Yep, British Airways owner IAG has taken a €148m hit from the weaker pound July 29, 2016 What with terrorism, the falling pound and an attempted coup in Turkey, the past six months have not been a great time to be an airline. The figures International Airlines Group (IAG), which owns British Airways and Aer Lingus (after much wrangling), reported operating profit before exceptional items of €710m (£597m) in the six months to [...]
Hinkley Point C: Prioritising the politically sexy over the economically rational is a waste of money July 29, 2016 The new nuclear plant at Hinkley Point, which has finally been approved by EDF’s board, will be the most expensive power station anywhere in the world. Beset by delays (first proposed in 2006, it was meant to come online in 2017), it won’t be operational until 2025 and EDF will still receive its enormous £30bn [...]
HS2 should be abandoned, says The TaxPayers’ Alliance July 29, 2016 HS2 is an expensive vanity project that must be scrapped, according to think tank The TaxPayers' Alliance (TPA). The think tank said that the project costs are rising, likely to hit £90bn, with a timely delivery unlikely. Jonathan Isaby, chief executive of the TaxPayers' Alliance, said: "HS2 is a wasteful vanity project which is unlikely [...]
Northern Line services will be disrupted next week – and over the next three weekends July 28, 2016 The Northern Line will be disrupted over the next three weekends, and from Monday to Friday next week, as Transport for London (TfL) carries out track replacement work at Camden Town station. From Monday to Friday next week, northbound Charing Cross branch trains will travel only to High Barnet or Mill Hill East, while northbound [...]
Ford share price swerves after it misses profit expectations and warns over full year earnings and the impact of Brexit July 28, 2016 Ford shares have dipped ahead of the open after the US car manufacturer reported its second quarter profit missed expectations. The poor performance was blamed on stalling markets in the US and China. Ford posted profit of $1.97bn, or $0.49 per diluted share, versus $2.16bn or $0.54 per share a year ago. Its earnings – excluding one-off items – came in [...]
Southern Rail guards to stage five-day strike in August 2016 July 28, 2016 Rail union RMT has confirmed a new round of industrial action involving Southern Rail guards after "a point blank refusal by both the company and the government to engage with the union" ahead of a 21 August deadline. Guards will not work any shifts between 12:01AM on Monday 8 August and 11:59PM on Friday 12 August. [...]
More and more commuters are suffering on overcrowded trains July 28, 2016 Londoners are increasingly subject to overcrowding on trains, according to new data released by the Office for National Statistics. The data, released today, shows more and more commuters are having to get trains that are overcrowded, with routes into Blackfriars, Moorgate, Fenchurch Street and St. Pancras particularly crowded. Overcrowding occurs when the number of passengers on [...]
National Express reports revenue growth led by European ventures July 28, 2016 National Express reported strong growth today despite a subdued UK market. The figures National Express posted group revenues up 14.4 per cent for the first half of 2016 to £1.1bn. The company reported pre-tax profit up 4.8 per cent to £56.9m in the six month period ending 30 June. Net debt rose by £88.4m to [...]
Commuter hell might get worse: RMT to ballot station staff across Govia Thameslink Railways July 27, 2016 Already reeling from upheaval on Southern Rail, commuters may enter the next circle of hell as RMT is to ballot staff across Govia Thameslink Railways (GTR). The union says it is to ballot station staff for industrial action over the threat to jobs, pay and safety from the impact of ticket office closures and the [...]
Flybe warns of “uncertain outlook” due to French fears and Brexit July 27, 2016 Shares in troubled airline Flybe continued to slide today as its boss admitted the outlook for the company is “very uncertain”. The share price of the Exeter-based airline has more than halved since the start of year and the first quarter results released today failed to arrest such a decline with shares falling over seven [...]