Autotech M&A deal value falls to five-year low in second half of 2018 February 20, 2019 Merger and acquisition value in the automotive technology sector hit a five year low in the second half of 2018 as car manufacturers struggled with dwindling demand in China and a global crackdown on emissions. A total of 100 M&A deals were completed in the second half of last year, including Renault, Ford and Volkswagen’s [...]
Port of Tilbury £200m London project gets green light February 20, 2019 Authorities have given the green light for a £200m port project on the outskirts of London, in a bid to deal with rising demand from the construction, manufacturing and retail sectors. The Department for Transport (DfT) gave the project its blessing yesterday, meaning work on the second terminal at the Port of Tilbury in Thurrock [...]
Dubai-based port operator DP World pays £322m for P&O Ferries February 20, 2019 Emirati port operator DP World has bought back P&O Ferries for £322m 13 years after selling it. DP World acquired P&O, the British freight firm, in 2006 but sold off some assets, including P&O Ferries, to major shareholder Dubai World within the same year. Now it has paid to get the company back, along with logistics arm P&O [...]
Ghosn case should have been handled internally, new lawyer says February 20, 2019 Carlos Ghosn’s new lawyer launched an attack on Nissan and the Japanese legal system today as he dismissed the charges against the former car executive. Junichiro Hironaka, nicknamed the Razor, said the allegations should have been dealt with as an internal company matter and criticised Japanese judges for holding Ghosn behind bars, saying the move [...]
Citymapper launches contactless London travelcard that is cheaper than TfL’s Tube and bus travel fares February 20, 2019 London commuter app Citymapper has launched a new subscription service that will allow people to pay for weekly travel across all modes of transport, built into a contactless card. From launch, Citymapper Pass will cover travel on the Tube, buses, trains, Santander bikes and its own Citymapper Ride shared taxi service in zones one and two. Read more: TfL told [...]
Nissan governance board to push for separate chairman from Renault February 20, 2019 Nissan’s governance board is to oppose the company having the same chairman as Renault, the Financial Times reported today, citing sources close to the matter. Renault has been calling for its newly-appointed chairman, Jean-Dominique Senard, to take over the role at the Japanese car company, the sources said. Read more: Renault slams the brakes on [...]
South Korean prosecutors raid Hyundai offices after engine defect allegations February 20, 2019 Authorities in South Korea have raided Hyundai offices as part of an investigation into the firm’s handling of vehicle recalls over engine defects, according to local media. Prosecutors searched the firm’s quality division in southern Seoul as part of their probe into whether Hyundai and partner Kia delayed fixing defects that prompted massive recalls in [...]
Flybe shares soar 146 per cent following rescue offer from Tinkler-backed bidders February 20, 2019 Shares in ailing airline Flybe have soared 146 per cent this morning after the carrier confirmed it has received a rescue offer from Arizona-based airline Mesa Air and fund manager Bateleur Capital with the backing of former Stobart boss Andrew Tinkler. Read more: US airline Mesa tables last-minute Flybe rescue deal But Flybe said the offer [...]
‘No-fly zones’ around airport runways extended following Gatwick and Heathrow drone chaos February 20, 2019 Drones and similar model aircraft will be banned from flying within a five kilometre radius from airport runways following the havoc they wreaked at the Gatwick and Heathrow runways last year. The extended "no-fly zone" for drones and similar aircraft has been extended from one kilometre to five kilometres following recent episodes of disruption. Over [...]
US airline Mesa leads last-minute Flybe rescue offer in blow to Virgin February 19, 2019 Arizona-based airline Mesa has tabled a £65m rescue deal for struggling airline Flybe in a dramatic move that could derail a takeover bid led by Virgin Atlantic. Morning Wire understands Mesa is leading a consortium of investors that offered an injection of new equity at a Flybe board meeting today in a bid to save [...]