Icelandair abandons $25m takeover of budget carrier Wow Air agreed earlier this month November 29, 2018 Icelandair has backtracked on its proposed $25m (£19.6m) acquisition of budget airline Wow Air by mutual agreement, after signing the deal only earlier this month. In an update to the Icelandic Stock exchange, the country's flag carrier confirmed the purchase agreement signed on 5 November has been cancelled. It said that it would be unlikely that all of [...]
Britain and US agree new post-Brexit open skies arrangement November 29, 2018 Britain and the US have reached a deal on a new open skies aviation agreement after the UK leaves the EU in March 2019. The agreement will replace the existing EU aviation agreement with the US and guarantee that planes flying from the UK will have the same access to the US as they do [...]
Elon Musk abandons second LA hyperloop tunnel, opting for another instead November 29, 2018 Billionaire entrepreneur Elon Musk has ducked out of plans to build a second high-speed passenger train tunnel in Los Angeles, after litigation forced his firm The Boring Company to back down from the project. Musk had plans to build the 2.7 mile-long Sepulveda tunnel on the western side of LA, however has since ditched development after [...]
Thomas Cook falls to £53m loss confirming turbulent year caused by UK heatwave November 29, 2018 Thomas Cook has confirmed a pre-tax loss of £53m in a “disappointing” year for the travel operator, which has seen its value tumble. The package holiday provider, which issued a profit warning earlier this week, reported the £53m loss today, significantly down on the £43m pre-tax profit it posted in the year to September 2017. [...]
Sun shines on NextEnergy as it plans global expansion with new $750m fund November 28, 2018 A UK-based asset manager will raise $750m (£585m) to expand its portfolio of solar farms, it was revealed yesterday. NextEnergy, which has around $1.4bn in assets under management, has already raised $160m after the first close of its NextPower III fund. It has secured investments from the Norwegian pension fund, a Swedish life insurance firm, [...]
Electric Vehicle giant ChargePoint brings on Daimler as an investor in $240m funding round November 28, 2018 California-based electric vehicle charging network Chargepoint has secured $240m (£188m) in its largest-ever Series H funding round, bringing on new investors such as Quantum Energy Partners, which led the round, and Daimler. Other investors in the round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision and Government of Singapore Investment Corporation. They add [...]
Worst yet to come with Crossrail delay as TfL faces £400m 2021 revenue shortfall, warns Moody’s November 28, 2018 The delay to the launch of Crossrail will hit Transport for London (TfL) with a £400m funding shortfall in 2021, financial services giant Moody's has found. The £15.4bn Elizabeth Line was supposed to open this December but has been delayed until autumn next year because of issues around signalling testing. Moody's found that while TfL will manage [...]
From trains to trainers: TfL teams up with Adidas for Tube and Crossrail-inspired footwear November 28, 2018 Londoners may not be able to use the Elizabeth Line this year, but they can still travel in style elsewhere on the Underground with the release of a new range of Tube-inspired trainers by Adidas. Transport for London (TfL) has teamed up with the sports giant to launch a new range of trainers inspired by the Elizabeth Line, [...]
Airbus could restart UK investment if parliament approves May’s Brexit deal November 28, 2018 Aerospace firms may resume investment in the UK’s industry currently put on hold if Prime Minister Theresa May’s withdrawal agreement is voted through parliament, Airbus told MPs this morning. Companies have either paused investment in the UK since the EU referendum or transferred it to other markets, executives told the Commons' Business, Energy and Industrial Strategy [...]
Former Nissan chairman Carlos Ghosn denies burdening company with personal losses November 28, 2018 Former Nissan chairman Carlos Ghosn has denied passing personal trading losses to the car manufacturer, according to his lawyer. Japanese media reported yesterday that the ousted chairman may have transferred losses of ¥1.7bn (£11.7m) from a derivatives contract to the company in 2008. While Ghosn has acknowledged he consulted Nissan about the contract, he denies [...]