Low-cost carrier easyJet said it expects a £845m loss this year due to the pandemic in what will mark the first full-year loss in its history. The company painted a bleak outlook as it forecast a significant drop in capacity for 2021 and called on the Government to help the embattled aviation sector. Sky News
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EasyJet has warned the government that it may need further financial support from the state as it braces itself for a brutal winter that will trigger hundreds of millions of pounds in losses. Sky News has learnt that the low-cost airline has signalled during recent interactions with Whitehall that its balance sheet could require a
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
The global economy is in “less dire” shape than it was earlier this year but now faces a “long, uneven and uncertain” road to recovery, the head of the International Monetary Fund has said. Kristalina Georgieva told an online event at the London School of Economics that the IMF would make a small upward revision
Chancellor Rishi Sunak has defended encouraging people back to pubs and restaurants over the summer, prior to the government being forced to take fresh action to limit the spread of coronavirus. Mr Sunak’s “Eat Out To Help Out” scheme handed Britons discounted meals during August, as ministers attempted to restart the economy after the UK’s
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
Cineworld will close all of its cinemas in the UK, Ireland and US this week because of the impact of coronavirus, a Reuters news agency source has said. It follows the announcement that upcoming Bond film No Time To Die has been pushed back to April, after it was set to appear in cinemas next
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
The introduction of a coronavirus testing regime at British airports would not impair the NHS’s ability to conduct widespread testing, according to the private sector sponsor of a programme that has so far failed to secure government backing. Sky News has been passed a letter sent to Matt Hancock, the health secretary, by the boss
The billionaire brothers behind one of Britain’s biggest petrol station operators have bought Asda from Walmart in a £6.8bn deal. Sky News exclusively revealed earlier this week that a consortium led by Mohsin and Zuber Issa, the bosses of Blackburn-based EG Group, and TDR Capital, the London-based private equity firm, had been selected by the
The coronavirus-ravaged exhibitions industry has warned that 80% of its total workforce may be lost within weeks as the clock ticks down to the furlough scheme’s closure at the end of the month. An open letter to Boris Johnson and Chancellor Rishi Sunak, signed by more than 330 employers and also the Labour Party, pleads
Ocado is facing allegations that its robot-operated warehouse technology has infringed a rival company’s patents. The online grocery firm, which has built a surge in its market value in recent years on the sale of such systems, is being sued by Norwegian robotics company AutoStore. It has filed lawsuits in both the US and UK
Britain’s benefits system is bracing for up to four million unemployed in the coming months as the economic fall-out of the COVID crisis accelerates. The work and pensions secretary Therese Coffey told Sky News her department was preparing to support that level of unemployed, but said she “genuinely hopes” that we do not reach that
TSB revealed on Wednesday it was to close 164 branches, with the loss of more than 900 jobs, as it accelerates the shift towards digital banking. The announcement builds on a wider exodus from the high street by major UK banks since the financial crisis that has resulted in tens of thousands of job losses