Coast Capital hits out at First Group over ‘defamatory attacks’ June 18, 2019 Activist investor Coast Capital has hit out at First Group for making alleged “defamatory attacks and false statements” in the pair’s public slanging match over the transport giant’s strategy. Coast, First Group’s largest shareholder, has issued a 24-page rebuttal to claims made by First earlier this month, in which it called the investor an “opportunistic, [...]
Lift off: Gatwick earnings rise after increase in long-haul flights June 18, 2019 London’s Gatwick airport cheered a bump in earnings during the last 12 months, as long-haul flights to the Far East helped deliver growth. Earnings before interest, tax, depreciation and amortisation (Ebitda) jumped 7.3 per cent in the year ending 31 March, driven by new routes, increased frequencies and retail development, the UK’s second largest airport [...]
South Western Railway strike: Thousands hit by industrial action June 18, 2019 Commuters faced the first of five days of disruption as a South Western Railway strike hit trains to and from London Waterloo station today. Passengers face rush hour chaos for the rest of the week and into the weekend on the route after workers with the Rail, Mairitme and Transport Union (RMT) walked out over [...]
Heathrow airport reveals third runway ‘masterplan’ June 18, 2019 The masterplan for Heathrow’s £14bn third runway will be revealed to the public for the first time today, alongside its largest-ever consultation into the project. The airport will reveal how it plans to reduce emissions and noise – two areas that campaigners have circled out as areas of concern – as well as a proposed [...]
Let London take back control of its finances June 18, 2019 As many a Morning Wire reader will know, London is different from the rest of the UK in a variety of ways – and not just in terms of how it votes, its cultural mix, or its size and complexity. There is also the amount of tax that London’s citizens and businesses pay. Recent figures [...]
South Western Railway strike will hit Royal Ascot guests this week June 17, 2019 Thousands of commuters heading to Royal Ascot this week could be hit by a major railway strike. Five days of industrial action on South Western Railway (SWR) starting tomorrow will coincide with the opening day of the annual horse racing event, which runs until Saturday. SWR said the strike will hit London Waterloo commuters as [...]
Interserve chairman Glyn Barker prepares to step down June 17, 2019 Interserve chairman Glyn Barker is preparing to step down following deal that saw the struggling outsourcing firm taken over by a consortium of its lenders. The company is working with recruitment search firm Heidrick & Struggles to appoint a successor, Sky News reported. Read more: Interserve went into administration owing suppliers £100m Barker, who was [...]
Jet Airways’ lenders start insolvency proceedings June 17, 2019 Lenders to stricken Indian airline Jet Airways have started insolvency proceedings, they said today. “After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received,” the lenders said, referring to India’s Insolvency and Bankruptcy Code. Jet Airways suspended flights in April after running out of money. The airline [...]
Lufthansa profit warning hurts ‘miserable’ airline stocks June 17, 2019 A Lufthansa profit warning dragged down airline stocks this morning as analysts warned investors are “spooked”. The Frankfurt-listed flyer blamed overcapacity in the market and rival carrier competition for falling ticket prices in Europe. Read more: Flybe boss to quit after airline’s sale to Connect Airways Lowering its earnings margin forecast to between 5.5 per [...]
Babcock: Serco’s rebuffed bid had ‘no strategic merit’ June 17, 2019 Babcock has confirmed it rejected a takeover approach from its smaller rival Serco in January. Read more: Serco tried to merge with huge rival Babcock Serco had proposed an “all-share combination” between the two industrials companies but Babcock’s board unanimously rejected it, the outsourcer said today. Board members concluded that “a combination of the two [...]