Rolls-Royce shares drop as Cathay Pacific inspects Airbus A350 fleet amid engine issues
A late PS: Shares in jet engine maker Rolls-Royce have dropped by almost 6% in late trading, after airline Cathay Pacific detected problems with several engine components.
Cathay Pacific has been forced to cancel some flights as it conducts a “precautionary” inspection of its entire Airbus SE A350 fleet.
The Hong Kong-based airline, among the biggest operators of the European planemaker’s marquee jet, said it identified an engine component failure on an A350 aircraft that was forced to return from its flight to Zurich on Monday. A subsequent check of the fleet uncovered “a number of the same engine components that need to be replaced,” Cathay said in a statement.
The company didn’t specify the issue it had found on the engine, which is made by Rolls-Royce Holdings Plc. Representatives for Rolls-Royce didn’t immediately respond to requests for comment, while Airbus referred to the engine maker and the airline for comment.
Closing post
Time for a recap.
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Volkswagen is considering closing factories in Germany for the first time, and cutting jobs, as it intensifies its cost-cutting drive.
The move sets up a clash between VW CEO Oliver Blume and the carmaker’s unions, who have pledged “fierce resistance” to the plans.
UK factories have reported their strongest month in more than two years in August, as manufacturers benefitted from strong domestic demand and an easing in price pressures.
China’s manufacturers returned to growth last month, but were hit by a drop in export demand.
Shares in property website Rightmove have surged by 26%, after Australia’s REA Group announced it was considering a cash and share takeover offer
.Hewlett Packard Enterprise has confirmed it plans to continue with its claim for up to $4bn in damages against the estate of tech tycoon Mike Lynch after his death in last month’s superyacht disaster.
Lloyds Bank has apologised to customers after online banking issues have left some unable to view their recent transactions. The gitches followed reports of problems with Microsoft’s Azure platform today.
