Crossrail boss says he will do without a bonus February 2, 2020 Crossrail’s latest boss has promised that he will “do this job without a bonus” after his predecessors came under fire for receiving over £6.5m in extra payments over the last decade. The payments were made despite Europe’s biggest infrastructure project being £3bn over budget and set to open nearly three years behind schedule. According to [...]
Flybe’s planes at risk of being impounded as wait for rescue package goes on February 2, 2020 Embattled Flybe is facing a nervous wait over its potential £100m taxpayer loan amid reports that air traffic controllers could impound the regional airline’s planes. According to mortgage records, many of Flybe’s planes are owned by other firms such as NordLB and Nordic Aviation Capital, who lease them to Flybe to use. The Sunday Telegraph [...]
Ferrovial adds to Heathrow uncertainty amid warnings over returns February 2, 2020 Heathrow owner Ferrovial has added to the uncertainty over the airport’s long-awaited third runway by saying it might consider selling the asset if it could not get an “adequate return” on its investment. The Spanish infrastructure firm, which owns UK outsourcer Amey, currently owns a 25 per cent stake in Europe’s busiest airport. However, chief [...]
Airbus agrees to pay record €991m UK fine in €3.6bn global bribery settlement January 31, 2020 A London court today approved a record €991m (£833m) fine for Airbus in exchange for suspending the prosecution of alleged bribery. The deferred prosecution agreement (DPA) was part of a €3.6bn global deal agreed with prosecutors in the UK, US and France. Airbus has agreed to pay France €2.08bn and the US €525m to bring [...]
Tube delays: Commuters face Victoria Line chaos after Finsbury Park fire alert January 31, 2020 A fire alert at Finsbury Park has led to rush hour havoc on the Tube today as the Victoria Line was partly suspended, while a signal failure disrupted Piccadilly Line passengers. Commuters face a miserable journey to work with no Victoria Line service between King’s Cross SAt Pancras and Walthamstow Central as Transport for London [...]
Aston Martin shares leap as Lawrence Stroll leads rescue deal January 31, 2020 Shares in Aston Martin rose 20 per cent today as it was announced that Canadian billionaire Lawrence Stroll would take a 20 per cent stake in the ailing carmaker. Stroll’s stake, which will be worth £182m, is part of a £500m funding raise which will include a rights issue from major shareholders. Since floating in [...]
Most Brits intend to turn to electric or hybrid cars with next purchase January 31, 2020 The majority of British drivers do not intend to buy a conventional petrol or diesel car for their next purchase, amid growing interest in hybrid and electric cars. Only 48 per cent of consumers in a major poll said they plan to buy a traditional internal combustion engine-powered car next, City A.M. can reveal. That [...]
Airbus set to agree £3bn fine tomorrow to settle corruption probe January 30, 2020 European plane maker Airbus’s £3bn plea deal with prosecutors is expected to be approved in court tomorrow, settling a long running corruption probe. The deferred prosecution agreement (DPA) between the Serious Fraud Office (SFO) and Airbus has been agreed in principle and is set to be approved by the President of the Queen’s Bench Division [...]
Mitie expects flat organic growth for the year January 30, 2020 Outsourcer Mitie said today that its organic growth for the financial year would be flat but earnings would be line with guidance. The company said today revenue growth in the nine moths to 31 December was six per cent. This was driven by Mitie’s £14m acquisition of security business VSG from Compass. The company said [...]
HS2 is not just another transport project — it’s about the very bones of our economy. January 30, 2020 Over the coming weeks, the government will publish at last the Oakervee report into HS2. The review looks likely to give the green light to this massive investment in the infrastructure of the north and the Midlands — and it’s certain that there will be an almighty row about it. As always with any infrastructure [...]