Former Tesla employee embezzled $9m, prosecutors say November 10, 2018 A former worker at Tesla has been indicted in the US for allegedly embezzling $9.3m (£7.2m) from the car manufacturer. Prosecutors say that Salil Parulekar diverted money owed by one Tesla supplier to another in 2016 and 2017, using forged documents. The indictment alleges that the former employee at the company’s global supply management group [...]
Ryanair plane released by French authorities after airline pays £457,000 bill November 10, 2018 The French civil aviation authority have released a Ryanair plane after the Irish airline paid up the €525,000 (£457,000) bill that was owed. A Boeing 737 was seized at Bordeaux airport on Thursday, with the flight due to carry 149 passengers to Stansted that afternoon. The row was over money the airline received as aid related to its [...]
Ryanair plane seized at Bordeaux airport by French civil aviation authority in row over cash November 9, 2018 French authorities have seized a Ryanair plane at Bordeaux airport in a dispute over money they say the Irish airline owes. The civil aviation authority grounded the Boeing 737 on Thursday, with the flight due to carry 149 passengers to Stansted. The row involves money the airline received as aid related to its activities at the regional airport [...]
It’s make or break for the telecoms sector’s shot at reform November 8, 2018 One of the great ironies of the telecoms industry is that, for a sector that is primarily focused on technological innovation and future infrastructure, certain aspects of it are decidedly backwards looking. There’s a clear divide between, say, the gathering momentum in the roll-out of ultrafast broadband and the distinct stasis when it comes to the [...]
Brexit uncertainty boosts Wincanton profits November 8, 2018 Logistics firm Wincanton reported strong results for the six months to the end of September as British companies scramble to prepare for a no-deal Brexit. The figures Wincanton’s revenue was up a marginal 0.1 per cent to £581.8m. Profit before tax rose 48 per cent to £30.1m. Cash flow was up to £33.5m from [...]
National Grid profits take a battering from stormy weather as UK restructure rolls on November 8, 2018 Utilities provider National Grid reported a six per cent fall in profits for the six months to 30 September today, partially attributed to storm-related costs and the cancellation of a new pipeline in Avonmouth. Underlying operating profit was £1.3bn, down £83m from the same period last year and of which £4m was attributed to foreign exchange [...]
Bombardier to cull 5,000 jobs and sell off $900m in assets November 8, 2018 Bombardier outlined plans to axe 5,000 jobs from its global operations and sell off $900m (£687m) in non-core assets today, sending its share price crashing down by 15 per cent. The Canadian plane and train manufacturer has launched a company-wide restructure focused on streamlining production and slashing costs as it flattens management structures. Around 5,000 jobs will [...]
BAE Systems’ 2018 forecast buoyed by Budget plans for military spending November 8, 2018 Aerospace giant BAE Systems has reiterated its forecast for flat earnings in 2018 while remaining upbeat about the progress of programmes in the UK and US. BAE was buoyed by Philip Hammond's most recent Budget in which he pledged an extra £1bn for defence between now and the end of next year to modernise key areas [...]
Brexit bilateral deals will create a ‘migraine’ for private aviation, says industry CEO November 7, 2018 Bilateral aviation agreements with the EU after Brexit would create a "migraine" for the private jet industry, the boss of global booking platform PrivateFly has said. PrivateFly chief executive Adam Twidell, a former RAF pilot who launched the business with his wife Carol in 2008, told City A.M. that the possibility of Britain striking a number of [...]
Don’t look now: UK car sales slump hits car dealer Lookers November 7, 2018 Car dealer Lookers reported positive trading today despite a fall in profit from new cars as the industry continues to reel from new regulations. Lookers said gross profit from new cars was down five per cent year on year in the nine months to the end of September, citing a shortage in supply following strict [...]