Wizz Air near deal to order Pratt & Whitney engines for new jets, sources say
An announcement could come as early as this week's Paris Airshow, they said, adding it would form part of a settlement with the engine maker over groundings caused by repair times.
Wizz Air and Pratt & Whitney parent RTX declined comment.
The airline, which operates an all-Airbus fleet, last year said it had two options - its current supplier Pratt & Whitney, whose engines are facing issues worldwide, forcing airlines to ground planes, and competitor CFM, a joint venture between GE Aerospace (GE.N), opens new tab and France's Safran (SAF.PA), opens new tab.
Choosing the next engine provider would depend on the acquisition cost, durability of the engine, operating cost and cost guarantees for aftermarket activities, Wizz Air Chief Executive Jozsef Varadi told Reuters.
Wizz Air is among airlines that have been forced to ground a large number of planes due to a powder metal issue with the Pratt & Whitney's geared turbofan (GTF) engine.
Its profit for its 2025 financial year, which ends on March 31, slumped over 60% due to the knock-on effects of the groundings.
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North Wales Live
5 minutes ago
- North Wales Live
'Our £325k family home on Anglesey could be all yours for just £5'
An Anglesey couple have put their home in an online raffle where people could win their coastal retreat for a £5 stake. John and Jennie Bailey and their two children are looking to move from the two bedroom apartment in the seaside village of Rhoscolyn to a larger nearby bungalow to accommodate their growing family. But they've decided to try an unconventional way of selling the property - which is valued at £325,000. Rather than the usual approach of placing the home on the market they have teamed with Raffall, a UK-based company often used for property raffles. This has seen people given the opportunity to buy £5 raffle tickets to secure a chance to win the home. If the 150,000 ticket sales target is reached then one lucky winner will get the property. If the target is not reached by January 1 2026 then the draw is still held and the winner gets 50% of the pot. Jennie, 43, mum to Henry, 11, and Sebastian, nine, said it is a wonderful opportunity for someone to win a home in a dream location and they will be sad to leave the place. Join the North Wales Live Whatsapp community now She said: "As a family we have been coming to Rhoscolyn for 40 years, it was part of growing up and just where we came as my parents had another apartment in the same block here,where there are three homes. We then bought a flat for our family. "After Covid we found we were struggling to get down as often with work and family commitments and we decided as a family to move here from Stockport in Manchester in 2023. We have really settled, we already knew so many people and everyone has been so welcoming. We both mainly work from home so we could do this. "The children went to school at Ysgol Rhoscolyn and two years later are now fluent in Welsh, we are trying with our Welsh too. We love it here but while the apartment was fantastic for holidays it is too small now the children are growing up. Our eldest now wants his own room. We will be sad to leave and if it was just me and John we would be staying here." On picking this way to sell the house, Jennie, who works in home decor and helps manage a holiday property, added: 'I realise this is quite unorthodox, but that's what we love about it - imagine winning a home in the most idyllic place for a fiver - it's a life changing chance for someone!" She wants local businesses to get involved in the promotion as they can get a 75p cut in each raffle ticket sold with no cost to themselves. In total the couple need to sell 150,000 tickets for the sale to go through. This would raise a total of £750,000 but Jennie that is not what they would receive. She said: "There are a lot of costs to pay, we will do the stamp duty, potentially for a second home purchase, and the legal costs, Raffall get 10% and then we have significant marketing costs for all of this. Also when we have affiliates selling tickets they get that 75p cut per ticket. "There is a lot of marketing needed to get the sales and we have to be careful not to overspend or this could end up costing us. We started this two weeks ago and so far we have had 4,500 sales." She added: "This really is a once in a lifetime chance for people to live or holiday in a magical place by the sea. "We're only moving round the corner as we love it so much in Rhoscolyn, so we can't wait to see our home enjoyed by a new family and for them to build their own memories here.' On the property, Raffall said: "The two bedroomed coastal haven, worth £325,000 is the definition of modern elegance with an open-plan kitchen and dining area ideal for entertaining and the stylish dining-living space a perfect place to relax. "The property also features a family bathroom, downstairs WC, balcony, private garage and shared garden. Properties in Rhoscolyn are few and far between with the competition offering a rare opportunity for someone to get on the property ladder in this sought after location which has a population of just 542 residents." Property raffles like have become more common in the UK in recent years although don't end with the home changing hands at the end due to the ticket sales target not being met.
BBC News
6 minutes ago
- BBC News
Faisal Islam: Inflation complicates next month's rate decision
While the economy started this year strongly, Wednesday saw another example of a surprise to the markets in the wrong May the economy slowed again, and now inflation has quickened faster than expected. It is expected to stay well above the Bank of England's target level until consumers, still reeling from years of higher prices and a recent pickup in food prices, the new number is less a surprise, more the confirmation of their ordinary day-to-day top of that, and just as important for some people, the bounce in inflation complicates the Bank's rate cut plan. Investors have been treating it as pretty much nailed on that rates will come down again in August, from the current 4.25%.Now there is definitely a sense of renewed caution.A former rate setter at the Bank, the economist Andrew Sentance, even said it would be "irresponsible" for interest rates to be cut next remain that the cut in August and another one later in the year will go ahead. But the Bank will have to explain why it is looking beyond this current rise in inflation, into next year's expected drop-back to the 2% will mean the return of old questions around whether the UK is more inflation-prone than other countries, for example because of increasing wage and tax costs being passed on in the form of higher prices.A weakening jobs market is another part of the deliberations. The latest employment figures will be published on as expected, they show a continued fall in vacancies, then that strengthens the argument for going ahead with a cut in rates. Bloomberg is predicting a 4.9% unemployment rate, up from the 4.6% reported last as always it is important to keep all the figures in perspective. True, other major economies have not seen a similar bounce in inflation. The eurozone's latest inflation rate is just 2%. But inflation is nowhere near the highs of the energy crisis, and will come down as energy prices fall in the autumn. Growth is definitely slowing, but we are not in recession, and the very latest activity figures suggest recovery in some sectors.
Daily Mail
6 minutes ago
- Daily Mail
Cosy seafront chalet hits market in Norfolk for just £10,000 - but can you spot the catch?
With three bedrooms, two bathrooms, an open plan living/dining space and, most importantly, unforgettable sea views, this property is a snap at just £10,000. Not far from the serene spot are a 'well-stocked supermarket, convenience stores, cafes, pubs and traditional fish and chip shops', according to the estate agent's brochure. Indeed, properties in the area are hard to come by as they rarely come up for sale. But there's a catch – it sits on the edge of a precipice in a part of the country notorious for dramatic coastal erosion. Just 20 years ago, the detached chalet was around 100 yards from the sea, according to neighbours. But the sandy coastline, combined with buffeting waves and adverse weather, have left it teetering on the edge of oblivion. Despite its limited lifespan, it has already been sold, subject to contract, after someone swooped in and presumably met the request for 'offers in excess of £10,000' - quite possible given there were 96 enquiries and 28 viewings before the sale was agreed. The sellers, who live in a different part of the country and are understood to have rented the property to holidaymakers for the past five years, didn't want to discuss parting with the chalet, which they have owned for over 20 years. But next-door neighbour Carol Boyes, a 79-year-old retired nurse, insisted whoever bought would bag a bargain. 'There were two sets of chalets in front of mine when I moved here in 2004 and the sea was at quite a distance,' she said. 'You had to walk over the dunes to get to it around 100 yards away. There's quite a lot of sand and dunes that have gone down [since then]. 'But it is peaceful and tranquil and you've got the beach right here – that's what I love about it. The views are gorgeous and people are very loyal to Hemsby.' She added: 'Next door is a lovely place. Inside has been well looked after and it's got a log burner. 'I don't think they're [whoever buys it] wasting their money. If you get three years out of it, or longer, then it's better than nothing.' Another local, Simon Measures – who is also chairman of pressure group Save Hemsby Coastline - added: 'I'm very pleased for the owner of the property. They've managed to sell it and the potential buyers have bought it on the understanding that it's potentially just a holiday let for a very short period of time. 'As long as they're happy, it's not their main residence and they haven't sunk all their money into it, it's a great place to be.' The sale would also give 'hope' to locals who wanted to get something out of their beloved homes to sink into an investment in another property before they were lost to the waves forever, he added. 'It does give some hope to residents who live here that there is some equity but it is easier to sell as a holiday home, rather than a main home,' he said. The timber-framed white chalet, which sits on a wrap-around plot and was built around 100 years ago, was marketed for 'cash buyers only' by Caister-on-Sea estate agents Minors & Brady. Its brochure states the property is 'on the coastal cliffs of Hemsby' and has 'panoramic views of the scenic beach' which overlooks the North Sea. The 'bright' open-plan sitting/dining room 'invites relaxation and entertaining' and leads to a kitchen 'fitted with a range of wall and base cabinetry, providing ample storage space, with thoughtfully designed areas for you to install your own range of appliances', while the master bedroom has a 'private en suite'. Outside is a 'decked terrace, where you can savour the spectacular sea views – a space equally suited to summer BBQs, al fresco dining or simply relaxing in the afternoon sunshine'. The chalet is on The Marrams, a notorious road where one determined resident has saved his home on two occasions by dragging it back from the brink using heavy machinery. Speaking last year after he revealed he was considering a third rescue plan involving a 'military-grade operation' to airlift his beloved beachfront home from the crumbling cliff face, former Grenadier guardsman Lance Martin explained: 'It is my home, my life.' Mr Martin bought his house, Dune Fall, for £95,000 in 2017 after a surveyor told him it would be safe for decades, with only 3ft of land expected to be lost to the elements each year. But it has receded far faster, with a particular pounding in 2018 from the Beast from the East storm, which saw 100ft of coastline lost and meant seven homes had to be demolished for safety reasons. Another cliff fall in November 2023 led to five more homes being razed to the ground after a 300ft section collapsed. Locals in the village, which has 3,000 residents, complained at the time that they had been abandoned by the Government after it scrapped a sea wall defence scheme. The cost was estimated to have soared from £15 million to £20 million because of inflation and an alternative short-term solution of installing rocks to break up the impact of the waves was criticised as insufficient. Another local, who asked not to be named, told the Mail: 'There's a here today, gone tomorrow feel about the place. It's beautiful but you know it's not going to last.' Minors and Brady manager Dan Overy said: 'We're very happy to be able to secure a buyer for the vendor.'
