• About us
  • Donate
  • WADR
  • Contact us
  • Live Stream
Friday, February 3, 2023
Loud Silence News
Advertisement
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
Loud Silence News
No Result
View All Result
Home US News Human Interest Stories

Coronavirus: Virgin Atlantic will fold without aid, warns Branson

Loud Silence Staff by Loud Silence Staff
April 20, 2020
in Human Interest Stories
0
Coronavirus: Virgin Atlantic will fold without aid, warns Branson
1
SHARES
8
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

[ad_1]

Tail of Virgin aeroplane displaying the Virgin logo

Image copyright
Getty Images

Sir Richard Branson has warned that airline Virgin Atlantic needs government support to survive.

You might also like

Coronavirus: How India’s lockdown sparked a debate over maids

Coronavirus: Can live-streaming save China’s economy?

Coronavirus: How long does it take to recover?

The boss of the Virgin Group said he was not asking for a handout, but a commercial loan, believed to be £500m.

In an open letter to staff, Sir Richard said: “Many airlines around the world need government support and many have already received it.

The plea comes as Virgin Australia, the country’s second largest airline, faces going into administration without aid.

Sir Richard wrote in his letter that without UK government support for Virgin Atlantic “there won’t be any competition left and hundreds of thousands more jobs will be lost”.

Virgin Atlantic – which is owned jointly by Sir Richard and US carrier Delta – has reportedly asked for £500m in aid. However, according to an FT report last week, the request has been rejected by the Treasury.

It said the airline had not done enough to show it had explored other options to bolster cash before asking for state aid.

Government support

In his letter to staff, Sir Richard said: “We will do everything we can to keep the airline [Virgin Atlantic] going – but we will need government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for.

“This would be in the form of a commercial loan – it wouldn’t be free money and the airline would pay it back (as EasyJet will do for the £600m loan the government recently gave them).”

He pointed out that Virgin Atlantic started with one plane 36 years ago, before adding: “Over those years it has created real competition for British Airways, which must remain fierce for the benefit of our wonderful customers and the public at large.”

He also said that he would use his luxury private Carribean island Necker as collateral to raise funds to save jobs at his businesses.

Sir Richard offered to inject £250m into the Virgin Group last month, with most of that going to the airline.

Earlier this month, Rolls-Royce, Airbus, Heathrow airport and Manchester Airports Group sent letters to the government highlighting the importance of Virgin Atlantic to the UK’s manufacturing supply chain.

Australia struggles

Meanwhile, it has been reported that Virgin Australia – in which Sir Richard holds a stake of around 10% – is close to going into administration after being refused help by the Australian government.

The carrier has been forced to cancel nearly all of its flights during the coronavirus crisis and been unable to restructure its debts.

The Australian government refused a request from the company for a A$1.4bn (£720m) loan.

The airline – which employs about 16,000 – is part-owned by Sir Richard along with Etihad, Singapore Airlines and China’s HNA.

“The brilliant Virgin Australia team is fighting to survive and need support to get through this catastrophic global crisis,” Sir Richard said.

“We are hopeful that Virgin Australia can emerge stronger than ever, as a more sustainable, financially viable airline.”

He warned: “If Virgin Australia disappears, Qantas would effectively have a monopoly of the Australian skies. We all know what that would lead to.”

Image copyright
Getty Images

Sir Richard also addressed the fierce criticism he has faced in recent weeks over his tax situation.

Critics have pointed out he has paid no UK income tax since moving to the tax-free British Virgin Islands 14 years ago.

Sir Richard is the 312th richest person in the world with an estimated $5.2bn fortune, according to the Bloomberg billionaires index.

“I’ve seen lots of comments about my net worth – but that is calculated on the value of Virgin businesses around the world before this crisis, not sitting as cash in a bank account ready to withdraw,” he said.

“Over the years significant profits have never been taken out of the Virgin Group, instead they have been reinvested in building businesses that create value and opportunities.”

Turning to the question of living abroad he said: “Joan and I did not leave Britain for tax reasons but for our love of the beautiful British Virgin Islands (BVI) and in particular Necker Island, which I bought when I was 29 years old, as an uninhabited island on the edges of the BVI.

“Over time, we built our family home here. The rest of the island is run as a business, which employs 175 people.”

[ad_2]

This content first appear on bbcnews

Previous Post

Akufo-Addo lifts lockdown in Ghana but says ‘we’ll not let our guards down’

Next Post

Trump and congressional leaders near agreement on temporary Band-Aid for gaping COVID-19 wound

Loud Silence Staff

Loud Silence Staff

Related Posts

Coronavirus: How India’s lockdown sparked a debate over maids
Human Interest Stories

Coronavirus: How India’s lockdown sparked a debate over maids

by Loud Silence Staff
May 6, 2020
Coronavirus: Can live-streaming save China’s economy?
Human Interest Stories

Coronavirus: Can live-streaming save China’s economy?

by Loud Silence Staff
May 6, 2020
Coronavirus: How long does it take to recover?
Human Interest Stories

Coronavirus: How long does it take to recover?

by Loud Silence Staff
May 5, 2020
Coronavirus: White House plans to disband virus task force
Human Interest Stories

Coronavirus: White House plans to disband virus task force

by Loud Silence Staff
May 5, 2020
IS militants step up attacks on Iraqi security forces
Human Interest Stories

IS militants step up attacks on Iraqi security forces

by Loud Silence Staff
May 5, 2020
Next Post
Trump and congressional leaders near agreement on temporary Band-Aid for gaping COVID-19 wound

Trump and congressional leaders near agreement on temporary Band-Aid for gaping COVID-19 wound

Recommended

Galamsey’ queen’ Aisha Huang re-arrested and remanded by Accra Court

Galamsey’ queen’ Aisha Huang re-arrested and remanded by Accra Court

September 5, 2022
Time to reflect a ‘blessing in disguise’ for Lions’ Whiteley

Time to reflect a ‘blessing in disguise’ for Lions’ Whiteley

April 20, 2020

Categories

  • African Business
  • African Education
  • African Health
  • African News
  • African Politics
  • African ShowBiz
  • Education
  • Ghana Business
  • Ghana News
  • Ghana ShowBiz
  • Ghana Sports
  • Human Interest Stories
  • News
  • Opinion
  • People
  • ShowBiz
  • Social Trends
  • US Business
  • US Education
  • US Health
  • US News
  • US Politics
  • US Showbiz
  • WADR
  • World Business
  • World News
  • World Politics
  • World Showbiz
  • World Sports

Don't miss it

Minority makes a strategic change of leadership in parliament with Ato Forson as Minority leader.
Ghana News

Minority makes a strategic change of leadership in parliament with Ato Forson as Minority leader.

January 24, 2023
Kusi Boateng’s JNS has never paid taxes neither have they ever filed annual tax returns – Okudzeto Ablakwa
Ghana News

Kusi Boateng’s JNS has never paid taxes neither have they ever filed annual tax returns – Okudzeto Ablakwa

January 23, 2023
Akufo Addo Spent ¢10bn of Covid-19 funds on ‘budget support’ – Auditor-General’s report
Ghana News

Akufo Addo Spent ¢10bn of Covid-19 funds on ‘budget support’ – Auditor-General’s report

January 23, 2023
OSP Kissi Agyebeng Protects NPA Boss Mustapha Hamid Over Illegal Contract
Ghana News

OSP Kissi Agyebeng Protects NPA Boss Mustapha Hamid Over Illegal Contract

January 22, 2023
Hon. Okudzeto Ablakwa Exposes Serious Criminal conduct Of Kusi Boateng Who is the Secretary of the Board of Trustees of Akufo Addo’s Cathedral
Ghana News

Hon. Okudzeto Ablakwa Exposes Serious Criminal conduct Of Kusi Boateng Who is the Secretary of the Board of Trustees of Akufo Addo’s Cathedral

January 16, 2023
It’s so late deserting the already Sunk ship – Mahama jabs Alan, Afriyie Akoto
Ghana News

It’s so late deserting the already Sunk ship – Mahama jabs Alan, Afriyie Akoto

January 13, 2023

About Us

LOGO

Loud Silence Radio & TV Network and is a multi media production company focusing on Ghanaian and African news.

Contact

  • Alexandria, Virginia, USA
  • +1 212-602-9641
  • loudsilenceradio@gmail.com
Facebook Twitter Youtube Linkedin

Download App

google play store

© 2021 Loud Silence Media. All rights reserved.

  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
Menu
  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.