Picture: BLOOMBERG/SIMON DAWSON
Picture: BLOOMBERG/SIMON DAWSON

Virgin Atlantic’s chief executive is planning for a long-term reduction in business travel, in one of the clearest warnings yet on the hit to this part of the airline industry once the pandemic ends and people can move freely again. The airline expects corporate travel will be 20% lower over the next two years compared with pre-pandemic levels.

"Will business travel return in the same way? No, I don’t think so. But do I think there will be a return to business travel? Absolutely," said CEO Shai Weiss.

Financial Times

SNAIL’S PACE: Rules that would have governed the disclosure of Archegos’s derivatives trades are still not in force. It means Bill Hwang was able to place more than $50bn of bets on a handful of US and Chinese companies. Picture: Bloomberg/Michael Nagle
SNAIL’S PACE: Rules that would have governed the disclosure of Archegos’s derivatives trades are still not in force. It means Bill Hwang was able to place more than $50bn of bets on a handful of US and Chinese companies. Picture: Bloomberg/Michael Nagle

Dodd-Frank dwang

Rules written in the aftermath of the 2008 financial crisis — to limit the potential for a blow-up like Archegos Capital — have still not been fully implemented, with crucial parts of the 2010 Dodd-Frank act delayed again and again. Critics argue that had regulators implemented the rules faster, like requirements to post initial margin, the implosion of Bill Hwang’s firm and the multibillion-dollar losses it caused two banks could have been limited.

Financial Times

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