Bus operators welcome new £220m government package August 10, 2020 The UK’s transport operators have welcomed the government’s announcement of hefty new funding to keep bus services running while passenger numbers remain low due to coronavirus. Over the weekend, the Department for Transport (DfT) unveiled £218.4m in additional cash for embattled bus operators, taking the total funding for the sector to over £700m. That money [...]
Activist investor ValueAct sells entire stake in Rolls-Royce August 7, 2020 Shares in Rolls-Royce edged lower on Friday morning after news that activist shareholder ValueAct had sold its entire stake in the firm. The activist built up a 10 per cent stake in Rolls-Royce in 2015 after a string of profit warnings, but has now decided to exit the firm, according to the Financial Times. ValueAct’s [...]
British Airways reaches halfway point in 12,000 job cuts August 7, 2020 More than 6,000 British Airways staff have opted to take voluntary redundancy, as the airline makes progress on its mission to cut 12,000 jobs. The airline will send out letters to its remaining staff today to tell them whether they still have a job or not, and if they do, whether they will be required [...]
France could be next to join UK quarantine list as Sunak warns of travel ‘disruption’ August 7, 2020 Chancellor Rishi Sunak has warned there is “always a risk of disruption to travel plans” as speculation that France could be added to the quarantine list grows. The number of Covid-19 infections in France has increased by more than 1,600 for a second consecutive day, returning to levels not seen since May. It comes just [...]
Ride-hailing firms Gett and Ola sign corporate partnership August 6, 2020 Ride-hailing firms Gett and Ola have today announced a new partnership following a surge in demand for corporate travel as the UK returns to work after the coronavirus lockdown. The partnership will allow Gett’s corporate clients access to Ola’s platform in London, enabling them to request a variety of Ola ride options from September. In [...]
Meggitt shares sink over reports firm mulling equity raise August 6, 2020 Engineering firm Meggitt has said it is reviewing its options after reports that the FTSE 250 firm was considering raising new equity to help bolster its finances. Yesterday Bloomberg reported that the aerospace engineer was mulling a $600m (£455m) sale of new stock and was reviewing its debt with advisers. Shares fell 6.2 per cent [...]
Uber snaps up UK taxi tech firm Autocab August 6, 2020 Uber has acquired taxi tech firm Autocab, in a move that will allow it to operate in areas it has yet to launch in. The Stockport-based company sells booking and dispatch software to private hire firms, and will allow Uber to link people who open its app in locations where it does not run with [...]
Ministers set to impose quarantine restrictions on Belgium August 6, 2020 The government is preparing to hit travellers from Belgium with mandatory quarantine restrictions after a spike in coronavirus cases in the country. The Daily Mail reported that ministers would sign off on the decision to impose 14-day self-isolation measures on all those travelling from Belgium to the UK at a meeting this evening. It added [...]
Ryanair increases services to 60 per cent of pre-Covid levels in August August 6, 2020 Budget carrier Ryanair today said that it had successfully increased its flight schedule to over 60 per cent of pre-Covid levels as passenger numbers continue to grow after lockdown. Having restarted its services in June, the Irish airline said that it would fly 11,000 flights a week throughout the month, over 1,600 routes. In September, [...]
Lufthansa posts worst loss in history amid warnings of prolonged air travel slump August 6, 2020 Lufthansa has posted the worst loss in its history in the second quarter as the German airline warned that it did not expect air travel to return to pre-pandemic levels until 2024. As a result of coronavirus, the state-backed airline flew 96 per cent fewer passengers between April and June, leading revenue for the period [...]