Lyft valued at $24bn as it prices shares at $72 ahead of New York float March 28, 2019 Ride-hailing app Lyft has priced its initial public offering (IPO) at $72 per share ahead of its float on the Nasdaq tomorrow, giving it a valuation of more than $24bn (£18.4bn). The pricing is at the top end of the firm’s target range, which Lyft increased earlier this week in a sign of strong investor [...]
Homes switch energy supplier at record rate as consumers face massive price hike next week March 28, 2019 Over 4.5m households changed their gas supplier last year, hitting an all-time high, while electricity switches were at their highest point since 2008. The number of domestic homes that switched electricity supplier hit 5.4m, a 5.5 per cent increase on the year before, figures from the Department for Business, Energy and Industrial Strategy (Beis) show. [...]
Ford and Volkswagen to team up on development of next-generation pickup truck March 28, 2019 German car making giant Volkswagen has penned a deal to produce a pickup truck with US rival Ford, as discussions continue over extending an alliance between the two firms. Volkswagen and Ford announced last year they were in talks to work on a range of commercial vehicles, later branching out even further to include electric [...]
Icelandic airline Wow Air closes operations as it fails to secure rescue deal March 28, 2019 Debt-ridden Wow Air shut operations and grounded planes this morning after a last-minute fight for funding failed, leaving thousands stranded and seeking alternative transport. The struggling Icelandic airline told customers it has now ceased operation, cancelling all flights. Read more: Boeing's Ethiopian Airlines crash fallout: Everything you need to know While tickets were still being [...]
Network Rail to spend £42bn on railway improvements after year of chaos March 28, 2019 Network Rail is to spend £42bn on the railways over the next five years after passengers endured a torrid year of delays and cancellations. Network Rail, which owns Britain's rail infrastructure, has said the funds will increase reliability and improve performance for the benefit of passengers during its next control period, CP6, which starts on 1 April this [...]
Eddie Stobart keeps on trucking with revenue and profit up strongly March 28, 2019 Logistics company Eddie Stobart grew profit 14 per cent and revenue 35 per cent last year, it announced today. The company, known for its liveried lorries with names such as Amber Daisy, Teletubby and Destiny Tori, said its growth was driven by new contract wins, acquisitions and more business from existing customers. The company grew [...]
Boeing unveils software patch for 737 Max after Ethiopia and Indonesia crashes March 28, 2019 US aircraft company Boeing has released a software patch for its 737 Max jet after 346 people were killed in crashes involving the plane in Indonesia and Ethiopia. The plane’s anti-stall system is being viewed by investigators as a possible factor in the fatal crash of a Lion Air jet in Indonesia in October and [...]
Car manufacturing ‘paralysed’ by no-deal Brexit threat as output drops for ninth straight month March 28, 2019 British car manufacturing suffered its ninth consecutive month of decline in February, as the industry continues to suffer from Brexit uncertainty and plummeting demand in China. Car makers produced 123,203 vehicles last month, according to the Society of Motor Manufacturers and Traders (SMMT), a drop of 15.3 per cent on the same period last year. [...]
TfL leak reveals plans for the world’s longest and tallest bridge across the Thames March 27, 2019 Transport for London (TfL) wants its proposed Canary Wharf Thames crossing to be the tallest and longest vertical lifting bridge in the world. TfL's planned bridge is a 90m tall and 180m-wide vertical lift bridge that will connect Rotherhithe to Canary Wharf across the River Thames. The bridge will be fitted with concrete towers that will be 90m [...]
Ousted Nissan chairman Carlos Ghosn had too much power, report finds March 27, 2019 Former Nissan chairman Carlos Ghosn had too much power and was able to hide his misconduct through an “opaque” management system, an explosive report has found. The independent report into Nissan’s governance, commissioned after Ghosn’s dramatic ousting, states the executive built up too much authority and created a “top-down” corporate culture that left employees powerless [...]