Stick with HS2 or scrap it? Where every Tory leadership contender stands on the £56bn railway June 5, 2019 Theresa May has just days left as Tory leader, and it’s not just Brexit where the future is unclear – HS2 is also at a crossroads. Much of the talk around May’s potential successors has been centred on their stance on a no-deal Brexit. But in the transport world, all minds are focused on whether [...]
Commuter chaos as Circle and District lines are part-suspended June 5, 2019 The Circle and District lines have been part suspended due to an obstruction on the track at Paddington, causing morning disruption for commuters. There are also minor delays on the Circle line. No service is running High Street Kensington and Edgware Road while Transport for London (TfL) solves the problem.
Volkswagen to cut thousands of jobs in €4bn modernisation drive June 5, 2019 Volkswagen will invest as much as €4bn (£3.6bn) until 2023 to digitalise its operations. The automotive giant said this morning it could cut up to 4,000 jobs in non-production units in the process. But, it added, the move will also create “at least 2,000” jobs elsewhere. The job cuts will come in Germany. Read more: [...]
Activist investor Coast Capital hits back at First Group claims June 4, 2019 US investor Coast Capital has said it “strongly disagrees” with claims made First Group that it is an “opportunistic, self-interested player that is only interested in short-term gains”. Coast, which holds a near 10 per cent stake in the transport giant, has called for a radical shakeup of the company, including that it splits its [...]
HS2 chair to carry out project review to ensure ‘it is deliverable’, says Chris Grayling June 4, 2019 The chair of under-fire HS2 is undertaking a review of the project to “make sure the costs and budget are right and that it is deliverable,” transport secretary Chris Grayling has said. HS2 has become a battleground among the Tories vying to replace Theresa May as Prime Minister, with some pledging to continue with the [...]
Uber under investigation by US and foreign tax authorities June 4, 2019 Uber has revealed it is under investigation by a string of tax authorities in the US and abroad. The ride-hailing firm said in a filing today that the Internal Revenue Service (IRS) has launched a probe into its taxes for 2013 and 2014. Read more: Uber loses $1bn in first quarterly results since stock market [...]
First Group launches searing attack on ‘opportunistic’ activist investor June 4, 2019 Transport giant First Group has hit back at an activist investor trying to oust six of its board members, describing it as an “opportunistic, self-interested player that is only focused on short-term gains”. In a searing attack First Group has slammed US hedge fund Coast Capital for its “scatter-gun, inconsistent and unusual proposals” and warned [...]
‘In a dark place’: Kier shares plummet 40 per cent after embattled outsourcer gives £25m profit warning June 3, 2019 Kier Group shares have suffered a fresh blow this morning, dropping more than a third as the troubled outsourcer reels from its latest profit warning. The construction and services company, which is listed as one of the government’s top external suppliers of public services, shocked investors this morning with the news operating profit will be [...]
Boeing planes may have ‘improperly manufactured’ parts, US authorities reveal June 2, 2019 Boeing's grounded 737 Max plane may have flaws in its construction, US regulators said this evening. The Federal Aviation Administration said that the plane maker had discovered potential problems with the leading edge slat tracks on the plane and the 737 Next Generation. The leading edge slats are flaps on the front of a wing which allow [...]
Air body Iata slashes global outlook by a fifth as trade wars and fuel prices bite June 2, 2019 The head of a body which represents nearly 300 global airlines has heralded the end of boom and bust while slashing his outlook for the industry by more than a fifth. The International Air Transport Association (Iata) said it expects airlines’ combined profit to fall to $28bn (£22bn), over 21 per cent below a December [...]