Lookers reveals £19m hole in suspected fraud probe June 29, 2020 Troubled car dealership firm Lookers today said that it would make a £19m adjustment to its accounts in order “to correct overstatements in profitability over several years”. The dealership chain is having its accounts reviewed by Grant Thornton and Deloitte after identifying “potentially fraudulent transitions” this year. As a result of the probe, Lookers has [...]
McLaren seals £150m in funding from Bahraini bank June 29, 2020 Supercar firm McLaren has arranged a new £150m financing facility with Bahrain’s national bank, the lender announced today. The auto company has been hit hard by the coronavirus pandemic, announcing that it would make 1,200 job cuts across its businesses last month. In a regulatory filing, the National Bank of Bahrain confirmed the new funding [...]
Boeing 737 MAX certification test flights could start today June 29, 2020 The Federal Aviation Administration (FAA) has confirmed key certification test flights for the grounded Boeing 737 MAX could begin as soon Monday. In an email to Congress, the FAA said its Type Inspection Authorization (TIA) Board completed its review “clearing the way for flight certification testing to begin”. “Flights with FAA test pilots could begin as [...]
Airbus boss warns production set to fall 40 per cent over next two years June 29, 2020 Airbus boss Guillaume Faury said today that production would drop 40 per cent over the next two years due to the coronavirus crisis, worse than the company had originally suggested. Speaking to German media, Faury said: “For the next two years – 2020/21 – we assume that production and deliveries will be 40 per cent [...]
Amazon buys self-driving startup Zoox for $1bn June 26, 2020 Amazon has acquired US self-driving startup Zoox, marking its first major step into the driverless cars market. The deal is valued at more than $1bn, the Information first reported. Amazon declined to confirm the size of the acquisition. Zoox chief executive Aicha Evans and chief technology officer Jesse Levinson will continue to lead Zoox as [...]
Ryanair boss Michael O’Leary calls on EU to block KLM bailout June 26, 2020 Ryanair boss Michael O’Leary has called on the European Union to block a €3.4bn (£3.1bn) rescue package for the Dutch wing of Air France-KLM. In a statement, O’Leary said: “We call on the European Commission to block this subsidy doping to KLM, which will further reduce competition and consumer choice in the Dutch and French [...]
Quarantine rules set to be relaxed for some countries from July June 26, 2020 Environment secretary George Eustice has confirmed the UK is considering relaxing its blanket quarantine measures to allow travel from countries with a lower risk of contracting coronavirus. Ministers are currently finalising the plans, with an announcement on the matter expected on Monday. Speaking to the BBC, Eustice said: “I know that (transport secretary) Grant Shapps [...]
Bain Capital strikes deal to buy Virgin Australia out of administration June 26, 2020 Investment fund Bain Capital has announced that it has agreed to buy embattled Virgin Australia out of administration for an undisclosed sum. The airline’s administrator Deloitte said that Bain’s bid had been selected over that of rival Cyrus Capital Partners and a proposal from Virgin’s bondholders. Deloitte admitted that the carrier’s shareholders were not expected [...]
Menzies chief to exit in move to Glenfiddich owner June 26, 2020 Airport services group John Menzies chief executive Giles Wilson will step down, the firm said today, as he leaves to join Glenfiddich owner William Grant & Sons. Wilson will take up his post as William Grant & Sons chief financial officer in the end of August. John Menzies said Wilson will not be replaced. Its [...]
Car production slump continues in May despite factories restarting June 26, 2020 The country’s car manufacturers produced a mere 5,314 vehicles in May as output stalled for the second consecutive month due to coronavirus. New data from the Society of Motor Manufacturers and Traders (SMMT) showed that although two-thirds of the country’s car plants restarted work last month, output was severely curtailed due to social distancing requirements [...]
