Ryanair boss Michael O’Leary calls on EU to block KLM bailout June 26, 2020 Ryanair boss Michael O’Leary has called on the European Union to block a €3.4bn (£3.1bn) rescue package for the Dutch wing of Air France-KLM. In a statement, O’Leary said: “We call on the European Commission to block this subsidy doping to KLM, which will further reduce competition and consumer choice in the Dutch and French [...]
Quarantine rules set to be relaxed for some countries from July June 26, 2020 Environment secretary George Eustice has confirmed the UK is considering relaxing its blanket quarantine measures to allow travel from countries with a lower risk of contracting coronavirus. Ministers are currently finalising the plans, with an announcement on the matter expected on Monday. Speaking to the BBC, Eustice said: “I know that (transport secretary) Grant Shapps [...]
Bain Capital strikes deal to buy Virgin Australia out of administration June 26, 2020 Investment fund Bain Capital has announced that it has agreed to buy embattled Virgin Australia out of administration for an undisclosed sum. The airline’s administrator Deloitte said that Bain’s bid had been selected over that of rival Cyrus Capital Partners and a proposal from Virgin’s bondholders. Deloitte admitted that the carrier’s shareholders were not expected [...]
Menzies chief to exit in move to Glenfiddich owner June 26, 2020 Airport services group John Menzies chief executive Giles Wilson will step down, the firm said today, as he leaves to join Glenfiddich owner William Grant & Sons. Wilson will take up his post as William Grant & Sons chief financial officer in the end of August. John Menzies said Wilson will not be replaced. Its [...]
Car production slump continues in May despite factories restarting June 26, 2020 The country’s car manufacturers produced a mere 5,314 vehicles in May as output stalled for the second consecutive month due to coronavirus. New data from the Society of Motor Manufacturers and Traders (SMMT) showed that although two-thirds of the country’s car plants restarted work last month, output was severely curtailed due to social distancing requirements [...]
Easyjet confirms more international flights to restart from 1 July June 25, 2020 Easyjet has confirmed plans to begin flying from airports across Europe from July, the low-cost carrier said this morning. After restarting its services with a small number of flights last week, the airline today outlined plans to expand both domestic and international operations. From 1 July, Easyjet will operate 500 flights a day across Europe, [...]
Qantas to axe 6,000 jobs in coronavirus cost-cutting drive June 25, 2020 Australian airline Qantas will cut around 6,000 jobs and seek to raise up to AU$1.9bn (£1.05bn) as part of a wide-ranging cost-cutting plan prompted by the coronavirus pandemic. Of the 6,000 jobs, which account for about 20 per cent of the airline’s 29,000-strong workforce, roughly half will come from a mixture of cabin crew, engineers [...]
Lufthansa shares soar as bailout vote nears June 25, 2020 Shares in German flag carrier Lufthansa jumped this morning after its largest shareholder dropped his opposition to the airline’s state bailout package. Billionaire Heinz Hermann Thiele had previously objected to the terms of the bailout, which would have seen authorities take a 20 per cent stake in the carrier. However, with shareholders preparing the vote [...]
Royal Mail to slash 2,000 jobs as profit sinks 25 per cent June 25, 2020 Royal Mail is set to make 2,000 staffredundant to save £130m to combat the impact of coronavirus after the sudden departure of its ex-CEO in May. The postal delivery service said it needed to take “immediate action” on costs after profit before tax plunged 25 per cent to £180m in the financial year to the [...]
Easyjet raises £419m through share placing to bolster finances June 25, 2020 Low-cost carrier Easyjet today announced that it had raised £419m through a share placing in order to help it withstand the coronavirus pandemic. In total, the budget airline placed 59.5m ordinary new shares – 15 per cent of the firm’s existing share capital – at a price of 703p per share. The placing price represents [...]