Nissan to make restructuring cuts of $2.8bn – report May 13, 2020 Japanese auto giant Nissan is preparing to make cuts of $2.8bn (£2.3bn) in fixed costs as part of its restructuring plan, as the firm prepares to make its first loss since the financial crisis. Bloomberg reported that the company will announce the plan on 28 May after three years of falling profits at the Japanese [...]
Coronavirus public transport advice: What do lockdown rules say? May 13, 2020 The government has released new public transport advice for would-be commuters as the UK takes its first tentative steps out of seven weeks of lockdown. Although it once again stresses that people should avoid travelling it is totally necessary, the measures lay out steps people can take to keep themselves and others safe when making [...]
8,000 jobs at risk as Tui faces ‘greatest crisis’ for travel industry May 13, 2020 Holiday operator Tui said 8,000 jobs are at risk as it seeks to cut costs due to the coronavirus pandemic, which has presented the “greatest crisis” ever faced by the travel industry. The company said this morning that the coronavirus crisis has forced it to accelerate its transformation plan. Tui is aiming to reduce its [...]
Toyota expects profit to fall 80 per cent on coronavirus hit May 12, 2020 Japanese carmaker Toyota today said it expects profit to fall 80 per cent to its lowest level in nine years after the impact of coronavirus on its sales. Toyota said it expects to take a massive 1.5 trillion yen (£11bn) hit from a collapse in global sales, but it still expects to scrape an operating [...]
Easyjet founder offers £5m reward for Airbus deal ‘whistleblower’ May 12, 2020 Easyjet’s founder Stelios Haji-Ioannou is offering a £5m reward to any “whistleblower” who can provide information leading to the cancellation of the airline’s 107-plane deal with Airbus. Haji-Ioannou has been attempting to force Easyjet’s board into scrapping the deal for months, saying the £4.5bn deal will leave the carrier without enough cash to survive the [...]
Coronavirus lockdown: Commuters should prepare to queue, government says May 12, 2020 The government has said that commuters using public transport should prepare to queue as more people begin to return to workplaces on Wednesday. In new guidance published today by the Department for Transport (DfT), people are urged to avoid public transport where possible and to prepare for journeys to take longer than normal. “If you [...]
TfL set for £4bn loss as operator seeks government bailout May 12, 2020 Transport for London (TfL) is on track for a £4bn loss this year as the capital’s transport operator continues to seek a bailout from the government. According to papers from TfL’s finance committee, the operator is currently spending £600m a month due to the coronavirus crisis. As a result of the pandemic, usage of London’s [...]
Ryanair to operate 1,000 flights a day from 1 July May 12, 2020 Ryanair will begin operation 40 per cent of its scheduled flights from 1 July as Europe’s largest low-cost carrier seeks to bounce back from the coronavirus crisis. Subject to travel restrictions, the budget airline will run nearly 1,000 flights a day across 90 per cent of its pre-coronavirus route network. In order to facilitate the [...]
Mayor candidate Shaun Bailey: TfL bailout was ‘inevitable’ May 11, 2020 London mayoral candidate Shaun Bailey has claimed that Transport for London’s (TfL) bailout bid was “inevitable” and would have happened even without the coronavirus crisis. The Tory candidate told City A.M.’s daily podcast The City View that TfL was “bankrupt, virtually” and that its bid for a £2bn bailout from central government was because of [...]
Sir Richard Branson to sell $500m of Virgin Galactic stake to prop up other firms May 11, 2020 Sir Richard Branson is set to sell up to $500m shares in space tourism firm Virgin Galactic in order to prop up his other businesses, company filings published today showed. According to a submission to the US Securities and Exchange Commission, Branson will sell up to 25m shares in the company. At Friday’s close of [...]