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 [...]
New Aston Martin boss focused on restarting production April 20, 2020 Aston Martin’s new chairman Lawrence Stroll has said that his priority is to restart the firm’s manufacturing operations as he takes over the company in the midst of the coronavirus crisis. The Canadian billionaire, who agreed in January to take a 20 per cent stake in the luxury car maker, said he was taking charge [...]
Coronavirus: Decision to cut Tube services caused overcrowding, say transport watchdogs April 20, 2020 A decision made by Sadiq Khan and Transport for London (TfL) to reduce Tube services has caused overcrowding during the coronavirus lockdown, according to the UK’s two largest transport watchdogs. The mayor of London, on numerous occasions, blamed overcrowding on some Tube lines to people using the network unnecessarily at peak times. This caused a [...]
Coronavirus: Travel industry in line for £4bn support package April 19, 2020 The government is set to underwrite cancellation refunds given out by the travel industry as a part of a £4bn relief package. Ministers are reportedly drawing up plans to guarantee refunds to customers of travel agents and holiday companies that have had their holidays cancelled by the Covid-19 crisis. Various stories have emerged of travel [...]
Easyjet chair attacks founder for piling pressure on management during coronavirus crisis April 19, 2020 The chairman of Easyjet has attacked founder Sir Stelios Haji-Ioannou for piling pressure on the airline’s management team during the coronavirus crisis. Haji-Ioannou has repeatedly criticised Easyjet’s management for its order of 107 Airbus jets which was signed in 2013 at an estimated cost of £4.5bn. Last week he called for a vote to oust [...]
Boeing shares jump after it says it will restart aircraft production April 17, 2020 Shares in Boeing climbed more than 10 per cent today after it said it would restart aircraft production next week after suspending operations last month in response to the spread of coronavirus. Boeing’s share price jumped 11.3 per cent to $149.50 during early trading in New York. The US aerospace giant said it would resume [...]
Uber abandons 2020 guidance amid Covid-19 lockdown April 17, 2020 Uber has withdrawn its 2020 financial guidance and plans to write down around $2bn in investments amid the Covid-19 lockdown. The ride-hailing firm had expected to book adjusted net revenue of up to $17bn and an adjusted loss of between $1.45bn and $1.25bn. But Uber yesterday said Covid-19 made it “impossible” to predict future financial [...]
Coronavirus: London mayor Sadiq Khan calls for face masks on Tube April 17, 2020 London mayor Sadiq Khan called on the government today to make coronavirus face masks compulsory for people using the Tube or shopping. The mayor said that evidence from around the world was that face coverings help stop the spread of coronavirus. New York has ordered residents to wear masks or substitute face coverings when in [...]
FCA pushes car finance firms to halt repossessions amid coronavirus April 17, 2020 The UK’s financial watchdog has proposed a freeze on car finance repayments, ruling out repossessions of vehicles during the coronavirus crisis. The Financial Conduct Authority (FCA) told car leasing firms today to offer three-month repayment pauses for customers in financial difficulty as a result of coronavirus. “We are very aware of the continued struggle people [...]
Easyjet CEO says founder’s calls for his sacking are ‘a distraction’ April 16, 2020 Easyjet’s chief executive has said that calls for his removal from the airline’s founder Sir Stelios Haji-Ioannou are “a distraction” and “quite frankly unhelpful”. Speaking to City A.M., Johan Lundgren said that his focus was “completely on managing this business through the worst crisis the aviation industry has ever seen. Lundgren’s comments came after Haji-Ioannou, [...]