Vauxhall owner commits £100m to future of Ellesmere Port July 6, 2021 Vauxhall owner Stellantis will invest £100m in the car firm’s plant at Ellesmere in Cheshire, it confirmed this morning, ending months of uncertainty about the future of the factory’s 1,000 jobs. The site will be transformed into a facility for building electric vehicles in another significant coup for the UK car industry. Prime Minister Boris [...]
London businesses received £16bn through government support schemes July 6, 2021 London businesses took more than £16bn in taxpayer money through the government’s two largest Covid-19 support schemes, it was revealed today. The British Business Bank, which administers the scheme, said that the proportion of the lending to the capital’s business community was about 20 per cent of the national total. That’s broadly in line with [...]
British Airways settles with victims of 2018 data breach July 6, 2021 British Airways has reached a settlement with thousands of claimants over a massive breach of customer data back in 2018, it was announced this morning. On 7 September 2018 the flag carrier revealed that the names, debit and credit card numbers, addresses and email addresses of over 420,000 people had been accessed in a security [...]
Travel Perk snaps up business travel firm Click Travel July 6, 2021 Business travel firm Travel Perk has this morning snapped up Click Travel, which handles £300m worth of travel for around 2,000 clients. It is the third and largest acquisition that Travel Perk has made since the Baupost Group-backed firm was founded in 2015. It said that the deal would establish the firm as the leading [...]
Vauxhall set to announce plan to build electric vans at Ellesmere Port July 6, 2021 Vauxhall could announce plans to build electric vans at its plant at Ellesmere Port in Cheshire as early as today. It is understood that the new investment into the plant could be worth hundreds of millions of plans, and would protect about 1,000 jobs. If so, the investment would complete an excellent few days for [...]
TfL must be ‘realistic’ on mega-projects, says deputy mayor, as wait for long-term funding deal goes on July 3, 2021 Heidi Alexander has a lot on her plate. In normal times, overseeing London’s transport network as Sadiq Khan’s deputy mayor for the sector would be quite the job, what with keeping the capital’s commuters happy while delivering huge infrastructure projects like Crossrail. And that is before the pandemic left TfL operating on a shoestring budget, [...]
Tesla hits record deliveries despite chip shortage July 2, 2021 Electric carmaker Tesla posted record vehicle deliveries for the second quarter as the firm handled the worldwide semiconductor shortage through sales of its cheaper models. The results were in line with analyst expectations, as the firm cooed the supply crisis better than many of its more established rivals. However chief executive Elon Musk has warned of [...]
Glencore ‘in talks’ with GFG over refinancing aluminium business July 2, 2021 Sanjeev Gupta’s GFG Alliance is reportedly in talks with commodities giant Glencore over refinancing debt at its European aluminium business Alvance. The metals tycoon is scrambling to refinance his business after the collapse of main lender Greensill in March. The FT reported that Glencore and GFG were in discussions over refinancing $500m of debt at [...]
Wizz Air ‘offers chief exec £100m bonus’ amid rapid expansion push July 2, 2021 Wizz Air has reportedly offered its boss Jozsef Varadi an £100m one-off bonus if he can more than double the Hungarian carrier’s share price over the next five years. The FT said that the low-cost airline had set up the bonus scheme in a bid to keep its chief executive in place amid a flurry [...]
Credit Suisse to pay out further $750m to Greensill fund investors July 2, 2021 Credit Suisse will pay out a further $750m (£545.9m) to backers of its Greensill-linked supply chain finance funds, its asset management arm announced today. Thus far, the lender has clawed back $6.1bn of the $10bn of its funding supported by collapsed supply chain finance firm Greensill Capital, up $200m on its previous update. The new [...]
