SSE fined £700,000 for missing smart meter rollout target April 3, 2019 Energy supplier SSE has been slapped with a £700,000 fine for lagging behind on its smart meter rollout. It took the company until February this year to install gas meters for all customers who should have had them by the the end of 2018, Ofgem said. Read more: Watchdog threatens energy provider with ban SSE [...]
European car makers face €7.4bn bill to meet looming EU emissions rules April 3, 2019 The biggest car manufacturers in Europe are careering towards a €7.4bn crash in profits from the cost of meeting the EU’s emissions rules, UBS has warned. Regulations set to come into effect in 2021 will force car firms such as Volkswagen, BMW and Renault to produce no more than 95g of CO2 per kilometre, but [...]
Stagecoach shares rise as it lifts earnings forecast after UK rail businesses beat expectations April 3, 2019 Shares in Stagecoach have risen this morning after the company raised earnings forecasts following stronger growth in its rail businesses. The transport operator said the better-than-expected performance of its UK rail division would lead to an annual profit boost. In May last year the government stripped Stagecoach of its Virgin East Coast contract for trains [...]
Flybe cancels dozens of UK flights as it apologises to passengers April 3, 2019 Flybe has cancelled dozens of flights this morning, blaming a mix of operational issues including a shortage of pilots and staff holidays. Read more: Flybe shareholders approve airline sale to Virgin-led Connect Airways Planes due to leave Southampton, Newcastle, Aberdeen and Edinburgh were impacted, as well as five flights from Belfast City Airport and four [...]
Norwegian Air boss tweets about ‘good meetings’ with Boeing after 737 Max 8 ban April 3, 2019 Norwegian Air has had positive meetings with plane manufacturer Boeing after its 737 Max 8 model was grounded across the globe last month. Norwegian’s 162-strong fleet includes 18 of Boeing’s 737 Max 8 model, which aviation authorities across the globe have grounded, after it suffered its second fatal crash in five months. Read more: Norwegian [...]
MPs cast doubt over Crossrail 2020 opening aim as they warn Elizabeth Line may need more than £2.8bn bailout April 3, 2019 MPs are “not convinced” that Crossrail will open in 2020 and fear the project will need more than the extra £2.8bn in funding it received to stay afloat, according to a damning report released today. Spending watchdog the Public Accounts Committee (PAC) said the costs of the railway, also known as the Elizabeth Line, had [...]
Breakdown group AA blames investments for profit slump April 3, 2019 Breakdown and insurance firm AA said today that its profit before tax for the year ended January 2019 fell more than 60 per cent to £53m. The figures The company said its steep profit drop was a result of a £26m investment in its roadside and insurance business and said it was distorted by a [...]
Stephan Shakespeare: Easyjet’s had a bumpy ride, but what do flyers think? April 3, 2019 With Brexit set on autopilot and seemingly heading direct to no-deal, budget airline Easyjet can see turbulence ahead. The company told investors higher fuel costs and increasing overheads per seat, paired with passengers’ unwillingness to risk booking a holiday during the current political crisis, had damaged business and led to losses. Although management reassured shareholders [...]
Ford’s British operations hang in the balance as no-deal Brexit looms large April 2, 2019 Ford has delivered the latest warning for the UK car industry after Brexit, saying it has yet to decide on its longer-term plans in Britain. The second-biggest US car maker said this morning it was already spending tens of millions of euros preparing for a possible no-deal scenario, in which case it would have to [...]
UK construction sector shrinks for second consecutive month April 2, 2019 Britain’s construction sector contracted in March for the second month in a row, it was revealed today, as a slowing commercial market and Brexit uncertainty weighed on the sector. The construction purchasing managers’ index (PMI) stood at 49.7 in March compared to 49.5 in February, the first back-to-back fall in output since August 2016. A score of [...]