London’s Heathrow Airport extends passenger cap until October

FOOD

Egg prices fall rapidly to relieve US consumers

Egg prices, which hit record highs after one of the worst bird flu outbreaks in US history, are now falling — rapidly — as the industry replaces dead hens. Large Midwestern eggs, the benchmark for commodity prices, closed at $2.16 per dozen on Friday, down about 37% from the record high in late July, according to commodity researcher Urner Barry. This will provide relief to consumers, who saw the price of eggs jump 47% in US grocery stores last month during the worst period of food inflation since 1979. Retail rates generally track commodity prices, so that consumers should see a “significant” drop of more than a dollar per dozen in the next 30 days, said John Brunnquell, chief executive of Egg Innovations, one of America’s largest free-range egg producers. . The farms are restocking the birds they had to kill during this year’s outbreak of highly pathogenic avian flu, Brunnquell said. This means more hens will be there to lay eggs, which will help fill supply gaps caused by the virus. The outbreak has killed more than 30 million commercial and wild birds. Demand was pretty lackluster earlier this year, so the loss in production hasn’t been felt too strongly, said Karyn Rispoli, egg market reporter at Urner Barry. She said prices soared when demand surged in June, but high prices on the shelves have now dampened the appetite for eggs. The Midwestern wide variety has fallen more than $1 a dozen since July 27 and current wholesale trade suggests the trend will continue, she said. — BLOOMBERG NEWS

START-UP

WeWork founder receives big check from Silicon Valley venture capital firm

Adam Neumann, the WeWork founder whose spectacular rise and fall has been chronicled in books, documentaries and a scripted TV series, has a new business — and surprising support. Neumann launches a new company called Flow, focused on the residential real estate market. He notably has financial backing from Andreessen Horowitz, the prominent Silicon Valley venture capital firm that was an early investor in everything from Facebook to Airbnb. Andreessen Horowitz is considered a king among early-career investors, so his endorsement is a powerful sign of support, and perhaps a rebuke to critics of Neumann, who have described his leadership of WeWork as a cautionary tale of the corporate pride. The company’s investment in Flow is around $350 million, according to three people briefed on the deal, valuing the company at more than $1 billion before it even opens for business. The investment is the largest individual check Andreessen Horowitz has ever written in a round of funding to a company. Flow is set to launch in 2023, and the venture capital giant’s co-founder Marc Andreessen will join its board, these people said. Neumann plans to make a significant personal investment in the business in the form of cash and real estate assets. At its peak, WeWork was valued at some $47 billion. After a botched public offering and stories of mismanagement, it imploded spectacularly. Neumann was ousted from WeWork in 2019, but walked away with hundreds of millions of dollars. Today, WeWork has a market value of around $4 billion. Neumann, who has purchased more than 3,000 apartments in Miami; Fort Lauderdale, Florida; Atlanta; and Nashville; aims to rethink the rental housing market by creating a branded product with consistent service and community features. Flow will own and operate the properties that Neumann had purchased and will also provide its services to new developments and other third parties. The exact details of the business plan could not be learned. – NEW YORK TIMES

CRYPTOCURRENCY

Rally cools as Ethereum upgrade optimism fades

Cryptocurrencies were mostly little changed as the recent rally in market indicators Bitcoin and Ether cooled. Bitcoin was down less than 1% at around $24,250 at 12:17 a.m. in New York, after hitting $25,000 over the weekend for the first time since the market collapsed in June. The largest cryptocurrency by market value is up around 18% since June 17. Bitcoin hit an all-time high of nearly $69,000 in the fall. Ether, which led the gains amid optimism over the blockchain software update known as Merge, fell about 1% to $1,919. It touched $2,000 on Saturday and has jumped around 75% since mid-June. Ether traded near $4,860 in November. The gathering had also raised meme tokens like dogecoin and those for alternative platforms, including Polygon. They were down 5.3% and 4.8%, respectively, on Monday. Matt Maley, chief market strategist at Miller Tabak & Co, said the pullback was natural as investors took “a few chips off the table.” Maley drew attention to the problems in the Chinese market as a potential cause of investor wariness during today’s session. “We have to realize that the crypto market is still speculative,” Maley said. “I think it’s normal and healthy to digest recent gains, especially in Ethereum.” Alkesh Shah, global crypto and digital asset strategist at Bank of America, said the recent rise in crypto was “likely macroeconomic” and pointed to a strong correlation between digital and risky assets in a note. — BLOOMBERG NEWS

TRANSPORTATION

Uber raises prices by 5% in London to attract more drivers

Uber Technologies Inc. said it would raise fares across the UK, leading to an average 5% rise in fares in London as the ride-hailing company strives to attract more drivers. Prices will rise across the country at different rates depending on the city, Uber said in a statement Monday. The aim is to attract 8,000 additional drivers to London to meet demand in the capital. A year ago, an exodus of Uber drivers led to a shortage of rides in London as people who previously worked for the app moved on to courier jobs for Just Eat. Takeaway.com NV or Amazon.co.uk Inc. That year, Uber also spent a lot of effort attracting drivers after COVID-19 pandemic shutdowns, resulting in losses. The GMB union took credit for negotiating the increase in a separate statement on Monday. Uber agreed to formally recognize Britain’s union last year following a landmark ruling by the country’s Supreme Court that forced the company to classify a group of its drivers as workers and pressured it to award concessions. similar leave and minimum wage rights to its 70,000 drivers. in the country. The company said it has attracted 10,000 drivers across the UK since it started providing paid holidays and pensions. — BLOOMBERG NEWS

INFLATION

Israeli inflation beats all forecasts, highest since 2008

Israel’s annual inflation beat all forecasts as it accelerated to its highest level since October 2008, adding urgency to the central bank’s cycle of interest rate hikes. Boosted by a rise in the cost of fresh fruit and transportation, prices unexpectedly jumped 5.2% a year in July from 4.4% in June, data showed on Monday. The median forecast in a Bloomberg poll of 15 economists was 4.6%. Inflation has been stuck above the government’s 1-3% target since January. On a monthly basis, price growth hit 1.1% in July, nearly double the median forecast from another Bloomberg survey. Israel’s central bank has tried to get ahead of inflation by aggressively tightening monetary policy, making three consecutive rate hikes, including the largest since 2011. Its next meeting is a week away. Israel’s inflation outlook was turning favorable after the shekel’s gains in recent weeks. But the currency depreciated sharply on Monday and was trading 1.3% weaker against the dollar at 7:09 p.m. in Tel Aviv. — BLOOMBERG NEWS

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