Norwegian Air faces anxious wait to find out if it has a future today May 1, 2020 Norwegian Air faces an anxious wait to find out whether its bondholders have approved a critical rescue package, with the low-cost airline’s future in doubt if it is rejected. Yesterday shareholders voted on the package, with the deadline for acceptance moved to 9pm at literally the last minute as the airline updated its final offer [...]
Ryanair set to cut up to 3,000 jobs due to coronavirus May 1, 2020 Budget airline Ryanair has warned that it might cut up to 3,000 jobs due to the ongoing disruption from the coronavirus pandemic. The low-cost carrier said that it would begin a restructuring programme in July 2020, with most of the cuts expected to affect pilots and cabin crew staff. It also said that unpaid leave, [...]
British Airways to axe a quarter of pilots amid 12,000 job cuts April 30, 2020 British Airways owner IAG expects to make a quarter of its pilots redundant as part of a scheme that could axe 12,000 jobs. The airline said it will reduce its pilot headcount by 955 for what it termed “volume adjustment” and a further 175 it pinned on “efficiency changes”. That would cull 1,130 pilots out [...]
Infrastructure giant John Laing appoints ex-3i exec as new boss April 30, 2020 Infrastructure development and investment firm John Laing has appointed a former 3i executive as its new boss. Ben Loomes will join the listed firm on 8 May, replacing Oliver Brousse who is leaving after six years at the helm to take a new role at French firm Veolia. Brousse oversaw the company’s initial public offering [...]
Elon Musk labels lockdowns ‘fascist’ as Tesla offsets automotive slump April 30, 2020 Outspoken Tesla chief executive Elon Musk labelled the US’ coronavirus lockdowns as “fascist” as the firm surprised investors with another profitable period of trading despite the current market disruption. Speaking on a conference call last night, Musk said that the measures posed a serious risk to Tesla’s business and said he did not know when [...]
SMMT: UK car production falls 38 per cent, 10 times worse than Brexit drops April 30, 2020 The coronavirus crisis hammered British car manufacturing in March, with the total number of vehicles produced falling 37.6 per cent compared to a year ago. Just 78,767 vehicles left factory gates last month, according to the Society of Motor Manufacturers and Traders (SMMT). That is 47,428 fewer than the previous year, as the coronavirus crisis [...]
Airbus profit halves amid ‘gravest crisis’ in aviation history April 29, 2020 Aerospace giant Airbus saw its profit halve in the first quarter as it faced up to what its chief executive labelled the “gravest crisis” in aviation history. The spread of coronavirus has led to widespread grounding of flights around the world, prompting the French-German firm’s orders to plummet. In the first quarter, the company’s profit [...]
Elon Musk calls for end of lockdown ahead of Tesla first quarter earnings April 29, 2020 Billionaire Tesla boss Elon Musk today called for the end of the US coronavirus lockdown ahead of the electric car company’s first quarter results tonight. Musk tweeted: “FREE AMERICA NOW” and separately tweeted “give people their freedom back!” He also tweeted a story about the relaxation of lockdown in Texas with the comment: “Bravo Texas!” [...]
British Airways owner IAG sees shares plummet after job cuts announcement April 29, 2020 Shares in British Airways owner IAG plunged this morning after it yesterday announced that it could cut up to 12,000 jobs at the UK flag carrier. As markets opened, shares in the airlines group dropped nearly seven per cent, in another blow to the firm’s already decimated market cap. The firm said that the unprecedented [...]
British Airways says it could cut 12,000 jobs as global travel slumps April 28, 2020 International Airlines Group (IAG) today said a redundancy consultation at British Airways could lead to 12,000 people losing their jobs. IAG said British Airways is formally notifying its trade unions about a proposed restructuring and redundancy programme. “The proposals remain subject to consultation but it is likely that they will affect most of British Airways’ [...]