Emirates Lays Off an Additional 600 Pilots
Dubai's state-owned airline, Emirates, has laid off an additional 600 pilots, after it fired 180 pilots on 31st May 2020. The airline has also laid off 700 Cabin Crew members. [...]
Austrian Airlines Gets $675 Million Bailout
Lufthansa's Austrian Airlines unit is set to receive a $675 million bailout from the government of Austria and other lenders, a move that seeks to protect Vienna as a transit [...]Tesla Stock Hits an All-Time High after Model 3 China Sales Jump 205%
Tesla stock has hit a new record high, closing over $949 on Monday, in part on news that the company tripled its Model 3 sales in China in May following [...]BP Announces 10,000 Job Cuts
Oil giant, BP, has announced plans to cut 10,000 jobs worldwide, citing a global decline in demand for oil because of the COVID-19 pandemic. Therefore, staff will be able to [...]Wallstreet Ends Higher on Hopes of July Stimulus Package
US Stock markets on Monday closed higher driven by news that Trump's Government would unveil another economic relief package in July. This was despite an announcement earlier in the day [...]
Global Economy Plunges into Worst Recession World Bank
With a projected contraction of 5.2% in the global GDP, the world bank says in its June 2020 Global Economic Prospects report that the pandemic will cause the deepest recession [...]
Volkswagen Group Considers Slashing Costs Amid Financial Downturn
Volkswagen is looking to cut costs to deal with the financial impact of the COVID19 pandemic. Volkswagen Group CEO on Thursday said that the company is facing thinning liquidity due [...]OPEC Allies Agree to Extend Oil Cuts By One Month
The world's major oil producers on Saturday agreed to extend current oil production cuts until the end of July. At the meeting, OPEC and its allies OPEC+ agreed to extend [...]Bombardier Announces 2,500 Job Cuts
Canadian business jets maker, Bombardier, has announced plans to reduce its worldwide workforce by 2,500 people within its aviation division. Montreal newsreports that the cuts will see 1,500 layoffs in [...]Luxury Carmaker, Bentley, Announces 1,000 Job Cuts
British carmaker, Bentley, has announced plans to implement 1,000 job cuts through a voluntary redundancy scheme, as it tries to remain afloat during the COVID-19 pandemic. The move comes even [...]Malaysia Rejects $3 Billion in Settlement of 1MDB Case with Goldman Sachs
Finance Minister Tengku Aziz says Malaysia will not accept even a $3 billion out of court settlement against Goldman Sachs. The government will, instead, pursue the case as long as [...]SP Downgrades American Airlines Credit to B-
SP Global Ratings has downgraded American Airlines credit to B-, the lowest rating among its airline peers. According to SP, the carrier's rating remains negative, seeing that it is now [...]
