Mario Draghi and Emmanuel Macron call on EU to reform fiscal rules December 24, 2021 Italian Prime Minister Mario Draghi and French President Emmanuel Macron have called on the EU to reform its fiscal rules. In joint article published yesterday on the Financial Times, the two argued that even before the pandemic, the bloc’s fiscal rules were in need of reform as they are “too obscure and excessively complex”, constraining [...]
Lufthansa cancels record 33,000 flights after dramatic crash in demand December 24, 2021 German carrier is reportedly planning to slash around 33,000 flights as a result of the Covid-induced reduction in passenger demand this winter. According to the airline’s boss Carsten Spohr, Lufthansa was currently operating 60 per cent of its flights, as bookings for the mid-January to February period were hit the hardest, especially in the group’s [...]
Strikes hit Cross Country trains as people travel home for Christmas December 24, 2021 The National Union of Rail, Maritime and Transport Workers (RMT) announced that strike action will go on today on Cross Country trains, creating massive disruption for thousands of travellers on the way to see their families for Christmas. Citing an assault on the “safety critical role of senior conductors and train managers,” Cross Country workers [...]
DCD Media travels upwards as 108 Media sale is finalised December 24, 2021 Independent TV production group DCD Media has registered positive results – including a 28 per cent hike in its adjusted EBITDA – in the six months ended 30 September. The company’s gross profits have gone up 11.4 per cent compared with the same time last year, while operating profits have jumped 7.8 per cent to [...]
Automotive output falls 28.7 per cent despite EV boost December 23, 2021 The UK automotive output declined 28.7 per cent in November to 75,756 units produced. According to data from the Society of Motor Manufacturers and Traders (SMMT) released today, both domestic and overseas markets plunged, going down 18.8 and 30.4 per cent respectively. “These are incredibly worrying figures, underscoring the severity of situation facing the automotive [...]
Air passenger demand to grow by two thirds on 2021 levels December 22, 2021 Passenger demand in 2022 is expected to grow by two thirds on 2021, only 15 per cent down on 2019 levels. According to aviation analytics firm Cirium, capacity growth will reach up to 47 per cent and will go back to 2015 levels. “Whilst I knew Cirium’s fleet forecast is more optimistic than what we [...]
Austria introduces tougher restrictions for UK travellers December 22, 2021 After France and Germany, Austria has become the latest EU country to tighten restrictions for those coming from the UK. From Christmas Day, Britain will be classified as a virus variant region, meaning that travellers will need to quarantine for 10 days upon entering the country. People who are fully vaccinated and have received their [...]
Ryanair expects losses to double as Omicron eats into bookings December 22, 2021 Low-cost carrier Ryanair is expecting its losses for the year ending March to double following concerns over the latest Covid variant, Omicron. The company’s shares on the ISE went down today 1.06 per cent to €15.43. The airline said its net losses will range between €250m to €450m, compared with €100-€200m that was previously estimated, [...]
Carbon value of Heathrow third runway increases to £100bn December 22, 2021 The costs of bringing down the carbon impact of Heathrow’s proposed third runway has doubled as a result of the UK Government’s net-zero ambitions. According to research by London think tank New Economics Foundation, the third runway’s carbon value for the 2025-2050 period has gone up from £50bn to £100bn, potentially impacting the expansion plans, [...]
Union Unite calls on government to deliver ‘urgent’ support to aviation December 22, 2021 The union Unite has called on the UK Government to deliver ‘urgent’ support to the aviation industry following Whitehall’s £1bn package for the hospitality sector. Unite has urged Chancellor Rishi Sunak to help the industry weather the uncertainty caused by the Omicron variant, “so that it can rebuild sustainably and with resilience.” “Since this crisis [...]
