Global business travel to grow a fifth this year February 2, 2021 Global business travel spending will begin to recover this year but will not return to pre-pandemic levels until the middle of the decade. According to the Global Business Travel Association (GBTA), spending will increase 21 per cent this year to $842bn (£615bn). The increase comes after spending fell more than half in 2020 due to the pandemic. The [...]
Eaton buys Cobham air refueling arm for $3bn as Advent sell-off begins February 1, 2021 Engineering firm Eaton today announced that it would buy Cobham’s air-to-air refueling arm for $2.8bn (£2bn). The deal values Cobham Mission Systems at about 14 times its 2020 earnings. US private equity firm Advent bought Cobham last year and proceeded to split it into nine divisions, of which Mission Systems was one. Opponents of the [...]
Ryanair on track for record loss after €306m third quarter hit February 1, 2021 Ryanair this morning plunged to a €306m (£222.6m) loss as the Irish carrier continued to suffer “the most challenging year in its history”. The Irish carrier said that passenger numbers were down almost 80 per cent to just 8m people over the three month period. As a result, it said it was reducing its full [...]
BP sells stake in giant Omani gas project for $2.6bn February 1, 2021 BP has this morning sold a 20 per cent stake in a giant gas field in central Oman to Thailand’s national oil company for $2.6bn (£1.9bn). The oil giant will remain the operator of Block 61, the largest “tight gas” development in the Middle East, with a 40 per cent stake. It said that it [...]
TSB reports losses as pandemic prompts lending surge February 1, 2021 TSB’s full-year financial performance was dented by the coronavirus pandemic as lending rose sharply, the bank announced today. Statutory loss before tax was £204.6m in 2020, compared to a £46m profit in 2019. The losses largely reflects the adoption of government measures in response to Covid-19, as well as unemployment rates and reduced customer spending. [...]
The week ahead, 1-5 February: FTSE heavyweights front up to third lockdown January 31, 2021 After a turbulent opening to 2021, with new Covid-19 lockdowns around the world, spats over “vaccine nationalism”, and chaos on both Wall Street and Pennsylvania Avenue, a slew of FTSE heavyweights are set to update the market in what will be a crunch week for London’s indices. Despite a strong opening week, the FTSE 100 [...]
Travel dreams: Where City A.M. staffers want to visit next January 29, 2021 As we approach the end of yet another month of lockdown, we asked the staff at City A.M. where they want to travel for their first post-coronavirus excursion. From the chilly wilds of Sweden to the neon-soaked streets of Tokyo, let us take you on a meandering journey through the psyche of our journalists. Andy [...]
UK extends airport slot waiver through summer season January 29, 2021 The UK has extended its waiver on the “80:20” airport slot rule through the lucrative summer season, it was announced today. The decision, which was announced this morning by industry body Airport Coordination Limited (ACL), will be a much-needed boon for the UK’s embattled carriers. In a statement, it said: “The UK’s Secretary of State [...]
Airline and travel stocks plunge as markets await new border controls January 25, 2021 Share went sliding on Monday for travel and transport companies, as news broke that all UK arrivals could face quarantine
Wizz Air launches €500m debut bond January 14, 2021 Wizz Air today said that it had sold €500m in three-year bonds at an interest rate of 1.35 per cent. The budget carrier said that the bonds, which are due in 2024, are part of plans to raise €3bn from its euro medium-term note programme. The Hungarian flier said that proceeds from the sale would [...]