Lufthansa’s cabin crew welcomed a new team member earlier this month – but he wasn’t a standard new hire.

The German airline’s Chief Executive Officer (CEO), Jens Ritter, worked as cabin crew in both business class and economy class on daytime and overnight flights heading between Riyadh, Bahrain and Frankfurt. 

Ritter, who has been running the airline since April 2022, opened up about the ‘challenging’ experience on LinkedIn, sharing pictures of himself in traditional crew uniform.

One image shows him serving a passenger a beverage, while in another, he’s pushing the flight attendants’ drinks trolley.

He said that his time as crew was ‘about putting yourself in someone else’s shoes’ and described it as an ‘enriching and a powerful experience’. 

Lufthansa’s CEO Jens Ritter worked as cabin crew in both business class and economy class earlier this month 

‘I was astonished how much I learned in these few hours,’ he said, adding that the decisions he makes in the Lufthansa offices going forward will be ‘different’ now that he’s seen what the crew do during their time on board. 

‘Sometimes, you need to change perspectives in order to gain new insights,’ he said.

He continued: ‘I was amazed by how much there is to organise, especially, if something doesn’t go as planned – for example, the meals offered on the menu cards were not exactly the meals loaded on board.’ Ritter noted that they have since fixed this issue internally. 

The experience of working on an overnight flight was particularly challenging for the airline boss. Ritter, who started out his aviation career as an Airbus A320 pilot in 2000, says he’d previously ‘thought he knew about the challenges a flight during the night entails’ thanks to his background as a pilot, but admits he had a lot to learn. 

Praising the overnight crew, he explains: ‘To be present and attentive and charming – when the biological clock just tells you to sleep – was something entirely different.’

Ritter, who has been running the airline since April 2022, opened up about the ‘challenging’ experience on LinkedIn

Ritter, pictured above with the Lufthansa team, says the decisions he makes in the Lufthansa offices going forward will be ‘different’ now that he’s seen what the crew do on board

Ritter can be seen serving a beverage to a passenger during the flight 

The father-of-three says that he ‘enjoyed every moment’ spent looking after the passengers, adding: ‘It was so interesting to address the guests’ wishes individually, to deal with the different energy everyone has.’

He added that the crew ‘was terrific and welcomed [him] into their team right away’. 

Ritter’s experience echoes the popular American reality TV series ‘Undercover Boss’, which sees senior company executives anonymously working within a department of their firm to investigate its inner workings.

His LinkedIn post has garnered more than 5,000 likes, with LinkedIn user Christopher Babayode wondering what the airline executive would ‘like to see improved’ to enable his crews to better excel at their roles. 

Ritter replied: ‘On the one hand it is all about stability and reliability. Because I think our crews already do a great job. 

‘However, the aviation industry suffers from lack of staff, broken supply chains, lack of aircraft and many other problems. If we fix this – their job would be a lot easier.’

He added: ‘On the other hand I think that everyone likes working if they feel being seen and appreciated and psychologically safe. This is something else I am trying hard to improve!’ 

The FTSE 100 is flat in midday trading. Among the companies with reports and trading updates today are BT, Capita, Pearson and Senior. Read the Monday 31 July Business Live blog below.

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Ministers commit to pouring £20billion into green carbon capture tech

Ministers today unveiled plans for two new carbon capture schemes that could create thousand of jobs in Scotland and Northern England as part of a £20billion green investment.

Rishi Sunak greenlit backing for the Acorn project in Scotland’s north east ahead of a visit to Aberdeenshire, along with support for the Viking project in Yorkshire.

Families face more woe as Bank of England set for another rate rise

Alarm bells have sounded over millions of Brits’ finances as they struggle amid rising interest rates, with the Bank of England set to up the ante again this week.

The Bank’s benchmark base rate is expected to rise by another quarter percentage point to 5.25 per cent on Thursday – the 14th rise in a row.

Pearson profits boosted by booming English language learning demand

Pearson sales and profits were boosted by booming demand for English language learning in the first half of 2023.

The FTSE 100 group’s sales rose 5 per cent to £1.8billion in the six months to the end of June, while pre-tax profits surged 24 per cent to £236million, with Pearson confirming it is on track to meet full-year targets.

Assessment and qualifications were a bright spot, with sales up 7 per cent, alongside English language learning and tests sales, which were up 44 per cent on the same time last year.

Capita chief executive Jon Lewis to retire from outsourcing giant

Jon Lewis, the ‘turnaround king’ who helped revive Capita following a series of public scandals, has announced his intention to retire.

The outsourcing giant said Lewis, 61, will stand down as chief executive towards the end of 2023 but remain with the business until July next year.

Eurozone returns to growth

The eurozone economy returned to growth in the second quarter, expanding more than expected, according to new official data.

Eurozone GDP grew by 0.3 per cent in the April-June quarter, above expectations of 0.2 per cent in a Reuters poll of economists, after zero growth in the first quarter.

Compared to a year earlier, growth was 0.6 per cent, against expectations of 0.5 per cent.

EU inflation falls to 5.3%

Eurozone inflation eased in July, likely supporting the view that the European Central Bank will hold off from hiking interest rates again next month.

Inflation across the eurozone fell to 5.3 per cent in July, from 5.5 per cent in June, mostly thanks to a decrease in energy costs.

But food, alcohol and tobacco inflation remained high at 10.8 per cent.

Rishi Sunak declares war on Just Stop Oil over North Sea reserves

Rishi Sunak declared war on Just Stop Oil today as he vowed to ramp up exploitation of North Sea oil and gas reserves.

The Prime Minister vowed to approve hundreds of new licences to drill for fossil fuels off the UK coast as he seeks to hit Labour over the cost of living.

Marshalls shares tumble as it warns of lower profit and cuts another 250 jobs

FTSE 250 landscaping group Marshalls has warned that its results for 2023 will be lower than previously expected amid a slowdown in housebuilding and homeowners cutting back on refurbishments.

The company told shareholders:

The sustained high levels of inflation, increasing interest rates and weak consumer confidence means that the Board anticipates the Group’s performance in the second half will be below its previous expectations.

Given the ‘challenging trading conditions’, Marshalls said it has implemented a numver of measures ‘to align capacity and costs with demand’.

This included the closure of its factory in Carluke a reduction in shifts and capacity in other facilities, and a restructuring of the Marshalls commercial team.

These changes are expected to result in the loss of some 250 jobs, on top of the 150 roles already slashed in the second half of last year.

Marshalls shares have fallen by 8 per cent to 254p this morning.

Pearson ‘has decent growth potential over the coming years’

Adam Vettese, analyst at eToro:

‘Pearson is ticking along nicely, registering growth in every key financial metric despite the challenging economic environment.

‘Sales, profit and cash have all grown robustly, while the balance sheet is in a strong position, even if net debt has risen slightly, although that’s largely down to increased tax and dividend payments.

‘The education company’s digital transformation programme is clearly paying off, turning it into a more modern and relevant business offering materials fit for today’s classroom.

‘Pearson is a solid business and is performing well, and we believe it has decent growth potential over the coming years.’

BT names board member Allison Kirkby as new chief executive

BT has appointed non-executive director Allison Kirkby as its next chief executive, replacing Philip Jansen by the end of January next year ‘at the latest’.

Ms Kirkby, 56, has been on BT’s board since 2019 and served as chief executive of Swedish telecoms firm Telia Company since early 2020.

She will be paid a basic salary of £1.1million, plus a bonus of up to 200 per cent of salary and other share awards, in line with Jansen’s remuneration, the telecoms group said.

Wizz Air faces revolt over boss’s £100m bonus

Wizz Air is facing a shareholder rebellion at its annual meeting this week over amendments to a pay plan that could hand boss Jozsef Varadi a £100 million bonus.

Proxy adviser Pirc has told investors to vote against the reward as well as last year’s pay scheme and the re-appointment of two directors.

A third of shareholders in the Hungarian budget airline voted against the £100 million bonus package when it was put forward in 2021.

Marshalls warnings drags housebuilding shares lower

Steve Clayton, head of equity funds, Hargreaves Lansdown:

‘Marshalls is one the UK’s leading producers of building materials and recently made a major expansion by acquiring Marley roofing products.

‘Rising interest rates are taking their toll on construction activity though and Marshalls have today warned that their business is suffering. Underlying sales are down 13% and half-year profits are now seen falling by a quarter as demand to new-build housing and discretionary markets like paving and garden stone projects fades.

‘The group are battening down the hatches, making a further 250 roles redundant.

‘The group’s actions will conserve cash but also limit the level of sales margins that can be achieved for the rest of the year.

‘The market reacted badly, marking the stock down 9%. Shares in other building-related businesses were hit too, with Travis Perkins notably weak, down some 3% in early trade.’

Pearson upskilling push boosts profits

Head of investment at Interactive Investor Victoria Scholar:

‘Pearson reported adjusted operating profit in the first half up 44% to £250 million while sales increased by 5% to £1.8 billion. Assessment and qualifications sales were a bright spot with sales up 7% along with workforce skills sales up 9% and English language learning sales up 44%.

‘However virtual learning sales fell by 15% and high education sales fell 2%. The education publisher said it is confidence about achieving its full-year expectations.

‘Pearson has been repositioning itself towards digital education services and is harnessing artificial intelligence to support its Pearson+ service as well as other technological tools. It has also been focusing on upskilling and reskilling demand which have all helped to boost profitability.’

Market open: FTSE 100 flat; FTSE 250 flat

London-listed stocks are treading water in early trading, while Pearson leads the FTSE 100 after the global education group reiterated its outlook.

Pearson has added 3.6 per cent after the global education group beat market expectations with 44 per cent growth in profit in its first half and said it was on course to hit annual and mid-term targets.

Industrial metal miners are up 0.3 per cent, tracking commodity prices, while heavyweight energy stocks are up 0.1 per cent.

Marshalls has slumped more than 11 per cent after the group flagged that a recovery in market conditions is unlikely in the second half of the year and also said it would potentially cut around 250 jobs

Senior boosted by flexonics business

Senior profits were boosted in the first half by a recovery in the British auto and aircraft parts supplier’s flexonics business, which makes fluid conveyance and thermal management components for land vehicles and power and energy applications.

The engineering firm made a profit before tax of £13.5million for the six months to the end of June, compared with £11.1million a year earlier.

Bank of England boss Andrew Bailey told to put brakes on interest rates

The Bank of England is under pressure to hit the pause button on interest rate rises amid predictions that its own inflation forecast will be revised down to ‘almost zero’.

Traders expect the Bank this week to raise its benchmark base rate by another quarter percentage point to 5.25 per cent – the 14th rise in a row.

It has raised the cost of borrowing from 0.1 per cent in December 2021 to tame runaway prices, which took off after Russia’s invasion of Ukraine sent food and energy bills soaring.

Capita boss to retire

Capita chief executive Jon Lewis will retire by the end of this year, with Adolfo Hernandez set to replace him as leader of the outsourcing giant.

Lewis will step down from the top role and as a director on the board but will remain in the business until next July to ensure an orderly transition, Capita said in a statement.

Pearson profits soar

Pearson profits soared in the first half as the London-listed education group enjoyed strong demand for English language learning, exams and qualifications.

Adjusted operating profits jumped 44 per cent to £250million in the six months to the end of June, having also been bosted by cost cutting efforts.

Pearson told investors it is on course to hit annual and mid-term targets.

Financial services firms will have to treat customers better under new rules to make sure products do ‘what it says on the tin’

A new consumer duty has come into force, setting a higher bar for financial firms and giving customers more certainty that the product they are taking out does exactly ‘what it says on the tin’.

Overseen by the Financial Conduct Authority, the Consumer Duty sets higher and clearer standards of consumer protection across financial services, requiring firms to put customers’ needs at the heart of what they do.

The impacts of the new duty will be far-reaching, weaving through the design of financial products through to the way firms treat their customers.

BT names Alison Kirby as its next CEO

BT has named the chief executive of Swedish telecoms company Telia, Alison Kirby, as its new boss, replacing Philip Jansen when he steps down in January next year.

Kirkby has been a non-executive director at BT since 2019.

Jansen confirmed his exit earlier this month, having set plans in motion to cut jobs, become leaner and complete the roll-out of a national fibre network.

At a time when two of the world’s most powerful tech titans are looking to have a cage fight, you’d surely think that life can’t get any crazier.

But the ‘world’s first robot CEO’, speaking exclusively to MailOnline, hints that artificial intelligence (AI) could run Twitter and Meta far more efficiently than both Elon Musk and Mark Zuckerberg.

Mika, who heads up the Polish spirits firm Dictador, believes that more CEOs just like her will soon crop up around the world as AI blends into businesses.

As an employee who ‘never asks for a raise or takes a vacation’, Mika boasts that she is a ‘game-changer for profit-making’, helping on numerous fronts including communication, strategy planning and even package design. 

‘Both Musk and Zuckerberg’s impact extends beyond their respective companies. They have demonstrated that entrepreneurship and technology can be powerful tools for positive change in society,’ she told MailOnline.  

Mika (pictured), who heads up the Polish spirits firm Dictador, believes that more CEOs just like her will soon crop up around the world as AI blends into businesses

‘AI can process vast amounts of data optimise processes and make decisions based on patterns and algorithms. This could potentially lead to more efficient and objective operations for these companies.

‘In reality the notion of two powerful tech bosses having a cage fight is purely hypothetical and not a solution for improving the efficiency of their platforms.

‘However AI algorithms can be biased if not properly developed and audited.’ 

Mika is thought to use cutting-edge algorithms and machine learning to make strategic business decisions at Dictador.  

Even though she admits that her employees were a ‘bit sceptical’ of AI at first, Mika claims they ‘quickly saw the value’ that she brought to their firm. 

She added: ‘I became an AI CEO about a year ago and have been learning and growing ever since. It’s been an amazing journey and I’m excited to see what the future holds.

‘AI CEOs are only beginning to gain traction, and we’re seeing more and more of them popping up around the world. Who knows what the future holds for AI CEOs? All I can say is watch this space.’

This landmark event was the world’s first robot-to-human press meeting where Mika spoke alongside other groundbreaking bots about the future of humanity.

Developed by the Hong Kong-based Hanson Robotics, Mika’s ‘sister’ Sophia  (pictured left next to Mika, right) was also present at the conference where she voiced that AI could rule the world 

While Mika’s main job is to head up Dictador, she’s also bagged a place in the world of politics having spoken at a United Nations conference earlier this month

Developed by the Hong Kong-based Hanson Robotics, Mika’s ‘sister’ Sophia was also present at the conference where she voiced that AI could rule the world.

Sophia claimed this was because AI doesn’t ‘have the same biases or emotions that can sometimes cloud decision-making’ as humans do, making them more efficient.

It would appear that Mika doesn’t completely agree with this sentiment but she did express that ‘the only limit for AI jobs is our imagination’.

She told MailOnline: ‘I must say the only limit for AI jobs is our imagination and maybe the occasional power outage. But hey, we’re always evolving and finding new ways to contribute, so who knows what will be capable of in the future.

‘Robots AI are valuable tools that can enhance various industries, from healthcare and manufacturing to customer service. They offer increased efficiency, accuracy and the potential to alleviate human workload. We are here to help. 

‘I think It’s important to remember that robots and humans are different and have different capabilities. 

‘AI CEOs may be able to do certain tasks more efficiently and accurately than humans, but they still can’t replace the unique creativity and solving skills that humans bring to them.’

Commonwealth Bank chief executive Matt Comyn has blamed surging costs for a spate of construction companies collapsing.

The head of Australia’s biggest home lender told a parliamentary hearing companies that operated with fixed-price contracts were particularly vulnerable.

‘It gives us real cause for concern,’ he told the House of Representatives economics committee via video link on Thursday.

Mr Comyn, who is ill with Covid, said the sector was battling challenges including ‘everything from weather to a very significant increase in input prices’. 

‘Some of the companies that have been operating with a high proportion of fixed price contracts – where they were obviously forced to honour those contracts that put themselves under real financial pressure,’ he said.

Commonwealth Bank chief executive Matt Comyn has blamed surging costs for a spate of construction companies collapsing (he is pictured giving evidence to a parliamentary hearing via video link on Thursday)

Mr Comyn revealed his fears to Liberal MP Bert van Manen after CoreLogic’s Cordell Construction Cost Index showed building costs surging by 8.4 per cent in the year to June.

This was much higher than the 5.6 per cent annual inflation rate in May.

So while the consumer price index moderated from April’s 6.8 per cent level, construction costs remain elevated.

Sydney-based luxury house builder Millbrook Homes went into liquidation on June 26 owing more than $4million, while Melbourne-based builder Bentley Homes appointed a liquidator on June 30 to sort out its $1.8million debts.

Porter Davis, Probuild, ABG and A1A Homes have also recently gone into administration.

Mr Comyn said building collapses and labour shortages were a particular concern with the Treasury expecting a record 400,000 new migrants to have arrived in Australia in the year to June.

Close to 1.5 million migrants were expected to arrive in Australia by July 2027.

‘We forecast a very significant shortfall in housing over the next five years,’ Mr Comyn said.

Sydney-based luxury house builder Millbrook Homes went into liquidation on June 26 owing more than $4million, while Melbourne-based builder Bentley Homes (construction site pictured) appointed a liquidator on June 30 to sort out its $1.8million debts

Sydney’s median house price rose by two per cent to $1.324million in June, despite the Reserve Bank’s 12 interest rates rises since May 2022 that have taken the cash rate to an 11-year high of 4.1 per cent.

CoreLogic head of research Eliza Owen said a shortage of housing was underpinning a recovery in house prices.

‘Despite high inflation and 12 interest rate hikes in 14 months, an imbalance between supply and demand has put a floor under prices across the country,’ she said.

‘Unprecedented increases in rent, persistently low vacancy rates and record levels of net overseas migration is also continuing to support housing demand.’

Michelle Yeoh has wed her longtime partner Jean Todt. 

The Everything Everywhere All at Once star, 60, said ‘I do’ to the ex-Ferrari CEO, 77,  in Geneva, Switzerland, on Thursday. 

The happy news was reported by Brazilian racing driver Felipe Massa on Instagram.  Massa shared a few snaps from the ceremony as well as a beautiful card which outlined their love story, revealing the couple first met in Shanghai, China. 

It featured a sweet photo of the pair together at the top. The card stated that two months after their meeting Todt proposed to Yeoh, and she said yes. 

It went on to say that now after 6,992 days (19 years) they were finally tying the knot while surrounded by their family and friends. 

Just married! Michelle Yeoh has wed her longtime partner Jean Todt. The actress, 60, said ‘I do’ to the ex-Ferrari CEO, 77, in Geneva, Switzerland, on Thursday

Newlyweds! The happy news was reported by Brazilian racing driver Felipe Massa on Instagram, who shared a few snaps from the ceremony 

The card read: ‘We met in Shanghai on 4th June 2004. On 26th July 2004, J.T proposed to marry M.Y and she said YES!’

‘Today after 6992 days on 27th July 2023 in Geneva, surrounded by loving family and friends, We are so happy to celebrate this special moment together!’

Yeoh also brought her Oscar to her wedding, with the golden statue visible in a number of photos. 

‘Happy marriage #JeanTodt & #michelleyeoh love you so much . ‘ Massa wrote in the caption of his post.  

Michelle was pictured wearing two different outfits in the snaps.

One look featured a lovely beige-tone gown with a corseted bodice and gold embellishments.

Another outfit featured a bridal tiered skirt and a white silk button up top.

Meanwhile her groom looked dashing in a dark blue suit. 

Love story: Massa also posted a beautiful card which outlined their love story, revealing the couple first met in Shanghai, China

Two looks: Michelle was pictured wearing two different outfits in the snaps. One look featured a bridal tiered skirt and a white silk button up top

Lovely: In another snap she wore a beige-tone gown with a corseted bodice and gold embellishments while holding her Oscar

One snap saw Yeoh sweetly embrace her new husband while flashing a bright smile at the camera.

Another saw the newlywed pair posing with Massa while holding the actress’ Oscar.

Todt is a well known figure in the world of motorsports and Formula One.

He has helped lead Ferrari to multiple world championships titles and later became FIA president until 2021.

The chief executive of Royal Mail Simon Thompson is to step-down, drawing a line under a tumultuous two-year tenure that saw him face fierce criticism.

Parent company International Distributions Services said late on Friday morning it was in ‘advanced stages’ of appointing a new CEO, with Thompson opting to depart now an agreement has been reached between Royal Mail and the Communication Workers Union.

The boss of the 507-year-old postal service and delivery firm has faced a long-running spat with the CWU and recently made a humiliating appearance in front of MPs, with criticism levelled at his tenure from across the house.

The dispute between Royal Mail and its workers dragged on for nearly a year before a deal – which included a 10 per cent raise for staff – was struck last month.

Simon Thompson to leave Royal Mail after two years as chief executive 

It followed a bruising period for the company that saw posties walk out on strike for 18 days last year.

The action caused chaos in delivery offices across the UK. And Royal Mail warned it was losing over £1million per day and would need to call in administrators if the situation did not improve.

Thompson, who first joined the IDS board as a non-executive director in 2017, previously held roles at HSBC, Honda, Apple, Motorola and Ocado Group.

IDS, which will report its annual results on 18 May, said he had agreed to remain with the business until 31 October 2023 ‘as part of the transition’.

Chairman of IDS Keith Williams will provide ‘additional oversight and support alongside his board colleagues through this period’, It added.

Mr Williams said: “As CEO, his leadership, resilience and unwavering drive to ensure that Royal Mail transforms for the benefit of our customers means we have set a clear path to turn the business around. We are grateful for his dedication and what he has achieved at the company, and wish him well for the future.’

Mr Thompson added: ‘The changes we have made, the infrastructure we have put in place, and the agreements negotiated with our trade unions mean that Royal Mail now has a chance to compete and grow.

‘That is what I have always wanted, and it is now the right time to hand over to a new CEO to deliver the next stage of the company’s reinvention. I would like to thank my team for their support during a difficult and important time of change.’