Saudis now second-largest investor in Aston Martin as £653m raised to pay off debts July 15, 2022 Saudi sovereign wealth fund PIF has become the second-largest shareholder in UK luxury car maker Aston Martin, sending shares up 25 per cent. The fund, controlled by Saudi Crown Prince Mohammed bin Salman (MBS), will own a 16.7 per cent stake in the marquee. This will be behind the 18.3 per cent owned by Canadian [...]
Lithium batteries are the ‘new oil’ as Panasonic unveils $4bn gigafactory July 14, 2022 The demand for lithium batteries, key components in electric vehicles (EVs), have skyrocketed in recent months – with onlookers, including Elon Musk, saying they are the new oil. Japanese tech giant Panasonic secured approval for a $4bn (£3.3bn) battery plant on Wednesday night, in a bid to keep up with demand from EV makers. Panasonic [...]
Drivers at eight rail operators across UK to halt work and strike on July 30 July 14, 2022 Train drivers at eight rail companies will strike on July 30 in a dispute over pay, their union Aslef announced. The strike – which marks the train drivers’ first national walkout since 1995 – comes on the heels of RMT members at Network Rail and 14 other operators walking out on 27 July after they [...]
Emirates accuses Heathrow of being ‘cavalier’ after refusing to comply with cap July 14, 2022 Gulf carrier Emirates has accused Heathrow’s management of being “cavalier”, after refusing to comply with the hub’s passenger cap. The airline described Heathrow’s request to cut daily departing passengers to 100,000 as “unreasonable and unacceptable,” blaming airport executives for showing “blatant disregard for consumers.” On top of operating flights as scheduled, the Dubai carrier added [...]
EV marker Arrival to axe 800 jobs globally due to market volatility July 14, 2022 UK-based electric vehicle (EV) maker Arrival is set to axe 800 jobs globally as it continues to feel the pinch from the ongoing economic volatility. Approached by City PM, Arrival declined to comment on the number of UK workers that would be impacted as the company’s employees are scattered mainly across Britain, the US and [...]
London energy startup Dare poaches former Monarch and Betfred finance whizz Barry Nightingale July 14, 2022 London-based energy tech company Dare revealed to City PM it has recruited Barry Nightingale as its new Chief Financial Officer, in what is said to be a major hire as the fundraising expert gained worked for a range of large UK firms. Nightingale previously held positions, including Chief Financial Officer and Finance Director, at Wejo, The Restaurant Group, [...]
MOD awards £55m contract to Titanic shipyard Harland & Wolff July 14, 2022 The Ministry of Defence (MOD) has awarded a £55m contract to a shipyard in Devon operated by Harland & Wolff, the Belfast group famous for building the Titanic. The company said this was a “watershed moment,” the Telegraph first reported. As part of the contract, the shipyard will refurbish an old Royal Navy mine hunter, [...]
Gatwick crowned UK’s worst airport, as 3.2 per cent of flights axed July 13, 2022 Gatwick was crowned the UK’s worst airport for cancellations. Flights from the south London hub are 10 times more likely to be axed compared with Stansted, according to data shared with Sky News by intelligence company OAG. Figures revealed that Gatwick’s cancellations were 3.2 per cent of total flights in 2022, compared with Heathrow – [...]
Union members at GWR, Greater Anglia and TransPennine endorse major network disruption as pay conflict blows up July 13, 2022 Almost 700 members of the union TSSA working at Great Western Railway (GWR), TransPennine and Greatter Anglia have voted in favour of industrial action. According to the union, which announced the ballot’s result today, members balloted voted in favour of both strike and action short of strike. But, due to current laws, only GWR workers [...]
Airbus in talks with Delta over additional order July 13, 2022 Airbus is in talks with US airline Delta to add a dozen more A220 planes to an initial order for 95. The deal could be completed during next week’s Farnborough Airshow, even though the US carrier is still waiting for the delivery of 39 A220s, sources told Reuters. Delta – who sent shares tumbling today [...]
