London Southend owner Stobart bullish on comeback November 4, 2020 The boss of London Southend owner Stobart Group is optimistic that the airport will be among the quickest to see a recovery in passenger numbers after the coronavirus pandemic. This morning the company revealed that numbers have dropped 89.5 per cent so far this year. Most companies in the sector are predicting a return to [...]
BMW profit races back but second wave fears abide November 4, 2020 Car giant BMW’s profit came roaring back in the third quarter as growing Chinese demand for its cars helped the firm recover from the coronavirus pandemic. Profit at the German auto company rose 9.6 per cent to €2.5bn in the period, up from 2.2bn last year. BMW was boosted by a 31 per cent sales [...]
Gatwick finance boss takes off for infrastructure provider CityFibre November 3, 2020 Gatwick Airport’s finance chief is reportedly leaving after a decade to join infrastructure provider CityFibre Holdings. Nick Dunn is set to be named chief financial officer of the Goldman Sachs-backed CityFibre next week, according to Sky News. Dunn joined Gatwick from Anglo American in 2010, where he was general manager of corporate finance. Before that [...]
Ferrari boosts guidance after beating third quarter forecasts November 3, 2020 Luxury carmaker Ferrari has upped its 2020 earnings guidance after beating forecasts in the third quarter with record quarterly volumes, revenues and Ebitda. Chief executive Louis Camilleri said the guidance implied a “very strong” fourth quarter. The company said it expects adjusted core earnings of approximately €1.125bn compared with €1.075-1.125bn previously, assuming conditions are not [...]
Air Europa lifeline loan may prove a headache for BA owner IAG November 3, 2020 Low-cost carrier Air Europa has become the first firm to tap the Spanish government’s new emergency funding pot for companies endangered by coronavirus. The airline, which is an acquisition target for British Airways owner IAG, will receive €475m in state-backed funding. A spokesperson for the government said that the package would comprise a €240m equity-backed [...]
International testing success could allow reduced UK quarantine November 3, 2020 Quarantining international arrivals for just five days in Iceland has proved up to 90% effective.
Wizz Air passenger numbers shrink two-thirds in October November 3, 2020 Wizz Air said that passenger numbers dropped 69 per cent in October as further coronavirus restrictions came into effect around the world. The low-budget carrier flew 1.15m passengers last month, down from 3.7m in the same period last year. And the decline could yet grow further in November, with international travel from England due to [...]
TfL to review driverless trains as condition of new bailout November 2, 2020 Transport for London (TfL) will have to undertake a review of how to switch to driverless trains as a condition of its new government bailout. Under the terms of the rescue package, which will see the transport network receive £1.8bn in financial support, ministers have set a number of requirements. In addition to the review, [...]
Easyjet boss Stelios loses Telegraph libel case over ‘strawmen’ claim November 2, 2020 Easyjet founder Stelios Haji-Ioannou has lost his libel case against the Daily Telegraph over an article that disputed the outspoken founder’s claims about three shareholders. The suit related to an article published in May in which Telegraph journalist Ben Marlow wrote that the budget airline boss was engaging in “increasingly wild conspiracy theories”. The article [...]
Ryanair dives to €200m loss as coronavirus decimates passenger numbers November 2, 2020 Ryanair crashed to a €197m (£177.8m) loss in the first half of the year as the budget carrier flew just 17m due to the coronavirus pandemic. From the start of lockdown in March to the end of June, 99 per cent of the Irish airline’s planes were grounded amid stringent travel bans and health concerns. [...]