£1.5bn Liverpool Street station upgrade sparks conservationists’ concerns October 6, 2022 A £1.5bn proposed upgrade of Liverpool Street station has sparked concern among conservationists. Shard Quarter developer Sellar, alongside Network Rail and Elizabeth line operator RMT, unveiled the plans today. The mixed use blueprint includes plans for up to 10 floors of office space, as well as six floors taken up by the Andaz hotel. Developers [...]
Porsche surpasses Volkswagen as EU’s most valuable car maker October 6, 2022 Porsche has overtaken parent company Volkswagen as Europe’s most valuable car maker as its valuation increased to around €84bn (£73.5bn) a week after its IPO. The luxury car maker’s value was initially pushed up to €85bn as shares surged to €93 earlier this morning. But even though shares stabilised to around €91 by lunchtime, Porsche’s [...]
Watchdog: Network Rail staff paid more than market rates October 6, 2022 Network Rail maintenance earn around a fifth more than similar roles in the rest of the industry, Data published today by rail watchdog the Office for Rail and Road (ORR) showed that the average total reward – which include pension costs and other measurable benefits – was 18 per cent above the average. The analysis [...]
Analysts slash Motorpoint’s forecast following £10.5m profit slump October 6, 2022 Analysts at Liberum have slashed their forecasts for Motorpoint after the car dealer reported a £10.5m slump in profit. “We reduce our FY23E profit before tax by 50 per cent to £7m,” Liberum’s senior analyst Sanjay Vidyarthi wrote. Motorpoint – which posted today a record £785m revenue for the six months ended 30 June – [...]
Union bosses warn of further strikes despite ‘different face’ to government October 5, 2022 Union bosses have warned of further action potentially taking place despite a “different face” to the government. Mick Lynch, general secretary of union RMT, said there could be additional transport strikes if a settlement between rail workers and train operators is not reached. “We’re reballoting now to get a fresh mandate for the next six [...]
Brittany Ferries calls on Govt to ‘refocus’ and improve seafarers’ conditions October 5, 2022 Brittany Ferries’ chief executive Christophe Mathieu has called on the UK Government to “refocus” its attention to improving conditions for those working in the Channel. “We welcomed former transport secretary Grant Shapps’ determination to drive up standards in the ferry sector and to set minimum wage requirements for ferry workers,” Mathieu said. “Now we urge [...]
Halfords buys commercial tyre firm Lodge Tyre for £37.2m October 5, 2022 Halfords has bought commercial tyre firm Lodge Tyre for £37.2m in cash, the motoring services retailer announced today. The London-listed company will pay an initial £33.2m while a further £4m will be paid in FY25 depending on performance. “The acquisition of Lodge Tyre is yet another example of Halfords’ strategic aim of becoming a motoring [...]
Chapter closed: Virgin Atlantic shuts Hong Kong route after 30 years October 5, 2022 Virgin Atlantic announced today it has dropped the Heathrow to Hong Kong route after almost 30 years due to the closure of Russia’s airspace and related issues. As part of the move, the airliner also shut down its office in the city-state. The legacy carrier said on Wednesday it would not resume flights – halted [...]
EV sales drive new car market growth in September October 5, 2022 The sale of electric vehicles (EVs) has driven a 4.6 per growth in September’s new car market, according to data published today. Figures from the Society of Motor Manufacturers and Traders (SMMT) reported that new electric vehicle registrations grew by 16.5 per cent to more than 38,000 units. After March, September is the second-biggest month [...]
UK exports to Ireland reach record highs despite Brexit trade frictions October 5, 2022 UK exports of goods to Ireland have now posted consecutive monthly records in June and July, according to fresh data shared with City PM this morning. Analysis of the latest government trade data shows £2,861m and £2,693m worth of goods travelled into Ireland through the two months respectively, as trade with the UK’s closest neighbour [...]
