French authorities join the UK’s Serious Fraud Office in Airbus fraud and corruption investigation March 17, 2017 French authorities have opened their own investigation into allegations of fraud, bribery and corruption at Airbus, joining Britain's Serious Fraud Office (SFO) which launched an inquiry in August. The Parquet National Financier and the SFO will "act in coordination" going forward as they look into the allegations in the civil aviation business of Airbus Group [...]
As Toyota says it’ll invest £240m in its UK plant, has the threat of Brexit to carmakers been overplayed? March 17, 2017 Daniel Mahoney, deputy director at the Centre for Policy Studies, says Yes. The prospect of a 10 per cent tariff on UK car exports to the EU is unnerving for the automotive industry. However, developments since the EU referendum are reason to remain positive. Both Nissan and now Toyota have announced major investments in the [...]
Plans for £4bn restoration of parliament need further challenging and testing before green light is given, says Treasury Committee March 17, 2017 It would be "imprudent" for MPs to commit to the restoration of parliament that could cost up to £4bn, without more work being carried out into "the hugely expensive project", the Treasury Select Committee warned today. The Committee has launched an inquiry into the project which will cost between £3.5bn and £4bn, if carried out over [...]
The Night Tube is set for major disruption after Aslef and RMT drivers announce strikes on 8 and 29 April March 16, 2017 More Night Tube drivers have voted for strike action in a row over "fair access to full-time jobs" and will strike on the nights of Saturday 8 April and Saturday 29 April. Members of train drivers' union Aslef have voted in favour of a strike and action short of a strike. As they represent the [...]
Lufthansa profit rises after cost-cutting despite a tumultuous year of strike troubles March 16, 2017 Despite suffering costly long-running strike troubles, Lufthansa unveiled a net profit of €1.78bn last year, coasting into 2017 thanks to "effective cost reductions". The figures: In 2016, Lufthansa’s revenues declined 1.2 per cent to about €31.7bn from €32bn. Adjusted earnings before interest and tax (Ebit) also decreased by 3.6 per cent to €1.75bn. Net profits rose 4.6 per cent to [...]
Business Committee launches inquiry into electric vehicles to assess concerns over stalling sales March 16, 2017 The role of electric vehicles as part of the government's industrial strategy will be investigated by the Business, Energy and Industrial Strategy (BEIS) Committee. The BEIS Committee has launched an inquiry today to scope out the barriers to the market's development and look into concerns that sales and take-up haven't been "as advanced as they [...]
Toyota gives the UK a vote of confidence as it plugs £240m investment into its Burnaston plant with government support March 16, 2017 Toyota has signalled it is committed to manufacturing in Britain after announcing today it is plugging £240m into its UK operations in a bid to improve its Burnaston plant's competitiveness. The Japanese car firm said the investment into its plant near Derby will enable production of vehicles using its new global manufacturing system and promote UK [...]
The RMT slams Aslef’s fresh agreement with Southern rail as “the old deal in a new envelope” March 16, 2017 Secretive talks to reach a new agreement over the Southern rail strikes came to fruition yesterday, but the Rail, Maritime and Transport (RMT) union hasn't been won over. Train drivers' union Aslef and Southern's parent firm Govia Thameslink Railway (GTR) had been holding fresh talks in London after a previous agreement was dashed when members turned [...]
Eurostar reports £25m loss after terror attacks in Europe hit demand – but says US travel will get it back on track March 16, 2017 Eurostar suffered a £25m loss after a "challenging 2016", citing the aftermath of terror attacks in Europe and difficult trading conditions. But the high-speed rail service said the early signs of 2017 were positive thanks to a boost in US travel. Read more: It's full steam ahead for Eurostar's Amsterdam services The figures Last year proved a bumpy [...]
London Easter travel disruption is on the cards as Network Rail plans major rail works March 16, 2017 Thinking about getting the train over Easter? You might want to think again, as Network Rail is planning a whole host of works over the bank holiday weekend as part of its railway upgrade plan. Fewer people use services over Easter and Network Rail said it will deliver more than 200 projects across Britain thanks to the [...]