Crossrail bosses to advise Israel on building £33bn Tel Aviv metro August 24, 2022 Bosses of Crossrail are to advise on a new state-of-the-art £33bn metro system for the Israeli city of Tel Aviv. Transport secretary Grant Shapps is in Israel this week and has met his counterpart, agreeing the deal as part of a post-Brexit memorandum of understanding signed earlier in the summer. This comes after the completion [...]
Car chain Lookers profits dip as soaring costs throttle jump in sales August 24, 2022 Car dealership chain Lookers has reported a dip in profits for the first half of the year as soaring costs and supply strains offset a jump in revenue to £2.23bn. In a trading update today, bosses said that pre-tax profits fell from £50.4m in the first six months of last year to £49.9m in 2022, [...]
Winds of change blow over EasyJet in boardroom revamp August 24, 2022 EasyJet has ushered in a trio of new non-executive directors onto its board, as three announce their departure from the airline. Ex-eBay Harald Eisenächer, CEO of Swiss logistics business Kuehne + Nagel Dr Detlef Trefzger and the former chief operating officer for Dubai Airports Ryanne van der Eijk will step onto the board at the [...]
Ryanair adds one million extra seats to UK winter schedule August 23, 2022 Ryanair has announced it was adding one million extra seats to its winter schedule while the likes of British Airways (BA) continue to axe flights. The airline now expects to carry 166.5 million passengers by the end of the year – 1.5 million more than initially predicted. The low-cost carrier said it was increasing its [...]
Inflation will not hit us as much, says boss of airline Play August 23, 2022 Inflation will not hit Icelandic low-cost carrier Play as much as bigger competitors, according to chief executive Birgir Jonsonn. “Some people will not travel because of [the cost of living],” he told City A.M. “But if they do, then I think more people will look for the most economical way of travelling and this is [...]
Unite union boss warns disputes will continue if workers not paid properly August 23, 2022 Unite union chief Sharon Graham has warned employers there will be no end to the strikes that threaten to cripple the British economy. “I expect employers that have the ability to pay to do so and stop using inflation and the pandemic as a reason not to pay proper pay rises to workers,” Graham, who [...]
Nissan: 250 jobs are safe despite engine cylinder factory ceasing production August 23, 2022 A Nissan factory in Sunderland is to cease production in 2024 but the company says it does “not expect this to result in job losses”. The car-maker said its engine cylinder factory will close after Renault, its only customer, did not renew a contract to produce the cylinder heads. In a statement to City AM, [...]
‘Business as usual’: Gatwick returns to black and scraps passenger cap August 23, 2022 Gatwick has returned to business as usual following a turbulent two years, plagued by Covid and, more recently, by this summer’s travel chaos. Chief executive Stewart Wingate told City A.M. that the West Sussex airport recovered strongly following the UK Government’s decision to scrap all Covid travel rules, posting a profit after tax of £50.6m [...]
Elizabeth line: Direct services from Reading and Heathrow to central London will begin in November August 23, 2022 Businesses have welcomed the integration of Elizabeth line services from Heathrow, Reading and Shenfield from 6 November. “The upgraded services will be greatly welcomed by businesses across the Capital that rely on footfall more than ever before to help them navigate their recovery from Covid, cost of living pressures and rising inflation,” said Ruth Duston, [...]
Wood Group posts flat revenue but confident performance will improve in second half August 23, 2022 Engineering firm Wood has posted flat revenue after a decline in its projects and operations arms. In half year results for the six months ended 30 June 2022, the London-listed firm posted revenue of $2,561m, down 0.4 per cent on the $2,570m in the comparable period in 2021. Adjusted EBITDA fell 5.1 per cent to [...]