Uber to cut 3,700 employees as ride-hailing demand slumps due to coronavirus May 6, 2020 Uber will cut 3,700 employees and its chief executive will forgo his salary for the rest of the year as demand for ride-hailing services collapses due to the coronavirus outbreak. The company said the job losses will include roles in its customer support and recruitment teams, with $20m in costs expected to be incurred as [...]
BMW lowers guidance as coronavirus stalls demand May 6, 2020 German automotive giant BMW has lowered its guidance for the year due to coronavirus, the firm announced today, saying the pandemic would “seriously dampen demand” across all of its markets. The Munich-headquartered company said that its earnings margin for the year would fall to zero to three per cent, down from the two to four [...]
Heathrow expansion: UK will not need third runway for up to 15 years May 6, 2020 The chief executive of Heathrow today said it could be 10 to 15 years before the UK need a third runway at the airport due to the coronavirus crisis. Speaking to the transport select committee, John Holland-Kaye insisted that a third runway at the airport remained “a critical economic plank for the growth of the [...]
National Express set for equity raise to strengthen balance sheet May 6, 2020 National Express has announced the placing of up to 19.99 per cent of the coach operator’s share capital to further strengthen its financial position through the coronavirus crisis. The firm said that in its worst-case scenario, profit could fall up to 40 per cent in 2020. The company said that the move had the “unanimous [...]
Airline body says face masks should be worn on flights to prevent the spread of coronavirus May 5, 2020 The industry body representing global airlines has recommended passengers wear masks on flights to prevent the spread of coronavirus once flying restarts. David Powell, medical adviser to the International Air Transportation Association (IATA), said while normal seat allocation can be maintained, face masks should be worn on board. Some major US airlines have already introduced [...]
Virgin Atlantic to cut 3,150 jobs and quit Gatwick base May 5, 2020 Virgin Atlantic will cut a third of its workforce and cease its operations at Gatwick airport in a bid to survive the coronavirus crisis, the embattled airline announced today. The carrier, which will cut 3,150 of 10,000 strong workforce, is the latest airline to announce major job cuts after Ryanair and British Airways. In a [...]
Travel industry calls on government to extend refund payment timetable May 5, 2020 The UK’s leading travel association has called on the government to extend the time period in which holiday firms must refund customers or risk “huge job losses”. Under current rules, travel firms are legally obliged to refund customers within 14 days, a timeline that ABTA chief Mark Tanzer described as “impossible” in the current circumstances. [...]
Qantas halts plans for non-stop flights to London and New York May 5, 2020 Australian airline Qantas has suspended plans to commence record-breaking non-stop flights to London and New York due to disruption caused by coronavirus. It was reported that the carrier has made the decision to delay the so-called “Project Sunrise”, which was due to launch in 2023, for an indefinite period. As a result, the airline has [...]
Ryanair flies just 40,000 people in April as demand evaporates May 5, 2020 Europe’s largest low-cost carrier Ryanair revealed that passenger numbers fell 99.6 per cent in April as the coronavirus crisis continued to cripple global aviation. Last month the airline operated 600 flights, a tiny fraction of the 75,500 it had budgeted, and flew just 40,000 people. By contrast, in April last year the airline flew 13.5m [...]
Volkswagen warns manufacturing costs set to rise as car demand collapses May 5, 2020 Volkswagen has warned that the car industry is likely to come under even more pressure as parts makers increase the prices of crucial components due to the coronavirus pandemic. Speaking to the Financial Times, Volkswagen’s board member for procurement Stefan Sommer said that some suppliers were raising prices to offset the fact that they are [...]
