Flybe on the brink of bankruptcy after coronavirus hits demand – report March 4, 2020 Flybe could collapse into bankruptcy tonight as coronavirus outbreak saw a slump in demand at the regional carrier, which is reportedly in last ditch rescue talks with the government. Earlier the Financial Times reported that Flybe was set to miss out on a £100m loan from the government, meaning that the embattled regional carrier’s survival [...]
Italy coronavirus: Schools and colleges will close for two weeks March 4, 2020 Italy is considering closing all schools and colleges in a bid to stem the outbreak of the coronavirus as the country’s death toll jumps to 107. The Ansa news agency reported that the Prime Minister Giuseppe Conte decided to close all educational institutions for two weeks because of the rapid spread of the coronavirus. Italy’s [...]
Virgin Atlantic CEO takes 20 per cent pay cut on coronavirus fears March 4, 2020 Virgin Atlantic chief executive Shai Weiss will take a 20 per cent pay cut between April and June as the world’s airlines continue to be battered by the coronavirus outbreak. The rest of the executive team have agreed to a 15 per cent decrease as the Sir Richard Branson-backed airline battles the slump in demand [...]
Wizz Air cancels Italian flights as airline warns demand could drop 10 per cent on coronavirus fears March 4, 2020 Budget airline Wizz Air has warned that it could cut capacity by as much as 10 per cent from next month as fears over the coronavirus impact hit passenger demand. The Hungarian carrier said that due to the impact on European air travel, it had adjusted its flight schedule to Italian destinations between 11 March [...]
Pensions regulator launches consultation on tougher defined benefit rules March 3, 2020 The Pensions Regulatory (TPR) today launched a consultation on new tougher rules on the funding of defined benefit pension schemes. TPR is proposing a twin-track approach to funding defined benefit schemes, which are pension funds where an employer legally has to make up any shortfall in the event that the scheme is underfunded. Under the [...]
Airline bosses say worst is yet to come as more flights cancelled on coronavirus fears March 3, 2020 Airline bosses have warned that the worst is yet to come for the industry after coronavirus fears saw passenger demand slump, with carriers cutting flights to locations round the world. Speaking at an industry conference in Brussels, outgoing IAG boss Willie Walsh said that there had been “a very significant fall-off in demand” in Italian [...]
FTSE 100 gains cool ahead of G7 coronavirus call March 3, 2020 The FTSE 100 index has risen for a second straight session this morning, as policymakers across the world indicated they would take measures to ease the economic impact of the coronavirus outbreak. Britain’s blue-chip index rose as much as 2.21 per cent following the open, with traders taking their cue from a largely positive showing [...]
No fly zone: As coronavirus fears grow, airlines must brace for the worst March 3, 2020 One of last month’s more outlandish news stories was the report that the coronavirus outbreak had caused an upsurge in private jet inquiries. More wealthy travellers than ever, it seems, are willing to pay thousands of pounds an hour for a plane unto themselves, in an attempt to dodge the risk of getting infected. The [...]
Coronavirus: British Airways and Ryanair cancel hundreds of flights as demand sinks March 2, 2020 Two of the UK’s leading airlines are cutting flights from their London hubs as coronavirus fears have led to a demand slump. British Airways will cancel more than 400 flights, while budget carrier Ryanair is cutting capacity to and from Italy. BA’s affected flights are between 16 and 28 March from Heathrow airport to cities [...]
Coronavirus jeopardises Airbnb stock market listing March 2, 2020 Airbnb’s much-anticipated float could be in danger following the outbreak of the rapidly spreading coronavirus. Airbnb has been working towards floating on the stock market this year and was looking to start the process in March or April, according to Bloomberg sources. It could now be pushed back as consumers and businesses cancel travel plans [...]