Wizz Air ordered to review years of falsely rejected compensation claims July 27, 2023 The Civil Aviation Authority (CAA) has taken unprecedented action against Wizz Air due to soaring complaints about the airline falsely refusing passenger compensation claims for flight disruption. The CAA said it has ordered Wizz Air to re-look at a string of claims made since 18 March 2022, meaning passengers who had claims incorrectly rejected “will [...]
British car production rebounds thanks to record electric vehicle boost July 27, 2023 UK car production jumped 11.7 per cent in the first six months of the year, industry figures show, marking a major rebound from the pandemic-induced lows of 2022. According to the Society of Motor Manufacturers and Traders (SMMT), 450,168 units were made in the six months from January, with June the fifth consecutive month of [...]
Airbus sees higher than expected profits buoyed by jet deliveries July 26, 2023 Airbus on Wednesday posted higher-than-expected underlying operating profit for the second quarter and reaffirmed its financial goals for the year, while narrowing down its focus for future production to a single 2026 target. The world’s largest planemaker said adjusted earnings before interest and tax rose 34 per cent to €1.85bn (£1.58bn) as revenues grew 24 per [...]
Investors prepare to see if British Airways owner will soar this summer July 26, 2023 British Airways owner IAG is set to report its half year results this Friday, amid what is widely touted as the most important summer for airlines in years. Aviation has experienced an extraordinary boom in demand over the last six months as it enters the first truly restriction free, high volume period since before the [...]
Boeing posts £115m loss but aircraft deliveries pick up speed July 26, 2023 Boeing reported a $149m (£115m) net loss in its quarterly results on Wednesday, despite the plane maker seeing a rise in revenues on the back of “strong demand” for commercial aircrafts. The aerospace giant saw revenues increase to $19.8bn (£16.9bn), up 18 per cent year-on-year, which it said primarily reflected 136 commercial deliveries. It also [...]
Aston Martin surges ahead of market expectations with £134m gross profit July 26, 2023 Aston Martin’s second quarter results raced past market expectations, as the marque benefitted from booming demand for a range of its newly unveiled makes. Revenues rose 23 per cent from £309m to £381.5m in the second quarter, while gross profit was up 29 per cent from £104.1m to £134.4m. Shares in the luxury carmaker rose [...]
Nissan and Renault reach alliance deal as China struggles mount July 26, 2023 Nissan will invest up to $663m (£513m) in Renault’s new electric vehicle unit, the automakers said on Wednesday, as they finalised terms of their restructured partnership after months of negotiation clouded by tension. Sealing the deal is likely to be seen as a positive. Talks between the two had dragged on months longer than expected, due [...]
Rolls-Royce shares skyrocket over 20 per cent after profit guidance doubled July 26, 2023 Rolls-Royce shares skyrocketed more than 20 per cent this morning after it raised its full year profit guidance on the back of a boom in long-haul flying and increased defence spending. The aerospace giant also said that half year profits are expected to be “materially above” expectations, with the company looking to make £680m, double [...]
Heathrow narrows losses but blames CAA price cap for staying in the red July 26, 2023 Heathrow Airport said on Wednesday it remained loss making in the first half of 2023 despite soaring passenger figures, blaming a cap on the amount it can charge airlines for using the hub. For the six months to June, the west-London hub saw adjusted pre-tax losses halve to £139m but said that the airport “remains [...]
Demand picture for shipping ‘far worse than we had foreseen,’ analysts warn July 26, 2023 The demand picture for container shipping is “far worse” than predicted, analysts have warned, as the sector struggles with an oversupply of vessels ordered during the pandemic-era shipping boom. “There’s a really, really punishing demand environment and at the same time, they’re just not doing enough to reduce the amount of available capacity in the [...]