Flybe gearing up for take off as collapsed carrier applies for new licence December 3, 2020 The resurrection of collapsed regional airline Flybe has moved a step nearer after it was revealed that the carrier’s new owner had applied for a UK operating licence. The Telegraph reported that Thyme Opco, a holding company said up by hedge fund Cyrus Capital in October, had applied to the Civil Aviation Authority for the [...]
UK PMIs: Business activity contracts in lockdown but beats forecasts December 3, 2020 UK business activity contracted sharply last month as a result of the second national lockdown, but came in well ahead of analysts’ fears. The IHS Markit/Cips purchasing managers (PMI) index for services fell to 47.6 in November, with any score below the 50 mark indicating contraction. The reading was down considerably on October’s score of 51.4, and [...]
FTSE 100 falls back as Brexit negotiations drag on December 3, 2020 The FTSE 100 fell back this morning after the French government threatened to veto a Brexit trade deal if EU negotiators gave further concessions to the UK. London’s premier index dropped 0.4 per cent start as trading opened, while the FTSE 250 of midcap companies picked up 0.1 per cent. Brexit talks are ongoing between [...]
Norwegian Air plans share sale in bid to survive December 3, 2020 Embattled carrier Norwegian Air today said that it was looking to raise 4bn Norwegian krone (£340m) in order to recapitalise the struggling firm. In a statement to Oslo’s bourse, the low-cost carrier proposed a package of debt conversion, aircraft divestment and sale of new equity to get it through the coronavirus pandemic. Norwegian did not [...]
Talktalk extends Toscafund offer deadline for a second time December 3, 2020 Talktalk has extended the deadline for major shareholder Toscafund to make a solid offer for the telecoms firm for the second time. The private equity firm will now have until 17 December to table a firm bid for the troubled telecoms firm. Last month the asset manager made a 97p per share approach for Talktalk, [...]
French regulator calls on EU to fix derivatives rules to lessen Brexit hit December 3, 2020 French securities regulator the AMF has told the EU that it should fix its derivatives trading rules to avoid damage to its own financial sector once the UK finally leaves the bloc on 1 January. Robert Ophele, the AMF’s chair, said that if rules were not amended it would penalise European banks trading in London. [...]
Third time’s a charm: Tui gets new €1.8bn bailout from German government December 2, 2020 Tui has today received a third bailout from the German government, meaning that federal authorities have now shelled out €4.8bn on the travel firm. The Anglo-German giant said in a statement that it had secured an additional €1.8bn from authorities to see it through the pandemic. The funding will comprise €1.3bn from state rescue fund [...]
Bentley has hired cargo jets to fly car parts to UK to avoid Brexit border logjams December 2, 2020 Luxury car maker Bentley has hired five cargo jets to fly car parts back to the UK in case of disruption to cross-border customs flows when the Brexit transition period ends. Chief executive Adrian Hallmark said the aircraft were one of a number of precautions the firm had take ahead of 1 January. “We have [...]
FTSE inches higher after Pfizer vaccine approval but Wall Street slips December 2, 2020 The FTSE 100 inched higher today as the UK became the first country in the world to approve the Pfizer/Biontech coronavirus vaccine for use. Having opened in the red, London’s premier index was up 0.5 per cent in the early afternoon, with the FTSE 250 of mid-cap firms down 0.3 per cent. Analysts said that [...]
Government seeks site for world’s first nuclear fusion plant December 2, 2020 The government has today invited communities around the UK to bid for the world’s first nuclear fusion plant to be built in their local area. The successful site will be home to the construction of the plant, which the government hopes to be completed by 2040. Building the multi-billion pound project will create thousands of [...]