Lufthansa to close budget carrier Germanwings as coronavirus forces overhaul April 8, 2020 Lufthansa will close its low-cost subsidiary Germanwings as the flag carrier seeks to overhaul its business in response to the coronavirus crisis. The move came as the airline warned that it could take years for the airline industry to get back to pre-coronavirus levels of service. In a statement, Lufthansa said: “It will take months [...]
Easyjet accused of spending £600m of taxpayer money on Airbus deal April 8, 2020 Easyjet founder Sir Stelios Haji-Ioannou has once again lashed out at the firm, saying the carrier’s receipt of £600m in loans from the government “could be the biggest scandal in British corporate history”. The Greek-Cypriot businessman has pressured Easyjet’s board to scrap a £4.5bn order for 107 new planes from Airbus. Haji-Ioannou believes cancelling the [...]
Tour operator On the Beach cancels dividend and withdraws guidance April 8, 2020 Travel operator On the Beach has cancelled its dividend and withdrawn guidance for 2020 as part of a raft of measures to protect the firm against the coronavirus outbreak. In addition, chief executive Simon Cooper will forego his salary, whilst the rest of the tour firm’s board will take a 20 per cent pay cut. [...]
Coronavirus: Global airlines warn that up to 25m jobs at risk April 7, 2020 Aviation industry body the International Air Transport Association has said that up to 25m jobs could be at risk due to the global slump in travel as a result of the coronavirus outbreak. According to IATA chief executive Alexandre de Juniac, worldwide demand has slumped 70 per cent due to the crisis, with the figure [...]
Coronavirus: Rail journeys fall 95 per cent as passengers heed travel restrictions April 7, 2020 New figures revealed today by the Department of Transport show that only a very small proportion of people in the UK are still travelling, suggesting the government’s lockdown measures are in the most part being observed. Speaking at a virtual meeting of the transport select committee, rail minister Chris Heaton-Harris said that rail journeys were [...]
Volkswagen fitted cars with emissions test ‘defeat devices’, High Court rules April 7, 2020 The High Court has ruled today in favour of thousands of consumers that Volkswagen used a “defeat device” on some of its diesel cars which was able to cheat emissions tests. The vehicles affected were sold under Volkswagen, Audi, Seat and Skoda brands and were fitted with an EA 189 diesel engine. The ruling by [...]
Easyjet founder threatens to sue bosses over Airbus contract April 7, 2020 Easyjet founder Sir Stelios Haji-Ioannou has threatened to sue the company’s board as the spat over a £4.5bn order of planes from Airbus rumbles on. The Greek-Cypriot businessman told the Telegraph that if any of the £300m the airline has spent in the last three weeks has gone to Airbus, “I will sue the directors [...]
Coronavirus: Easyjet secures £600m in Bank of England funding April 6, 2020 Easyjet has secured £600m in commercial paper from the Bank of England’s (BoE) new Covid Corporate Funding Facility as the low-cost carrier seeks to strengthen its liquidity during the ongoing coronavirus crisis. Shares in the firm rose 13 per cent after the announcement. Airlines have been among the businesses hardest hit by the pandemic, which [...]
Easyjet founder warns airline could run out of money by August April 6, 2020 Easyjet’s founder and largest shareholder, Sir Stelios Haji-Ioannou, has warned that unless a £4.5bn order for new Airbus planes is scrapped the carrier will run out of money by August. The Greek businessman is also seeking the removal of Easyjet chief financial officer Andrew Findlay. Haji-Ioannou said sacking Findlay “is the only way of preventing [...]
Coronavirus: BMW sales fall over 20 per cent due to retail closures April 6, 2020 BMW’s sales dropped over 20 per cent in the first quarter of the year due to the coronavirus outbreak, the German car giant said today. Due to the widespread closure of showrooms across Europe and the rest of the world, the automotive firm sold only 477,111 vehicles in the first three months of the year. [...]