Air Europa lifeline loan may prove a headache for BA owner IAG November 3, 2020 Low-cost carrier Air Europa has become the first firm to tap the Spanish government’s new emergency funding pot for companies endangered by coronavirus. The airline, which is an acquisition target for British Airways owner IAG, will receive €475m in state-backed funding. A spokesperson for the government said that the package would comprise a €240m equity-backed [...]
Wizz Air passenger numbers shrink two-thirds in October November 3, 2020 Wizz Air said that passenger numbers dropped 69 per cent in October as further coronavirus restrictions came into effect around the world. The low-budget carrier flew 1.15m passengers last month, down from 3.7m in the same period last year. And the decline could yet grow further in November, with international travel from England due to [...]
Engineer Senior to close Dutch plant as aviation demand shrinks November 3, 2020 Aerospace engineer Senior this morning announced that it would close its plant in the Netherlands as the coronavirus pandemic continued to crush the aviation industry. In a trading update this morning, the London-listed firm said that aerospace sales were down 45 per cent for the third quarter, and 36 per cent for the year to [...]
Ouch: Bayer takes €9bn impairment charge hit November 3, 2020 German life sciences giant Bayer this morning said that it would take a €9bn (£8.4bn) impairment charge in the third quarter. It also said that it would have to make additional payments as part of its settlement against claims that its weedkiller Roundup causes cancer. As a result, the pharma firm reported a €9.4bn loss [...]
Oil slip: Aramco profit halves as Covid batters oil demand November 3, 2020 Oil behemoth Saudi Aramco’s profit shrank 44.6 per cent in the third quarter due to the collapse in oil demand caused by the coronavirus pandemic. The state-owned firm said profit fell from 79.8 billion riyals (£16.5bn) last year to 44.21 billion riyals this year. The pandemic has devastated the global oil market, with lower prices [...]
Whole of Liverpool to be offered coronavirus tests in new trial November 3, 2020 Everyone in Liverpool will be offered free coronavirus tests on a regular basis as part of the UK’s first mass testing scheme. All those living and working in the city will be offered tests regardless of whether they have symptoms or not. It comes after the announcement of a new national lockdown in England over [...]
TfL to review driverless trains as condition of new bailout November 2, 2020 Transport for London (TfL) will have to undertake a review of how to switch to driverless trains as a condition of its new government bailout. Under the terms of the rescue package, which will see the transport network receive £1.8bn in financial support, ministers have set a number of requirements. In addition to the review, [...]
Oil prices continue slump as lockdown restrictions increase November 2, 2020 Oil prices continued last week’s plunge this morning as increased coronavirus restrictions came into effect around the world. Prices have fallen sharply over the last week over fears that new lockdowns will cause a decrease in fuel demand. Worldwide standard Brent crude dropped 2.3 per cent to trade at around $37, while US benchmark West [...]
Serco shares crash as outsourcer loses role on nuclear weapons consortium November 2, 2020 Shares in Serco plummeted this morning after the outsourcing giant confirmed that the government had taken back management of its atomic weapons development facility. Shares dropped nearly 12 per cent as markets opened as traders digested the news. Yesterday Sky News reported that the government was due to announce that it would take over the [...]
Ocado to make $300m in acquisitions as digital grocer bumps forecasts November 2, 2020 Digital grocer Ocado has announced two acquisitions worth nearly $300m (£232m) and bumped up its full year earnings forecast, it announced this morning. The retail darling said that it had continued to see strong sales growth during the third quarter as people stuck to digital shopping amid to the coronavirus pandemic. Shares in Ocado rose [...]
