Carolyn McCall, head of British No.2 low-cost carrier EasyJet, said there was an immediate effect on ticket sales because a tumbling pound made it more expensive for British citizens to travel abroad. But, from a longer-term point of view, nothing has really changed, she said.
“It was a seismic political decision for this country to take. No one can underestimate that,” McCall told a conference in London, according to Skift. “It was a shock to the markets. The markets definitely over-reacted to that.”
Willie Walsh, CEO of British Airways owner IAG, told the same conference that the fundamentals of his business remained strong. “I am not in any way concerned about the impact of Brexit, except for short-term uncertainty,” Walsh said.
Shares in IAG and EasyJet tacked on a couple of percent following their CEO’s respective comments, although they’re both still down by around 20% since June’s Brexit vote.
Bank shares also remain under pressure amid uncertainty over whether companies such as Barclays and Lloyds will still be able to market products directly to European customers. Mark Wilson, CEO of British insurer Aviva, said the government needs to provide business with more certainty.
“There is an extraordinary amount of work to do and it’s up to businesses to have a say in that,” he told Bloomberg in an interview published this morning.
Overall, however, Britain’s benchmark FTSE100 index is actually stronger, having recovered from an immediate fall after the vote to be 8.1% higher. The broader FTSE250 index, which contains a greater proportion of companies focused solely on the British economy, is up a more modest 4.6%.
The pound remains under pressure after the Bank of England last month cut the UK’s official cash rate to a record low of 0.25%.
That indicates policymakers fear the economy’s not in great shape and needs a jolt, though recent better-than-expected British manufacturing and construction figures indicate the rate cut could be working.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
