National Grid reveals contractors for London rewiring project December 16, 2019 National Grid have named its partners for the second phase of its ongoing London Power Tunnels (LPT) project, in a contract worth £400m. The UK power provider has done a deal with a joint venture between Murphy Group and Bavarian construction firm Hochtief, with work scheduled to begin in March. Read more: National Grid pays [...]
South Western rail strike set to run to end of December as peace process stalls December 16, 2019 Strikes across one of London’s busiest railway networks are increasingly likely to run for the whole of December, after the process of arranging peace talks between union bosses and South Western Railway has stalled. The 27-day rail strike called by the Rail, Maritime and Transport Workers (RMT) Union has caused chaos for the first 16 [...]
First Group shareholder claims victory as firm weighs sale of US arm December 16, 2019 A major First Group shareholder has welcomed the firm’s decision to consider a sale of its US businesses. The transport giant today said it has appointed advisers to review its US school bus and public transit arms, adding that it will “explore all options” a month after a sinking share price pushed two big investors [...]
Boeing mulls whether to cut 737 Max production as delays drag on December 16, 2019 Boeing is considering whether to cut production of the grounded 737 Max jet, after the US aviation regulator said it would not approve the plane’s return to service before 2020. The company’s board is midway through a two-day meeting in Chicago, and the company could make an announcement on production plans as soon as late [...]
Revealed: Thomas Cook went bust with liabilities of £9bn December 16, 2019 Thomas Cook collapsed with total liabilities of £9bn, it has emerged this morning, making the immediate financial toll of the company going bust even greater than that of Carillion in early 2018. In a report on the failure released this morning, it has emerged the travel operator owed £585m to customers and £45m to employees [...]
Kier appoints new chairman after tough year December 16, 2019 Kier has appointed a new chairman after a turbulent year to date that has seen the struggling outsourcer’s market cap fall more than 75 per cent. Matthew Lester will step down from the board at Barclays to take up the role in January, replacing outgoing chairman Philip Cox. Read more: A huge private equity tycoon [...]
Crossrail opens from Reading to Paddington December 15, 2019 Commuters will now be able to travel from Reading to Paddington in 58 minutes, after a limited section of Crossrail opened yesterday. The new line, under the banner of TfL Rail, marks the largest opening of any part of the Crossrail project, which was supposed to open in December 2018. Read more: TfL updates Tube [...]
Fiat Chrysler-Peugeot merger: French shareholders look for board control December 15, 2019 French shareholders are looking for confirmation that they will keep a numerical advantage on the combined board of PSA and Fiat Chrysler if CEO Carlos Tavares leaves after the two companies merge. The two firms are putting the finishing touches to a $50bn merger plan announced in October, that would create the fourth largest car [...]
Thames Water hires advisers on £12bn debt ahead of crucial Ofwat ruling December 14, 2019 Thames Water has hired restructuring experts from Gleacher Shacklock ahead of a crucial ruling from industry watchdog Ofwat. The UK’s biggest water supplier has called in the experts to advice on its £12bn pile of debt amid concern about the impact of a regulatory crackdown on its finances, according to Sky News. Read more: Thames [...]
Negotiating a better broadband deal ‘could save £120 per year’ December 14, 2019 Consumers could save around £120 a year on broadband by negotiating with their internet suppliers, but around 45 per cent do not ask for a better deal, according to research from Which. Around 78 per cent of the more than 5,000 people surveyed revealed they had been offered an incentive, discount or better deal, by [...]