Heathrow airport reveals third runway ‘masterplan’ June 18, 2019 The masterplan for Heathrow’s £14bn third runway will be revealed to the public for the first time today, alongside its largest-ever consultation into the project. The airport will reveal how it plans to reduce emissions and noise – two areas that campaigners have circled out as areas of concern – as well as a proposed [...]
Let London take back control of its finances June 18, 2019 As many a City A.M. reader will know, London is different from the rest of the UK in a variety of ways – and not just in terms of how it votes, its cultural mix, or its size and complexity. There is also the amount of tax that London’s citizens and businesses pay. Recent figures [...]
South Western Railway strike will hit Royal Ascot guests this week June 17, 2019 Thousands of commuters heading to Royal Ascot this week could be hit by a major railway strike. Five days of industrial action on South Western Railway (SWR) starting tomorrow will coincide with the opening day of the annual horse racing event, which runs until Saturday. SWR said the strike will hit London Waterloo commuters as [...]
Interserve chairman Glyn Barker prepares to step down June 17, 2019 Interserve chairman Glyn Barker is preparing to step down following deal that saw the struggling outsourcing firm taken over by a consortium of its lenders. The company is working with recruitment search firm Heidrick & Struggles to appoint a successor, Sky News reported. Read more: Interserve went into administration owing suppliers £100m Barker, who was [...]
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 [...]