IAG haemorrhaging cash at £178m a week, says BA boss Cruz June 4, 2020 British Airways boss Alex Cruz has said that parent company IAG was burning through £178m a week due to the coronavirus crisis, raising fears it might not survive. In an internal note seen by Reuters, Cruz said that IAG’s dire financial situation meant its 12,000 job cuts were necessary. The airline came under heavy criticism [...]
FTSE 100: Travel stocks surge as Europe reopens borders June 3, 2020 The FTSE 100 jumped in morning trading with airlines surging as Europe reopened some of its borders after coronavirus lockdowns. London’s index of the 100 biggest UK companies rose 1.5 per cent to 6,310 points, putting it close to a three-month high. The rise was powered by countries across Europe reopening or planning to reopen [...]
More than 200 travel firms call on government to scrap quarantine plan June 1, 2020 More than 200 travel companies have backed a letter to the government calling on it to reconsider its plans to quarantine individuals entering the UK as a precaution against coronavirus. From 8 June, the government has said that all those entering the UK must quarantine for a period of 14 days in one location. The [...]
Markets live: FTSE 100 gains fade on US-China tensions as Wall Street wobbles June 1, 2020 The FTSE 100 pared some of its gains amid simmering tensions between the US and China over Beijing’s crackdown on semi-autonomous Hong Kong. Despite the concerns, US President Donald Trump stopped short of ripping up the US-China trade deal over China’s actions in the city-state. However, stocks surrendered some of their earlier gains as reports [...]
Easyjet to axe 30 per cent of staff as coronavirus hits airline sector May 28, 2020 Budget airline Easyjet today said it would cut up to 30 per cent of its staff and reduce its fleet in preparation for an expected slowdown in flights in the aftermath of coronavirus. Easyjet said it would launch a consultation with staff in the upcoming days. The airline said it does not expect demand to [...]
UK hiring plummets as Covid-19 crisis hits low-income workers May 28, 2020 UK job vacancies crashed almost 60 per cent this month as the coronavirus pandemic sparked the country’s fastest rise in unemployment since 1947, new data has revealed. Live job vacancies have dropped from 820,000 at the beginning of April to just 373,000 in May as fears of a protracted economic downturn grow. The figures, released [...]
FTSE 100 rises as retail sector prepares to reopen May 26, 2020 The UK’s FTSE 100 closed higher after investors welcomed Boris Johnson’s plans for the phased reopening of the retail sector. London’s blue-chip index closed 1.28 per cent at 6,069 points, as the retail sector prepared to re-open in mid-June. In the Downing Street briefing last night, the Prime Minister said there will be a formal [...]
Airline stocks rise on lockdown hopes and Lufthansa bailout May 26, 2020 Airline stocks were among the best performers on the FTSE 100 this morning as investors were cheered by further easing of lockdown measures and Lufthansa’s rescue deal. On Monday Germany agreed a €9bn lifeline for Lufthansa, agreeing a bailout plan which gives the government a veto in the event of a hostile bid. The German [...]
Markets live: FTSE 100 and US stocks slip on rising Hong Kong tensions May 22, 2020 The FTSE 100 closed in the red and US stocks fell as investors weighed up rising US-China tensions in the wake of Beijing’s move to assert its authority in Hong Kong. The UK’s blue-chip index fell around two per cent this morning but pared some of its losses throughout the day. It finished 0.3 per [...]
Easyjet woes grow after it is hit with massive group action claim over data breach May 22, 2020 Struggling budget airline Easyjet suffered another blow today after it was hit with a massive group action claim following its data breach which was announced earlier this month. Law firm PGMBM today said it had issued the group action claim in the High Court on behalf of customers whose details were exposed in the breach. [...]