Nissan and Renault reach alliance deal as China struggles mount July 26, 2023 Nissan will invest up to $663m (£513m) in Renault’s new electric vehicle unit, the automakers said on Wednesday, as they finalised terms of their restructured partnership after months of negotiation clouded by tension. Sealing the deal is likely to be seen as a positive. Talks between the two had dragged on months longer than expected, due [...]
Rolls-Royce shares skyrocket over 20 per cent after profit guidance doubled July 26, 2023 Rolls-Royce shares skyrocketed more than 20 per cent this morning after it raised its full year profit guidance on the back of a boom in long-haul flying and increased defence spending. The aerospace giant also said that half year profits are expected to be “materially above” expectations, with the company looking to make £680m, double [...]
Heathrow narrows losses but blames CAA price cap for staying in the red July 26, 2023 Heathrow Airport said on Wednesday it remained loss making in the first half of 2023 despite soaring passenger figures, blaming a cap on the amount it can charge airlines for using the hub. For the six months to June, the west-London hub saw adjusted pre-tax losses halve to £139m but said that the airport “remains [...]
Demand picture for shipping ‘far worse than we had foreseen,’ analysts warn July 26, 2023 The demand picture for container shipping is “far worse” than predicted, analysts have warned, as the sector struggles with an oversupply of vessels ordered during the pandemic-era shipping boom. “There’s a really, really punishing demand environment and at the same time, they’re just not doing enough to reduce the amount of available capacity in the [...]
Jaguar Land Rover well in the black as profits jump to £435m July 25, 2023 Jaguar Land Rover (JLR) saw its profits for the quarter surge to £435m, up from £67m last quarter, the firm reported today. Revenues for the three months to June were at £6.9bn, up 57 per cent year-on-year, with the marque’s performance boosted by strong sales and demand for its luxury brands. Production was at its [...]
Date for petrol car ban ‘immovable,’ says Michael Gove July 25, 2023 The 2030 ban on new petrol and diesel car sales is an immovable deadline, Cabinet minister Michael Gove has insisted after Rishi Sunak cast doubt on the policy. The Housing Secretary warned costly plans to tackle the climate crisis could create a “backlash” as ministers come under pressure from the Tory right to relax existing pledges. Amid [...]
Gatwick set for strike relief as union accepts pay rise offer July 24, 2023 Strikes by workers at Gatwick Airport have been suspended, with union members either accepting or being balloted on new pay offers, it has been announced. Unite said planned strikes by DHL workers – who are employed to provide ground handling services at the airport – have been cancelled completely after they voted to accept a 15 per cent pay rise. [...]
Addison Lee boss: Khan doesn’t want to solve congestion for London drivers July 24, 2023 Sadiq Khan doesn’t want to solve congestion problems for London’s car users, the boss of private hire taxi firm Addison Lee has said. “I just think that definitely the congestion in London should be something we want to solve,” Liam Griffin told City A.M. but “I’m not sure Khan wants to solve it for cars.” [...]
Ryanair chief O’Leary slams EU inaction over French air traffic control strikes July 24, 2023 Ryanair boss Michael O’Leary has hit out at the European Commission this morning over its handling of strike action by staff at French air traffic control, describing it as a “shambles.” Following Ryanair’s first quarter results, O’Leary told analysts on a conference call that the continuing failure of the commission to take action to address [...]
More London rail disruption on horizon as ASLEF to stage fresh overtime ban July 24, 2023 Train drivers will stage a fresh overtime ban in August, the ASLEF Union has announced, continuing a long running dispute and causing disruption for many London hubs. ASLEF workers will refuse to work overtime from Monday 7 to Saturday 12 August, in action that the union said will “seriously disrupt services,” as “none of the [...]