Virgin Atlantic creditors back crunch £1.2bn bailout deal August 25, 2020 An overwhelming majority of Virgin Atlantic’s creditors have this afternoon approved the embattled airline’s £1.2bn bailout package, a critical step in ensuring the carrier’s survival. In a statement, the carrier said that all four of its creditor classes had voted in favour of the proposal. The vote marks a huge step forward in Virgin’s bid [...]
AIM-listed Infrastrata swoops for historic Devon shipyard August 25, 2020 An historic shipyard in Devon is set to reopen after it was bought by AIM-listed Infrastrata in a deal worth £7m, in a rare boost for the UK’s manufacturing sector. Appledore shipyard, situated on the River Torridge near Bideford, shut last year when defence giant Babcock decided that the site had no future. However, the [...]
Exclusive: Crypto exchange Coinbase appoints new UK boss August 25, 2020 Coinbase, one of the world’s largest cryptocurrency exchanges, has appointed Marcus Hughes as its new general manager in the UK and Europe, City A.M. can reveal. Hughes, who joined the San Francisco-headquartered exchange in 2018 as legal counsel, will be tasked with growing the business across the region at a time of rapid change for [...]
American Airlines to cut 19,000 jobs unless extra aid released August 25, 2020 American Airlines has warned that it will be forced to cut 19,000 jobs in October unless the US government provides the carrier with further financial assistance. In total, around 40,000 jobs – 30 per cent of the the airline’s workforce – will be lost, including voluntary redundancies and other departures. Back in March, US airlines [...]
Regulators target football fans in pension scam awareness campaign August 25, 2020 Regulators are targeting football fans in a new campaign intended to raise awareness of pension scams, with over £30m reportedly lost to scammers since 2017. Reported losses range from under £1,000 to as much as £500,000, according to the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) with the average victim being a man [...]
Exclusive: UK-Japan trade deal in doubt for Monday’s deadline August 25, 2020 Doubts are growing in Whitehall that a UK-Japan trade deal will be completed by next week’s deadline, despite Downing Street saying just yesterday the target would be met. The Prime Minister’s official spokesman told journalists yesterday that Boris Johnson expected the deal to be closed by next Monday’s deadline. However, City A.M. understands that Department [...]
Ofqual boss Sally Collier quits after exams fiasco August 25, 2020 The head of the exams regulator, Sally Collier, has resigned just weeks after schools and universities were engulfed by the exams fiasco. Collier, the chief regulator and chief executive of Ofqual, oversaw the introduction of an algorithm that was eventually scrapped after nearly 40 per cent of A Level results were downgraded. The controversial algorithm, [...]
More than 64m meals claimed under Eat Out to Help Out scheme August 25, 2020 More than 64m discounted meals have been claimed under the government’s Eat Out to Help Out scheme to encourage diners to visit cafes, pubs and restaurants following the coronavirus lockdown. The jump continues the upward trend, which saw 10.5m meals claimed in the first week that the Eat Out to Help Out Scheme was launched, [...]
Finablr to miss accounts deadline amid fraud claims August 25, 2020 Troubled payments business Finablr which is entangled in a fraud probe today said it would miss its deadline this week to publish its financial accounts. The Travelex-owner said on 23 June that it had changed its accounting reference date to 28 February, resulting in a deadline of 28 August to publish its financial statements. Finablr [...]
Carnival-owned Cunard suspends all cruises until March next year August 25, 2020 Carnival-owned cruise operator Cunard has cancelled all of its sailings until March 2021 at the earliest due to continuing concerns over the coronavirus pandemic. In a statement, the luxury cruise ship line said that it was extending its suspension of all sailings from November this year until the spring, a year after first suspending its [...]
