Carmakers shed 11,000 jobs as production set for worst year since 1957 July 30, 2020 More than 11,000 people in the automotive industry have lost their job in the last six months due to coronavirus, as the sector heads for its worst year of car production since 1957. According to new figures from industry body the Society of Motor Manufacturers and Traders (SMMT), just 880,000 cars are expected to be [...]
London commercial rents set to slump amid ‘drastic’ change to market July 30, 2020 Commercial rents in London are widely expected to fall across the board in the next three months, a new survey from RICS has shown, as the coronavirus pandemic continues to hammer the property market. According to the data, 95 per cent of survey respondents expect retail rents in the capital to decline in the next [...]
Rolls-Royce reportedly mulling £1.5bn rights issue to counter aviation slump July 29, 2020 Engine maker Rolls-Royce is reportedly considering a share issue to raise up to £1.5bn after the slump in aviation due to the coronavirus pandemic left a large dent in its financial position. Earlier this month the engineer, which makes engines for the Boeing 787 and Airbus 350 planes, reported cash outflows today of £3bn for [...]
Tui UK cancels flights to Spanish islands until 4 August July 29, 2020 Package holiday firm Tui UK has today cancelled all of its holidays to the Balearic and Canary Islands until 4 August after the government’s decision to implement a mandatory quarantine on all travellers from Spain. The tour operator had already cancelled all holidays to the Spanish mainland until 10 August. Tui said the cancellations would [...]
Boeing warns of further job cuts as coronavirus sends planemaker to $2.4bn loss July 29, 2020 Aerospace giant Boeing warned that it was considering further job cuts due to the coronavirus pandemic as the planemaker fell to a $2.4bn (£1.9bn) second quarter loss. In a letter to employees, chief executive Dave Calhoun wrote that the prolonged impact of the disease had caused “further reductions in our production rates and lower demand [...]
GSK sales fall as vaccine demand slumps during lockdown July 29, 2020 Revenue at drugs giant Glaxosmithkline (GSK) fell below analyst expectations today as sales of its blockbuster Shingles vaccine contracted sharply in the second quarter. Turnover dropped three per cent to £7.6bn, a little below forecasts of £7.7bn, while earnings per share fell back to 19.2p, lower than the 20.1p predicted. Shares in the FTSE 100 [...]
Government mulling two-test system to cut quarantine time July 28, 2020 People entering the UK from red-listed countries may be allowed to leave quarantine early if they test negative twice for coronavirus in a limited number of days. The BBC reported that the government was close to giving the go-ahead to a trial programme of double testing in order to ease pressure on the travel sector. [...]
Get staff back to offices now, urges LBC’s Nick Ferrari July 28, 2020 LBC’s Nick Ferrari has urged businesses to start bringing their employees back to the office, saying that companies “need a reality check”. His comments were prompted by Google’s announcement that its employees would work from home until summer next year. Speaking on his daily breakfast show, Ferrari said that unless people went back to their [...]
Jet2 cancels flights to Spanish islands after ‘contradictory’ advice July 28, 2020 Budget carrier Jet2 has now cancelled its flights to the Balearic and Canary Islands after the Foreign Office updated its advice to warn against any non-essential travel to the destinations. Until 10 August, the carrier will not operate flights to Gran Canaria, Tenerife, Fuerteventura, Lanzarote, Menorca, Majorca and Ibiza. Yesterday the package holiday group took [...]
Airlines push for regional approach after ‘foolish’ Spain quarantine July 28, 2020 The UK’s aviation industry has called on the government to implement focused quarantines on specific regions of overseas countries in a bid to prevent further damage to the sector. Over the weekend, ministers decided to make it mandatory for all travellers returning from Spain to self-isolate for 14 days after a spike in infections in [...]
