60 business leaders warn Sunak to bring Great British Railway plans forward – or jobs and investment will be on the line May 9, 2023 Sixty business leaders have written to Prime Minister Rishi Sunak today, urging him not to delay legislation that would establish Great British Railways (GBR) beyond the current parliament. The letter, which was also addressed to Transport Secretary Mark Harper and Rail and HS2 Minister Huw Merriman, argued that pushing the reforms into the long grass [...]
Ryanair places multi-billion Boeing order as airline bets on boosting passenger numbers May 9, 2023 Ryanair has placed a multi billion dollar order for up to 300 Boeing 737 Max 10 jets in a deal which would mark the end of a dispute between the two aviation giants. The deal is estimated to be worth around $40bn (£31.7bn) based on listed prices, with a discount likely due to the sheer [...]
Elizabeth Line: Workers to walk out later this month on London’s most popular route May 9, 2023 Elizabeth Line workers will strike on Wednesday 24 May in what is the latest industrial action to hit London’s most popular line. The action brought by members of the Transport Salaried Staffs’ Association (TSSA) union announced today, is part of an ongoing pay dispute between operational staff, such as traffic and response managers, and TfL. [...]
Direct Line faces ‘bumpy road ahead’ as motor claims soar May 9, 2023 Direct Line warned that rising motor claims would put pressure on earnings today, as it published its first quarter results. The company reported a 9.7 per cent rise in first-quarter underlying gross written premiums to £805.7m. The insurer warned its motor segment would continue to “put pressure” on earnings, as damage related claims tick higher [...]
London cabbies’ green ambitions slowed by poor EV charging set-up, warn taxi firms May 8, 2023 Taxi firms have called for more action from government and City Hall to address failures in London’s EV charging infrastructure, which they argue is slowing the transition to electric fleets. “There’s work to be done on infrastructure,” Liam Griffin, CEO of Addison Lee, told City A.M. “When we signed up to this, there were all [...]
Electric cars running out of charge as sales forecast downgraded May 4, 2023 Electric vehicle (EV) sales forecasts have been lowered despite nine consecutive months of growth in the UK car market, as concerns build over inadequate charging infrastructure in the UK. According to the Society of Motor Manufacturers and Traders’ (SMMT) forecasts, 22.6 per cent of new car registrations will now be battery electric vehicles (BEVs) by [...]
Maersk takes big revenue hit as pandemic-era bonanza ends May 4, 2023 Shipping giant Maersk reported a significant revenue drop of 26 per cent today, down from $19.3bn (£15.4bn) to $14.2bn (£11.31bn) year on year, as the freight and shipping sector saw demand fall sharply. The Copenhagen-based group said profitability for the quarter was “significantly lower” compared to last year, amid low demand and challenging economic circumstances. [...]
BMW: Revenue jumps despite sales dip amid ‘persistently volatile conditions’ May 4, 2023 BMW Group's reported a healthy increase in quarterly revenue today as past price hikes helped the firm weather a dip in sales amid “persistently volatile conditions.”
Trainline shrugs off UK strikes with £4.3bn in ticket sales as continental success keeps it on right track May 4, 2023 Trainline reported bumper ticket sales of £4.3bn for the last 12 months, up 72 per cent year on year and 16 per cent higher than pre-Covid. The London-listed seller saw revenues of £327m, up 74 per cent from last year, citing surging ticket sales in the UK and on the continent especially as a key [...]
Porsche sees jump in profit and sales as luxury brands float above recession fears May 3, 2023 Porsche, the German-based car manufacturer, reported a 25 per cent jump in its profit this quarter as luxury car demand remains unperturbed amid a gloomy global economy. The luxury car marque saw its operating profit jump 25.4 per cent to €1.8bn (£1.59bn), beating analysts’ predictions, while sales rose 25.5 per cent in the first quarter [...]