Ford confirms almost 400 job losses in first phase of redundancies at Bridgend plant February 1, 2019 Car manufacturer Ford has confirmed around 370 members of staff will lose their jobs in a voluntary redundancy programme at its Bridgend engine plant. It is affirmation of reports last month that Ford will begin cutting jobs at the plant as the company re-evaluates its European strategy. Read more: SSE will sell stake in Scottish wind [...]
SSE will sell stake in Scottish wind farms in £635m deal February 1, 2019 Utility SSE will sell a large stake in two Scottish wind farms to Greencoat Wind and a British pension fund in a deal worth £635m. The two investors will take a 49.9 per cent stake in the 320 megawatt Stronelairg and Dunmaglass sites, while SSE continues to operate the turbines, the company said. Read more: Would [...]
Sale of airline Norwegian fell through because of Brexit, chairman says February 1, 2019 A sale of airline Norwegian Air Shuttle fell through last year amid Brexit uncertainty, the company has revealed. Chairman Bjorn Kise said that he and chief executive Bjorn Kjos, who is also a major shareholder, were onboard with a plan to sell the company to an unnamed bidder before Christmas. Read more: Budget airline Norwegian takes [...]
UK car industry warns on no-deal Brexit as manufacturing and investment nosedive January 31, 2019 The UK car industry has warned of the “devastation” a no-deal Brexit would cause as new figures show manufacturing and investment plummeted in 2018. UK car production fell to a six-year low of 1.52m units last year, while investment was slashed almost in half to just £589m, according to the latest data from the Society [...]
Flybe shareholder revolt on pause as Hosking Partners gets its paperwork wrong, company says January 30, 2019 Airline Flybe has rejected calls from a major shareholder to hold a vote on the future of chairman Simon Laffin, saying it submitted the wrong paperwork. Flybe confirmed on Monday it had been sent an application for a meeting where it would try to replace Laffin with veteran aviator Eric Kohn. Read more: Airline Flybe soars [...]
Rail operators suffer fall in dividends as Waterloo closure and strikes hit bottom line January 30, 2019 Rail operators’ dividends dropped by a quarter last year, with firms blaming strikes and a month-long platform closure at London Waterloo. Dividends totalled £300m for 2017-18, down 27 per cent on 2016-17, according to Office of Rail and Road (ORR) figures released today, as the station closure hit journey numbers. Read more: Passenger satisfaction falls [...]
Network Rail awards £5bn worth of contracts for next 10 years of railway management January 30, 2019 Network Rail has tasked engineering giants including Babcock and Colas with looking after Britain’s railways for the next decade, handing out £5bn worth of contracts. The firm, which is in charge of managing the UK’s rail networks, said the winning bidders would be responsible for “anything needed to make the rail system work including track, [...]
Westminster City Council to spend £28m tackling traffic and air pollution along the Strand January 30, 2019 Westminster City Council has pledged £28m to tackle the traffic jams and air pollution plaguing the Strand and transform the area into a “world-class cultural and learning quarter”. The local authority plans to address the “poor public spaces and safety” and traffic congestion around the Strand Aldwych, seeking feedback from the public as it develops its [...]
Truck maker Volvo pays out special dividend after strong fourth quarter January 30, 2019 Volvo shares were down 1.7 per cent this morning despite announcing rising income and its core trucks division recording its most profitable year on record. The Swedish truck maker said on Wednesday it would pay a dividend of five Swedish krona (42p) per share after what it called “a good finish to a strong year”. [...]
Wizz Air profits tumble but airline clings to guidance as passenger numbers grow January 30, 2019 Wizz Air witnessed an 88 per cent drop in pre-tax profits at the end of 2018 but has insisted it’s on track to meet its annual guidance. The figures The budget airline suffered a drop in pre-tax profit to just €1.7m for the three months to the end of 2018, down from €14m over the [...]