Fuel and currency costs hit profit at British Airways owner IAG May 10, 2019 Profits shrank at British Airways’ owner in the first three months of the year as fuel costs and other headwinds hit the airline, it revealed today. But shares rose as International Airlines Group (IAG) said full-year profits would replicate 2018’s success, when income rose almost 10 per cent to €3.2bn (£2.76bn). Read more: British Airways [...]
Uber’s float is a huge gamble on the future of transport May 10, 2019 Every time you jump into an Uber, your ride is essentially subsidised by venture capitalists who prop up the loss-making outfit in the hope of riches down the road. Later today in New York, many more hopefuls will get the chance to back the immensely-popular-yet-controversial tech firm when it finally comes to market. Similarly [...]
Ofgem proposals could set British solar back by up to five years, study warns May 9, 2019 New rules proposed by Ofgem could hold back the deployment of British solar power by up to five years, a top energy consultancy has warned. Aurora Energy said today that the plans could hit the roll-out of so-called distribution-connected renewables, which include all of Britain’s solar and half of onshore wind power, by five and [...]
Government signs controversial East Midlands franchise contract with Abellio May 9, 2019 The government has gone ahead and signed a controversial contract for the East Midlands franchise with Abellio as the war with Stagecoach over the decision intensifies. The signing has gone ahead after the standstill period – the days following the award decision and its official signing expired at midnight last night. Yesterday Stagecoach's sour relations with [...]
Emirates profit sinks to a 10-year low as jet fuel bill takes off May 9, 2019 Gulf carrier Emirates has reported its lowest profit in 10 years, blaming a stronger US dollar and sky-high fuel costs. The full-service airline said its net profit fell 69 per cent fell to 871m dirhams (£182m) in the year to 31 March. Read more: Thomas Cook shares leap following Lufthansa bid for airline business The number [...]
Airline passengers face new ticket fee to cover cost of carrier collapses May 9, 2019 Airlines have hit out at proposals to charge passengers an extra 50p to pay for the cost of repatriating travellers who have been stranded following a carrier collapse. The government's insolvency review, which was set up by the Department for Transport (DfT) following the collapse of Monarch in 2017, has suggested the UK set up a "flight protection [...]
First details of Dyson’s electric car plans revealed May 9, 2019 The patents for Dyson’s first electric vehicle have been made public, providing the first glimpse of the car that the UK-based company hope will compete with the likes of Tesla. Read more: Rolls-Royce boss Warren East steps back from Dyson board Dyson filed the patents 18 months ago after launching the £2bn project in 2017, [...]
National Express revs up sales growth as it hits the road for Silicon Valley May 9, 2019 National Express accelerated revenues in the first three months of its new financial year as it prepares to take a 60 per cent stake in Silicon Valley’s shuttle service in an $84.3m (£64.5m) deal. Read more: Facebookers prepare to take the bus as National Express buys shuttle stake The coach company saw group revenues rise [...]
Chris Grayling could be forced to take the stand as Stagecoach launches legal action over franchise snubs May 8, 2019 Beleaguered transport secretary Chris Grayling could be called to the stand to defend the government after Stagecoach formally launched legal action over its decision to disqualify it from three rail franchises. After weeks of tension, Stagecoach formally launched legal action against the Department for Transport (DfT) over its decision to disqualify the firm from the [...]
Britain goes a week without burning coal smashing previous record May 8, 2019 British power plants have gone a whole week without burning a lump of coal, it was confirmed this afternoon, nearly doubling the previous record set earlier this year. As of 1.30pm, the country’s electricity networks were coal-free for 168 hours – a whole week. Read more: Britain must cut emissions to zero by mid-century, government [...]