Jet Airways’ lenders start insolvency proceedings June 17, 2019 Lenders to stricken Indian airline Jet Airways have started insolvency proceedings, they said today. “After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received,” the lenders said, referring to India’s Insolvency and Bankruptcy Code. Jet Airways suspended flights in April after running out of money. The airline [...]
Lufthansa profit warning hurts ‘miserable’ airline stocks June 17, 2019 A Lufthansa profit warning dragged down airline stocks this morning as analysts warned investors are “spooked”. The Frankfurt-listed flyer blamed overcapacity in the market and rival carrier competition for falling ticket prices in Europe. Read more: Flybe boss to quit after airline’s sale to Connect Airways Lowering its earnings margin forecast to between 5.5 per [...]
Babcock: Serco’s rebuffed bid had ‘no strategic merit’ June 17, 2019 Babcock has confirmed it rejected a takeover approach from its smaller rival Serco in January. Read more: Serco tried to merge with huge rival Babcock Serco had proposed an “all-share combination” between the two industrials companies but Babcock’s board unanimously rejected it, the outsourcer said today. Board members concluded that “a combination of the two [...]
48m without electricity as power down in all of Argentina and Uruguay June 16, 2019 Around 50m people were thought to be without electricity yesterday as a major fault shut down power in the whole of Argentina. The country’s grid “collapsed” early in the morning, authorities said. Meanwhile, supplies were affected in neighbouring Paraguay and Uruguay. Energy distribution company Edesur Argentina, tweeted this morning that a massive failure in the [...]
Kier shares plunge on housebuilding unit sale reports June 14, 2019 Shares in construction company Kier plunged more than 30 per cent today following reports that the outsourcer is preparing to sell its housebuilding unit. Shares fell from 205p to 136.28p after it emerged that the embattled firm has been in talks with advisors over selling the business. Read more: Kier shares rally after plummeting on [...]
Shell Energy to pay £390,000 after overcharging customers June 14, 2019 Shell Energy Retail has had to pay £390,000 in compensation and refunds after overcharging 12,000 customers. The utility company overcharged the customers on its default tarrifs after the energy price cap was introduced at the start of this year. Read more: Sunny markets beckon for London energy supplier bulb The Energy watchdog, Ofgem, made the [...]
Nearly one in five UK flights cancelled in disruptive start to 2019 June 14, 2019 Nearly seven and a half million people have been affected by flight disruptions this year, according to new data. The UK saw an average of 115 disrupted flights per day between January and April this year, as nearly one in five flights were cancelled. Read more: London Stansted is UK’s worst airport for flight delays [...]
Scottish government puts Glasgow Prestwick Airport up for sale June 13, 2019 The Scottish government has put the publicly owned Glasgow Prestwick Airport up for sale, just six years after taking ownership of it. The government took control over the airport to stave of the threat of closure as the airport battled poor results. The government bought it for just £1 in 2013. Cabinet secretary for transport, [...]
Rail passenger journeys soared to a record 1.8bn over past year June 13, 2019 Rail passengers travelled 67.7 billion kilometres during the course of last year, equivalent to flying to the moon and back almost 88,000 times. There were a record 1.8bn passenger journeys in 2018-19, generating over £10bn in revenue, the highest rate in four years. Read more: Heathrow may allow passengers to keep liquids in bags The [...]
Train giant Govia awarded extension to Southeastern franchise June 13, 2019 Train giant Govia has been awarded an extension to the Southeastern franchise until November, giving the government more time to consider who the new winner will be. The Southeastern franchise, which serves routes in and out of London, Kent and East Sussex, was due to expire on June 22, but will now continue under current [...]