Ride-hailing giant Gett chases $60m raise ahead of stock market debut June 8, 2020 Gett, the ride-hailing company part-owned by car giant Volkswagen, is close to raising a $60m (£47m) funding injection as it gears up to go public. The Uber rival is finalising the round which would be its first external fundraise since it secured $200m from investors last year. Sources told Sky News that the new funding [...]
Honda investigating suspected cyber attack after IT issues June 8, 2020 Japanese carmaker Honda is investigating a suspected cyber attack after experiencing issues with its IT network. Honda began to experience issues with its IT networks in Japan and Europe on Monday, Sky News reported, citing sources who said the company believed this was due to unauthorised attempts to breach its systems. Honda confirmed there was [...]
Two more Easyjet board members to step down this year June 8, 2020 Two members of the Easyjet board will step down this year, it was announced this morning, just a few weeks after finance chief Andrew Findlay also turned in his resignation. Deputy chairman Charles Gurassa and finance committee chair Andy Martin will quit the board in line with corporate governance best practice, having each served for [...]
European Commission set to scrutinise Fiat-PSA mega-merger June 8, 2020 The European Commission may seek concessions in order to clear the proposed $50bn (£39.6bn) merger of Fiat Chrysler and Peugeot owner PSA over competition concerns. Reuters reported that the body’s antitrust regulators were worried by the potential size of the two firm’s market share in small vans. According to sources, the two firms must dispel [...]
Lookers delays financial results further and warns of share suspension June 8, 2020 Car dealership firm Lookers has delayed publishing its financial results for the third time and has warned it may have to suspend trading. Lookers had been scheduled to report its 2019 financial results in March but had to delay publication until April after it had “identified potentially fraudulent transactions” and hired Grant Thornton to review [...]
Easyjet boss warns that more jobs could be lost due to quarantine plans June 8, 2020 Easyjet’s chief executive Johan Lundgren has warned that the budget airline may be forced into making more job cuts due to the government’s new quarantine rules. The blanket restrictions, which came into effect today, mean that almost all incoming passengers to England must quarantine for 14 days. When asked whether it could lead to more [...]
Speedy Hire says revenue picking up as construction activity begins again June 8, 2020 Construction equipment rental firm Speedy Hire said that revenue in April was ahead of expectations, but still 35 per cent down on last year due to the coronavirus pandemic. The firm said that the easing of lockdown measures throughout May had seen construction activity pick up, meaning that last week tool hire revenue was only [...]
Michael O’Leary insists Ryanair will not cancel flights despite quarantine plans June 8, 2020 Ryanair’s chief executive Michael O’Leary has said that the carrier will not cancel flights to and from the UK in light of the new 14-day quarantine rules that came into force today. Speaking to the BBC, O’Leary said insisted flights in July and August would go ahead even if the blanket measures remained in place [...]
Exclusive: Heathrow warns of 25,000 job losses amid quarantine travel row June 7, 2020 Heathrow Airport’s chief executive has warned that 25,000 jobs may be lost at the airport if the government’s quarantine rules are not relaxed, or air bridges not established, within the next two weeks. Those losses would largely come from airline redundancies but speaking to City PM’s City View podcast, John Holland-Kaye also said a decision [...]
Bombardier to cut 2,500 jobs as Covid-19 hits aviation demand June 5, 2020 Manufacturing giant Bombardier today said it will cut 2,500 jobs in its aviation division as the coronavirus crisis sparks a slump in demand. The Canadian company said the cuts, which equate to roughly 11 per cent of its aviation unit, were necessary due to a sharp fall in orders amid the Covid-19 lockdown. “Over the [...]
