Saudi Aramco profit falls 25 per cent on oil price implosion May 12, 2020 State-owned oil giant Saudi Aramco saw its first quarter profit fall 25 per cent as the coronavirus crisis decimated the price of crude oil. Over the course of the quarter, the price of worldwide standard Brent crude fell roughly two-thirds, sending the firm to a 62.5bn riyals (£13.5bn) profit, down from 83.3bn riyals a year [...]
Aviation sector slams ‘devastating’ 14-day quarantine plans May 11, 2020 The leaders of the UK’s biggest airlines and airports have written to the government criticising its newly-announced 14-day quarantine period for incoming visitors to the UK. In the letter, which is signed by 27 senior industry figures including the chief executives of Ryanair, Easyjet, Heathrow, Gatwick, and Tui, the sector warned: “An open-ended quarantine, with [...]
Sir Richard Branson to sell $500m of Virgin Galactic stake to prop up other firms May 11, 2020 Sir Richard Branson is set to sell up to $500m shares in space tourism firm Virgin Galactic in order to prop up his other businesses, company filings published today showed. According to a submission to the US Securities and Exchange Commission, Branson will sell up to 25m shares in the company. At Friday’s close of [...]
TfL: Londoners should wear face masks on Tube May 11, 2020 Transport for London (TfL) has warned commuters that they will have to “significantly change” the way they travel as the country begins to ease coronavirus lockdown measures. After Prime Minister Boris Johnson last night said that those who could not work from home should return to work, the operator laid out its initial plan to [...]
British Airways to review July restart plans after quarantine plans revealed May 11, 2020 IAG’s chief executive Willie Walsh has said that British Airways is reviewing plans to resume 50 per cent of its flights in July due to the government’s new quarantine measures. Speaking to the Transport Select Committee this morning, Walsh said: “I don’t think anybody believed that the UK government was actually implemented if they were [...]
French passengers not included in UK quarantine plans May 11, 2020 The UK’s new quarantine measures for incoming passengers will not apply to people coming from France, Downing Street has confirmed. Last night Prime Minister Boris Johnson announced that “it would soon be time” to introduce a quarantine period for all those entering the UK by air. However, after a phone call with French president Emmanuel [...]
Heathrow calls for border reopening plan as passenger numbers fall 97 per cent May 11, 2020 The chief executive of the UK’s largest airport Heathrow has called on the government to lay out a roadmap for how it will reopen its borders after coronavirus. Speaking as the airport announced that passenger volumes in April had fallen 97 per cent, John Holland-Kaye said: “Aviation is the lifeblood of this country’s economy, and [...]
Easyjet calls on government to use quarantine rules for only a short period May 11, 2020 Low-cost carrier Easyjet today said that the government should only keep quarantine requirements for people entering the UK in place for a “short period”. Last night Prime Minister Boris Johnson had announced that mandatory quarantine for air passengers coming into the UK would soon be put in place. He said: “And to prevent re-infection from [...]
Car use on the rise as drivers await easing of lockdown measures May 8, 2020 The UK’s drivers have begun to use their cars more than earlier in the coronavirus lockdown period, an study by the RAC has found, ahead of Sunday’s announcement of how the measures will be eased going forward. Comparing data from last week to that in the second week of lockdown, the RAC found that the [...]
Oil prices jump amid signs of rising demand May 7, 2020 Oil prices jumped today as a combination of an unexpected rise in Chinese exports and cuts by US producers helped extend a week of gains. By the mid-afternoon, worldwide standard Brent crude rose a further 5.7 per cent to cement its position above $31. US benchmark West Texas Intermediate (WTI) leapt 8.9 per cent to [...]
