Motor boss warns against ‘protectionism’ as electric vehicle production accelerates 50 per cent February 24, 2023 Car production in Britain fell slightly in January as thousands continued the shift towards electric vehicles which experienced a near 50 per cent increase. Despite global economic instability, car production fell just 0.3 per cent last month, which was welcomed by the industry as a sign of market stability. The Society of Motor Manufacturers and [...]
British Airways: Owner IAG shells out £352m to sweep up remainder of Spanish carrier February 24, 2023 British Airways’ owner International Airlines Group (IAG) will pay €400m (£352m) to Spanish firm Globalia for the remaining 80 per cent stake of its Air Europa carrier. IAG said the move will allow it to tap into the Latin America and Caribbean market as well as to increase ties to Asia. The owner of Britain’s [...]
Heathrow narrows losses to £1.3bn thanks to travel bounce back February 23, 2023 Heathrow Airport narrowed its losses sharply in 2022 amid a bounce back in travel demand, but said results were weighed on by surging cost pressures and lower passenger numbers. The group reported underlying pre-tax losses of £684 million for last year, against losses of £1.3 billion in 2021. It said no dividends were paid in [...]
Ukraine war fuels record orders of £37bn for arms titan BAE Systems February 23, 2023 The war in Ukraine helped to boost arms and combat vehicle manufacturer BAE Systems as it reported record orders of £37bn. The company’s sales were up 4.4 per cent in the last year to £23bn as conflict rages in Europe for the first time in decades, while Ukraine’s president recently toured the continent pleading for [...]
Rolls Royce reveals £652m profit but engineering giant continues to ‘burn through cash’ February 23, 2023 Rolls Royce, the British aero-engine manufacturer, unveiled profits of £652m in 2022, £238m higher than the previous year. The increase, which was driven by its civil aerospace and power systems divisions, also reported free cash flow of £505m versus an outflow of £1.5 billion in the prior year. Charlie Huggins, head of equities at Wealth [...]
Tube strike to take place on 15 March after Aslef members voted in favour of industrial action February 22, 2023 London will grind to a halt on 15 March after tube workers voted in favour of strike action, as Sadiq Khan warned there are “no proposed changes to pensions”, at the heart of the dispute. Train drivers who are member of the uion Aslef voted to down tools for 24 hours next month with 99 [...]
Hundreds of jobs at risk as Chinese-owned British Steel set to announce closure of Scunthorpe plant February 22, 2023 Unions fear British Steel is set to announce the closure of coking ovens at one of its plants, with the loss of hundreds of jobs as the company warns it faces “significant challenges”. Union officials were told earlier this month the Chinese-owned company was considering closing coke ovens at its site in Scunthorpe. An announcement [...]
Bentley to end production of 12-cylinder petrol engine as luxury car maker is latest in shift to EV February 22, 2023 Bentley will end production of its famed 12-cylinder petrol engine in April next year, the luxury car maker has announced. More than 100,000 examples of the W12 engine have been built at the company’s factory in Crewe, Cheshire over the past 20 years. The decision to halt production is part of the business’s move to [...]
Wizz Air named worst short-haul airline by UK passengers February 22, 2023 Wizz Air has been named the worst short-haul airline by UK passengers. Passengers surveyed by consumer group Which? gave the Hungary-based carrier one star out of five for boarding experience, cabin environment and seat comfort. The budget airline’s seat pitch – the difference between two rows in standard economy – is 28 inches, some two inches smaller [...]
Old Street roundabout revamp to be finished in ‘early 2024’ as delays hold back project February 21, 2023 The transformation of Old Street Station is set to be further delayed as Transport for London (TfL) today pushed back the completion date for the project to “early 2024”. TfL said the project has been delayed by the pandemic, with the construction site shut for three months and operations subject to long periods of social [...]