Renter demand soars after tenant fee ban July 19, 2019 Tenant demand soared in June as renters rushed to secure new properties following the introduction of new rules to ban letting agent fees. In London, demand increased by 13 per cent from May to June compared to a four-year average of four per cent. Read more: The potential consequences of the tenant fee ban Nationally [...]
Boeing takes $4.9bn hit on 737 Max groundings to compensate airlines July 18, 2019 Boeing will set aside $4.9bn (£3.9bn) to compensate airlines for the disruption caused by the worldwide grounding of its 737 Max jet. The world’s biggest plane maker said this evening the after tax charge would slash its pre-tax profits by $5.6bn in the second quarter, when results are announced next week. Read more: Ryanair warns [...]
Arriva seeks £200m from government over East Midlands franchise snub July 18, 2019 Rail giant Arriva is claiming £200m from the government over its controversial decision to disqualify it from the East Midlands franchise, City A.M. can reveal. Court documents seen by this newspaper show that Arriva Rail, which is owned by German parent Deutsche Bahn, is seeking to recover the amount following the Department for Transport’s (DfT) [...]
Gatwick to use standby runway to increase passenger capacity July 18, 2019 Gatwick airport has jettisoned plans to build an extra runway, instead opting to bring the standby runway into “routine use” by 2020. The airport said it is readying a planning application to use the second runway alongside the main tarmac. This would increase capacity at the airport so as to serve around 70m passengers by [...]
City of London Corporation secures £450m in external funding for major projects July 18, 2019 The City of London Corporation has secured £450m in external funding for its major projects, after it revealed that its squeezed finances meant it would have to borrow for the first time in 30 years. Catherine McGuinness, chair of the policy and resources committee, admitted the organisation was facing “significant financial pressures” and highlighted the [...]
Waitrose offloads stores risking hundreds of jobs July 18, 2019 Waitrose is set to close three stores and sell a further four, putting hundreds of jobs at risk, the supermarket announced this afternoon. Budget grocery chain Lidl has snapped up stores in Bromley, Oadby in Leicestershire and Wollaton in Nottinghamshire. Read more: Waitrose sets out £1bn online shopping plan A fourth store in Sandhurst, Berkshire, has [...]
Inmarsat bidders look to appease government ahead of $3.4bn takeover July 18, 2019 The private equity firms behind a $3.4bn (£2.6bn) bid for Inmarsat have agreed a number of undertakings with the government over the future of the satellite firm’s UK operations. Read more: Competition watchdog to probe $3.4bn Inmarsat takeover The consortium, led by Apax Partners and Warburg Pincus, said it will guarantee that the majority of [...]
Netflix loses its chill: Four ways the streaming giant can recover July 18, 2019 Netflix shares dropped roughly 11 per cent when Wall Street opened today, as bleary-eyed investors reacted to a disappointing set of second-quarter results. The streaming firm posted a 26 per cent rise in revenue to $4.9bn (£3.9bn), but added just 2.7m worldwide subscribers, well below its 5m forecast. Read more: Netflix to open huge UK [...]
Jeremy Hunt misses crucial government Brexit vote by mistake July 18, 2019 Jeremy Hunt has apologised after accidentally not voting with the government on a bill designed to block a no-deal Brexit. The government fell to a resounding defeat today as one minister quit and many other cabinet members abstained during a vote to bring MPs immediately back to parliament if the Commons is suspended before the [...]
Army fire-fighting service handed to outsourcer Capita in £525m deal July 18, 2019 The Army has tasked outsourcer Capita with running its firefighting service at bases across the UK for the next 12 years. Defence minister Tobias Elwood said the £525m contract award would deliver “significant financial savings”. The army would invest this money into other areas of Britain’s defence budget, he added. Read more: Capita takes on [...]