IAG haemorrhaging cash at £178m a week, says BA boss Cruz June 4, 2020 British Airways boss Alex Cruz has said that parent company IAG was burning through £178m a week due to the coronavirus crisis, raising fears it might not survive. In an internal note seen by Reuters, Cruz said that IAG’s dire financial situation meant its 12,000 job cuts were necessary. The airline came under heavy criticism [...]
The City View: Goldman Sachs leads new mental health fund with £400K donation June 4, 2020 In this episode Christian is joined by Poppy Jaman, CEO of the City Mental Health Alliance, which brings together City leaders to promote and sustain good mental health. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS The Alliance is one of many charities behind a new Mental Health Sustainability Fund, aimed at ensuring the sector has enough [...]
Digital bank Monzo to cut up to 120 jobs due to coronavirus June 3, 2020 Digital bank Monzo will cut up to 120 jobs as a result of the coronavirus pandemic, it was revealed today. In an internal note seen by Reuters, the cuts, which amount to about eight per cent of the bank’s workforce, were announced. The memo said: “Unfortunately we haven’t been able to achieve the goal of [...]
HSBC Asia chief backs new Chinese security law for Hong Kong June 3, 2020 HSBC’s chief executive in Asia has signed a petition backing China’s imposition of a new national security law on semi-autonomous Hong Kong. The bank today confirmed that chief Peter Wong had signed the petition, and also said on social media that it “respects and supports all laws that stabilise Hong Kong’s social order”. The declaration [...]
Total acquires 51 per cent stake in Scotland’s largest wind farm June 3, 2020 French oil giant Total has taken a 51 per cent stake in SSE Renewables’ £3bn Seagreen 1 wind farm, which was today greenlit for construction. The 1 gigawatt wind farm, which will be located in the Firth of Forth, will be Scotland’s largest renewable energy project. Once completed, it will provide enough electricity to power [...]
Business groups hit back at 14-day quarantine plan June 3, 2020 Home secretary Priti Patel earlier this afternoon laid out the government’s plans to quarantine all international arrivals in England for 14 days. However, the confirmation of the much-discussed plans, which will come into effect from 8 June, met with dismay from business groups from across the economy. Catherine McGuiness, policy chair at the City of [...]
Priti Patel lays out details of 14-day quarantine plan June 3, 2020 Home secretary Priti Patel has confirmed that all overseas travellers arriving in England will have to quarantine for 14 days. Speaking in parliament, Patel said that the blanket approach to incoming visitors was “necessary”, but said they were temporary restrictions. The measures will be implemented on 8 June, with the first review set for 28 [...]
Contactless payments soar over £900m in UK lockdown June 3, 2020 Barclaycard today revealed it has processed over 25m contactless payments above £30 since the new £45 limit was introduced, with a total value of over £900m. As of April 1, when the spending cap was raised, the average of these payments has been £36.29, according to data released by the brand. The limit was raised [...]
Sizewell C: Nuclear plant under scrutiny over Chinese role June 3, 2020 A quiet corner of the Suffolk coastline is set to become a new frontier in the debate over the UK’s changing relationship with Chinese foreign direct investment. Last week EDF submitted a planning application for Sizewell C, a new 3.2 gigawatt nuclear plant which could provide enough power for 6m homes. The project has been [...]
London City Airport to resume flights at end of June June 3, 2020 London City Airport has today announced that it will reopen for commercial flights from the end of June after being closed for the past three months. On 25 March, the airport elected to suspend all of its passenger operations due to the fallout from the coronavirus crisis. Now, however, it has announced its intention to [...]
