Royal Mail chief executive Rico Back steps down after less than two years May 15, 2020 The chief executive of Royal Mail has stepped down after less than two years in the role. Rico Back has stepped down as group chief executive with immediate effect, and will leave the company on 15 August after more than 30 years. Back, who joined the company in 1989 and was appointed as chief executive [...]
FTSE 100 tumbles as investors doubt coronavirus recovery May 14, 2020 The FTSE 100 has fallen dramatically and US stocks have turned lower as doubts about the economic recovery set in following a gloomy speech by the governor of the US Federal Reserve. Britain’s FTSE 100 index dropped 2.8 per cent to finish at 5,741 points. That wiped out all of May’s gains. The mid-cap FTSE [...]
MPs slam British Airways’ use of furlough amid 12,000 job cuts May 14, 2020 MPs have hit back at British Airways’ owner IAG after the firm’s chief executive confirmed that up to 12,000 proposed job cuts would still go ahead despite the extension of the job retention scheme until October. In response to IAG chief Willie Walsh’s confirmation of the redundancies, transport select committee chair Huw Merriman said that [...]
Ryanair to operate 1,000 flights a day from 1 July May 12, 2020 Ryanair will begin operation 40 per cent of its scheduled flights from 1 July as Europe’s largest low-cost carrier seeks to bounce back from the coronavirus crisis. Subject to travel restrictions, the budget airline will run nearly 1,000 flights a day across 90 per cent of its pre-coronavirus route network. In order to facilitate the [...]
P&O Ferries to cut 1,100 jobs May 11, 2020 P&O Ferries today said it will cut 1,100 jobs after demand for travel was hit by the coronavirus pandemic. The ferry operator said it has started consultations “with a proposal to make around 1,100 of our colleagues redundant.” A spokesperson for P&O Ferries said: “Since the beginning of the crisis, P&O Ferries has been working [...]
Aviation sector slams ‘devastating’ 14-day quarantine plans May 11, 2020 The leaders of the UK’s biggest airlines and airports have written to the government criticising its newly-announced 14-day quarantine period for incoming visitors to the UK. In the letter, which is signed by 27 senior industry figures including the chief executives of Ryanair, Easyjet, Heathrow, Gatwick, and Tui, the sector warned: “An open-ended quarantine, with [...]
Airline stocks sink as FTSE 100 falls on fears of second wave May 11, 2020 The FTSE 100 fell back into negative territory this afternoon after early optimism about an easing of the UK lockdown appeared to evaporate. London’s stock market was up 0.85 per cent as it flirted with the 6,000 points marker earlier today. But traders’ enthusiasm quickly dwindled as European stocks also dropped into the red. The [...]
British Airways to review July restart plans after quarantine plans revealed May 11, 2020 IAG’s chief executive Willie Walsh has said that British Airways is reviewing plans to resume 50 per cent of its flights in July due to the government’s new quarantine measures. Speaking to the Transport Select Committee this morning, Walsh said: “I don’t think anybody believed that the UK government was actually implemented if they were [...]
Air France-KLM posts €815m loss as coronavirus crushes demand May 7, 2020 Air France-KLM this morning reported an €815m (£713.9m) loss for the first quarter on the back of the total collapse in flight demand caused by coronavirus. Revenue fell 15.5 per cent to €5bn in the first quarter, with its net loss widening to €1.8bn from €324m. The Franco-Dutch airline said that the plunge would continue [...]
British Airways: Five things you need to know as IAG reports £1.5bn loss May 7, 2020 British Airways owner IAG this morning reported a total first quarter loss of €1.8bn (£1.5bn), saying that it was currently operating 94 per cent down on its total passenger capacity. More worryingly, it said that it expected the second quarter’s results to be far worse, and warned that passenger demand would not return to pre-coronavirus [...]