UK sets new record for longest period without coal-powered electricity April 28, 2020 The UK has this morning set a new record for the longest period without using electricity generated from coal since pre-industrial times. As of midday, the country has been without coal power for 18 days and 12 hours, the longest period since the Industrial Revolution. The previous record was set on 4 June last year, [...]
Nissan set for first loss since 2008 financial crisis April 28, 2020 Nissan is on course to post its first annual loss since the 2008 financial crisis, the Japanese auto giant warned today. Car sales have collapsed around the world as the coronavirus pandemic has drained demand, with carmakers braced for significant losses. In a statement, Nissan said it was forecasting a loss of 45bn yen (£338m), [...]
BP profit tumbles by two-thirds as oil demand dries up April 28, 2020 BP’s underlying profit fell by two-thirds in the first quarter as the coronavirus crisis destroyed global demand for oil. The oil giant’s underlying cost replacement profit, its preferred reporting metric, dropped from $2.4bn (£1.9bn) to $0.8bn year-on-year. Shares in BP fell a little over one per cent this morning. The figures For the quarter, the [...]
UK oil industry warns 30,000 jobs at risk due to coronavirus April 28, 2020 Up to 30,000 jobs could be lost in the UK’s oil and gas industry due to the market disruption caused by the covonavirus pandemic. According to a survey conducted by sector body Oil and Gas Uk (OGUK), one in five of the 151,000 sector employees could lose their jobs due to the crisis. Oil prices [...]
Oil prices on brink of another collapse as storage dries up April 27, 2020 Oil prices were on the precipice this afternoon amid fears that a repeat of last week’s historic collapse into the negative could be on the cards. By mid-afternoon, the price of the June delivery contract for US standard West Texas Intermediate (WTI) had dropped nearly 28 per cent as storage facilities across the country approached [...]
Easyjet board set for showdown with founder over Airbus contract April 27, 2020 Easyjet’s board has set the date for a showdown with founder Sir Stelios Haji-Ioannou, who has been calling for the airline to scrap a £4.5bn order with Airbus. On May 22, shareholders will vote on whether to back the board’s plan to go through with the deal, which has been modified in light of the [...]
Steelworks MP calls for changes to loan scheme after Tata bailout request April 27, 2020 The Labour MP for Aberavon, which contains Tata Steel’s Port Talbot steelworks, has written to chancellor Rishi Sunak asking him to lift the cap on the size of loans large companies can receive to limit the coronavirus damage. Yesterday it was reported that the firm, a subsidiary of giant Indian conglomerate Tata, was seeking £500m [...]
Norwegian Air says planes set to remain grounded until April 2021 April 27, 2020 Low-cost carrier Norwegian Air does not expect to begin ramping up its number of flights until next April at the earliest, according to a proposal published ahead of a key stakeholder meeting this week. Unless the airline gets approval for its proposed rescue plan, it warned that it could run out of cash by mid-May. [...]
Airlines call on government to extend furlough scheme beyond June April 27, 2020 The UK’s airlines have written to chancellor Rishi Sunak warning him that carriers could face a “renewed cash crisis” if the coronavirus job retention scheme is not extended beyond June. In a letter, Tim Alderslade, chief executive of sector body Airlines UK, said: “There is a danger that should the CJRS be withdrawn prematurely, carriers [...]
Boris Johnson: Lifting UK lockdown too early would spell ‘economic disaster’ April 27, 2020 Prime Minister Boris Johnson today warned the UK could face an “economic disaster” if the lockdown ends too early, urging businesses to be patient as he returned to Downing Street. The Prime Minister said the UK was “beginning to turn the tide” on coronavirus. But he cautioned against lifting the coronavirus lockdown restrictions too early, [...]
