Fiat to sell components maker to KKR-backed firm, creating major car parts manufacturer October 22, 2018 Fiat will sell its car parts business Magneti Marelli to private equity backed Calsonic Kansei for €6.2bn, creating one of the world’s largest components companies. It will put US private equity firm KKR in charge of a new entity, Magneti Marelli CK Holdings, with total revenues of around €15bn. Read more: Addison Lee signs deal [...]
Elon Musk says first Hyperloop tunnel to open in the US in December October 22, 2018 Entrepreneur Elon Musk has said the first testing tunnel of his Hyperloop transport system is almost fully completed, and will be open to the public later this year. Manufactured under his firm Boring Co., Hyperloop is a network of high-speed transit tunnels designed to maximise the efficiency of public transport at a lowered cost. Musk said on Twitter [...]
Ryanair profits slide as strikes, cheaper fares and higher fuel costs impact bottom line October 22, 2018 Ryanair saw half-year profits decline this morning to round off a troubled few days at the budget airline. The results Cheaper fares, higher fuel costs and strikes all hit Ryanair’s bottom line, taking post-tax profits down seven per cent year-on-year to €1.2bn (£1.1bn) for its crucial April to September trading period. Read more: Photo of Ryanair crew [...]
Addison Lee signs strategic deal with driverless startup Oxbotica for London revolution October 22, 2018 Private hire firm Addison Lee has signed a strategic partnership with UK software startup Oxbotica to bring self-driving car services to Londoners by 2021. Addison Lee said the two firms will collaborate on technological development, deployment and operation of self-driving cars to first provide affordable ride-sharing taxi services in the capital. In the long term, it [...]
Electric bike startup Lime to scoot into the UK market with a soft launch in Milton Keynes October 21, 2018 Dockless electric bicycle and scooter startup Lime is set to fire up its first expansion into the UK market with a soft launch in Milton Keynes. The San Francisco firm, which is valued at $3bn (£2.3bn), is exploring an office in the UK with plans to hire a country manager and up to 20 staff [...]
Canadian pension fund circles Gatwick as deal nears October 20, 2018 A Canadian pension fund is preparing a bid for a stake in Gatwick Airport which could be worth £3bn, Sky News reports. Canada Pension Plan Investment Board is reportedly part of a consortium in talks to buy out Global Infrastructure Partners, Gatwick’s largest shareholder, in a deal that could be valued at £3bn. Sky reports [...]
This London Tube map shows the busiest morning times for key Zone 1 and Zone 2 stations October 19, 2018 While many don’t have much choice on what time they have to get into work in the mornings, Transport for London (TfL) says if you can tweak your journey slightly you can avoid the peak rush. It has provided a Zone 1 and Zone 2 Tube map pointing out the busiest times during the morning [...]
Ryanair signs recognition agreements with pilot unions after summer of strikes October 19, 2018 Ryanair has agreed to recognise a group of pilot unions after a summer of industrial action across Europe. The budget airline has signed a collective labour agreement with the Portuguese Civil Aviation Union (Spac) today, which will to allow negotiations to begin over seniority, which gives preference to the longest serving pilots in requests for annual leave and promotions, and [...]
Hit the road: MPs urge government to ban diesel and petrol cars by 2032 October 19, 2018 Calls to scrap petrol and diesel cars in just 14 years time are “impossible to achieve”, according to the car industry. The Business, Energy and Industrial Strategy (Beis) committee has urged the government to bring forward its 2040 target to stop selling cars running on petrol and diesel fuels to 2032. Read more: Car industry [...]
Photo of Ryanair crew sleeping on airport floor was staged, airline says October 18, 2018 A photograph of Ryanair crew sleeping on an airport floor was staged, footage from the airline showed today. Staff at the low-cost carrier had released a photograph showing them lying on the floor of an airport staff lounge. La imagen del aeropuerto de Málaga ha sido una escenificación y protesta del trato que Ryanair da [...]