Rolls-Royce boss still cannot call time on Trent 1000 engine issue August 6, 2019 Rolls-Royce’s chief executive Warren East was today unable to predict when he will draw a line under a long-running engine problem which has grounded hundreds of passenger jets and already cost the firm billions of pounds. The blue-chip engineer today announced a further £100m loss on the Trent 1000 engine, which powers the popular long-haul [...]
Meggitt rides wave of US defence spending spree to defy Boeing 737 Max woes August 6, 2019 Engineering firm Meggitt enjoyed a five per cent spike in its share price this morning after upping prediction for annual revenue growth to between four per cent and six per cent. The FTSE 250 defence contractor has taken a significant hit in recent months, after Boeing grounded its 737 Max jet earlier this year in [...]
British Airways pilots applauded for landing ‘horror film’ smoke-filled plane August 6, 2019 The pilots of a British Airways (BA) plane which sparked terror as it filled with smoke on the way to Spain yesterday have been praised for landing passengers under “extremely challenging” conditions. Yesterday afternoon, 175 passengers on BA flight 422 were forced to slide down emergency chutes to the runway at Valencia airport, after the [...]
Sirius Minerals shares plummet 25 per cent as it suspends £411m bond sale for Yorkshire mine August 6, 2019 Sirius Minerals shares plummeted 25 per cent this morning as the FTSE 250 firm announced it had suspended a planned $500m (£411m) bond sale intended to finance a mine on the North York Moors. The offering was an important part of the company’s financing package for the Polyhalite mining project. Read more: Sirius Minerals on [...]
Former Virgin Money boss snubs Bank of England for top Salesforce job August 6, 2019 Former Virgin Money chief executive Dame Jayne-Anne Gadhia has shunned a prospective job at the Bank of England to instead head up the British business of software giant Salesforce. The US tech firm, which is planning to inject $2.5bn (£2.05bn) into its UK business in the next five years, said Gadhia would begin the role [...]
BBA Aviation profits down amid aerospace industry struggles August 5, 2019 Aerospace services firm BBA Aviation shares fell this morning as it announced a slight deterioration in first half profits. The firm, which provides the global aviation industry with fuelling, ground handling and passenger services, said a cooling sector was partly to blame for the results. Read more: Cobham founding family says takeover ‘against national interest’ [...]
HSBC axes nearly 5,000 jobs in bid to reduce salary costs after sacking CEO August 5, 2019 HSBC will make as many as 4,700 people redundant from its global workforce in a bid to cut long-term costs, it has announced this morning. The job cuts will involve as many as two per cent of its workers across the world, who number 237,685. Read more: Goodbye, John Flint: Why has HSBC axed its [...]
Car sales stagnate again in July but electric vehicle market share surges August 5, 2019 New car sales were hampered last month by confusion over Brexit uncertainty and the government’s future policies over plug-in hybrid electric cars. The British new car market shrunk 4.1 per cent in July, its fifth straight month of decline, according to the Society of Motor Manufacturers and Traders (SMMT). Read more: Car industry investment grinds [...]
Aerospace engineer Senior’s profits shrink after Boeing 737 Max grounding August 5, 2019 British engineer Senior has become the latest aerospace supplier to highlight the impact of Boeing grounding its flagship 737 Max jet, reporting a first half profit drop of more than one-sixth this morning. The FTSE 250 aerospace firm said although it had mitigated some of the damage through stronger sales in other parts of its [...]
HSBC CEO John Flint steps down from bank after just 18 months August 5, 2019 HSBC boss John Flint has fallen victim to a top-level reshuffle at the bank despite racking up a 16 per cent rise in first half profits. The firm said this morning it needed a change at the helm to deal with a “challenging global environment”. Flint, who has been chief executive for around a year-and-a-half, [...]
