Private equity house says Avio-derci to Italian space business October 20, 2016 Private equity house Cinven has announced the sale of its space launcher and propulsion company. Ten years after Cinven acquired Avio from Carlyle, alongside Finmeccanica as a minority shareholder, for €2.57bn (£2.3bn), the firm has agreed a sale to Space2 and Leonardo-Finmeccanica together with Avio’s management. Read more: Private equity firms backed to capitalise on [...]
For what it’s worth, Southern Rail has restored 63 services to its timetable October 20, 2016 Southern Rail, the company currently locked in a battle with unions over who gets to close the doors on its trains, has said it is restoring 63 more services to its ravaged timetable. In a statement today the company said its West London Line timetable will go back to full capacity on Monday, while it [...]
Heathrow praises PM’s “leadership” in airport expansion decision October 20, 2016 Heathrow airport announced steady earnings growth this morning and took the opportunity to butter-up the Prime Minister in advance of a government announcement on Britain's airport expansion. The numbers Revenue for the nine months to September 2016 nudged up by 1.2 per cent compared to the previous year. It stood at £2.1bn and earnings (Ebitda) were £1.3bn, [...]
15,000 people apply for 78 Virgin Trains driver jobs October 19, 2016 More than 15,000 people have applied to drive Virgin's new Azuma trains, after the rail operator launched its biggest recruitment drive on the east coast route since the 1980s. And there were only 78 positions up for grabs. There hasn't been quite so much excitement over a job listing since Tesco advertised for a Christmas tree [...]
Sir Howard Davies wants the government to get on with airport expansion vote October 19, 2016 Sir Howard Davies, the chair of the Airports Commission – which made its recommendation on Heathrow over a year ago, could be forgiven for feeling a little impatient over airport expansion. And speaking at property conference MIPIM UK, Davies said a parliamentary vote on the matter should be held without delay. Read more: MPs threaten [...]
Eurotunnel gets a boost from weak sterling and remains bullish over Brexit October 19, 2016 It looks like there's light at the end of the Brexit tunnel – at least from Eurotunnel's perspective. The operator of the Channel Tunnel announced that total revenues for the third quarter rose four per cent to €320.3m (£285.4m), compared to the same period in 2015. And it was positive about its prospects going forward, predicting ongoing [...]
Unite urges government to beef up its industrial strategy after GKN job losses October 19, 2016 Britain's biggest trade union warned that the government needs to bring in its new industrial strategy urgently, as 221 jobs at the Yeovil GKN plant, which makes airframes for Royal Navy helicopters are set to be cut. Unite said that Theresa May's "much-trumpeted" industrial strategy needed "flesh put on the bones double quick", otherwise thousands of skilled [...]
Severe delays on District and Circle Lines due to signal failure causing rush hour chaos for London commuters October 19, 2016 Severe delays on both the Circle and District Lines are still causing havoc for commuters, after a signal failure at South Kensington station this morning. Rush hour commuters faced travel disruption earlierwith severe delays along the entire District Line, and no service at all in the clockwise direction on the Circle Line, with severe delays going [...]
We may not get an official decision on airport expansion until 2018 October 18, 2016 Theresa May won't hold the final vote on airport expansion until 2017/18 to allow for public debate, she has confirmed. The delay, confirmed in a letter from May to her cabinet colleagues which was seen by City A.M. today, will give cabinet ministers including Boris Johnson and Justine Greening the chance to air their grievances with the choice if Heathrow [...]
Now Aslef’s balloting Southern Rail drivers for industrial action October 18, 2016 The UK train drivers' union Aslef has announced that drivers on Southern Railway will be balloted for industrial action, after last-ditch talks came to nothing. Talks were arranged at the union's head office yesterday, but the union said they "failed to resolve the problems at the heart of this dispute". Read more: Southern Rail commuters had [...]