Fresh strike action announced by RMT as national rail dispute rumbles on May 18, 2023 The RMT has announced fresh strike action this afternoon, with members working for 14 train companies in the national rail dispute set to walk out on Friday 2 June. The union said it found the Rail Delivery Group (RDG)’s previous offer and associated conditions “unacceptable”. Some 20,000 railway workers in catering, train managers and station [...]
Problem with the UK’s automotive sector ‘isn’t to do with Brexit’, says Kemi Badenoch May 18, 2023 Business and trade secretary Kemi Badenoch has said the issue with the UK’s automotive sector “isn’t to do with Brexit”, as Labour pressed the government for an “explicit industrial strategy”. Her comments came as shadow business secretary Jonathan Reynolds warned that the “automotive sector has issued warning cry after warning cry that government policy risks [...]
Why can’t Britain build any infrastructure? Delays, delays, delays… May 18, 2023 Major UK infrastructure projects are taking far longer than they used to despite changes to planning laws, according to a new report authored by consulting group Ankura. Delays to so-called ‘development consent order’ decisions have increased eight-fold since 2016 – despite those orders being in place to turn Britain into an infrastructure powerhouse. DCOs are [...]
Aston Martin share price soars after Chinese car giant Geely doubles stake to 17 per cent May 18, 2023 Aston Martin shares soared by more than 12 per cent this morning after Chinese automotive group Geely said it will increase its shareholding to 17 per cent with an investment of £234m. The investment will see Geely almost double its stake in the marque, becoming its third biggest shareholder, just behind Lawrence Stroll’s Yew Tree [...]
BT share price tumbles as firm announces tens of thousands job cuts May 18, 2023 BT has announced plans to slash its workforce by as much as 42 per cent over the next seven years in a bid to slash costs and become a “leaner business”.
Easyjet’s rising cost base could delay long-awaited share price takeoff May 18, 2023 Easyjet’s dreams of share price take off, caused by a recent uptick in demand, could be held back by soaring fuel costs and inflation as the airline saw group costs increase to £3.1bn this morning. The low cost carrier reported a revenue increase of 80 per cent to £2.7bn in its half year results, but [...]
Royal Mail blames strike action for slumping to year loss of more than £1bn May 18, 2023 Royal Mail has blamed strike action for helping send it slumping to a full-year loss of more than £1 billion. The group’s owner, International Distributions Services (IDS), revealed Royal Mail swung to an operating loss of £1.04 billion for the year to March 26, against earnings of £250 million the previous year. On an underlying [...]
Elon Musk rubbishes Tesla exist chatter and commits to ‘try a little advertising’ too May 17, 2023 Elon Musk has dismissed speculation he may step down as Tesla’s boss – and told the company’s annual shareholders meeting the electric car and solar panel firm will start doing some advertising. “Say it ain’t so,” a shareholder said to Musk about stepping down as Tesla’s chief executive. “It ain’t so,” he replied. When another [...]
Passengers ‘flung around’ as Croydon tram hit curve at triple the speed limit, court hears May 17, 2023 Passengers in the Croydon tram disaster were “flung around” as if in a washing machine after their driver attempted a curve at more than three times the speed limit, a court has heard. Alfred Dorris, 49, is on trial at the Old Bailey over the derailment at Sandilands in south London on November 9 2016 [...]
Jeremy Hunt pressed on Brexit tariffs after Stellantis warns of job cuts and car factory closures May 17, 2023 Jeremy Hunt insisted the government is “very focussed” on ensuring Britain improves its EV car manufacturing capacity, after Vauxhall and Fiat’s parent firm warned of Brexit-linked concerns. The Chancellor’s comments were made in the wake of worrying remarks by automaker Stellantis, saying the future post-Brexit tariffs could threaten sections of its UK business, placing hundreds [...]