Coronavirus to spark record drop in international travel March 17, 2020 Coronavirus is expected to cause a 10.5 per cent drop in international travel this year – the worst fall on record – as the outbreak sparks chaos across the tourism and leisure industries. Industry consultancy Tourism Economics has downgraded its estimate as coronavirus continues to spread across Europe, prompting governments to impose travel bans and [...]
Heathrow boss to forego salary as coronavirus hammers airlines March 16, 2020 Senior executives at Heathrow Airport including boss John Holland-Kaye will take pay cuts over the next few months as the UK’s busiest airport tries to limit the damage done by the coronavirus outbreak. Sky News first reported that Holland-Kaye would forego his salary until June, making him the latest of a number of airline and [...]
FTSE 100 plunges despite Fed’s coronavirus ‘bazooka’ March 16, 2020 The FTSE 100 has plunged despite the US Federal Reserve slashing interest rates to near zero in an emergency move to curb the fallout of the coronavirus pandemic. The blue-chip index was last down seven per cent as traders reckoned with the ongoing spread of coronavirus and shrugged off the Fed’s surprise intervention. Airlines and [...]
Airline stocks in freefall as travel restrictions take hold March 16, 2020 Virgin Atlantic, Easyjet and British Airways owner are scaling back flights after a number of countries imposed travel restrictions amid the coronavirus outbreak. British Airways owner, International Consolidated Airlines Group (IAG) and Easyjet will ground aircraft on an unprecedented scale in an attempt to mitigate the effect of the travel restrictions. Virgin Atlantic said it [...]
Business on the brink: Airlines, hospitality and train operators in line for state support March 16, 2020 The existential threat to business posed by the Covid-19 pandemic became crystal clear this weekend as a host of industries warned of a potentially fatal cash crunch in the coming weeks. The aviation industry led calls for targeted government support, with train operators struggling with lower passenger numbers and the hospitality industry not far behind. [...]
Virgin Atlantic calls on government for £7.5bn airline bailout package March 15, 2020 Virgin Atlantic’s chiefs are preparing to send a letter to Prime Minister Boris Johnson calling for the government to provide a £7.5bn package to support airlines, which have been decimated by the coronavirus outbreak. Sky News reported that Virgin Group chairman Peter Norris will write to Johnson on Monday warning him of the potentially devastating [...]
Coronavirus: Foreign Office advises against travel to the US March 15, 2020 The Foreign Office has advised against “all but essential travel” to the US, after Donald Trump extended the country’s travel ban to include the UK and Ireland. Travel from the UK to the US will be banned from 4am on Tuesday amidst increasing numbers of confirmed coronavirus cases. Responding to the ban, the Foreign and [...]
BA boss warns coronavirus worse than financial crisis for airlines March 13, 2020 The boss of British Airways (BA) has warned that the coronavirus pandemic will have a bigger impact on the airline industry than the financial crisis. BA chief executive Alex Cruz reportedly told staff that the outbreak is a “crisis of global proportions like no other we have known”. The spread of Covid-19 will force the [...]
Saga suspends cruises in £15m coronavirus blow March 13, 2020 British travel group Saga today suspended cruises until the start of May over the escalating coronavirus outbreak, at a cost of between £10m and £15m to the company. Saga’s move follows rival Carnival’s decision to suspend all Princess cruise ship voyages for two months. One of its ocean liners, the Diamond Princess, was an early [...]
Corona Crash: Global markets suffer worst day since 1987 as virus spreads March 13, 2020 The FTSE 100 yesterday chalked up its biggest one-day fall since the Black Monday crash in 1987, plunging 10.87 per cent as the scale and likely impact of the coronavirus pandemic became clear. After a sea of dire corporate warnings across the globe, US stocks also suffered their biggest fall since 1987 before the New [...]