Stagecoach to sell off struggling US division for $271m after heavy losses December 20, 2018 Stagecoach has agreed to sell its struggling US division to a private equity firm for $271m (£214m) to focus on its UK bus and rail operations. The firm, which runs Megabus, has operated bus and coach services in North America for 20 years but the company reported a pre-tax loss of £22.6m in the six months [...]
Tokyo court rejects request to extend former Nissan chair’s detention December 20, 2018 A Tokyo court has decided not to allow an extension on the detention of former Nissan chair Carlos Ghosn, meaning he may soon be released from prison. The Tokyo District Court said in a statement early this morning that it has also ruled against an extension for former Nissan executive Greg Kelly, who was arrested [...]
Flights to continue between UK and EU for 12 months in event of no-deal Brexit December 19, 2018 The EU has said flights from the UK into and over the EU would be allowed for 12 months to enable "basic connectivity" if the UK leaves the bloc without a deal. Following the government's announcement yesterday that it was ramping up its preparations for leaving the EU without a deal, the EU has issued [...]
Alibaba-backed dockless bicycle startup Ofo facing bankruptcy December 19, 2018 Chinese bike-sharing startup Ofo has reportedly considered filing for bankruptcy, after coming under "immense" financial pressure resulting from a lack of cash flow. The firm, which operates a yellow dockless bicycle scheme across London and in other cities, has raised more than $2.2bn (£1.7bn) in funding since it was founded in 2014 from the likes of tech giant [...]
Uber loses appeal over driver employment rights December 19, 2018 Uber drivers are directly employed by the firm, a Court of Appeal judgement declared, after the ride-hailing app failed to overturn an employment tribunal decision. The company, which claims its drivers are self-employed, appealed a tribunal decision that said that workers are employed by the company and are therefore entitled to minimum wage and holiday pay. The [...]
Renault-Nissan executives planned secret Ghosn payout via Dutch company December 19, 2018 Bosses at Renault and Nissan planned to pay part of Carlos Ghosn’s salary through Dutch holding company Renault-Nissan BV (RNBV), according to documents seen by Reuters. Senior executives at the two car manufacturers, including Renault’s general secretary Mouna Sepehri, reportedly proposed the scheme to pay Ghosn’s Nissan compensation in 2010. The revelations come as the [...]
Elon Musk unveils the first high-speed Boring hyperloop tunnel in California December 19, 2018 Entrepreneur and Tesla chief Elon Musk has lifted the curtain on the first tunnel completed by his underground high-speed rail venture the Boring Company. In a 30-minute presentation, Musk described the 1.14 mile tunnel as a breakthrough in counteracting the "soul-destroying" traffic of Los Angeles, California. Despite previously suggesting the public would be offered free [...]
The changes that could shake up your finances in 2019 December 19, 2018 We Brits approach 2019 with a sense of dread, waiting with bated breath to find out how (and if) the UK leaves the European Union on 29 March. There’s no doubt that Brexit will affect various corners of our finances, but perhaps the real game-changer for our money will be the ongoing push to make [...]
Virgin still weighing its options for Flybe takeover as budget airline shares soar December 19, 2018 Shares in struggling low cost airline Flybe have taken off this morning after Virgin Atlantic said it was still considering a potential takeover bid. Sir Richard Branson’s airline opened talks to buy the company last month after the Exeter-based airline puts itself up for sale. Virgin confirmed this morning that it was still “reviewing its [...]
National Grid gets shock as Ofgem lowers cap on shareholder payouts December 18, 2018 Ofgem will slash the amount of money network providers can pay to their shareholders under plans announced today, a move which it said could save customers around £45 a year. In an announcement which sent National Grid shares down over nine per cent to 759p, the regulator said it would set the baseline returns at [...]