HS2 costs could hit £106bn, leaked review warns January 20, 2020 Building HS2 could cost up to £106bn, according to a leaked government-commissioned review that reportedly outlines a 20 per cent rise in costs to the UK infrastructure project. The review into the controversial high-speed rail link project warns of “considerable risk” that costs could balloon further from HS2’s original budget of £32.7bn. The government has [...]
Boeing reveals new software issue could further delay 737 Max return to service January 18, 2020 Boeing has revealed it is addressing a new software issue on the grounded 737 Mac which could further delay its return to service. The aircraft maker discovered an issue relating to its power-up monitoring function that verifies some system monitors are operating correctly, during a technical review in Iowa last weekend. “We are making necessary [...]
Flybe’s government rescue deal is much smaller than you think January 17, 2020 Regional airline Flybe has hit back at claims by its competitors that it has received favourable treatment from the state, after it struck a rescue deal with the government earlier this week. The struggling carrier sought to correct reports that the government had deferred a tax bill of more than £100m to keep it aloft. [...]
Government faces accusations of lying over Flybe rescue package January 17, 2020 The recriminations surrounding the government’s rescue package for Flybe grew yet again this morning, as Ryanair boss Michael O’Leary accused the state of a cover-up of the true terms of the deal. O’Leary has already written to chancellor Sajid Javid threatening legal action over what he calls illegal state aid to one of his competitors. [...]
Flybe or not to Flybe? This bailout flies in the face of market economics January 17, 2020 The philosophy of the market is based on the idea that the key to a prosperous economy is competition. Fair and vibrant competition, the argument goes, spurs businesses to improve quality and reduce prices, benefiting consumers and fuelling economic growth. Companies that struggle should be allowed to fail, making room for more agile or innovative [...]
British Airways flights ‘more carbon intensive’ than competitors’ January 17, 2020 Flying with British Airways can increase CO2 emissions by as much as 45 per cent per passenger compared to rival airlines, according to an investigation. The snapshot analysis found that one passenger flying from Heathrow to Miami with British Airways would be responsible for 1.13 tonnes of carbon. The same journey with Virgin Atlantic is [...]
Ryanair boss Michael O’Leary threatens to sue government over ‘billionaire-owned’ Flybe rescue January 16, 2020 Ryanair boss Michael O’Leary has threatened to sue the government over its bailout of “billionaire-owned” regional airline Flybe. O’Leary wrote to chancellor Sajid Javid today demanding that the government extend an air passenger duty “holiday” handed to the struggling carrier to all other airlines. If it does not do this, he said, it would be [...]
Crossrail 2 may already be facing delays, says Sadiq Khan January 16, 2020 Crossrail 2 may have been delayed before government approval has even been given, according to Sadiq Khan. The £41.3bn rail project – a new Tube line running from North to South London – is in limbo as it awaits for the Department for Transport (DfT) to deliberate on its business plan. Under the current funding [...]
Smart meter firm Calisen confirms £1.5bn float plans January 16, 2020 Smart meter firm Calisen today confirmed its intention to float on the London Stock Exchange next month with the goal of raising £300m. The float will value the company at around £1.5bn. The energy company, which is backed by private equity firm KKR, said it would use the funds to pay down debt, support future [...]
PSA suffers 10 per cent slump in sales for 2019 January 16, 2020 The parent company of Vauxhall and Peugeot suffered a 10 per cent slump in sales last year, as declining volumes in China, the Middle East and Africa came to bear on the car maker. PSA, which is part-way through a merger with Fiat Chrysler, saw sales decline by 2.5 per cent in its home European [...]