The owner of Manchester, Stansted and East Midlands airports is to cut nearly 900 jobs as the furlough scheme ends. Manchester Airports Group (MAG) said demand for travel had slumped by 90% since March with prospects for a revival fading as coronavirus case numbers rise and little progress on introducing airport testing for UK passengers.
Business
Taxpayers face losses of as much as £26bn on coronavirus “bounce back” loans that cannot be repaid or are the subject of fraud, the spending watchdog has found. The scheme provides rapid access to 100% government-backed finance worth up to £50,000 to struggling small firms, with fewer checks than other COVID-19 business loan initiatives. It
Financial products based on the price of Bitcoin and other cryptocurrencies are to be banned from sale to retail consumers by the City watchdog. The Financial Conduct Authority (FCA) said consumers were at risk of “sudden and unexpected losses” from the investments and that the ban would save them about £53m a year. It said
Jaguar Land Rover says it has restored a two-shift production pattern at its UK plants following a welcome lift to global sales. The carmaker, which has cut thousands of jobs since late last year amid a slowdown in demand exacerbated by the COVID-19 crisis, credited cranking up its factories on the gradual clearance of excess
The pain was etched on Mooky Greidinger’s face as he explained why the company he leads, Cineworld, has today announced plans to temporarily close its cinemas in the UK, Ireland and the United States. Mr Greidinger, whose grandfather opened his first cinema 90 years ago, said he had no alternative to a tough decision that
Cineworld has confirmed plans to temporarily bring the curtain down on its UK and US cinemas because of continuing disruption from the coronavirus pandemic. The company said its decision affects 45,000 staff, almost 6,000 of them in the UK, leaving their future employment hanging in the balance as it was yet to explain its plans
London’s transport regulator has banned one of the capital’s most prominent ride-hailing services, days after Uber Technologies was awarded a new licence following a legal challenge. Sky News has learnt that Ola, an Indian group which only began operating in London in February, has been told that its licence will not be renewed because of
Deliveroo has appointed investment bankers to oversee a long-awaited flotation as it unveils a blizzard of innovative features that it hopes will provide a compelling growth story for public market investors. Sky News has learnt that the food delivery app, which last week said it was preparing to add 15,000 riders to its fleet by