Stagecoach shares surge despite profit nosedive amid pandemic July 22, 2020 Stagecoach’s shares shot up in early trading today despite revealing a staggering 60 per cent plunge in annual profit in part due to the impact of the coronavirus pandemic. The bus operator’s shares surged 10.8 per cent to 55.9p as large slumps in revenue and profit for its latest financial year were not as bad [...]
Global airlines join forces to call for restart to transatlantic flights July 22, 2020 A number of the world’s largest airlines have come together to call for a joint coronavirus testing programme between the EU and US to get transatlantic air travel going again. In a letter to US vice president Mike Pence and EU commissioner for home affairs Ylva Johansson, airline executives asked for “the safe and swift [...]
Sadiq Khan launches finance review of London transport network after coronavirus impact July 22, 2020 Sadiq Khan has today launched an independent review of Transport for London’s (TfL) long-term funding and financing options. The panel will carry out its work in parallel with the government’s already-announced review of the transport network. TfL’s finances have collapsed in recent months due to the coronavirus pandemic, with passenger revenues plummeting more than 90 [...]
Boris Johnson unveils £350m to fuel decarbonisation of industry July 21, 2020 Boris Johnson has unveiled £350m in funding to help industry to reduce carbon emissions in a bid to speed up progress towards the UK’s 2050 net zero goal. The funding will go to a range of businesses and projects working across industries such as heavy industry, construction, space and transport. Johnson said that the coronavirus [...]
Ryanair set to close German bases after pilots reject pay deal July 21, 2020 Budget carrier Ryanair will close its base at Frankfurt Hahn airport from 1 November, it was revealed this afternoon, after failing to agree pay cuts with its German pilots. Two further bases at Berlin Tegel and Dusseldorf airports are likely to also close at the end of the year, the Irish airline said in a [...]
Volvo targets return to profit in second half after coronavirus hit July 21, 2020 Swedish car maker Volvo said that it expected its business to bounce back strongly in the second half of the year after falling to a 989m Swedish crown (£87m) loss for the first half. Although the automaker was hit hard by the coronavirus pandemic, it said that it expected the downturn to be a temporary [...]
New Thames Estuary development plan could add £115bn to UK economy July 21, 2020 The Thames Estuary growth board has today launched a new development initiative that could add up to £115bn to the UK economy. Named the “Green Blue”, the scheme comprises 30 individual projects in the south-east, with the potential to create 1.5m jobs. These include infrastructure developments such as the Lower Thames Crossing, as well as [...]
Taxi and private hire drivers to undergo criminal record checks every six months July 21, 2020 Taxi and private hire drivers will have to undergo criminal record checks every six months as part of a suite of new measures to protect passengers. Under new licensing standards introduced today by the government, drivers will also be given safeguarding training so they can help passengers being exploited or abused. In addition, the standards [...]
Soundcloud founders launch e-bike subscription service July 21, 2020 The former founders of Soundcloud have launched an e-bike subscription service, backed by European investors. The service, Dance, is co-founded by Soundcloud founders Eric Quidenus-Wahlforss and Alexander Ljung, together with the co-founder of website builder Jimdo, Christian Springub. Quidenus-Wahlforss and Ljung are known for co-founding Soundcloud as chief technical officer and chief executive respectively. Quidenus-Wahlforss [...]
Exclusive: Ride-hailing app Ola launches new corporate service July 21, 2020 Ride-hailing app Ola will today launch a new service for its corporate clients, City A.M. can reveal. According to the Indian firm, Ola Corporate, which will be available to businesses across the UK, could save firms up to 25 per cent on their travel expenses. The firm said that it was cheaper than alternative services [...]