Transport for London taps former New York transit chief as new boss May 27, 2020 Transport for London (TfL) has this afternoon named Andy Byford as its new transport commissioner. The former chief executive of the New York City Transit Authority will take over from his predecessor Mike Brown in July. Brown, who has held the role for five years, will take on a new position overseeing the renovation of [...]
Renault, Nissan and Mitsubishi to increase technology sharing May 27, 2020 Renault, Nissan and Mitsubishi have announced details of a new strategy to deepen cooperation in developing and producing cars, in a bid for survival. The carmakers have been hit hard by the coronavirus pandemic just as they were reworking their partnership after the arrest of chairman Carlos Ghosn. Last year Ghosn made an astonishing escape [...]
Renault to cut 5,000 jobs by 2024 – report May 26, 2020 French automotive giant Renault is set to announce plans to cut up to 5,000 jobs over the next five years in a cost-saving drive, local media reported. The company, which is still in the process of securing a €5bn state loan in order to bolster its coronavirus-stricken finances, is looking to save €2bn in costs. [...]
Michael O’Leary slams ‘illegal’ Lufthansa state bailout May 26, 2020 Ryanair’s chief executive Michael O’Leary has this afternoon challenged German carrier Lufthansa’s €9bn state bailout, labelling the rescue package ‘illegal’. In a statement, the low-cost airline’s boss said that the aid would enable Lufthansa to engage in below-cost selling which would “massively distort competition”. He said: “Ryanair will appeal [to the European Commission] against this [...]
IATA chief: Don’t politicise quarantine measures May 26, 2020 The chief executive of global aviation body the International Air Transport Association (IATA) has warned governments not to use quarantine measures for political purposes. Over the Bank Holiday weekend, French authorities announced that all Uk visitors to the country would have to quarantine for 14 days in response to the UK’s decision to apply blanket [...]
Sir Patrick McLoughlin appointed as Visit Britain chairman May 26, 2020 Former Conservative Party chairman and transport secretary Sir Patrick McLoughlin has been appointed as chair of the British Tourist Authority. McLoughlin, who was MP from Derbyshire Dales between 1986 and 2019, will chair the Visit Britain tourism board for three years from 1 June, it was announced this morning. He was government chief whip from [...]
McLaren to cut 1,200 jobs as coronavirus forces group restructuring May 26, 2020 Supercar giant McLaren today announced it would cut 1,200 jobs across all of its operations due to the combination of the coronavirus pandemic and the new F1 price cap. The redundancies, which were first reported by Sky, will account for about a quarter of the Surrey-based firm’s workforce of 4,000. Jobs will be cut across [...]
FRC probes KPMG and PwC’s Eddie Stobart audits May 26, 2020 The accounting watchdog has opened investigations into audits by KPMG and PwC of haulage firm Eddie Stobart Logistics. In August, Eddie Stobart sacked its chief executive and suspended trading in its shares after an accounting investigation found its 2018 profits had been overstated by £2m. A review of the company’s accounts, undertaken by finance chief [...]
Airline stocks rise on lockdown hopes and Lufthansa bailout May 26, 2020 Airline stocks were among the best performers on the FTSE 100 this morning as investors were cheered by further easing of lockdown measures and Lufthansa’s rescue deal. On Monday Germany agreed a €9bn lifeline for Lufthansa, agreeing a bailout plan which gives the government a veto in the event of a hostile bid. The German [...]
Aston Martin shares surge on chief executive sacking May 26, 2020 Shares in luxury sports car manufacturer Aston Martin Lagonda surged today after it confirmed it had parted company with its chief executive following a plunge in its share price. Media reports over the weekend said Aston Martin chief executive Andy Palmer was being ousted in favour of senior Mercedes executive Tobias Moers. Aston Martin confirmed [...]