Semiconductor shortage to cost carmakers $110bn in 2021 May 14, 2021 The current global shortage of semiconductors is on track to cost the world’s automakers $110bn in revenue this year, almost twice previous estimates. Consultants at Alix Partners said that 3.9m fewer vehicles would be manufactured in 2021 as a result of the shortfall, weighing on car firms’ earnings. One by one the world’s car giants [...]
Citymapper smashes fundraising expectations with £6.7m in investment May 14, 2021 Travel app Citymapper has today smashed expectations in its first ever crowdfunding campaign, having so far raised over £6.7m. Over 9,000 investors have so far piled into the firm, which opened the two-day funding campaign with the aim of raising £1m. Investors will get a share of 3.4 per cent of Citymapper, which now has [...]
Portugal will allow UK tourists in from Monday, despite ‘state of calamity’ restrictions extension May 14, 2021 Portugal will allow UK tourists in from Monday, despite 'state of calamity' restrictions
Pendragon facing massive shareholder revolt over pay at AGM – report May 14, 2021 Car dealer Pendragon is facing a huge shareholder revolt over its chief executive’s bonus package at next week’s annual general meeting (AGM). According to Sky News, several of the firm’s directors could be voted off the board in protest over the renumeration of its executives. It reported that remuneration committee chair Mike Wright was looking [...]
London buses to double passenger capacity from Monday May 13, 2021 Londoners will soon face fewer capacity-related bus frustrations, as from Monday social distancing measures on buses across England will be eased. In London capacity on double decker buses will be doubled to around 60 passengers from Monday. For single decker buses capacity will be increased to 28, up from between 11 and 14 currently, depending [...]
Kennington Station to become Zone 1/2 station from Sunday May 13, 2021 Kennington Underground station will switch from being a Zone 2 station from Sunday and become a Zone 1/2 station instead. As part of the Northern Line extension project, the change in fare zones means that passengers travelling to central London from new stations at Battersea Power Station and Nine Elms will only pay a zone [...]
Exclusive: Hydrogen fueling firm Element Two kicks off £30m funding round May 13, 2021 Hydrogen refuelling firm Element Two has today kicked off a new funding round as it looks to raise £30m in equity and debt to build up its network of distribution stations. The company, which is planning to deploy over 800 pumps onto the UK network by 2027, and 2000 by 2030, will use the proceeds [...]
Rolls-Royce sticks to guidance as wait for travel restart continues May 13, 2021 Engineer Rolls-Royce this morning maintained that it would return to positive free cash flow in the second half of 2021 as vaccinations kick in and travellers return to the skies. In a trading update this morning, the blue-chip stock said that its performance so far this year to had been in line with expectations. It comes [...]
First test trains run on Crossrail ahead of 2022 opening May 13, 2021 Initial testing on Crossrail’s Elizabeth Line has now kicked off, with four trains an hour now running on the line. It is the first phase in a series of major trials that must be completed before the much-delayed line opens in the first half of 2022. The firm also said it had handed over the [...]
Booking.com CEO: Business travel will never recover to pre-Covid levels May 13, 2021 The lucrative business travel market, which sees suited and booted executives fly between London, New York, Frankfurt and beyond and bolsters bottom lines at airlines and hotels globally, will never fully recover from Covid.