Lufthansa books €1.2bn first quarter loss as carrier seeks state-backed loan April 24, 2020 Late last night German state carrier Lufthansa announced it had taken a €1.2bn loss for the first quarter of 2020, raising the prospect that it could go out of business in weeks unless it receives state aid. As a result of the coronavirus outbreak, the flier has been forced to ground almost all of its [...]
FCA confirms three-month freeze for car finance payments April 24, 2020 The Financial Conduct Authority (FCA) has confirmed a three-month payment freeze for car finance payments, ruling out repossessions of vehicles during the coronavirus pandemic. Firms will freeze payments for customers facing difficulties meeting finance or leasing payments due to coronavirus. The financial watchdog said firms should also not take steps to end the agreement or [...]
Gatwick Airport says passenger numbers will take up to four years to recover April 24, 2020 Gatwick Airport said today that it would take three to four years for passenger numbers to recover to pre-coronavirus levels. Before the coronavirus decimated global air traffic, the UK’s second-busiest airport had seen passenger numbers rise to 37m in the nine months ending in December 2019. Subsequently, Gatwick has been forced to take dramatic steps [...]
Renault sees revenue drop a fifth due to coronavirus April 23, 2020 French car giant Renault saw its revenue drop nearly a fifth in the first quarter, warning that it was still to early to say what the overall impact of the coronavirus crisis would be. Revenue at the group fell 19.2 per cent to reach €10.1bn (£8.9bn) as car sales slumped due to the pandemic, which [...]
Ryanair will not resume flights if middle seat must be left empty, says Michael O’Leary April 22, 2020 Ryanair will not resume flights if it is forced to leave the middle seats empty in order to comply with social distancing rules, the budget airline’s chief executive Michael O’Leary said. O’Leary reportedly said he believed the company will about 40 per cent of its flights at a capacity of 50 to 60 per cent [...]
Coronavirus: Thwarted holidaymakers seeking £7bn in refunds April 22, 2020 Consumer rights group Which? has said that it has received thousands of complaints from customers trying to secure refunds from the UK’s biggest travel companies and airlines. New research from the group shows that many of the UK’s leading travel firms are breaching their legal obligations to pay refunds within the required timescale, instead offering [...]
Transport for London ‘in line for Tube bailout’ April 22, 2020 Urban transport operators including Tube operator Transport for London are in line for government bailout as the complete collapse in passenger numbers due to coronavirus raised questions over their survival. The Financial Times reported that Whitehall officials said that emergency funding could be released by the end of the week following negotiations. Passenger numbers have [...]
Richard Branson hits out as Virgin Australia goes into administration April 21, 2020 Billionaire businessman Sir Richard Branson has hit out at the Australian government after low-cost airline Virgin Australia went into administration this morning. In an open letter, Branson, whose Virgin group owns 10 per cent of the airline, wrote: “In most countries federal governments have stepped in, in this unprecedented crisis for aviation, to help their [...]
Peugeot maker PSA sales slump as coronavirus crashes car market April 21, 2020 Peugeot manufacturer PSA Group today posted a double-digit decline in sales for the first quarter as it forecast a slump in automotive markets across the globe due to coronavirus. The French car maker reported revenue of €15.2bn (£13.3bn) in the first three months of the year, down 15.6 per cent on the same period in [...]
Richard Branson warns Virgin Atlantic needs coronavirus loan to survive April 20, 2020 Virgin Atlantic owner Sir Richard Branson has warned that the beleaguered airline will need government financial support in order to survive the coronavirus crisis. In a blog post to Virgin employees, Branson said: “The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it. “We will [...]