Shaun Bailey: Three steps London must take to protect key workers on the Tube March 27, 2020 Imagine being a key worker taking the Tube tomorrow morning. A 20-minute wait for the next train — if you manage to get on. A carriage so overcrowded that you’ve got no hope of social distancing. And then a rush to your hospital, your police station, your school. We’re asking key staff to put their [...]
Heathrow’s credit rating downgraded amid coronavirus uncertainty March 27, 2020 Heathrow Airport’s long-term credit rating has been downgraded amid the reduced demand and ongoing uncertainty caused by the coronavirus outbreak. Credit rating agency Standard & Poor has announced today it is lowering Heathrow’s long-term ratings on Class A and Class B debt by one notch. Heathrow Funding Limited retains investment grade credit ratings on the [...]
Menzies puts majority of 17,500 staff on wage bailout scheme March 27, 2020 John Menzies has been forced to reduce its global workforce by 17,500 jobs as it tries to stay afloat amid the fallout caused by the coronavirus outbreak. In a trading update released this morning, the aviation services firm said it had seen “significant ongoing reductions in activity for our core operations”. It said that the [...]
Coronavirus: Car industry warns UK could produce 200,000 fewer cars this year March 27, 2020 The Society of Motor Manufacturers and Traders (SMMT) has warned that the coronavirus outbreak could see the UK produce 200,000 fewer cars in 2020, a fall of 18 per cent on last year’s total output. All of the UK’s car manufacturing factories are now on shutdown as the country complies by stringent restrictions designed to [...]
Coronavirus: P&O Ferries temporarily lays off workers March 26, 2020 P&O Ferries will reportedly temporarily furlough more than 1,000 workers, using the government’s recently announced job retention scheme to pay staff during the coronavirus crisis. Workers will be paid their basic salaries, with the government funding 80 per cent and P&O topping up the rest. The English Channel operator said on Wednesday that it will [...]
Mitsubishi considers Renault investment to prop up Nissan alliance March 26, 2020 Japanese conglomerate Mitsubishi is considering investing in Renault in one of a number of schemes being discussed to prop up the French carmaker’s alliance with Nissan. French media reported today that Mitsubishi was considering taking a 10 per cent stake in Renault, with other options including restructuring and cost savings plans. Sources told Les Echos [...]
Coronavirus: Airports hit back at Rishi Sunak over aviation rescue u-turn March 26, 2020 The UK’s airports have hit back at chancellor Rishi Sunak’s choice to “row back on [his] vital decision to stand by the aviation sector”, saying that the chancellor seems to have “little recognition” of the fact that airports have different operating models to airlines. On Tuesday Sunak said that state aid would only be given [...]
Coronavirus: London Southend Airport to close for four days a week March 26, 2020 London Southend airport will shut for more than half of the week from Monday due to the complete collapse in passenger demand caused by the coronavirus outbreak. From next week, the airport will only be open between 16:30 and 21:30 on Tuesdays, Thursdays and Sundays due to severely reduced service. Due to the onset of [...]
US senate unanimously approves $58bn package for airlines March 26, 2020 Late last night the US senate voted unanimously in favour of a $58bn (£49bn) rescue package for its struggling aviation industry, which has been decimated by the plunge in travel demand caused by coronavirus. Almost half – $25bn of the total package – comes in the form of grants, which airlines will use to continue [...]
Coronavirus: UK airlines ask government to waive regulatory charges March 25, 2020 The UK’s airlines have again called for the government to implement rescue measures to protect the industry against the impact of coronavirus, which has decimated the sector. The plea comes despite chancellor Rishi Sunak yesterday telling firms that state aid would only be considered as a “last resort” after they had exhausted other means of [...]