FTSE 100 ‘in panic mode’ as coronavirus fears push it into red January 27, 2020 FTSE 100 stocks have fallen deep into the red today as fears rise over the spread of coronavirus, which has now claimed 81 lives in China. Britain’s blue-chip index was down 2.3 per cent by 2pm at 7,412 as hoteliers, airlines and luxury goods firms with links to China suffered. As the death toll mounted, [...]
Flybe: Ministers draft in restructuring advisers on rescue loan talks amid ‘state aid’ row January 27, 2020 Ministers have brought in advisers to help negotiate a government loan to struggling regional airline Flybe, despite insisting the rescue deal will not constitute state aid. Alvarez & Marsal (A&M) has been tasked with advising the Department for Transport (DfT) in assessing the basis for a commercial loan, according to Sky News. The company, a [...]
Flybe looks for another tax delay, weeks after government saves airline January 26, 2020 Flybe is said to have implored airports to give it more time to find millions of pounds it owes them in unpaid landing fees. Europe’s biggest regional airline held crisis talks with airports including Birmingham, Glasgow, Aberdeen and Southampton, according to reports. It is said to be in a race against time to plug a [...]
Northern Rail set to be nationalised ‘this week’ amid franchising chaos January 26, 2020 Northern Rail could be renationalised as early as this week, as the government tries to contain a period of chaos on Britain’s railways. The franchise operator, Arriva, is thought to be gearing up to hand the franchise back to the government’s Operator of Last Resort (OLR). Earlier this month, transport secretary Grant Shapps said the [...]
Javid dismisses Ryanair complaint over Flybe rescue package January 24, 2020 Chancellor Sajid Javid has insisted that embattled airline Flybe has not received state aid to ensure its survival. In a letter to Ryanair chief executive Michael O’Leary, Javid said that the decision to defer Air Passenger Duty (APD) for Flybe was a “standard ‘Time to Pay’ arrangement…because of their short-term difficulties”. The chancellor’s letter, which [...]
Struggling South Western Railway could be nationalised, says transport secretary Grant Shapps January 22, 2020 The South Western Railway franchise could be nationalised in the coming months after transport secretary Grant Shapps today declared it financially “not sustainable”. South Western, which is run by First Group and Hong Kong firm MTR, has been plagued by delays, poor performance and a series of damaging strikes in recent months. The franchise lost [...]
FTSE 100 sinks into red as China virus scare hits shares January 21, 2020 The FTSE 100 was on track for its biggest fall since early December this morning as investors were rattled by an outbreak of a new strain of coronavirus in China. The London blue-chip index slipped more than one per cent in early trading, with luxury and travel stocks leading the slide. Burberry fell more than [...]
Flybe’s government rescue deal is much smaller than you think January 17, 2020 Regional airline Flybe has hit back at claims by its competitors that it has received favourable treatment from the state, after it struck a rescue deal with the government earlier this week. The struggling carrier sought to correct reports that the government had deferred a tax bill of more than £100m to keep it aloft. [...]
Government faces accusations of lying over Flybe rescue package January 17, 2020 The recriminations surrounding the government’s rescue package for Flybe grew yet again this morning, as Ryanair boss Michael O’Leary accused the state of a cover-up of the true terms of the deal. O’Leary has already written to chancellor Sajid Javid threatening legal action over what he calls illegal state aid to one of his competitors. [...]
Flybe rescue secrecy is absurd January 17, 2020 So much for open government. It shouldn’t be too much to expect the ministry responsible for the public finances to disclose the potential liability to taxpayers of a private company bailout. Yet in the Treasury’s statement about the government-backed rescue of the regional airline Flybe this week, there was scant detail and even fewer numbers. [...]