Competition watchdog to probe $3.4bn Inmarsat takeover July 16, 2019 The competition watchdog has opened an investigation into the proposed $3.4bn (£2.6bn) takeover of satellite communications giant Inmarsat by a consortium of private equity firms. Read more: Inmarsat shareholders approve $3.4bn private equity takeover Inmarsat earlier this year unveiled a buyout deal led by Apax Partners and Warburg Pincus, who tabled a cash offer of [...]
Boss of First Group’s US cash cow quits July 15, 2019 The boss of First Group’s largest business has resigned as the company continues to suffer from the fallout of an activist rebellion, City A.M. can reveal. Dennis Maple, the president of First Student, the largest provider of student transportation in North America, is understood to have taken up a role at another company after serving [...]
Tory mayoral hopeful Shaun Bailey calls for ‘pause’ on HS2 July 15, 2019 Tory mayoral hopeful Shaun Bailey has said High Speed Two (HS2) should be “paused” and investment redirected to the north as the project’s future hangs in the balance. Bailey called HS2, the £56bn railway that will connect London to the north via Birmingham, an “overpriced scheme based on outdated technology” that was “crowding out the [...]
Former BA operations chief to head up London Underground July 15, 2019 A former British Airways chief is to join Transport for London (TfL) as its new managing director of the Underground, taking over from the incumbent Nigel Holness. Andy Lord worked at BA for 25 years before progressing to the role as director of operations from 2008 to 2015. He also held the role of executive [...]
Vueling Airlines named as the most delayed airline in the UK July 15, 2019 Vueling Airlines is the worst airline for delays when flying from the UK, according to data revealed today. Read more: Heathrow airport summer strikes threaten chaos for holidaymakers The Spanish flyer’s departures were delayed by an average of 31 minutes towards the end of 2018, according to an analysis of Civil Aviation Authority data. British [...]
Peugeot maker PSA Group sales plunge in first half July 15, 2019 Peugeot manufacturer PSA Group reported that sales plummeted in the first half of the year driven by poor performance in emerging markets. Sales fell to 1.9m between January and June from 2.18m the previous year as the company suffered a sharp decline in several regions. Read more: Peugeot marker PSA reaches deal to buy Opel [...]
More price hikes to come as car insurance premiums climb 3.5 per cent July 15, 2019 Car insurance premiums look set to climb further, experts have warned, after a 3.5 per cent price hike last quarter. It comes as the third price rise in four quarters, meaning the average car insurance price hit £789, up £27. Read more: Half of motorists think charging loyal car insurance customers more should be illegal [...]
Stagecoach chiefs take home top bonuses despite travel giant’s poor fortunes July 14, 2019 Stagecoach bosses took home maximum bonuses last year, despite the firm’s plummeting share price and loss of the East Coast main line rail contract. Read more: Stagecoach profits rise despite UK rail franchise loss Chief executive Martin Griffiths was paid £848,000 on top of his normal salary, bringing his total pay to £1.8m. Finance boss [...]
Grayling slammed for ‘trainwreck’ HS2 payout to Heathrow Airport July 14, 2019 Transport secretary Chris Grayling has again come under fire after giving Heathrow airport £9m to prepare for High Speed 2, despite uncertainty over the railway will go ahead. The Department for Transport (DfT) has preemptively committed to handing Britain’s biggest airport the money as compensation for knocking down a rail depot at Old Oak Common [...]
Labour will track investors to Hong Kong in nationalisation drive July 14, 2019 Labour’s shadow chancellor will pursue investors to Hong Kong if necessary in its bid to nationalise Britain’s swathes of the UK’s infrastructure. John McDonnell said his party would find a way to wrestle shares off those who try to hide behind international treaties. Read more: Labour plans to nationalise industries will cause ‘profound harm’ to [...]