National Express falls to £30m loss as coronavirus decimates demand August 13, 2020 Coach operator National Express swung to a £30m loss in the first half of 2020 after the coronavirus pandemic sent passenger demand plummeting 80 per cent. Despite the drop in passenger numbers, the bus firm said it still managed to secure 50 per cent of revenue in the period, recording cash flow of £270m over [...]
Lyft maintains end-2021 profitability goal August 12, 2020 Lyft said today that cuts had put the company on track to reach its goal of becoming profitable on an adjusted basis by the end of 2021, even as its revenue fell 61 per cent. Quarterly revenue fell to $339.3m, as the pandemic crushed demand for ride-hailing services in North America. The ride-hailing app said [...]
Tui agrees €1.2bn rescue package with German government August 12, 2020 Holiday firm Tui has agreed a €1.2bn (£1.1bn) rescue deal with the German government to give it the cash it needs to keep trading during the coronavirus pandemic. The virus has decimated the holiday market, with widespread travel restrictions and grounded airlines leading to an unprecedented collapse in demand. The majority of the funding will [...]
Balfour Beatty swings to loss as coronavirus shuts down construction in UK August 12, 2020 Shares in construction firm Balfour Beatty fell 4.4 per cent this morning after the company posted a £24m loss for the first half. The FTSE 250 firm said that the coronavirus pandemic, which hampered work at its building sites, was behind the loss. The figures Balfour Beatty swung from a £64m underlying profit for the [...]
Chinese car sales surge for fourth consecutive month in July August 11, 2020 Sales of Chinese cars jumped 16 per cent year on year last month in the fourth consecutive month of gains as the world’s biggest auto market kicks back into gear after the coronavirus shutdown. According to data from the China Association of Automobile Manufacturers (CAAM), sales rose to 2.11m units in July. However, for the [...]
Heathrow calls for airport testing as passenger numbers drop 88 per cent August 11, 2020 Around 88 per cent fewer people travelled through Heathrow Airport in July compared with last year as the coronavirus pandemic continued to strangle air travel. In total, over 860,000 people used the airport last month, a slight uplift from the 350,000 who did so in June, which Heathrow said was down to the government’s “travel [...]
The future of urban transport is human-powered August 11, 2020 In recent months there has been precious little to celebrate as the pandemic has taken away so much and pushed us apart into isolation. Much of the rapid change we have had forced upon us has been negative. But there’s one change that we can choose to make that will benefit all and create the [...]
Fiat Chrysler accuses General Motors of making ‘preposterous allegations’ August 10, 2020 Fiat Chrysler has said a recent filing by rival General Motors was like a “third-rate spy movie”, asking a US federal judge to dismiss its request to reinstate a racketeering lawsuit. Fiat Chrysler, which is set to merge with French carmaker PSA next year, said the filing was “full of preposterous allegations”. General Motors had [...]
Capita extends £355m deal to manage congestion charge August 10, 2020 Outsourcing giant Capita today announced that it had extended three contracts with Transport for London (TfL) in a deal worth £355m. Under the contracts, Capita will continue to run London’s Congestion Charge, Low Emission Zone (LEZ) and Ultra Low Emission Zone (ULEZ) until October 2026. Shares in the firm rose three per cent this morning [...]
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 [...]