UK-US travel slump set to cost British economy £11bn September 21, 2020 The government is facing mounting pressure to roll out large scale coronavirus testing at airports after new research showed reduced travel between the UK and US could cost the British economy upwards of £11bn this year. A new report commissioned by Heathrow Airport, Airlines UK, British Airways owner International Airlines Group (IAG) and aviation services [...]
FTSE 100 and US stocks slip amid rising coronavirus cases September 18, 2020 The FTSE 100 and US stocks slipped as investors weighed up rising coronavirus cases and the latest decisions by the Bank of England and US Federal Reserve. London’s main stock index fell 0.5 per cent to 6,017 points at 3pm. Mid-cap firms were hit harder, with the FTSE 250 dropping one per cent. Read more: [...]
Travel stocks hit turbulence amid UK lockdown fears September 18, 2020 Travel stocks took a fresh beating in early trading this morning amid rising fears that the UK could be set for a new nationwide lockdown. British Airways owner IAG led the FTSE 100 fallers this morning, tumbling more than eight per cent. Budget airline Easyjet was also down almost seven per cent, while rivals Ryanair [...]
British Airways boss: We are still ‘battling for survival’ September 16, 2020 The chief executive of British Airways has said that the airline is still “battling for its own survival” as travel disruption due to the coronavirus pandemic drags on. Speaking to the Transport Select Committee this morning, Alex Cruz said that the carrier was burning through £20m a day because of the downturn. However, he did [...]
Heathrow passenger numbers plummet more than 80 per cent in August September 11, 2020 Heathrow Airport has reported an 81.5 per cent fall in passengers for August compared with last year and has called on the government again to change quarantine rules. The London-based airport was the busiest in Europe prior to the Covid-19 pandemic but has suffered significantly this year. It said its passengers from North America had [...]
Exclusive: Private jet flights soar back as commercial recovery lags September 10, 2020 The European private jet industry has recovered at a far quicker rate than its commercial counterpart, City A.M. can reveal, in a rare glimmer of light for global aviation, which has been hammered by coronavirus. According to data from business jet brokers Colibri Aircraft, the number of European business aircraft departures in July was only [...]
FTSE 100 edges into the green as Wall Street opens higher on tech bounce September 10, 2020 The FTSE 100 edged into the green as US stocks opened higher as a bounce in tech stocks overshadowed the high number of jobless claims. London’s blue-chip index climbed 0.19 per cent after spending most of the session in the red in anticipation of the ECB’s rates decision. The FTSE 250 of smaller-cap firms rose [...]
Bring in airport testing by end of the month or risk ‘ruin’, airline bosses warn September 10, 2020 The bosses of the UK’s largest airlines have called on the government to implement an airport testing regime by the end of the month, warning that the country risks “economic ruin” otherwise. In a letter to Boris Johnson, the chief executives of British Airways, Easyjet, Ryanair, Virgin Atlantic, and Tui, among other, said that the [...]
British Airways owner IAG to cut more flights over winter September 10, 2020 British Airways owner IAG will cut more flights over the coming months than it had previously planned as the recovery in international air travel from the coronavirus pandemic stalls. In an operations update, IAG said that it would now fly at 40 per cent capacity through the autumn, down from past estimates of 54 per [...]
Four challenges facing new BA owner IAG’s boss Luis Gallego September 8, 2020 Taking over a multinational corporation is a daunting prospect even at the best of times, but when the corporation is in a sector that is currently undergoing its worst ever crisis, the challenge takes on several extra layers of difficulty. That’s the situation facing Luis Gallego, the 51-year-old Spaniard who today takes over the reins [...]