Volkswagen’s boss ‘very concerned’ about EU losing industrial attractiveness November 28, 2022 Volkswagen’s boss Thomas Schafer is very concerned about the EU and Germany losing their industrial attractiveness due to surging energy costs. “We are treading water,” he wrote in a LinkedIn post on Monday. “I am very concerned about the current development regarding investments in the industry’s transformation.” According to Schafer – who has been at [...]
Majority of people don’t feel safe in self-driving cars November 28, 2022 The majority of people around the world don’t feel safe in a self-driving car, according to new research. Figures from a report published today by Lloyd’s Register Foundation show that only 27 per cent of the global population believe they would be safe in a driverless car. “The results from the latest World Risk Poll [...]
Aircraft orders take off globally in positive sign to aviation recovery November 28, 2022 The number of aircraft ordered has risen globally in what can be seen as a positive sign to the aviation industry’s post-Covid recovery. Data published today by aerospace trade body ADS shows that October orders jumped to 299 aircraft – the biggest since 2019. While orders for the last 10 months were the largest since [...]
Historical moment: Rolls-Royce and Easyjet announce world’s first hydrogen engine run November 28, 2022 Rolls-Royce and Easyjet have made aviation history as they announced today the first successful run of a hydrogen-powered plane engine. The test was conducted using a hydrogen demonstrator powered by wind and tidal energy generated in the Orkney Islands. Rolls-Royce’s chief technology officer Grazia Vittadini said it was a “landmark achievement.” “We are pushing the [...]
Finance boss at Inchcape quits after ‘personal behaviour falls short’ November 28, 2022 Inchcape’s chief financial officer has stepped down with immediate effect after displaying “personal behaviour falling short” of the company’s standards at a recent event. Gijsbert de Zoeten quit over the revelations this morning, in a statement put out by the company, forfeiting his long-term incentive plans (LTIPs) as well as any bonuses. By contract he [...]
Government calls on railway stations to keep ticket barriers shut to fight fare evasion November 27, 2022 The UK Government has called on railway stations to keep their ticket barriers shut as it clamps down on fare evasion. “For the barriers to be left open would be bad enough in the days when things were better,” rail minister Huw Merriman said. “To do so when I am fighting so hard with the [...]
Ineos in talks with Rolls-Royce to build mini nuclear reactor and power Scottish chemical refinery November 27, 2022 Ineos is reportedly in talks with Rolls-Royce to build a mini nuclear reactor and power its Scottish chemical refinery. Jointly owned by China’s PetroChina, the Grangemouth factory will need to reach net-zero by 2045 to comply with the Scottish government’s environmental targets, the Sunday Telegraph reported. While Scottish First Minister Nicola Sturgeon has opposed the [...]
US hedge fund to refinance Superdry with £70m package November 27, 2022 US hedge fund Elliott Advisors is set to refinance Superdry with a £70m funding as the clothing company is due to repay its debts early next year. Advised by PwC, Superdry is in talks with Bantry Bay – a London-based fund backed by Elliott – to ensure the new asset-backed lending facility before the January [...]
Volkswagen’s new boss makes strategy U-turn as giant focuses on getting ‘spirit’ back November 27, 2022 Volkswagen’s new chief executive Thomas Schafer has made a u-turn in the company’s strategy, focusing on reducing “the portfolio of models” as well as introducing “proper vehicles.” “We need to get back our spirit, our heart, and create new iconic people’s cars,” Schafer told the Sunday Times. The German manufacturer has been through a turbulent [...]
Mark Harper: Inflation-matching pay rises ‘unaffordable’ November 27, 2022 Increasing workers’ salaries to match inflation rates is simply unaffordable, according to transport secretary Mark Harper. “We want to try and give all the workers in the public sector who work very hard decent pay rises, but they can’t be inflation busting,” he told Sky News’ Sophy Ridge on Sunday. Salary increases have been the [...]
