Renault tumbles to €8bn loss and warns over chip shortage February 19, 2021 Renault this morning fell to a record €8bn (£6.9bn) full year loss as the coronavirus battered the car industry. And the French auto giant said that the pain could continue in 2021, with the current semiconductor chip shortage knocking production. The firm estimated that the lack of chips could cause production to fall by 100,000 [...]
Supreme Court rules Uber drivers entitled to workers rights February 19, 2021 The Supreme Court has this morning rejected Uber’s appeal against a ruling that a group of its drivers should be recognised as “workers”. Judges unanimously dismissed the appeal. After nearly five years in the courts, the decision could have profound implications for the so-called gig economy workers. Uber drivers are currently treated as self-employed, meaning [...]
Investors stub out Imperial CEO’s bonus February 18, 2021 Imperial Brands today said that it would cut its new boss’ bonus by 10 per cent a year after a shareholder revolt. Earlier this month around 40 per cent of shareholders voted against Stefan Bomhard’s pay at an annual general meeting. Now the company has said that Bomhard has agreed with the tobacco giant’s remuneration [...]
Liberty Steel bid for Thyssenkrupp steel unit off February 18, 2021 Liberty Steel’s efforts to buy the steel division of Thyssenkrupp came to an end today as the German industrial giant called off the talks. It said that the differing views over the value of the wing had led to the break off of negotiations. However, a spokesperson for Liberty Steel said that it was “keeping [...]
What’s causing the current global shortage of semiconductor chips? February 18, 2021 The modern world runs on semiconductors; everything from mobile phones to washing machines depends on these tiny microchips. But few industries are so totally dependent on these microprocessors as the automotive sector, as has been proved time and again over the last couple of months. One by one, a roll-call of the world’s biggest carmakers [...]
Summer holidays to Greece could be on the cards with vaccine passports February 18, 2021 Greece’ tourism minister has raised hopes that Brits could go on summer holidays to the Mediterranean country through the use of vaccine passports. Speaking to the Today programme, Haris Theoharis said that his government was already in early discussions with UK ministers about how such a system might work. He said that using digital vaccine [...]
Airbus predicts flat deliveries in 2021 as aerospace giant records €1.1bn loss February 18, 2021 Aerospace giant Airbus forecast that it would deliver the same amount of planes in 2021 as last year as it fell to a €1.1bn loss. As a result of the pandemic, the French firm handed over just 566 aircraft to customers – 40 per cent lower than its peak. With the pandemic forcing airlines around [...]
Airline bosses beg Boris for way out of travel restrictions February 18, 2021 The chief executives of the UK’s largest airlines have come together to call on Boris Johnson to include plans for the restart of international travel in next week’s roadmap for the easing of lockdown. Putting aside their normal rivalry, the bosses of BA, Easyjet, Virgin Atlantic, Ryanair and Tui have today written to the PM [...]
Ice cold in Alice, Texas: What’s going on in the Lone Star state? February 17, 2021 A devastating winter storm has been raging over the southern United States for the last five days, with much of the damage concentrated in Texas. So far, 21 people have been killed by the deep freeze, with 2.7m people still without power after the state’s energy grid failed repeatedly. The cold snap has sent the [...]
Supreme Court set for long-awaited Uber employment rights judgement February 17, 2021 On Friday the Supreme Court will hand down its judgement as to whether Uber has been successful in its appeal against a ruling recognising its drivers as workers, not independent contractors. The long-running dispute, which has been bouncing through the courts since back in 2016, could have sizeable implications for the future of the gig [...]
