TheChek News Flow

Another runway will not be part of the project, but it will include a new terminal, taxiways and aircraft stands

Luton airport has received UK government approval for a major expansion, overriding a recommendation from planning inspectors to reject the project on environmental grounds.

The airport to the north of London had sought planning permission to increase its annual passenger capacity from 18mn to 32mn.

The major expansion does not include a new runway, but would involve the construction of new infrastructure, including a new terminal and taxiways and aircraft stands.

Transport secretary Heidi Alexander will on Thursday announce that she has approved the scheme, which will support 4,200 new jobs, according to officials.

The Planning Inspectorate advised refusing the application because of environmental concerns, including the impact on the “relative tranquillity” of the nearby Chiltern Hills. The expansion will mean planes cross the scenic area every 15 minutes instead of the current 30 minutes.

The Labour government has swung behind airport expansion in bid to boost economic growth, including most controversially a potential third runway at Heathrow, Europe’s biggest airport.

Alexander in March also signalled she would approve a second runway at Gatwick if the airport makes changes to its plans, but delayed a final decision until later this year.

All of London’s major airports currently have plans to boost their passenger numbers. Stansted and City airports have had their proposals approved in recent months.

Chancellor Rachel Reeves earlier this year said airport expansion was compatible with the government’s legally binding net zero 2050 target, pointing to “cleaner and greener flying” through so-called sustainable aviation fuels.

But climate groups have argued that major increases in passenger numbers will be incompatible with the 2050 target.

UK supercar brand to widen model range following acquisition by Abu Dhabi’s CYVN

McLaren Automotive is merging with UK luxury electric vehicle start-up Forseven Holdings in a radical makeover of the 62-year-old British supercar manufacturer under its new owner. 

The integration was announced on Thursday after Abu Dhabi investment group CYVN completed its acquisition of McLaren’s auto business from Bahraini sovereign wealth fund Mumtalakat. CYVN, which backs Forseven and Chinese EV maker Nio, has also bought a minority stake in McLaren’s Formula 1 team as part of the deal announced last year.

The merger will enable McLaren to widen its model range beyond supercars to potentially include a sport utility vehicle, people with knowledge of the talks said. Forseven, a small company with about 700 employees, in turn wants to leverage McLaren’s heritage and brand strength. Forseven has previously said it wants to launch its own luxury EV by the end of the decade.

McLaren sells supercars that rival Ferrari and Lamborghini but the group has been lossmaking for the past five years. It has been engaged in talks with a number of carmakers for several years to form a partnership and secure new funding in order to develop new models, though no deal has ever materialised.

Negotiations with CYVN started about a year ago. The merged group will be led by Nick Collins, a former Jaguar Land Rover executive, while leadership for the brand’s automotive business will be disclosed later.

“I vehemently believe luxury is what Britain does brilliantly in automotive,” Collins told the Financial Times.

The new group will launch at a time when the UK car industry faces fresh costs from US President Donald Trump’s 25 per cent tariffs on foreign-made cars imported to America, which came into effect on Thursday.

McLaren produces all of its vehicles in the UK although the US is the largest market for the carmaker. People close to the talks said the combined group intended to continue sports car manufacturing in the UK but plans have not been disclosed for where they will produce other vehicles.

There have long been questions about when McLaren would enter the SUV competition. Ferrari, Lamborghini, Bentley and Aston Martin have all launched SUV-sized models that have helped increase sales and profits but McLaren has historically been cautious about joining the crowded space.

“To unlock the full potential, we think we should extend our line-up without diluting the brand,” McLaren’s chief executive Michael Leiters said in an interview last year.

People close to CYVN said McLaren’s new owner would invest over the long term, adding that its turnaround plan would be more wide-ranging than simply adding an SUV to McLaren’s traditional supercar range. 

“It isn’t just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map,” said CYVN chair Jassem Al Zaabi, who will also become chair of McLaren Group Holdings. 

In addition to new funding, the merger with Forseven will also allow McLaren to tap into Nio’s EV technology, although Leiters has previously been cautious about whether the technology is ready to make supercars fully electric. McLaren currently offers petrol and hybrid vehicles.

Collins said the merged group would be flexible about its models and would “have the ability to adapt our offer to the pace of transition.”

Last month, China’s Byd said it would soon release two electric vehicles capable of charging in five minutes—not much longer than the time it takes to fill a gas tank. The assertion caught rivals uncomfortably off guard, especially companies in the West, where the fastest competing EVs charge to 80% of capacity in roughly 20 minutes.

Byd’s claim is that its new EVs could deliver roughly 150 miles of driving range in five minutes. If that’s true, the company—already on an early pace to surpass Tesla as the world’s leading EV maker globally this year—seems likely to run away with the race. It would dramatically narrow the difference between EVs and gasoline-power vehicles.

Byd has released few details about its charging system and batteries, and it did not respond to emails. But Western battery industry veterans raise doubts about its claim. It’s long been possible to charge so quickly once, twice or perhaps even a handful of times over the 1,000-cycle lifetime of a typical EV battery with the 300-mile driving range most motorists demand, they said. But such a battery would burn up, and possibly catch fire, if subjected to consecutive five-minute charges for many hundreds of cycles, industry hands said.

Batteries are all about trade-offs between range, weight and charging time. Building a battery that can handle a huge jolt of electricity at once would limit the EV’s range to 100 or 150 miles. The reason is the balance between the electrodes. To enable lithium ions to move that fast into the negative electrode—the anode—it must be made ultrathin. But if you make the anode thinner, you have to make the positive electrode—the cathode—thinner, too, which reduces its capacity to hold energy. That decreases the driving range.

In addition, producing that huge jolt would require costly upgrades to charging stations and the power grid, which at the moment can’t meet such a demand. The cost to build a small four-charger station would be well over $1 million, according to Quincy Lee, CEO of Electric Era, a charging station company. Part of that cost is the large batteries the stations would require to buttress grid power.

The already strained power grid would need expensive upgrades to enable such stations. Byd said it will build 4,000 new charging stations capable of 1 megawatt bursts of power, roughly twice as much voltage as the current best transformers can theoretically supply. There currently appear to be no such transformers in the U.S. (or China) for passenger vehicles, though a few have been installed in depots to charge up gigantic batteries that power electric semitrucks.

A truly competitive new battery would charge in five minutes, go at least 300 miles on a charge, cost roughly the same as current batteries to produce and use conventional charging stations. It hardly seems worth the effort to get 150 miles of range, except for the global buzz generated by the announcement. “I think it’s amazing marketing—it’s a bang,” said Gene Berdichevsky, CEO of Sila Nanotechnologies, a California-based silicon anode developer.

Byd CEO and founder Wang Chuanfu made the fast-charging claim in a public event March 17 at the company’s headquarters in Shenzhen. The company’s new system, he said, would deliver around 150 miles of driving range in five minutes. He said in the presentation that the first two EVs powered by the system, the Han L sedan at $37,400 and the Tang L SUV at $38,500, will be available in April. They will only be sold in China.

Wang did not say the battery would charge in five minutes every time. But his manner suggested the new cars would be comparable to those currently on the road with 250 or 300 miles of range—except that they could charge a lot faster. It was a claimed breakthrough that, if true, would put serious pressure on rival EV makers, since plenty of Chinese buyers would then expect such capability in any EV.

By comparison, Tesla says its EVs can charge to a maximum of 170 miles in 15 minutes; Mercedes-Benz says its new CLA sedan can charge to 200 miles in 10 minutes.

Claims about the Han L in Chinese media in recent months have evolved. In January, prominent Chinese tech website IT Home reported that the Han L could charge from 16% to 80% of its battery capacity—around 144 miles—in 10 minutes. That makes sense because those capacity levels are the sweet spot of charging. Totally draining a battery can damage it, and batteries begin to resist more charge at about 80% of capacity.

Offering another clue, the Beijing-based publication Cars News China reported that the Han L and Tang L use large lithium-iron-phosphate batteries, which allow faster charging than nickel-based batteries. Byd uses LFP in all its cars. No one has reported the type of anode Byd’s new EVs use, but they are likely graphite because the alternative—silicon—doesn’t twin well with LFP cathodes.

Last year, StoreDot, an Israeli battery developer, claimed to have produced a battery that delivered 200 miles of driving range in 10 minutes, and said it would soon deliver a battery that provided 100 miles of charge in five minutes. Its cathodes are nickel based and its anodes are made of costly silicon, which allows much faster charging than graphite.

StoreDot CEO Doron Myersdorf told me that the key to the performance of StoreDot’s batteries is its electrolyte—the liquid that sits between the two electrodes. He said Byd might have improved its electrolyte as well, but that he remained skeptical of its claims.

“What BYD is claiming is really not so feasible, especially not with the infrastructure that we have today. Also, it’s very dangerous to put 1 megawatt into a vehicle,” he said. “This is only a once-in-a-while kind of use case. Otherwise, they would say that this is a use case for consecutive cycling, but they never mentioned this at all.”

Berdichevsky, the Sila Nano CEO, thinks the splash the Byd announcement made, however, shows that ultrafast charging is the future. “Ten years from now, I think this is the standard,” he said. “Maybe it’s eight minutes, maybe it’s five, maybe it’s nine, but it’s single digits because that’s good marketing.”

Executive tells staff it is not ‘commercially viable’ for group to keep unit dedicated to low-emissions vehicles

BP is shutting its low-carbon mobility team in the energy major’s latest retreat from its five-year-old attempt to diversify away from oil and gas.

The unit was responsible for developing electric, hydrogen and other low-emission solutions for vehicles, particularly trucks. It is the most recent casualty of chief executive Murray Auchincloss’s plan to refocus BP on its legacy oil and gas business.

Senior BP executive Martin Thomsen told staff on Wednesday that it was no longer “commercially viable” for BP to justify a dedicated team to the activity. Any remaining activities would be allocated to other parts of the business, he added.

In an effort to increase returns and boost BP’s share price, Auchincloss in February announced he was scrapping a five-year-old plan to become a major renewable energy player and cutting spending on green energy by 70 per cent. The strategy shift followed news that US activist hedge fund Elliott Management had taken a near-5 per cent stake in BP and was pushing for radical changes.

Thomsen wrote in an email to staff on Wednesday: “As you know, and Murray has made very clear, we can see that the energy transition is moving at a slower pace than we had anticipated.”

Projects in low-carbon mobility were developing “more slowly” and required “a lot of investment” at a time when the capital available to the wider division had been reduced, he added.

On a call with staff on the same day, he was more direct. “We had a view of low-carbon that didn’t happen,” he said, according to a person on the call. “We need to revert to the old BP — more oil and gas — and old-fashioned retail — petrol, diesel.”

Thomsen is currently a senior vice-president in charge of emerging markets in BP’s customer and products division, which manages BP’s global network of petrol stations. He was recently promoted to head both BP’s global electric vehicle charging business, BP Pulse, and its retail network in Europe, following the departure of several senior leaders.

Tracey Clements, a former Boots and Tesco executive, stepped down as the head of BP’s European retail network in January after three years with the company. She was replaced by the chief executive of BP Pulse, Richard Bartlett, who was appointed to run both businesses. Bartlett then announced his own resignation last month.

BP confirmed the decision to phase down and close the team.

“As we focus our downstream businesses and activity we don’t believe we need to maintain a separate dedicated team to consider such future options,” it said. “Its activities will be integrated into our businesses.”

BP added that the decision would not affect BP Pulse. The company said it remained focused on expanding its EV charging business in its four key markets of the UK, Germany, the US and China, and on growing through joint ventures in India, Spain and Portugal.

Company’s stock has fallen with competition intensifying from telehealth providers of GLP-1 drugs

A small shareholder is launching a proxy fight at WeightWatchers’ parent company, seeking board seats and hundreds of millions of dollars in cost cuts, according to people familiar with the matter.

The details

Premca Capital, an investment fund, has nominated three directors for election to WW International’s WW -0.04%decrease; red down pointing triangle board, according to the people familiar with the matter.

WW International, formerly known as Weight Watchers International, has navigated a rough period as it attempts to shift more of its business to focus on GLP-1 weight-loss drugs such as Ozempic.

The company has a market capitalization of about $40 million, following a sharp decline in its shares in recent years. Its stock is down nearly 70% in the past year.

Premca wants WeightWatchers to slash costs by $200 million to $300 million, on top of the cuts the company has already been making. It is also pushing for an overhaul of management, a revamp of the WeightWatchers app and the adoption of a growth plan, according to the people familiar with the matter.

The firm, which has a less than 1% stake in WW International, has been in talks with the company since November, the people said.

The context

WeightWatchers has lost key executives, with its chief executive and chief financial officer leaving the company in the past year. Oprah Winfrey, the longtime face of the company, also stepped down from the board early last year and donated her shares. (Winfrey later said the move was meant to avoid a conflict of interest with a special she was making about weight-loss drugs.)

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The company held over $1.4 billion in long-term debt as of Dec. 28. WeightWatchers’ lenders in February began restructuring discussions with the company, The Wall Street Journal reported.

WeightWatchers’ revenue fell 12% to $785.9 million in 2024, and the company generated an operating loss, largely because of goodwill impairment charges. The company is already on pace to cut $100 million in annual costs by the end of this year as part of a broader plan that has included job cuts, it said in February.

Premca was founded by Rajit Marwah, a tech entrepreneur and alum of MySpace and Microsoft.

The first frames, arriving in stores on April 10, incorporate the luggage maker's signature aluminum and Mykita's advanced engineering and production capabilities.

In lieu of a license, Rimowa has forged a long-term partnership with Berlin-based eyewear specialist Mykita for co-branded sunglasses, with the first styles dropping April 10.

“It was a pretty natural fit because it brings together two German industry leaders with a very strong angle on manufacturing, on design, and on durability,” Rimowa chief executive officer Hugues Bonnet-Masimbert said in an interview, revealing the project exclusively to WWD. “We really have a lot in common.”

Indeed, Cologne-based Rimowa remains a rarity in the luggage sector in that it manufactures 100 percent of its cases at production sites in Germany, Czech Republic and Canada.

“It’s really part of our ethos, part of who we are. It certainly defines our relationship to quality, to client services and so on,” Bonnet-Masimbert said. “Also there is this notion of German engineering, which is very, very prevalent and puts the emphasis on craftsmanship, attention to detail, and purposeful design.

“Through that comes transparency, sustainability, innovation, and I would add integrity,” Bonnet-Masimbert stressed.

Likewise, Mykita controls its creative, material development and manufacturing processes all under one roof in the German capital’s Kreuzberg district.

“Using a material in an honest way and trying to bring it into the best functionality and aesthetics,” is how Mykita founder Moritz Krueger described his firm’s approach, in addition to “focusing on functional design in a very minimalistic, straightforward, clear and iconic language.”

Anodized aluminum, which Rimowa has used to create its grooved suitcases since the ’20s, is a key feature of the Heritage series of co-branded sunglasses, which come in square, aviator and panto shapes.

It marks the first time Mykita has worked with aluminum — stainless steel, acetate and Mylon are its core materials — and the rigid metal offers structural stability to the designs. The aluminum rings in silver and black also contribute a distinctive design element.

Krueger visited Rimowa’s production facilities in Cologne, marveling at the giant rolls of aluminum that are the starting point for its coveted suitcases, which took inspiration from the aviation industry.

In his view, both Rimowa and Mykita “constantly cultivate further production intelligence, and through that, you really reach true design elements.”

A second series of sunglasses, dubbed Visor, combines lightweight stainless steel and a shield-like toric lens held in place by a Mylon clip. (Mylon is a material developed by Mykita using 3D printing technology and fine polyamide powder.)

All the styles reflect Rimowa’s dedication to mobility, with Bonnet-Masimbert calling sunglasses a “travel essential.”

One could certainly see the Visor style adopted by urban dwellers who use shared bicycle and scooter schemes, given its wraparound coverage and protection from UV rays, peripheral glare, and reflections.

Bonnet-Masimbert said all the sunglasses were co-designed to reflect the signature materials and design ethos of both brands, along with the notion of lightweight construction and “something that fits into everyday life.”

Mykita | Rimowa frames are set to retail at 515 and 595 euros at select Rimowa and Mykita stores, in addition to specialty retailers worldwide, starting on April 10. Each comes with a certificate of authenticity.

Founded in 1898, Rimowa has produced some limited-edition eyewear capsules in the past, but the goal has always been to find a long-term partner for the category, Bonnet-Masimbert said.

According to the executive, Mykita, founded in 2003, stood out for its industry reputation, dedication to craftsmanship, innovation in manufacturing processes, and mastery with sturdy, lightweight materials.

During a video call from Mykita Haus, Krueger related that three Rimowa suitcases have accompanied his travels for nearly 20 years.

“So it’s really a product I adore. It’s built in a way that you see the life of the product, and at the same time you can constantly refurbish it and preserve it for the future,” he said. “Many people are really proud about every little bump in their Rimowa suitcase, because it reminds them of their travels.

“For me, it’s a very personal item, like eyeglasses, and there’s an emotional connection,” he added.

He also relates closely to Rimowa’s manufacturing expertise and relished the opportunity to collaborate with its engineering, quality-assurance, creative, marketing and other departments.

“We immediately knew we could create something great together, and go deep into material development,” Krueger said. “Using a material in an honest way really means that you have to find the right construction that brings out all the functionality, that has a technical solution, that has an aesthetic solution… How to polish it better, how to cut it better, how to make a better use.

“I prefer to work with less materials, but really being able to bring out the best in a material… It was a great pleasure to analyze and understand the properties of aluminum, and then to see how we can integrate them in a new product that has a functionality that is beyond a classic, traditional metal frame,” he continued, musing, “now we have material number four in our shelf as an ingredient that we could use when it makes sense.”

Krueger noted that making the Mykita | Rimowa frames extremely lightweight and comfortable was a priority: hence stainless steel for all the flexible elements like the bridge, hinges and temples.

The design was also meant to exalt the “matte, super beautiful surface of the aluminum,” and the interplay with steel, “so it’s real industrial design,” he said.

The Heritage series incorporates the main colors of Rimowa’s aluminum suitcases — one silver, one more gold in hue, plus black — whereas the Visor series was a “use-case” scenario of a man or woman always on the move. “There the starting point was more the lens,” Krueger said. “It’s an open display, extremely simple construction.”

Bonnet-Masimbert noted that Rimowa and Mykita are already working on new designs, but they will not release frames according to any seasonal calendar.

The two parties characterized the partnership, quietly initiated almost three years ago, as enriching on both sides.

While Mykita is Rimowa’s only enduring partnership, it has also done limited-time collaborations with a host of fashion and luxury brands including Dior, Supreme, Tiffany & Co., Rick Owens and Off-White, plus left-field ones with the likes of La Marzocco, which specializes in handmade espresso machinery.

Likewise, Mykita has done collaborations with brands including Maison Margiela, Leica, Monocle, Bernard Wilhelm and O32c.

In support of its Mykita partnership, Rimowa is releasing a campaign featuring German actor Udo Kier — a regular in Lars von Trier films — and Luxembourgish-German actress Vicky Krieps.

Two short films take a lighthearted look at the process of getting a passport photo taken: Kier and Krieps are asked to follow all photo regulations, but allowed to keep their sunglasses on. Corey Hart would be proud.