Thomas Cook: Travel giant ‘collapsed with a £3.1bn balance sheet deficit’ September 25, 2019 Thomas Cook would have run out of cash by early October had it not gone into liquidation on Monday, such was the calamitous state of the travel giant’s finances, according to reports. In a High Court witness statement, now-former chief executive Peter Fankhauser said the firm had a balance sheet deficit of more than £3bn. [...]
State handout means Thomas Cook’s German subsidiary keeps flying until March September 25, 2019 While authorities soldier on with bringing home more than 100,000 stranded Thomas Cook customers this morning after it went bust on Monday, the firm’s German subsidiary, Condor, has been saved by state financing. The German government has given Condor six months’ financing, worth €380m (£350m), to continue trading and find a rescue deal. Read more: [...]
Thomas Cook collapse: Regulators and business groups clamour for answers September 24, 2019 Regulators and business groups today lined up to demand answers over the collapse of holiday giant Thomas Cook. Accounting watchdog the Financial Reporting Council said it is mulling a full-scale probe into whether it breached accounting standards. A spokesman said it is considering the case “as a matter of urgency”. Read more: Thomas Cook collapse [...]
Electric-powered regional flights ‘could be taking off by 2030’ September 24, 2019 The next decade will yield the launch of electric flying taxis and electric planes entering the market in both regional flights and private aviation, according to research. A paper by Citigroup researchers predicts electric technology will begin disrupting the so-called general aviation market, which includes flights carrying between two and 14 passengers, by 2022. Meanwhile, [...]
Labour plots further £5bn investment in electric car industry September 24, 2019 Labour has pledged to spend £2bn on the construction of three electric car battery factories in parts of the country which have lost thousands of car industry jobs in the last year. The plan would see a Labour government plough the money into so-called gigafactories in south Wales, Stoke and Swindon, with each site employing [...]
Thomas Cook: CBI backs probe into executive pay after collapse September 24, 2019 Influential business lobby group the CBI has thrown its weight behind a full-scale inquiry into executive pay at collapsed holiday giant Thomas Cook. Nearly 15,000 people returned to Britain yesterday on specially-chartered flights after the firm collapsed under the weight of a £1.7bn debt pile. More than 100,000 people are still awaiting repatriation by the [...]
Thomas Cook: Former workers ‘will not receive pay packets as usual’ on Monday September 24, 2019 Thomas Cook staff have been told they will not receive their wages as usual on Monday, according to union sources, after the travel giant went bust yesterday. The 178-year-old firm collapsed under the weight of a £1.7bn debt pile early yesterday morning, after weeks of frenzied attempts to negotiate a rescue deal with its lenders. [...]
Thomas Cook: Watchdog mulls whether to probe collapsed airline’s accounts September 24, 2019 Britain’s accounting watchdog is looking into investigating whether Thomas Cook breached accounting standards, after the travel giant collapsed yesterday. Nearly 15,000 people returned to Britain yesterday on specially-chartered flights after the firm collapsed under the weight of a £1.7bn debt pile. Read more: Was the collapse of Thomas Cook inevitable? The Financial Reporting Council said [...]
Volkswagen chief executive faces criminal charges in Germany over dieselgate September 24, 2019 Volkswagen’s chief executive Herbert Diess faces criminal charges of market manipulation in Germany relating to the car maker’s so-called dieselgate scandal. Herbert Diess, as well as former chief executive Martin Winterkorn and chairman Hans Dieter Poetsch were accused by German prosecutors of intentionally failing to inform investors in time about the financial impact of the [...]
Labour hopes to lease 30,000 electric cars to public in climate drive September 23, 2019 Labour has unveiled plans to roll out a fleet of 30,000 electric hire cars onto Britain’s roads in a bid to help tackle climate change. Shadow business secretary Rebecca Long-Bailey today said Labour would spend £300m to provide its so-called People’s Zipcars if it came to power, which people across the country could rent via [...]
