Trip Advisor Fires 25% of Employees
TripAdvisor Inc. is cutting about a quarter of its workforce in a bid to shrink costs as the global coronavirus pandemic decimates travel. According to Gulf News, the Needham, Massachusetts-based [...]
Lufthansa to Get a $10.8 Billion Bailout from Germany
Germany's largest airline, Lufthansa, is set to receive a $10.8 billion bailout from the German government so as to remain afloat during the COVID-19 pandemic that has punctured the aviation [...]
British Airways to Lay Off 12,000 Staff
British Airways (BA) has announced plans to lay off up to 12,000 staff in the wake of the coronavirus pandemic that has seen all international passenger flights suspended, resulting in [...]UNCTAD Urges for $1 Trillion Debt Write Off
The UNCTAD (United Nations Conference on Trade and Development) is urging for the writing off of close to $1 trillion debts owed by developing countries across the world. The move [...]Airbus Hints at Possible Job Cuts
European planemaker Airbus is hinting at possible job cuts in the wake of the coronavirus pandemic that has seen countries close their borders, suspend all international passenger flights, and airlines [...]Etihad Airways Extends Suspension of Scheduled Flights
UAE's flag carrier, Etihad Airways, has suspended its scheduled flights until 15th May 2020. Initially, the airline had planned to partially resume passenger flights from 1st May 2020. Etihad and [...]Boeing Halts Joint Venture with Embraer
American plane maker, Boeing, has terminated its Master Transaction Agreement (MTA) with its Brazilian counterpart, Embraer. Under the contract, the two companies had agreed to create a joint venture, including [...]Global Markets Weekly Wrap-up
The week commencing Monday 20th and ending on Friday 24 saw volatility in the oil market continue with historic losses in US crude futures contracts. MONDAY United States crude [...]Qatar Airways Defers 50% of Employee Salaries
Qatar Airways has deferred payment of 50% of salaries for its mid-level and senior staff in Doha for three months with effect from April 2020. According to the airline, they [...]Air France-KLM to Get $10.9 Billion State Aid
Air France-KLM is set to receive a $10.9 billion state package to enable it to remain afloat during the COVID-19 pandemic that has seen airline revenues dip due to the [...]World Bank Predicts Sharpest Decline of Remittances in Recent History
The World Bank estimates that Global remittances are projected to decline sharply by about 20 per cent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected [...]Disney Halts Payments of 100,000 Staff
The world's biggest entertainment group, Walt Disney, has announced plans to halt payments of 100,000 staff as it struggles to stay afloat amid the COVID-19 pandemic. BBC reports that the [...]
