Rolls-Royce shares halve after £2bn rights issue approved October 28, 2020 Rolls-Royce’s stock halved today after the the engine-maker’s shareholders voted in favour of a £2bn rights issue. After the morning’s trading, the blue chip’s stock was trading at 94.85p, down 56.7 per cent for the day. It’s the lowest the shares have traded at in over 15 years, and means that the stock has shed [...]
GSK profit falls a fifth in the third quarter October 28, 2020 Glaxosmithkline (GSK) saw profit attributable to shareholders slip nearly a fifth in the third quarter, but said it was on track to deliver on its guidance for the year. The update came after the pharma giant announced that it would provide a global coronavirus vaccine programme with 200m doses of its candidate. Over the three [...]
BT taps Ericsson to provide London 5G networks October 28, 2020 BT has chosen Swedish telecoms firm Ericsson to provide 5G radio equipment in London, Edinburgh, Belfast, Cardiff and other major UK cities. The deal means that when rollout is completed, Ericsson will manage around 50 per cent of BT’s 5G traffic. It comes just months after the government said it would ban Chinese firm Huawei [...]
Exclusive: MPs call for clarity on Bounce Back Loan replacement as lenders shut door on SMEs October 28, 2020 An influential group of cross-party MPs has called for the government to replace the Bounce Back Loan Scheme (BBLS) as soon as possible after lenders shut the door on new applicants for the state-backed coronavirus funding. All but one of the 28 banks eligible to lend money under the scheme have closed to new customers, [...]
Mercedes-Benz to take 20 per cent stake in embattled British icon Aston Martin October 28, 2020 Mercedes-Benz will take a 20 per cent equity stake in beleaguered Aston Martin, the iconic British carmaker announced this afternoon.
City of London demands answers on reopening of Waterloo and City Line October 27, 2020 The City of London’s policy chair has written to Transport for London’s commissioner seeking clarity on when the Waterloo and City Tube line will be reopened. The line – which travels directly between Bank and Waterloo stations – was closed when the country was put into the initial coronavirus lockdown in March and is the [...]
Rolls-Royce shareholders approve £2bn rights raise plan October 27, 2020 Rolls-Royce shareholders have this morning approved the engine maker’s £2bn rights issue as it seeks to bolster its finances. As a result, the group’s liquidity will rise by £5bn, as the capital raise opens up new options including a £2bn bond issue and the extension of a two-year loan by £1bn. Chairman Ian Davis told [...]
Driverless Tube trains would cost £7bn, report shows October 27, 2020 A leaked document has shown that it would cost £7bn to introduce driverless trains onto London’s Tube network. Automating trains on the capital’s underground network is a pet project of PM Boris Johnson, who has pushed for progress on the development. Back in July, he said that driverless Tube trains should be a condition of [...]
Exclusive: Private jet sector remains ‘robust’ amid air travel slump October 27, 2020 The number of flights made on private jets in August was nearly three per cent higher than in the same month last year, new data for City A.M. has shown. Analysis from business aviation broker Colibri Aircraft showed that there were 68,525 such flights in August, a 2.8 per cent rise year-on-year, despite the coronavirus [...]
Easyjet raises £300m from plane sales in bid to boost balance sheet October 27, 2020 Easyjet today agreed to sell nine more planes for £305.7m as the low-cost carrier seeks to relieve pressure on its balance sheet. Wealth management firm Wilmington Trust Services will buy five Airbus 320s, and aircraft leasing firm Sky High 112 will buy the remaining four 320s. Earlier this month Easyjet was reported to have told [...]
