Airline stocks rise on lockdown hopes and Lufthansa bailout May 26, 2020 Airline stocks were among the best performers on the FTSE 100 this morning as investors were cheered by further easing of lockdown measures and Lufthansa’s rescue deal. On Monday Germany agreed a €9bn lifeline for Lufthansa, agreeing a bailout plan which gives the government a veto in the event of a hostile bid. The German [...]
Aston Martin shares surge on chief executive sacking May 26, 2020 Shares in luxury sports car manufacturer Aston Martin Lagonda surged today after it confirmed it had parted company with its chief executive following a plunge in its share price. Media reports over the weekend said Aston Martin chief executive Andy Palmer was being ousted in favour of senior Mercedes executive Tobias Moers. Aston Martin confirmed [...]
Volkswagen defeated in German ‘dieselgate’ case May 26, 2020 Volkswagen was yesterday defeated in a key German court case claiming compensation for drivers mis-sold vehicles by the car giant as part of the emissions rigging scandal. The ruling by Germany’s highest court for civil disputes, which will allow owners to return vehicles for a partial refund of the purchase price, serves as a template [...]
Easyjet finance chief resigns after surviving Stelios coup May 26, 2020 Easyjet chief financial officer Andrew Findlay has resigned from the company just days after surviving an attempted clear-out of the company’s management by founder Sir Stelios Haji-Ioannou. Findlay, who joined the budget airline as finance chief in 2015, will leave the company in May 2021 in line with his contractual obligations. “Although I have given [...]
Lufthansa secures €9bn bailout from German government May 26, 2020 Lufthansa was last night saved from collapse after securing a €9bn (£8bn) rescue deal from the German government. The bailout, which is the largest German corporate rescue since the start of the coronavirus crisis, will see the government take a 20 per cent stake in the airline, which it intends to sell by the end [...]
Aston Martin’s chief executive ousted as part of management shake-up May 24, 2020 Aston Martin chief executive Andy Palmer is reportedly set to be ousted from the role as part of a management shake-up. The luxury carmaker confirmed it is reviewing its management team. It will name Mercedes-AMG chief executive Tobias Moers as Palmer’s replacement in an announcement tomorrow, the Financial Times reported. Palmer had not been informed [...]
Lufthansa to resume flights to 20 more destinations next month May 24, 2020 German airline Lufthansa will resume flights to 20 destinations next month, including some holiday hotspots, the company announced today. The airline, which is in talks with the German government over a £8.1bn bailout, will resume flights from mid-June, with Mallorca, Crete, Rhoades, Faro, Venice, Ibiza and Malaga among the destinations. The flights will operate from [...]
Car rental firm Hertz files for US bankruptcy protection May 24, 2020 Car rental firm Hertz has filed for bankruptcy protection in the US after the coronavirus pandemic caused demand to collapse. The firm, whose largest shareholder is billionaire investor Carl Icahn, said the “sudden and dramatic” impact of coronavirus on travel demand had caused a “abrupt decline” in revenue and future bookings. A large portion of [...]
Stelios accuses Easyjet of ‘voting fraud’ after failing to oust management May 22, 2020 Easyjet founder Sir Stelios Haji-Ioannou accused the airline of “voting fraud” today after his attempt to oust key management figures was defeated. Haji-Ioannou launched the attempt to remove the management team after a row over Easyjet’s continuation of a deal to buy 107 Airbus planes for £4.5bn which Haji-Ioannou says puts the future of the [...]
Easyjet woes grow after it is hit with massive group action claim over data breach May 22, 2020 Struggling budget airline Easyjet suffered another blow today after it was hit with a massive group action claim following its data breach which was announced earlier this month. Law firm PGMBM today said it had issued the group action claim in the High Court on behalf of customers whose details were exposed in the breach. [...]
