Thomas Cook: Travel giant ‘collapsed with a £3.1bn balance sheet deficit’ September 25, 2019 Thomas Cook would have run out of cash by early October had it not gone into liquidation on Monday, such was the calamitous state of the travel giant’s finances, according to reports. In a High Court witness statement, now-former chief executive Peter Fankhauser said the firm had a balance sheet deficit of more than £3bn. [...]
State handout means Thomas Cook’s German subsidiary keeps flying until March September 25, 2019 While authorities soldier on with bringing home more than 100,000 stranded Thomas Cook customers this morning after it went bust on Monday, the firm’s German subsidiary, Condor, has been saved by state financing. The German government has given Condor six months’ financing, worth €380m (£350m), to continue trading and find a rescue deal. Read more: [...]
Thomas Cook Polish unit collapses days after saying it was stable September 25, 2019 Thomas Cook’s Polish unit has announced its insolvency, local authorities revealed today. Yesterday the company cancelled flights for two days and stopped taking new bookings after parent Thomas Cook collapsed on Monday. It came after the firm on Monday said it was continuing day-to-day operations and was in a stable condition. The government yesterday chartered [...]
EDF warns Hinkley Point may overshoot budget by £3bn September 25, 2019 Britain’s signature new nuclear plant could cost up to £2.9bn more than expected, EDF warned today as it signalled that the chance of a delay to the project has increased. The French energy giant said that the new price for Hinkley Point C is estimated at between £21.5bn and £22.5bn, an increase of £1.9bn to [...]
Passenger growth at Southend airport helps Stobart Group make ‘considerable progress’ September 25, 2019 Stobart Group has said it is trading in line with expectations and has made ‘considerable progress’ during the first half of the year. The aviation, energy and civil engineering group suffered a bruising boardroom battle last year, resulting in the ousting of former boss Andrew Tinkler. Read more: Eddie Stobart confirms takeover interest from Andrew [...]
SSE named best in class among big six, but challenger Breeze takes top spot September 25, 2019 SSE has the best customer service of the big six energy suppliers, it was revealed today, as smaller challengers dominated the top five. Citizens Advice rated SSE, which was recently bought out by Ovo, as the second-best for customer service in Britain, one step below first-place Breeze. Read more: SSE sells energy services business to [...]
Thomas Cook collapse: Regulators and business groups clamour for answers September 24, 2019 Regulators and business groups today lined up to demand answers over the collapse of holiday giant Thomas Cook. Accounting watchdog the Financial Reporting Council said it is mulling a full-scale probe into whether it breached accounting standards. A spokesman said it is considering the case “as a matter of urgency”. Read more: Thomas Cook collapse [...]
Electric-powered regional flights ‘could be taking off by 2030’ September 24, 2019 The next decade will yield the launch of electric flying taxis and electric planes entering the market in both regional flights and private aviation, according to research. A paper by Citigroup researchers predicts electric technology will begin disrupting the so-called general aviation market, which includes flights carrying between two and 14 passengers, by 2022. Meanwhile, [...]
Labour plots further £5bn investment in electric car industry September 24, 2019 Labour has pledged to spend £2bn on the construction of three electric car battery factories in parts of the country which have lost thousands of car industry jobs in the last year. The plan would see a Labour government plough the money into so-called gigafactories in south Wales, Stoke and Swindon, with each site employing [...]
TUI claims resilience following Thomas Cook collapse September 24, 2019 European travel group TUI has said that it had been assessing the impact of the collapse of rival Thomas Cook on its own operations. Responding to the collapse, the travel group stated that: “Where TUI customers are booked on Thomas Cook Airlines flights and these are no longer operated, replacement flights will be offered.” TUI [...]