Flybe in crisis talks with government to stave off collapse January 13, 2020 Struggling airline Flybe is reportedly locked in last ditch talks with the government to defer its multi-million pound air passenger duty (APD) bill as it teeters on the brink of collapse. The airline has asked Whitehall to help it find a way of delaying its APD payments while it struggles with cash flow in the [...]
Bakerloo line extension may be funded by landowner tax hike January 13, 2020 Transport for London (TfL) is considering funding the £3.1bn Bakerloo line extension with a tax on landowners. The proposed works would extend the line from Elephant and Castle to Lewisham via stations on Old Kent Road and New Cross Gate. Read more: Bakerloo line extension to Lewisham now open to public ocmment However, the project [...]
Decline in German automotive production weighs on its economy January 13, 2020 Structural change and a sharp decline in automotive production in Germany is weighing on the economy, according to a report published today. The Munich-based ifo Institute estimated that the automotive industry workforce has shrunk by 1.3 per cent since the beginning of 2019, a much sharper decline than in the rest of the manufacturing industry [...]
Troubled airline Flybe insists flights continue as normal amid survival funding talks January 13, 2020 Flybe’s chief executive today pleaded with employees not to give away details of its financial situation, as the struggling airline remained tight-lipped on reports that it is hurtling towards collapse today. Europe’s biggest regional carrier was rocked by suggestions that it is in a fresh battle for survival on Sunday night, less than a year [...]
Porsche enjoys record sales despite industry struggles January 13, 2020 Porsche has powered ahead of an industry-wide sales slowdown for car makers, reporting record deliveries for 2019. The German luxury manufacturer said global deliveries rose 10 per cent to 280,000 cars in 2019, driven by demand for the Macan and Cayenne SUV models. Read more: Carmaker Porsche facing German tax investigation Meanwhile, it predicted that [...]
Renault shares hit six-year low amid reports of split plans with Nissan January 13, 2020 French car giant Renault’s shares hit a six-year low this morning, after reports suggested Nissan had accelerated secret contingency planning for a potential split from their alliance. The company’s stock plunged as low as €40.16 this morning, a four per cent drop for the day, before recovering slightly to €40.59. Read more: Electric cars take record [...]
Chinese car sales tumble again in 2019 January 13, 2020 The Chinese car market was in reverse for the second consecutive year in 2019, as the cooling economy and the nation’s trade disputes with the US hit consumers. Sales slumped 8.2 per cent to 25.8m vehicles last year, after a 2.8 per cent fall to 28.1m in 2018, according to the China Association of Automobile [...]
Flybe ‘near collapse’: What do we know so far? January 13, 2020 Flybe, the biggest regional airline in Europe, is said to be on the brink of collapse. Sky News reports the carrier is engaged in a frantic bid for emergency funding, and the government is also said to be involved in the talks – which come just four months after Thomas Cook went bust in late [...]
Sacked former Boeing boss Dennis Muilenburg leaves with $62m payout January 13, 2020 Former Boeing boss Dennis Muilenburg has left the firm with a $62m (£48m), despite having overseen one of the most disastrous years in the company’s 104-year history. The payment comes in compensation and pension benefits, but Muilenburg will not get severance pay, according to Boeing. Read more: Boeing 737 MAX ‘designed by clowns’ internal memos reveal [...]
Car manufacturers on track for emissions fines of €14.5bn in 2021 January 13, 2020 Europe’s top 13 car makers will face fines of up to €14.5bn (£12.4bn) for missing their 2021 emissions targets, according to a new forecast from PA Consulting. After four years of decreasing emissions, a rise in the number of customers buying SUVs, stronger demand for high-powered cars, and a shift in preference to petrol cars [...]