Norwegian Air plans share sale in bid to survive December 3, 2020 Embattled carrier Norwegian Air today said that it was looking to raise 4bn Norwegian krone (£340m) in order to recapitalise the struggling firm. In a statement to Oslo’s bourse, the low-cost carrier proposed a package of debt conversion, aircraft divestment and sale of new equity to get it through the coronavirus pandemic. Norwegian did not [...]
Third time’s a charm: Tui gets new €1.8bn bailout from German government December 2, 2020 Tui has today received a third bailout from the German government, meaning that federal authorities have now shelled out €4.8bn on the travel firm. The Anglo-German giant said in a statement that it had secured an additional €1.8bn from authorities to see it through the pandemic. The funding will comprise €1.3bn from state rescue fund [...]
Bentley has hired cargo jets to fly car parts to UK to avoid Brexit border logjams December 2, 2020 Luxury car maker Bentley has hired five cargo jets to fly car parts back to the UK in case of disruption to cross-border customs flows when the Brexit transition period ends. Chief executive Adrian Hallmark said the aircraft were one of a number of precautions the firm had take ahead of 1 January. “We have [...]
Ryanair and Wizz Air passenger numbers plunge 80 per cent amid lockdown December 2, 2020 Ryanair and Wizz Air both said that passenger numbers had dropped over 80 per cent in November, with international leisure travel banned under the UK’s second national lockdown. The Irish carrier said that it flew just 2m passengers last month, down from nearly 11m for the same month in 2019. For the year to date, [...]
CMA to examine electric vehicle sector December 2, 2020 The Competition and Markets Authority (CMA) is launching a market study into electric vehicle charging, following the government’s move to ban the sale of new petrol and diesel vehicles to 2030. The study will focus on the supply of chargepoints for plug-in hybrid and all-electric ‘passenger’ electric vehicles, comprising cars and light vans. The move [...]
Lastminute.com will pay out £7m in refunds for cancelled holidays December 1, 2020 Holiday firm Lastminute.com has committed to paying out £7m in refunds to customers who had their trips cancelled due to the coronavirus pandemic. The Competition and Markets Authority (CMA) this morning revealed that over 9,000 people were currently awaiting payouts from the booking site. Lastminute.com has now agreed to pay these out as soon as [...]
Government agrees £825m loan to finish Crossrail December 1, 2020 The government has agreed a £825m loan to finance the completion Crossrail train link, Grant Shapps today announced. Writing on Twitter, Shapps said that the loan was a “fair dal for taxpayers across the UK”. The loan takes the total cost of the project, which has been plagued by difficulties over its lifespan, to £18.6bn. [...]
London festive travel guide: How to get around safely this Christmas December 1, 2020 UK leaders have agreed to lift coronavirus lockdown restrictions over the festive period, granting families the chance to see their loved ones for Christmas. Under the plans, members of up to three different households will be able to form an exclusive bubble between 23 and 27 December. Transport secretary Grant Shapps has warned Brits to [...]
Proposal to extend Bakerloo line to Beckenham and Hayes gathers steam November 30, 2020 A proposal to extend the Bakerloo Tube line even further south-east than previously planned has garnered considerable support from local residents, Transport for London said today (TfL). Last month the capital’s transport operator launched a consultation into the Bakerloo Line extension, which is currently meant to extend as far as Lewisham. However, TfL is also [...]
Easyjet working with restructuring heavyweights Alix Partners to reduce debt pile November 30, 2020 Low-cost carrier Easyjet is working with restructuring heavyweights Alix Partners in an attempt to refinance its hefty debt pile. The Telegraph first reported that the FTSE 250 carrier had asked the US firm for help as it is faced with paying back £1.4bn in debt to various lenders. The airline must repay a £600m loan [...]
