Semiconductor shortage to cost carmakers $110bn in 2021 May 14, 2021 The current global shortage of semiconductors is on track to cost the world’s automakers $110bn in revenue this year, almost twice previous estimates. Consultants at Alix Partners said that 3.9m fewer vehicles would be manufactured in 2021 as a result of the shortfall, weighing on car firms’ earnings. One by one the world’s car giants [...]
Citymapper smashes fundraising expectations with £6.7m in investment May 14, 2021 Travel app Citymapper has today smashed expectations in its first ever crowdfunding campaign, having so far raised over £6.7m. Over 9,000 investors have so far piled into the firm, which opened the two-day funding campaign with the aim of raising £1m. Investors will get a share of 3.4 per cent of Citymapper, which now has [...]
Six in 10 travelling for work last week as homeworking uncertainty kicks in May 14, 2021 Six in 10 people left home to travel to work in the UK over the last seven days, new data from the Office of National Statistics (ONS) today showed. Though the same figure as last week, it is considerably higher than during the height of lockdown in February, when just 44 per cent of people [...]
Pendragon facing massive shareholder revolt over pay at AGM – report May 14, 2021 Car dealer Pendragon is facing a huge shareholder revolt over its chief executive’s bonus package at next week’s annual general meeting (AGM). According to Sky News, several of the firm’s directors could be voted off the board in protest over the renumeration of its executives. It reported that remuneration committee chair Mike Wright was looking [...]
Consign coal to history ahead of COP26, says Sharma May 14, 2021 Alok Sharma has this morning called on nations around the world “to consign coal to history” ahead of this autumn’s COP26 climate conference in Glasgow. Speaking this morning, the UK’s president for the crunch talks said the G7 economies would lead the way in the quest to stop using the fossil fuel. “Because if we [...]
Amazon to create 10,000 UK jobs this year May 14, 2021 Amazon today announced that it would create 10,000 new jobs in the UK in 2021 as the online giant expands its workforce in the country. It said that it would also invest £10m over three years to train up 5,000 of its staff using its “Career Choice” programme. The firm has partnered with the British [...]
FTSE 100 sinks to five-week low while tech shares drive Wall Street higher May 13, 2021 London’s FTSE 100 dropped sharply this afternoon, giving up yesterday’s gains amid fears of a rise in inflation and weak performance from heavyweight stocks. London’s premier index was down by 0.7 per cent in afternoon trading, dropping to 6,953.60 points – its worst price for almost a month. The FTSE 250 of midcap companies was [...]
Kennington Station to become Zone 1/2 station from Sunday May 13, 2021 Kennington Underground station will switch from being a Zone 2 station from Sunday and become a Zone 1/2 station instead. As part of the Northern Line extension project, the change in fare zones means that passengers travelling to central London from new stations at Battersea Power Station and Nine Elms will only pay a zone [...]
Exclusive: Hydrogen fueling firm Element Two kicks off £30m funding round May 13, 2021 Hydrogen refuelling firm Element Two has today kicked off a new funding round as it looks to raise £30m in equity and debt to build up its network of distribution stations. The company, which is planning to deploy over 800 pumps onto the UK network by 2027, and 2000 by 2030, will use the proceeds [...]
Competition watchdog warns travel firms over summer holiday refunds May 13, 2021 The UK’s competition watchdog has today warned package holiday firms that they will be in breach of the law if they do not give passengers refunds if holidays are cancelled this summer due to the pandemic. Last summer the Competition and Markets Authority (CMA) received thousands of complaints from frustrated holidaymakers who were unable to [...]
