MPs urge chancellor Rishi Sunak to act ‘urgently’ to save UK’s airlines March 29, 2020 A group of 38 MPs has written to chancellor Rishi Sunak asking him to “urgently review” the support that the UK’s airlines and airports have asked for in a bid to survive the coronavirus pandemic. Since the outbreak began, the global aviation industry has been decimated, with travel restrictions now covering 98 per cent of [...]
Qatar Airways says it will need state aid as cash begins to run out March 29, 2020 Qatar Airways has become the latest airline to warn that it will need state aid in order to continue flying, the carrier’s chief executive has told Reuters. The Gulf state’s flag carrier is one of few airlines to continue operating a relatively normal schedule of flights during the coronavirus crisis. In recent weeks it has [...]
Over 4,000 North Sea oil rig jobs cut to halt spread of Covid-19 March 27, 2020 The North Sea’s workforce has plummeted 40 per cent over the last fortnight as oil companies seek to limit the spread of Covid-19. Over 4,000 jobs have been cut according to Oil and Gas UK, among growing concerns that oil rigs could become hotbeds of coronavirus infection. The number of North Sea workers usually stands [...]
Virgin Atlantic set to ask for government bailout March 27, 2020 Virgin Atlantic is set to ask the UK government for a package of commercial loans and guarantees worth hundreds of millions of pounds. The airline will be among the first to do so, according to the Financial Times, after the government said this week it would only help the struggling aviation industry as a “last [...]
Shaun Bailey: Three steps London must take to protect key workers on the Tube March 27, 2020 Imagine being a key worker taking the Tube tomorrow morning. A 20-minute wait for the next train — if you manage to get on. A carriage so overcrowded that you’ve got no hope of social distancing. And then a rush to your hospital, your police station, your school. We’re asking key staff to put their [...]
Heathrow’s credit rating downgraded amid coronavirus uncertainty March 27, 2020 Heathrow Airport’s long-term credit rating has been downgraded amid the reduced demand and ongoing uncertainty caused by the coronavirus outbreak. Credit rating agency Standard & Poor has announced today it is lowering Heathrow’s long-term ratings on Class A and Class B debt by one notch. Heathrow Funding Limited retains investment grade credit ratings on the [...]
Menzies puts majority of 17,500 staff on wage bailout scheme March 27, 2020 John Menzies has been forced to reduce its global workforce by 17,500 jobs as it tries to stay afloat amid the fallout caused by the coronavirus outbreak. In a trading update released this morning, the aviation services firm said it had seen “significant ongoing reductions in activity for our core operations”. It said that the [...]
Coronavirus: Car industry warns UK could produce 200,000 fewer cars this year March 27, 2020 The Society of Motor Manufacturers and Traders (SMMT) has warned that the coronavirus outbreak could see the UK produce 200,000 fewer cars in 2020, a fall of 18 per cent on last year’s total output. All of the UK’s car manufacturing factories are now on shutdown as the country complies by stringent restrictions designed to [...]
Coronavirus: P&O Ferries temporarily lays off workers March 26, 2020 P&O Ferries will reportedly temporarily furlough more than 1,000 workers, using the government’s recently announced job retention scheme to pay staff during the coronavirus crisis. Workers will be paid their basic salaries, with the government funding 80 per cent and P&O topping up the rest. The English Channel operator said on Wednesday that it will [...]
Mitsubishi considers Renault investment to prop up Nissan alliance March 26, 2020 Japanese conglomerate Mitsubishi is considering investing in Renault in one of a number of schemes being discussed to prop up the French carmaker’s alliance with Nissan. French media reported today that Mitsubishi was considering taking a 10 per cent stake in Renault, with other options including restructuring and cost savings plans. Sources told Les Echos [...]