Thomas Cook: CBI backs probe into executive pay after collapse September 24, 2019 Influential business lobby group the CBI has thrown its weight behind a full-scale inquiry into executive pay at collapsed holiday giant Thomas Cook. Nearly 15,000 people returned to Britain yesterday on specially-chartered flights after the firm collapsed under the weight of a £1.7bn debt pile. More than 100,000 people are still awaiting repatriation by the [...]
Thomas Cook: Former workers ‘will not receive pay packets as usual’ on Monday September 24, 2019 Thomas Cook staff have been told they will not receive their wages as usual on Monday, according to union sources, after the travel giant went bust yesterday. The 178-year-old firm collapsed under the weight of a £1.7bn debt pile early yesterday morning, after weeks of frenzied attempts to negotiate a rescue deal with its lenders. [...]
Mercedes-Benz owner Daimler fined €870m for diesel emissions scandal September 24, 2019 German car manufacturer Daimler has been handed an €870m (£767m) fine for its role in the diesel emissions scandal. Prosecutors in Stuttgart ruled that the Mercedes-Benz owner had committed a “negligent violation of supervisory duties” by failing to meet regulatory requirements for some of its diesel vehicles since 2008. Read more: Volkswagen chief executive faces [...]
Labour will nationalise new offshore wind September 24, 2019 Labour today revealed plans to take a majority stake in all new offshore wind farms and pledged a boom in renewable power. The party said it would invest £6.2bn into jump starting home-grown renewable industry. It hopes to unlock a £83bn investment. Read more: The answer is blowing in the wind: Experts hail cheapest ever [...]
Thomas Cook: Watchdog mulls whether to probe collapsed airline’s accounts September 24, 2019 Britain’s accounting watchdog is looking into investigating whether Thomas Cook breached accounting standards, after the travel giant collapsed yesterday. Nearly 15,000 people returned to Britain yesterday on specially-chartered flights after the firm collapsed under the weight of a £1.7bn debt pile. Read more: Was the collapse of Thomas Cook inevitable? The Financial Reporting Council said [...]
Volkswagen chief executive faces criminal charges in Germany over dieselgate September 24, 2019 Volkswagen’s chief executive Herbert Diess faces criminal charges of market manipulation in Germany relating to the car maker’s so-called dieselgate scandal. Herbert Diess, as well as former chief executive Martin Winterkorn and chairman Hans Dieter Poetsch were accused by German prosecutors of intentionally failing to inform investors in time about the financial impact of the [...]
Uber suffers blow as TfL grants it two-month London licence September 24, 2019 Transport for London (TfL) has given Uber a two-month licence to continue in London, in a blow to the ride-hailing app which has been on a corporate reform drive. It is understood that the TfL wants further information from Uber before it will consider granting them a more long-term licence. Read more: Sadiq Khan vows [...]
Tube chaos for commuters as Victoria line suspended September 24, 2019 Commuters have been hit by severe delays during rush hour this morning after part of the Victoria line was suspended. The line, which runs between Brixton and Walthamstow central, is suspended between Brixton and Victoria due to a fire alert, Transport for London (TfL) said on Twitter. There are severe delays on the rest of [...]
The great escape: UK flies home 14,700 Thomas Cook customers first day after collapse September 24, 2019 Nearly 15,000 people returned to Britain yesterday on specially chartered flights to save the passengers left stranded by the collapse of Thomas Cook. The megalith effort of flying people back to the UK is set to continue for the next two weeks as 135,300 people need planes to come home, the Civil Aviation Authority said. [...]
DEBATE: Was the collapse of Thomas Cook inevitable? September 24, 2019 Was the collapse of Thomas Cook inevitable? Julian Jessop, economics fellow at the Institute for Economic Affairs, says YES. It is sad to see the collapse of the world’s oldest travel firm, but badly run companies must be allowed to fail. There was some bad luck here, including unrest in Turkey, European heat waves, and [...]