(Bloomberg) -- Low-cost flights, residential homes, and electric drying racks: all things today’s news shows are in high demand amid a looming recession. Against that backdrop, the rising cost of renting could be aided by a joint venture between fund manager Abrdn and the John Lewis Partnership, where among other solutions, they plan to redevelop Waitrose stores into rental properties with shops attached. 

Here’s the key business news from London this morning.

In The City

Ryanair Holdings Plc: Europe’s largest discount carrier reported passenger growth of 10% to 11.2 million for November compared to the same month last year when the omicron coronavirus variant emerged. 

  • The update comes as both Ryanair and EasyJet Plc are scaling back in Germany, and as Lufthansa tightens its grip in Berlin, Frankfurt and Munich

Abrdn Plc: The fund manager is entering a £500 million joint venture with John Lewis Partnerships for build-to-rent homes across the south of England.

  • In Bromley and West Ealing, Waitrose shops close to transport links will be redeveloped into rental properties with stores attached, while in Reading, a John Lewis warehouse will be transformed

GSK Plc: The pharmaceutical giant’s cancer drug Jemperli met its key endpoint in a phase III trial, showing “statistically significant and clinically meaningful” improvements in progression-free survival.

  • Based on the trial results, the company said it plans regulatory submissions for the first half of next year 

In Westminster

Banks complained for years about Britain’s bonus cap. But now the government has pledged to scrap it -- triggering a political backlash -- most are silent.

Labour’s Samantha Dixon defeated Tory candidate Liz Wardlaw in the northwest England city of Chester, a boost for Keir Starmer in his first electoral test against Rishi Sunak. 

Unemployment is at record lows, but at least half a million more Britons are out of the workforce and not looking for work than before Covid-19, according to Bloomberg Opinion’s Therese Raphael.  “Ailing health and shoddy care are driving many older people out of the workforce, threatening Britain’s growth prospects,” writes Raphael. 

In Case You Missed It 

More than two million of Britain’s most vulnerable households, facing the prospect of out-of-reach prices for gas and electricity, could shiver in silence this winter by disconnecting from the grid without their suppliers knowing, the chief executive of one utility warned.

Meanwhile, electric drying racks are the unexpected star of the season, flying off the shelves in the UK as temperatures start to dip. 

Finally, here’s a report from Sam Bankman-Fried’s Bahamian penthouse after his cryptocurrency exchange FTX imploded.

Looking Ahead

Sports Direct owner Frasers Group Plc, heating, plumbing product distributor Ferguson Plc, and construction company Balfour Beatty Plc are among the firms scheduled to update the market next week. 

For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.

--With assistance from Kwaku Gyasi and Ryan Hesketh.

©2022 Bloomberg L.P.