Stagecoach profits plunge 91 per cent on lockdown restrictions December 9, 2020 Bus operator Stagecoach has taken a significant hit to its first-half profits as the pandemic continues to restrict its regional bus services. The company’s profits fell to £5.4m in the six months to 31 October compared to £65.9m in the same period last year. This came after revenue from £800.2m to £454.6m in the first [...]
Aberdeen Standard to buy 60 per cent of logistics property investor Tritax December 9, 2020 Aberdeen Standard Investments (ASI) will acquire 60 per cent of logistics real estate manager Tritax for an undisclosed sum, the two companies announced today, as it seeks to benefit from the boom in online shopping. Tritax is a fund manager that focuses on investing in logistics real estate such as warehouses in the UK and [...]
G4S agrees to Allied Universal sale in £3.8bn deal December 8, 2020 Security group G4S has agreed to sell its business to US-based Allied Universal, in a deal that will value the company at £3.8bn. Under the terms of the offer G4S shareholders will be entitled to receive 245 pence in cash for each G4S share. The G4S directors consider the deal fair, and intend to unanimously [...]
Boeing lost 63 more 737 Max orders in November as dire year goes on December 8, 2020 Boeing lost 63 orders for the 737 Max last month, even though the plane was finally cleared to fly again by regulators. In yet another dire month for the US planemaker, orders of all its different models fell by 28 planes in total. A number of airlines, including Virgin Australia and Air Canada, scrapped or [...]
Honda warns of production delays at Swindon plant due to transport disruption December 8, 2020 Japanese car giant Honda has warned that it might have to suspend production at its factory in Swindon due to delays in getting hold of parts as a result of transport disruption. The automaker operates a “just in time” system at the plant, where car parts arrive as and when they are needed. This can [...]
Bolt launches fund to help its London drivers transition to electric vehicles December 8, 2020 Bolt, London’s second biggest taxi service, is launching a Zero Emission Transition fund to move its London-based drivers over to electric vehicles. The fund will be worth around £250,000 and will come at no extra cost to riders or drivers. The money will be used to pay for four main things: Installing charging points, developing [...]
Sir Jim Ratcliffe’s Ineos confirms new 4×4 will be built in France December 8, 2020 Sir Jim Ratcliffe’s Ineos today confirmed that it would build its new 4×4 car in France, putting an end to hopes that it would do so in Wales. Back in August it was revealed that the petrochemicals company was in talks to buy a factory at Hambach from Mercedes-Benz. The Hambach site currently manufactures smart [...]
47 per cent of UK exports flow to EU while a mere four per cent of bloc’s goods end up in Britain: study December 8, 2020 Brexit will have a far greater impact on UK trade than it will on EU businesses, primarily because the UK relies more heavily on the EU for its imports and exports than vice versa. According to a new study by the ifo Center for International Economics, the UK relied on the EU for 50 per [...]
Uber pulls plug on own self-driving car programme December 7, 2020 Uber has abandoned plans to create its own self-driving car, and will instead take a minority stake in Aurora, a driverless vehicle start-up backed by Amazon and Sequoia, an American venture capital firm. Uber will transfer its 1,200-employee self-driving unit to Aurora, which at present has 600 staff, and will invest $400m into the project, [...]
Airbus sells no new planes in November as demand sticks at rock bottom December 7, 2020 Airbus sold no new planes in November, the fourth month in which the aerospace giant has failed to do so this year. New data from the French giant published today showed that gross orders for 2020 had reached 381 as of the end of November. However, with the coronavirus pandemic still hammering the aviation industry [...]