Drop rail franchise system for head-to-head competition to slash fares, says Adam Smith Institute March 3, 2019 Rail fares for British passengers could be slashed if the franchise system was dropped in favour of head-to-head competition, a leading thinktank has argued. The free market thinktank the Adam Smith Institute (ASI) said an “open access” system, which would allow different train companies to compete on the same route, would drive down fares and operating [...]
HS2 hit with legal claim from American engineering giant Bechtel over Old Oak Common contract March 3, 2019 HS2 has been hit with a legal claim by American engineering giant Bechtel after it failed to secure a £1bn contract to build Old Oak Common station. Last year Bechtel signed a £170m contract to deliver phase 2b of the railway, which will stretch from Crewe to Manchester, and the West Midlands to Leeds. The [...]
Jaguar Land Rover could announce fresh round of UK investment in early March despite industry turmoil March 2, 2019 Jaguar Land Rover is reportedly planning to buck the trend of car makers fleeing the UK by making a major investment in British advanced manufacturing. The manufacturer, which is owned by Indian firm Tata, reportedly said fresh investment in the UK was imminent, and an announcement could come in early March. Read more: Tata Motors’ [...]
Lyft files for IPO ahead of rival Uber in listing that could value it at $25bn March 1, 2019 Ride-hailing company Lyft filed its initial public offering (IPO) registration today ahead of rival Uber in the race to hit the public markets. Lyft filed with an initial offering size of $100m (£75.62m), which is usually just a placeholder amount used to calculate fees that could change. The company did not disclose the price it plans to list at [...]
Tesla shares drop as Elon Musk outlines plan to close stores and move sales online in bid to cut car prices March 1, 2019 Tesla is set to close most of its physical locations as it shifts worldwide sales online, it said today, sending shares down almost eight per cent to 295p. Read more: Regulator accuses Elon Musk of misleading investors with new Tesla tweet The stores will not close immediately but are expected to “wind down” over the [...]
Honda employees urge manufacturer to keep Swindon factory open March 1, 2019 Honda employees have launched a petition imploring the Japanese manufacturing giant to reverse last month’s decision to close its Swindon factory. The petition, organised by Len McCluskey’s Unite union, has so far attracted 1,539 supporters since going live on Friday morning. Read more: Honda: What's really hurting car manufacturers? “Dear Mr Hachigo, please do not [...]
Government to pay Eurotunnel £33m over no-deal Brexit ferry contract March 1, 2019 The government has agreed to pay £33m to Eurotunnel over the procurement of no deal Brexit ferry services, according to reports. Eurotunnel said the contracts to provide ferry services in the event of a no deal Brexit had been handed out in a secretive way, according to the BBC. Read more: Man found guilty of [...]
MPs launch inquiry into government energy policy after nuclear setback March 1, 2019 MPs are set to review the government’s plans for Britain’s energy sector after a string of major projects were abandoned by international companies. The Business, Energy, and Industrial Strategy Committee said it would look into the government’s plans to see if they are fit for purpose. It will examine if the country needs a new approach [...]
Rolls-Royce turbulence finally nearing an end February 28, 2019 On the the face of it, aircraft engine manufacturer Rolls-Royce looks to be stuck on the runway. Shares fell 2.5 per cent yesterday as it reported £2.9bn total losses in 2018. These were largely down to long-running mechanical problems which have grounded one of British Airways’ new Boeing 787 Dreamliner jets at Heathrow airport for [...]
National Express increases shareholder dividend by 10 per cent in ‘record’ set of results February 28, 2019 National Express shareholders were today rewarded with a 10 per cent increase in their dividend as the coach and bus firm delivered a "record" set of annual results. Pre-tax profits at the firm stood at £177.7m in 2018, up 13.6 per cent on the previous year. Revenue also increased from £2.32bn to £2.45bn, while operating [...]