Coronavirus: National Express slashes costs as passenger numbers slide March 19, 2020 National Express will cut costs and stop all acquisition and capital expenditure programmes as coronavirus travel restrictions severely hurt passenger numbers. Among other measures, executives across the group will take a pay deferral for the duration of the coronavirus outbreak. National Express is particularly exposed to the recent travel restrictions imposed in Spain and Morocco. [...]
TfL to shut 40 Tube stations as Londoners told ‘don’t travel’ over coronavirus March 19, 2020 As many as 40 Tube stations are set to close today as London attempts to curb the spread of coronavirus across the capital. Transport for London (TfL) announced the partial shutdown of the Tube late last night, warning passengers it will come into effect from this morning. “Up to 40 London Underground stations that do [...]
IAG boss Willie Walsh to take pay cut amid coronavirus strife March 18, 2020 British Airways owner IAG’s boss Willie Walsh, who earlier this week deferred his retirement to guide the airline group through the coronavirus crisis, has volunteered take a 20 per cent pay cut. Walsh’s decision, which was first reported by Sky News, makes him the latest in a series of prominent airline executives such as Virgin [...]
Pennon sells waste business Viridor to private equity firm KKR in £4.2bn deal March 18, 2020 FTSE 250 utility company Pennon said today it has agreed to sell waste business Viridor to private equity firm KKR in a £4.2bn deal. The sale represents an enterprise value of £4.2bn on a cash-free, debt-free basis at an earnings multiple of 18.5x. KKR made an unsuccessful bid for Viridor late last year in an [...]
Coronavirus: BMW gives profit warning as carmaker shuts factories March 18, 2020 German auto giant BMW has warned that vehicle deliveries and profit will both fall this year due to the impact of coronavirus as it prepares to suspend production at its plants in Rosslyn, Europe and South Africa. The carmaker said it was taking the steps both as a precaution against its employees getting infected and [...]
Coronavirus: Ryanair to ground ‘most if not all’ flights next week March 18, 2020 Ryanair has said that it will ground the vast majority of its flights from next Tuesday, only maintaining essential services between the UK and Ireland, in light of widespread coronavirus travel bans. In a statement, the budget carrier said that “most if not all Ryanair Group flights will be grounded” as passenger demand collapses due [...]
Coronavirus: Government to lift financial assistance rules for struggling airlines March 18, 2020 The government will use emergency legislation to ensure that airlines and other industries that have been hit hardest by the coronavirus epidemic receive the support they need to survive. According to the Times, ministers will use the legislation to lift restrictions on the amount of financial support that businesses can be given. At the moment, [...]
Coronavirus: Uber suspends pool service in London March 18, 2020 Uber has suspended its pool service in London to help limit the spread of coronavirus. The ride-sharing app made the call last night to suspend the service in London, Paris, the US and Canada. The pool option allows users to share their Uber ride with other people heading in the same direction, but going to [...]
National Express plunges by third as transport stocks hammered by coronavirus home working March 18, 2020 Shares in National Express crashed by a third this morning as investors fled transport stocks over concerns the coronavirus-inspired shift to home working could hit their businesses. National Express shares fell 34 per cent to 86p today. On 28 February its shares were valued at 423p. Go Ahead and First Group have also been hit [...]
Gatwick chief takes 20 per cent pay cut as airport lays off 200 workers March 17, 2020 Gatwick Airport has implemented a number of measures to protect its financial resilience in light of plummeting airline demand due to the coronavirus outbreak. The airport is cutting 200 of its temporary staff and exploring the potential to introduce options for unpaid leave or temporary salary reductions for staff. Chief executive Stewart Wingate will take [...]