Boeing Faces Turbulence: Deadly Crash Sends Shares Plunging

The recent crash of an Air India Boeing 787 Dreamliner shortly after takeoff from Ahmedabad, resulting in the loss of nearly all 242 people on board and dozens more on the ground, marks the deadliest aviation disaster in a decade and has sent shockwaves through both the aviation industry and financial markets. For investors, the incident has immediate and potentially long-term implications for Boeing, which has already been under intense scrutiny due to previous safety and manufacturing issues.

Boeing’s stock reacted sharply to the news, falling 4.8% on the day of the crash and another 1.7% the following day, closing the week at around $200 per share. This decline highlights heightened investor anxiety, especially as the crash comes amid ongoing investigations into Boeing’s quality control and safety culture. While air safety experts have stated there is currently no evidence pointing to a design or manufacturing flaw in this particular incident, the crash nonetheless compounds existing reputational and regulatory pressures on the company.

Financial analysts have responded by revising their outlooks for Boeing. The consensus 2025 stock price target has been lowered from $240 to $230, and Q2 2025 revenue estimates have dropped from $19 billion to $17.5 billion. Earnings per share projections have also been revised downward, with a new Q2 estimate of -$2.15, compared to the previous -$1.80. These adjustments reflect expectations of delayed deliveries, increased regulatory scrutiny, and the costs associated with investigations and potential fleet modifications.

Despite these challenges, Boeing retains a substantial order backlog and remains a dominant force in aerospace. However, the company’s negative earnings, declining profitability ratios, and market capitalisation pressures highlight the urgent need for stronger safety reforms and transparent crisis management to restore investor confidence. The upcoming Q2 earnings report will be closely watched as a barometer of both financial and reputational recovery.

Vodafone Cuts Ties with Franchisees Amid £120 Million Lawsuit

Vodafone has terminated the contracts of 12 franchisees who joined a £120 million lawsuit against the telecoms giant, escalating a high-profile dispute over the company’s treatment of its UK high street partners. The legal action, launched in December by 62 current and former franchisees, accuses Vodafone of “unjustly enriching” itself at the expense of small business owners by slashing commissions and imposing heavy fines for minor infractions.

The claimants allege that Vodafone’s unilateral commission cuts, some with as little as 14 days’ notice, and punitive fines, such as a £21,000 penalty for a £7 customer error, have pushed many franchisees into severe financial distress. Several report personal debts exceeding £100,000, with some saying the pressure led to mental health crises and fears of losing their homes or life savings. The group contends that Vodafone’s actions starkly contrast with its original promise of a “true partnership” and have left many stores unviable, especially after the company stopped paying commissions on handset sales and only rewarded airtime contracts.

Vodafone, which values the claim at £85.5 million rather than the £120 million cited by franchisees, strongly denies the allegations, describing the dispute as a “complex commercial” matter and maintaining that it has acted fairly. The company says it has provided significant support to franchisees and that most remain profitable. However, it justified the contract terminations by stating it could no longer work with partners who were “supporting the negative campaign against the business,” citing concerns about the impact on its franchise programme. Vodafone also noted that it has reimbursed franchisees over £5 million for fines and clawbacks and made improvements to its franchise partner programme.

Negotiations to resolve the dispute broke down last month, and the legal battle is now expected to proceed through the courts. The outcome could have significant implications for franchise relationships across the UK retail sector, as the case highlights the challenges faced by small business partners of major brands.

Paris and Barcelona Strike Back at Airbnb and Overtourism

Tourism strikes and protests have erupted in both Paris and Barcelona this month, as residents and workers voice growing frustration over the impacts of mass tourism and the proliferation of short-term rentals like Airbnb.

In Barcelona, thousands of locals marched through the city’s tourist hotspots, wielding water pistols and signs reading “Your Airbnb used to be my home.” The demonstrations, which also spread to Mallorca, Granada, and other Spanish cities, were part of a coordinated action across southern Europe targeting what activists call “overtourism”. Residents argue that the surge in visitors (over 15 million last year in Barcelona alone) has driven up housing costs, displaced locals, and eroded neighbourhood character. Many blame platforms like Airbnb for diverting apartments from long-term residents to lucrative short-term rentals, fueling rent hikes of over 30% in some areas. Protesters say traditional shops have been replaced by tourist-oriented businesses, making daily life unaffordable and unsustainable for locals.

The tension has led to dramatic policy responses: Barcelona’s city government recently announced a sweeping ban on short-term tourist rentals starting in 2028, which will revoke 10,000 tourist apartment licenses in an effort to address the housing crisis and reclaim the city for residents.

Meanwhile, in Paris, tourism-related unrest has also been on the rise. The Louvre Museum unexpectedly closed on June 16th as staff staged a spontaneous walkout to protest overwhelming crowds, highlighting how mass tourism is straining even the city’s most iconic institutions. While Paris has not yet announced measures as drastic as Barcelona’s, the city faces similar pressures from Airbnb and other platforms, with residents and officials debating how to balance tourism revenue with livability.

These protests reflect a broader European backlash against mass tourism and short-term rentals, with cities from Lisbon to Venice joining the call for stricter regulation. As summer travel peaks, the conflict between local communities and the global tourism industry, and the role of Airbnb, has become a flashpoint in the debate over the future of urban life in Europe.

Unilever Accused of Union Rights Violations as Ivory Coast Workers Protest Share Sale

Unilever is facing mounting accusations from its Ivory Coast workforce, who allege the multinational consumer goods giant is violating their union rights and breaching a longstanding collective bargaining agreement as it moves to sell its local subsidiary. The British-based company is divesting its entire stake in Unilever Côte d’Ivoire, which employs around 160 people, to a local consortium led by distributor Société de Distribution de Toutes Marchandises Côte d’Ivoire (SDTM). The sale, expected to close by EOD today (June 20th), comes after years of declining revenues and the loss of key international brand operations in the region.

Workers began protesting at Unilever’s Abidjan offices in late April, expressing fears that the transaction could lead to layoffs without the severance protections guaranteed under their collective bargaining agreement. The agreement, established in 2004 and reaffirmed in 2007, stipulates that employees laid off due to a business sale are entitled to one month’s gross salary per year of service, up to 18 months, plus six months of medical coverage. However, internal documents and meeting minutes reviewed by Reuters reveal that Unilever has declined to guarantee these benefits, arguing that the share sale does not terminate employment contracts and therefore does not trigger severance obligations.

Unilever’s local management has stated that post-sale employment terms will be determined by SDTM, not by the existing collective agreement. Workers and their legal representatives argue this stance contravenes both the agreement and Ivorian labour law, which requires employee consent for significant changes to employment contracts. They also point to what they see as discriminatory treatment compared to Unilever’s European workforce, who recently secured multi-year job guarantees and severance protections after a similar business spin-off.

Unions are now pressing for enforcement of the collective agreement or equivalent guarantees, warning that failure to do so could lead to legal action and further scrutiny of Unilever’s global labour practices.

Big Banks Double Down on Fossil Fuels Despite Green Pledges

Major global banks, including JPMorgan Chase, Bank of America, and Citigroup, have sharply reversed their recent retreat from fossil fuel financing, pouring billions more into oil, gas, and coal projects in 2024, according to the latest “Banking on Climate Chaos” report. After two years of declining investments, the world’s 65 largest banks increased fossil fuel financing by $162.5 billion year-over-year, reaching a total of $869 billion in 2024, a 23% jump from the previous year.

US banks led the surge, with JPMorgan Chase, Bank of America, and Citigroup ranking as the top three financiers of fossil fuel expansion globally. Together with Wells Fargo, these four accounted for 21% of all fossil fuel financing tracked in the report. JPMorgan alone committed $53.5 billion to fossil fuel companies in 2024, while Bank of America and Citigroup followed closely, increasing their fossil fuel investments by more than $10 billion each compared to 2023.

This reversal comes despite mounting scientific warnings from organisations like the International Energy Agency that no new fossil fuel infrastructure can be built if the world is to meet its climate targets. The report’s authors and climate advocates have criticised the banks’ actions as a retreat from their own net-zero pledges and the commitments made at international climate summits, such as the 2021 UN conference in Glasgow.

While clean energy is now attracting nearly double the financing of fossil fuels globally, the report highlights that banks are still betting heavily on fossil fuels, particularly in the US and Canada. The increase is attributed to a mix of factors, including political backlash against ESG initiatives, rising energy demand, and the profitability of fossil fuel expansion, especially in sectors like liquefied natural gas.

Environmental groups warn that this renewed flow of capital into fossil fuels undermines global efforts to decarbonise and risks locking in emissions for decades, even as the world faces intensifying climate impacts.