Tesla shares rise as it unveils plan for $2bn stock issue February 13, 2020 Shares in Tesla rose this afternoon after the electric car maker said it would raise roughly $2bn (£1.5bn) by issuing new stock. Idiosyncratic chief executive Elon Musk will personally purchase up to $10m of shares in the new offering, while Oracle founder Larry Ellison, who sits on Tesla’s board of directors, will also buy up [...]
Norwegian Air deepens cutbacks as 737 Max crisis weighs February 13, 2020 Norwegian Air has posted a loss of 1.87bn Norwegian krone (£155m) in the fourth quarter as the Boeing 737 Max crisis continued to take its toll on the airline. This was narrowed from the 3bn krone loss posted in the same period in 2018, but lagged behind analysts’ forecasts. Operating revenue also fell seven per [...]
Nissan records losses amid backdrop of Carlos Ghosn scandal February 13, 2020 Nissan has posted a net loss of 26.1 billion yen (£183.3m) in the third quarter of 2019. The company has cut its annual operating profit forecast by 43 per cent after global vehicle sales fell 11 per cent from October to December. This comes as it faces a changing car market and fallout from the [...]
Bribery probe and military aircraft unit send Airbus to €1.36bn loss February 13, 2020 Global aerospace giant Airbus has swung to €1.36bn loss for 2019, compared to a profit of just over €3bn for the year before. The huge loss is down to a provision for a $4bn settlement of a bribery case as well as a €1.2bn charge against its military aircraft programme. The group has however met [...]
Government to hold crunch talks with Flybe over potential loan February 12, 2020 The government is set to hold talks with struggling regional airline Flybe this week over proposals for a potential loan. Whitehall officials are expected to meet with the airline and its shareholders as soon as tomorrow to discuss a potential £100m in government support, Sky News reported. One scenario for the proposed deal could see [...]
Nissan to file £70m lawsuit against fugitive ex-chief Carlos Ghosn February 12, 2020 Nissan wants 10bn yen (£70m) in damages from its former boss Carlos Ghosn in relation to his alleged financial misconduct, Reuters has reported. The civil lawsuit filed to seek the sum follows Ghosn’s dramatic escape from Japan to Lebanon last December. The allegations the former Nissan chair faces, all of which he denies, include understating [...]
Babcock lowers profit guidance amid oil and gas woes February 12, 2020 UK defence contractor Babcock lowered its guidance for profit for the year today in the company’s first update since chief executive Archie Bethel said he would step down. Shares in the defence giant dropped over four per cent in early trading after a quarter which the outgoing chief labelled as “frustrating”. The group estimated operating [...]
Government ‘considers taking stake’ in struggling airline Flybe February 11, 2020 The government is said to be mulling taking a stake in struggling airline Flybe, despite concerns about state aid rules and a fierce backlash from the budget firm’s rivals. Ministers are in talks with Flybe and the European Commission to ensure any rescue deal did not contravene rules about government intervention, the BBC reported. While [...]
Shares of HS2 contractors Balfour Beatty, Kier, Costain surge on green light February 11, 2020 Shares in British construction giants rose today after Prime Minister Boris Johnson opted to press ahead with the controversial HS2 rail project. The PM had been under pressure from some in his party to scrap the project after its estimated cost rose to £106bn. But today he gave the infrastructure scheme the green light, telling [...]
HS2: Businesses react to Boris Johnson’s green light for controversial rail project February 11, 2020 Business groups have welcomed the government’s decision to proceed with the controversial HS2 rail line. The Prime Minister’s expected announcement comes after months of debate over whether the scheme should go ahead. This follows a report that the project could cost over £100bn, three times what was originally forecast. BCC: ‘Great news for business’ Director [...]
