GE plans to cut up to 13,000 jobs in further blow to US aviation sector May 4, 2020 General Electric (GE) said today it is planning on cutting the global workforce of its aviation unit by as much as 25 per cent, or up to 13,000 jobs. The announcement is the latest blow to fall on the beleaguered aviation sector which has been hit hard by the freeze in travel triggered by the [...]
TfL should increase fares to promote social distancing, says think tank May 4, 2020 Transport for London (TfL) should increase fare prices at peak times once the coronavirus lockdown is eased, according to one of the country’s top think tanks. The Institute for Fiscal Studies (IFS) released a new report today, suggesting measures such as increased fare prices would act as a disincentive for people catching public transport once [...]
US airline stocks buffeted by Warren’s surprise sell-off May 4, 2020 US airline stocks have dropped sharply today as markets reacted to veteran trader Warren Buffett’s decision to sell all of his firm’s stakes in the US’ four main carriers. At the end of last year, Berkshire Hathaway held considerable positions in the four, including 11 per cent of Delta, 10 per cent of American Airlines, [...]
European Commission approves €7bn in state aid for Air France May 4, 2020 The European Commission has approved €7bn (£6.2bn) in emergency funding for embattled airline Air France, saying that if it did not it could cause “severe harm to the French economy”. The aid package will consist of both a state guarantee on loans and a shareholder loan. Margrethe Vestager, the EU’s top competition official, said: This [...]
Norwegian Air shareholders approve $1bn rescue plan May 4, 2020 Norwegian Air’s shareholders have approved a $1bn (£800m) rescue plan by an overwhelming margin this morning, paving the way for the embattled airline to tap government funding of up to 2.7bn krone (£320m). Under the scheme, which was backed by 95 per cent of shareholders, nearly $1bn of the company’s debt will be converted into [...]
Exclusive: Car industry calls for coronavirus stimulus to jumpstart recovery May 4, 2020 The UK car industry has called for a government stimulus package and extended furlough support to help it recover from the coronavirus crisis. Speaking to City PM, Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said the government will need to jumpstart the sector in order to get demand going [...]
Environmental protestors target HS2 London sites May 4, 2020 Environmental protestors have this morning targeted HS2 sites across London, including at Euston station, saying that money from the project should be funnelled to the NHS instead. As part of a day-long action against the controversial rail project, protestors are blockading sites across London, including at Colne Valley, a natural park in west London. At [...]
Coronavirus: Rail unions warn against increasing rail services May 4, 2020 The UK’s three rail unions have urged Boris Johnson’s and other regional leaders to not implement a blanket increase of train services as the coronavirus lockdown eases. The trio of unions said they would “not accept new working patterns that put the lives of railway workers and passengers at risk” and that they “are not [...]
Warren Buffett pulls out of US aviation as Berkshire Hathaway hits $50bn loss May 3, 2020 Warren Buffett’s Berkshire Hathaway has sold its entire stake in the four largest US airlines as it posted a quarterly loss of nearly $50bn (£40bn). Buffett yesterday told the company’s annual meeting that “the world has changed” for the aviation industry. Berkshire held large positions in the airlines, including an 11 per cent stake in [...]
Elon Musk tweets that Tesla stock price is ‘too high’ as he rails against lockdown again May 1, 2020 Outspoken Tesla chief executive Elon Musk has said Tesla stock is “too high” and called once again for the end of lockdown measures. The Tesla boss has come under fire for tweeting about the company’s stock in the past. In 2018, he was sued by the SEC after it argued Musk had made false statements [...]
