Flybe is the biggest operator of UK domestic flights and carries around eight million passengers annually.But it failed to turn around its fortunes since being purchased by the Connect Airways consortium last year, initially owing to weak demand and fierce competition.That has now been compounded by the new coronavirus, with a slew of airlines cancelling flights and warning profits would take a hit from decreased demand.The announcement came hours after media reports that the airline could collapse following its failure to secure a £100 million ($129 million, 115 million euros) state loan to help stabilise the business. One of Britain’s biggest airlines, Flybe, collapsed Thursday with passengers left stranded as the coronavirus epidemic takes a heavy toll on air travel around the world.A statement on Flybe’s website said the no-frills airline, which employs 2,000 people, had entered administration and could not arrange alternative flights for its passengers.”All flights have been grounded and the UK business has ceased trading with immediate effect,” said the company, which avoided going bust in January only after being granted a tax holiday by the government. The impact of COVID-19 on travel “has made a bad situation much worse”, sources told the BBC, while Bloomberg News reported Thursday that no agreement could be reached on a virus-related government bailout.Small British airlines have suffered recently from volatile fuel costs and a weak pound. ‘Do not travel to airport’ Flybe operates from 43 airports across Europe and 28 in Britain, and its collapse left potentially thousands of people stranded far from home.”If you are due to fly with Flybe, please DO NOT TRAVEL TO THE AIRPORT unless you have arranged an alternative flight with another airline,” the airline said.The British government said it had asked bus and train operators to accept Flybe tickets and other airlines to offer reductions to help passengers reach their destination.”Flybe’s financial difficulties were longstanding and well documented and pre-date the outbreak of COVID-19,” a spokesperson said in a statement.Flybe’s owner, the Connect Airways consortium, is led by Virgin Atlantic and also includes investment firm Cyrus and infrastructure specialist Stobart.Chief Executive Mark Anderson said “every possible attempt” had been made to avoid the collapse, but that the airline had been “unable to overcome significant funding challenges”.In January, Flybe said it had agreed a payment plan with authorities to defer tax payments of less than £10 million.That announcement came just days after the airline was saved from collapse in a last-minute financial rescue, with Prime Minister Boris Johnson’s government agreeing to review air passenger duty (APD) paid by Flybe’s customers.Following the tax deferral, rival companies including British Airways-parent IAG complained to the European Union that it was receiving unfair state aid.The decision also sparked the ire of Greenpeace UK, which at the time called the air-ticket tax cut a “poorly thought-out policy that should be grounded”.”Cutting the cost of domestic flights while allowing train fares to rise is the exact opposite of what we need,” the environmental campaign group said.The government said its assistance did not breach EU rules and that help was based on the importance of the company’s domestic services.However, that contrasted with the fate of British holiday giant Thomas Cook, which collapsed without government assistance in September, causing the loss of 22,000 jobs worldwide and stranding 600,000 holidaymakers abroad.Topics :
CT Gaming bolsters Italian profile with The Betting Coach August 27, 2020 Ringing the opening bell of New York’s Nasdaq Exchange on Tuesday 14 January, Newgioco Group Chairman and CEO Michele Ciavarella stated that the sports betting group had begun its new life as a fully established Italian-American enterprise.The New York listing sees Ciavarella complete a two-year project transforming Newgioco’s business lines and restructuring the firm’s executive team, targeting rapid growth as a ‘full suite’ systems supplier for the US’ new sports betting incumbentsA heritage brand within Italian gambling, Newgioco operates +2000 betting point network within its home market, in which incumbents have been forced to undertake significant adjustments accommodating for changing regulatory dynamics.Newgioco’s Italian disruption coincided with the 2018 federal repeal of PASPA, an opportunity that Ciavarella would not miss.“The listing of our common stock on the Nasdaq is a major milestone for the company and the result of approximately twenty years of dedicated business development in the regulated leisure betting industry,” said Ciavarella as part of Newgioco’s Nasdaq IPO statement.Repositioning the business as a US sportsbook supplier, in 2019 a new Newgioco executive team would launch the firm’s ‘ELYS platform’, securing its first US contracts with the Montana-based Chippewa Cree Tribe ‘Winz Casino’ and Washington DC’s Grand Central casino.Prior to its Nasdaq listing, Newgioco had registered its US operations as a limited securities ‘over-the-counter’ enterprise, a necessary solution for the company to find its US footing, but one which limited its overall growth capacity.Speaking to US Media, Ciavarella admitted that Newgioco brokers had a very difficult time persuading folks to invest in the OTC registered firm: “The Nasdaq has changed that whole element,” it added. “To be on such a global exchange puts the company in a different classification of reporting. Basically, that changes the dynamic of how investors look at Newgioco as a potential investment opportunity.”Moving forward, Ciavarella believes the improved transparency will be beneficial in more ways than one, adding: “Being a fully transparent company is important when we are meeting with some of the larger institutional commercial casino operators and also the regulators, particularly in regards to the US market which is opening up for us.” Share TVBET passes GLI test for five live games in Malta and Italy August 25, 2020 StumbleUpon Italian bookmakers face cruel summer as ADM sanctions shop closures July 27, 2020 Related Articles Submit Share read more
Adrian Cole of Lot 132 Fourth Street, Campbellville, Georgetown, was on Friday arraigned before Magistrate Leron Daly for simple larceny.It is alleged that between November 18 and November 22, 2017, at Campbellville, Cole stole a speaker valued $120,000; the property of Jeremiah Trim. The defendant pleaded not guilty to the charge.The prosecution had no objection to bail and Cole was released on $60,000 bail. The case will continue on March 16.