Gatwick Airport says passenger numbers will take up to four years to recover April 24, 2020 Gatwick Airport said today that it would take three to four years for passenger numbers to recover to pre-coronavirus levels. Before the coronavirus decimated global air traffic, the UK’s second-busiest airport had seen passenger numbers rise to 37m in the nine months ending in December 2019. Subsequently, Gatwick has been forced to take dramatic steps [...]
Oil prices extend rally as producers begin cutting output April 23, 2020 Oil prices continued their rally this afternoon as the global market stabilised after historic levels of volatility earlier this week. By mid-afternoon, global benchmark Brent crude was trading at $22.90, meaning it has gained nearly 50 per cent after yesterday’s slide to pre-millenium levels. US standard West Texas Intermediate (WTI), which began the week by [...]
Anglo American production slips amid coronavirus lockdown April 23, 2020 Anglo American’s production volumes fell four per cent in the first quarter as coronavirus precautions limited the mining giant’s output capacity. Output fell across the group’s palladium, iron ore, platinum and diamond mining operations, with particular constraints on its assets in South Africa. Operations in the country, which accounts for roughly half of Anglo’s profits, [...]
Astrazeneca to trial diabetes drug as potential coronavirus treatment April 23, 2020 Pharmaceuticals giant Astrazeneca today announced that it was beginning clinical trials to see if one of its diabetes drugs could be used to tackle coronavirus. The trial will test whether Farxiga, which is used to treat type-2 diabetes, can reduce the risk of serious complications and organ failure in coronavirus patients with existing heart and [...]
Tullow Oil shares jump as firm sells Uganda assets for $575m April 23, 2020 Tullow Oil has sold its last remaining stakes in its Uganda business to French major Total, the first step in its plan to bolster its fragile finances. The deal will see Total pay the Africa-focused oil firm $575m (£465.2m) for its Ugandan assets, the first move in a portfolio management programme aiming to raise $1bn. [...]
Oil prices steady after historic crash left market reeling April 23, 2020 Oil traders were on the receiving end of some welcome respite this morning as prices firmed overnight after a week of extreme volatility. After yesterday’s collapse to pre-millenium levels, global benchmark Brent crude continued its rally to rise seven per cent to $21.82. US standard West Texas Intermediate also firmed up, gaining 10 per cent [...]
Coronavirus: Meggitt to cut 1,800 jobs due to global aviation shutdown April 23, 2020 British defence contractor Meggitt will cut 1,800 jobs as the firm embarks on a major cost-cutting programme to cope with the shutdown of the global aviation market. The cuts, which represent 15 per cent of the engineer’s workforce, are part of a number of measures to be implemented in order to reduce expenditure by £400-£450m [...]
Renault sees revenue drop a fifth due to coronavirus April 23, 2020 French car giant Renault saw its revenue drop nearly a fifth in the first quarter, warning that it was still to early to say what the overall impact of the coronavirus crisis would be. Revenue at the group fell 19.2 per cent to reach €10.1bn (£8.9bn) as car sales slumped due to the pandemic, which [...]
US crude oil inventories near all-time highs as demand dries up April 22, 2020 US crude oil inventories neared record levels today as producers continued to pump despite a near-total collapse in demand. Crude inventories rose by 15m barrels in the week to April 17 to 518.6m barrels, putting them within striking distance of an all-time record of 535m barrels set in 2017. Rystad Energy analysts had predicted an [...]
Coronavirus: Thwarted holidaymakers seeking £7bn in refunds April 22, 2020 Consumer rights group Which? has said that it has received thousands of complaints from customers trying to secure refunds from the UK’s biggest travel companies and airlines. New research from the group shows that many of the UK’s leading travel firms are breaching their legal obligations to pay refunds within the required timescale, instead offering [...]
