Virgin Atlantic creditors back crunch £1.2bn bailout deal August 25, 2020 An overwhelming majority of Virgin Atlantic’s creditors have this afternoon approved the embattled airline’s £1.2bn bailout package, a critical step in ensuring the carrier’s survival. In a statement, the carrier said that all four of its creditor classes had voted in favour of the proposal. The vote marks a huge step forward in Virgin’s bid [...]
AIM-listed Infrastrata swoops for historic Devon shipyard August 25, 2020 An historic shipyard in Devon is set to reopen after it was bought by AIM-listed Infrastrata in a deal worth £7m, in a rare boost for the UK’s manufacturing sector. Appledore shipyard, situated on the River Torridge near Bideford, shut last year when defence giant Babcock decided that the site had no future. However, the [...]
Exclusive: Crypto exchange Coinbase appoints new UK boss August 25, 2020 Coinbase, one of the world’s largest cryptocurrency exchanges, has appointed Marcus Hughes as its new general manager in the UK and Europe, City A.M. can reveal. Hughes, who joined the San Francisco-headquartered exchange in 2018 as legal counsel, will be tasked with growing the business across the region at a time of rapid change for [...]
American Airlines to cut 19,000 jobs unless extra aid released August 25, 2020 American Airlines has warned that it will be forced to cut 19,000 jobs in October unless the US government provides the carrier with further financial assistance. In total, around 40,000 jobs – 30 per cent of the the airline’s workforce – will be lost, including voluntary redundancies and other departures. Back in March, US airlines [...]
Carnival-owned Cunard suspends all cruises until March next year August 25, 2020 Carnival-owned cruise operator Cunard has cancelled all of its sailings until March 2021 at the earliest due to continuing concerns over the coronavirus pandemic. In a statement, the luxury cruise ship line said that it was extending its suspension of all sailings from November this year until the spring, a year after first suspending its [...]
Thames Tideway ‘super sewer’ won’t open until 2025 due to coronavirus August 25, 2020 The construction of the Thames Tideway “super sewer” is now expected to cost £233m more as a result of coronavirus, with the mega-project now not expected to be completed until 2025. As a result of the increased cost, Thames Water customers may face slightly higher water bills, the Telegraph first reported. At the moment, customers [...]
Southeastern to introduce colour-coded system to help commuters avoid busy trains August 25, 2020 Train franchise Southeastern will from next week tell passengers how busy their train is before they board to help them better observe social distancing rules. The operator, which runs rail services into London and the south-east, will become the first franchise to share such data directly with commuters in a bid to increase confidence that [...]
The City View: RSM global CEO on the coming wave of invention and creativity August 25, 2020 In this episode Christian talks to Jean Stephens, global CEO of RSM International, the world’s sixth largest audit, tax and consulting network. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Jean reflects on her own leadership during the last few months and how she’s adapted, having previously spent 70 per cent of her time on international flights. Jean also [...]
Wall Street hits fresh highs as bull run continues apace August 24, 2020 Wall Street once again closed at record highs this evening as stocks soared on optimism over a potential new treatment for the coronavirus disease. Having last week reclaimed February’s pre-pandemic highs, neither the benchmark S&P 500 nor the Nasdaq showed any signs of slowing down, as the fastest ever recovery from a bear market continued [...]
Hong Kong man becomes first documented case of coronavirus reinfection August 24, 2020 A man from Hong Kong has today become the first documented case of someone being reinfected with coronavirus after recovering from the virus, researchers at the University of Hong Kong have confirmed. In April, the man was discharged from hospital having been cleared of the disease, but tested positive again after returning to Hong Kong [...]
