EU airlines’ shares tumble following airspace closure February 28, 2022 The shares of major European airlines have taken a tumble following the EU’s decision to close its airspace to Russia. Legacy carriers have registered a slump, with British Airways’ owner IAG going down 4.19 per cent, while German carrier Lufthansa registered a 4.76 per cent fall. Share of aviation colossus Air France-KLM went down 2.30 [...]
Maersk considers suspending container bookings to Russia February 28, 2022 Logistics giant Maersk said today it is considering whether to suspend all container bookings to and from Russia following the set of restrictions imposed yesterday by the EU. A land and ocean suspension of operations is among the sanctions under review. The group said it was closely monitoring the situation while it safeguards “our operations [...]
Toyota suspends factory operations following suspected cyber attack February 28, 2022 Toyota is suspending production at 14 domestic factories, loosing around 13,000 cars, following what it looks like a cyber attack,. “Due to a system failure at a domestic supplier, we have decided to suspend the operation of 28 lines at 14 plants in Japan on 1 March,” the company said in a statement. “We apologise [...]
Russia closes airspace to 36 countries as leasing deals cease February 28, 2022 Russia has retaliated against yesterday’s EU-wide closure banning the airlines of 36 countries from using its airspace. The move – which blocks access to its airspace to countries such as Italy, Germany and Canada – will force carriers to fly roundabout routes to south and south-east Asia, with countries such as Kazakhstan seeing numbers increase [...]
Airbus hits back with $220m lawsuit against Qatar Airways in row escalation February 28, 2022 Airbus has hit back at Qatar Airways with a $220m lawsuit alleging damages over two undelivered planes. According to an Airbus spokesperson the counter-claim was a “last resort and followed many fruitless attempts to find mutually beneficial solutions.” Court documents have revealed that Airbus is also seeking to get back millions of dollars given in [...]
Petrol prices hit £1.51 per litre as cost of living crisis deepens February 28, 2022 UK petrol prices have broken records yet again following Russia’s invasion of Ukraine, which has further driven fears of supply shortages and seen oil prices spike to over $100 per barrel for the first time since 2014. The latest fuel watch figures from motoring group RAC reveal that unleaded petrol hit a peak on Sunday, [...]
Shares in BP slump sharply following decision to sell stake in Russian oil giant Rosneft February 28, 2022 Shares in BP slumped sharply after the markets opened lower again in London. The oil giant initially dropped by as much as seven per cent, before moving back to roughly 5.58 per cent lower at 363p per share following its decision to sell its nearly 20% stake in Russian oil business Rosneft. The FTSE 100 [...]
Exclusive: Electric vehicle fundraiser looks to put some spark into raise efforts February 28, 2022 Electric vehicle (EV) finance business WeFlex has brought in EY to drive its £60m funding effort. A mixture of debt and equity, the funding will be used to help hailing driving companies such as Uber to switch to EV, providing insurance, vehicle servicing and PCO licensing. WeFlex has already raised £2m in equity from investors [...]
Editorial: Business should be just business, until it’s much more than that February 27, 2022 ONE assumes it wasn’t supposed to play out quite like this for Vladimir Putin. The Russian President surely anticipated a quick and easy military incursion into Ukraine – a military horribly overmatched, an inexperienced leader, and with the west unwilling to support. It is still so very early, but it does not appear that Putin [...]
EU closes airspace to Russian air traffic February 27, 2022 The EU is closing its airspace to Russian air traffic as part of a new set of measures against the Kremlin’s invasion of Ukraine, European Commission president Ursula von der Leyen said this afternoon. “We are shutting down the the EU airspace for Russians,” she said during a press conference. “We’re proposing a prohibition on [...]