Protesters bring Hong Kong airport to its knees for second day in a row as outbound flights cancelled again August 13, 2019 Hong Kong’s international airport has yet again been plunged into chaos after anti-government protesters forced authorities to cancel outbound flights for the second day in a row. Hours after one of the world’s busiest travel hubs returned to full operation, demonstrators have blockaded security gates again today, forcing some would-be passengers to fight their way [...]
Rolls-Royce shares drop after ‘hailstorm’ of jet engine fragments cause chaos in Rome August 12, 2019 A “storm of steel and iron” raining down on people in a busy suburb of Rome over the weekend sent engine maker Rolls-Royce’s market value tumbling more than half-a-billion pounds today. Romans were forced to take cover on Saturday as hot fragments of metal fell from a Boeing 787 Dreamliner jet flying over the Fiumicino [...]
Pension deficits fall among FTSE 350 firms but majority remain in the red August 12, 2019 Defined benefit pension deficits among FTSE 350 companies have dropped by nearly one-third in the last year, but still more than half of firms are operating on a deficit, according to research. The collective pension scheme deficit for the top 350 listed companies in Britain fell 29 per cent to £39bn last year, from £55bn [...]
Hong Kong airport cancels flights for rest of Monday amid anti-government protests August 12, 2019 Hong Kong airport authorities have cancelled all remaining flights for Monday, after anti-government protesters swamped its main terminal building for a fourth day. The cancellations mark the biggest economic disruption caused by the protests in the city since they began in early June. Read more: Cathay Pacific shares tumble after airline suspends Hong Kong protester [...]
Thomas Cook shares plunge on fresh funding talks as it nears Fosun tie-up August 12, 2019 Thomas Cook shares plummeted this morning as investors digested the news the tour operator is in advanced discussions with bond holders for a £150m cash injection, on top of the £750m rescue deal it is already working on with lead investor Fosun, which would nearly wipe out shareholders. The company’s market value dropped 17 per [...]
British Steel: Turkish military pension fund ‘planning nearly £1bn investment’ August 11, 2019 The Turkish military pension fund which hopes to buy stricken industrial firm British Steel is said to be gearing up to invest nearly £1bn in the company. Ataer Holding is a front runner out of a handful of potential buyers still being considered by the government’s Official Receiver (OR), which also includes industrial conglomerate Liberty [...]
Cathay Pacific ‘sacks staff involved in Hong Kong protests’ after regulator pressure August 11, 2019 Hong Kong’s flag carrier airline Cathay Pacific has reportedly sacked two airport employees and suspended a pilot in relation to ongoing anti-government protests in the city. The operator took the decision after telling staff on Saturday it would bar any “overly radical” employees from crewing flights to the mainland and said it had removed a [...]
Squashed: Britvic looks to cut final salary pensions August 11, 2019 Drinks producer Britvic is planning to slash the money it pays out to 6,000 members of its final salary pension scheme. The FTSE 250 firm, which produces Robinsons soft drinks, is looking for court approval to stop measuring inflation according to the retail prices index (RPI), and instead switch to the consumer prices index (CPI). [...]
Tata Steel loses £1m a day in Port Talbot as burden grows on troubled industry August 11, 2019 Tata Steel haemorrhaged £371.6m in the UK last year from the country’s largest steelworks, in another stark reminder of the struggles facing Britain’s heavy manufacturing sector. The loss, which amounts to more than £1m per day for the year ending 31 March, was due to lower production volumes, according the the Indian-owned company’s annual accounts. [...]
SSE in talks to sell energy retail business to Ovo Energy August 11, 2019 Energy giant SSE is weighing up whether to hive off its 5.7m-customer energy retail business to independent supplier Ovo Energy, in a deal believed to be worth hundreds of millions of pounds. SSE’s energy services arm supplies electricity and gas to households across the UK. It also does maintenance work such as boiler repairs, meter-reading [...]
