Rail franchising model ‘set to be scrapped’ in coming weeks February 16, 2020 Boris Johnson is set to dramatically overhaul the nation’s rail network by scrapping the rail franchise model and capping profits by private providers. Former British Airways boss Keith Williams was drafted to conduct a review of Britain’s railways last year, with the report set to be released in the coming weeks. It’s now expected that [...]
Grant Shapps denies DfT talks with China over HS2 contract February 16, 2020 The transport secretary Grant Shapps has today denied reports his department has held talks with China over building the HS2 rail link. The Financial Times reported China’s state-run railway company had offered to build the line in five years at significantly reduced cost. Prime Minister Boris Johnson announced in parliament that the scheme would go [...]
HS2: China tells UK it can build high-speed line in five years and at lower cost February 15, 2020 The UK is considering giving China’s state-owned railway builder a role in constructing the HS2 rail line. Government officials said “preliminary discussions” had taken place, but no “concrete commitments” had been made. The Chinese railway firm said it could build the line in five years and at a much lower cost, according to a letter [...]
Passenger with suspected coronavirus lands at Heathrow February 14, 2020 A passenger travelling from San Francisco suspected of having coronavirus has landed at Heathrow airport this morning having fallen ill on the flight. The United Airlines flight from the US landed in London this morning with the captain telling passengers “someone on the plane has suspected coronavirus”. Passengers were forced to wait on board the [...]
Renault hits the skids as Nissan scandal pushes carmaker to a loss February 14, 2020 Renault posted its first loss in a decade today as the French car giant took a hit from its alliance with Nissan, which remains mired in a scandal concerning former boss Carlos Ghosn. The company lowered its guidance on the back of the results, setting a margin between three and four per cent, down from [...]
Tesla shares rise as it unveils plan for $2bn stock issue February 13, 2020 Shares in Tesla rose this afternoon after the electric car maker said it would raise roughly $2bn (£1.5bn) by issuing new stock. Idiosyncratic chief executive Elon Musk will personally purchase up to $10m of shares in the new offering, while Oracle founder Larry Ellison, who sits on Tesla’s board of directors, will also buy up [...]
Norwegian Air deepens cutbacks as 737 Max crisis weighs February 13, 2020 Norwegian Air has posted a loss of 1.87bn Norwegian krone (£155m) in the fourth quarter as the Boeing 737 Max crisis continued to take its toll on the airline. This was narrowed from the 3bn krone loss posted in the same period in 2018, but lagged behind analysts’ forecasts. Operating revenue also fell seven per [...]
Nissan records losses amid backdrop of Carlos Ghosn scandal February 13, 2020 Nissan has posted a net loss of 26.1 billion yen (£183.3m) in the third quarter of 2019. The company has cut its annual operating profit forecast by 43 per cent after global vehicle sales fell 11 per cent from October to December. This comes as it faces a changing car market and fallout from the [...]
Bribery probe and military aircraft unit send Airbus to €1.36bn loss February 13, 2020 Global aerospace giant Airbus has swung to €1.36bn loss for 2019, compared to a profit of just over €3bn for the year before. The huge loss is down to a provision for a $4bn settlement of a bribery case as well as a €1.2bn charge against its military aircraft programme. The group has however met [...]
Government to hold crunch talks with Flybe over potential loan February 12, 2020 The government is set to hold talks with struggling regional airline Flybe this week over proposals for a potential loan. Whitehall officials are expected to meet with the airline and its shareholders as soon as tomorrow to discuss a potential £100m in government support, Sky News reported. One scenario for the proposed deal could see [...]