing however the difficult trading environment which has limited growth. Like-for-like sales grew by 2.3% and, in the context of the continued challenging consumer environment, this performance demonstrates strength of its quality and value offer, Card Factory said. During the quarter, Card Factory opened 14 net new stores in the UK, bringing its total store figure to 979. The company has confirmed that it remains on target to open roughly 50 net new stores in the current financial year, with a number to be opened in the Republic of Ireland and retail parks – locations where its stores continue to perform well. Its online shop also had a good start to the year seeing continued revenue growth. Online success for Card Factory was driven by the popularity of new ranges and designs across its personalised and non-personalised products. “We have had a positive start to the year with like-for-like sales growth despite challenging consumer sentiment and negative footfall on the High Street,” Karen Hubbard, Chief Executive Officer of Card Factory, commented on the results. Indeed, the challenges to hit the high street are by no means unknown, as various retailers have warned of conditions over recent months. “We have seen a good customer reaction to our seasonal card ranges over the quarter, with yet again record card sales in volumes and value for both Valentine’s Day and Mother’s Day,” the Chief Executive Officer continued. Karen Hubbard also confirmed that the company’s store opening program remains on track, and the business as a whole considers itself in a strong position as it continues to grow its market share. As for its outlook, Card Factory has warned that given the continuation of challenging consumer conditions, it expects like-for-like sales for the year to be marginally positive. Full year profit expectations remain unchanged. Earlier this year, Card Factory posted its preliminary results for the year to January, in which it revealed a decrease of like-for-like sales by 0.1%, attributed to a drop in footfall. At 08:44 BST Wednesday, shares in Card Factory plc (LON:CARD) were up 3.58%.

Intu announced the appointment of Robert Allen, formerly at Crest Nicholson, as its new chief financial officer. Intu confirmed that Allen would assume his role as of Monday 10 June of this year. Before his two years at Crest Nicholson, he held a number of senior finance roles at British American Tobacco Plc. Chief Executive Matthew Roberts commented on the appointment: “I am delighted that Robert is joining us. He will bring to intu his extensive and highly relevant experience of refinancings, M&A, treasury, IT and investor relations, helping drive our strategy of delivering strong underlying centre performance, adapting to the fast-changing retail environment and making smart use of capital. I would also like to take this opportunity to thank Barbara Gibbes for undertaking this role on an interim basis.” Intu properties is a real estate investment company, with specific interests in managing shopping centres. The firm is listed on both the London Stock Exchange and it Johannesburg equivalent. It is a constituent of the FTSE 250 Index. Intu owns various shopping centres including the Manchester Arndale Centre, Lakeside shopping centre in Essex and Broadmarsh in Nottingham, as well as Puerto Venecia in Spain. Shares in the company (LON:INTU) are currently down -2.75% as of 11:37AM (GMT).

Wizz Air (LON:WIZZ), the largest low-cost airline in Central and Eastern Europe, posted its passenger statistics for May 2019. Shares in the company were trading slightly higher during mid-morning trading. The Hungarian airline flew 3,470,889 passengers in May, a 22.4% rise compared to the 2,836,380 figure from the same month a year prior. The low-cost people carrier also added 9 new routes from/to Poland and Ukraine, in addition to opening a new Polish base in Krakow. Additionally, Wizz Air was named 2019 Airline of the Year by Air Transport Awards, the only international prizes that award all the main categories of the air transport industry, the company added in its announcement. In May, the company also celebrated 15 years of operation, in addition to reaching the 200 million carried passengers milestone. Wizz Air boasts a fleet of 113 Airbus A320 and Airbus A321 aircraft, offering over 650 routes from 25 bases, connecting 146 destinations across 44 countries. The company is listed on the London Stock Exchange and is included in the FTSE 250 and FTSE All-Share Indices. In April, the airline confirmed that trading in the fourth quarter of its financial year is in line with expectations and net profit for the year will be at the upper end of its guidance range. Elsewhere in aviation, several airlines have been battling for survival as of late, with WOW air suspending all flights amid financial difficulties. Lufthansa (ETR:LHA) posted a deeper loss for its first-quarter of 2019, citing higher fuel costs. It lost €342 million, which is almost nine times deeper than that of the first-quarter a year prior. Equally, airlines have begun to reveal the damage caused by the global grounding of the Boeing 737 MAX aircraft, with American Airlines (NASDAQ:AAL) posting a $350 million blow. As of 10:31 BST Tuesday, shares in Wizz Air Holdings plc (LON:WIZZ) were up 2.02%. Shares in Deutsche Lufthansa AG (ETR:LHA) were up 2.16% as of 11:27 CEST Tuesday.