Month: May 2020

This Memorial Day weekend will be defined by the coronavirus as all 50 states begin to reopen. …read more […]

…read more […]

…read more […]

(Bloomberg) — The opposition to plans for the European Union to collectively finance its response to the coronavirus recession is taking shape after four members proposed a temporary fund for emergency loans as an alternative.In a joint paper, the leaders of Austria, Denmark, Sweden and The Netherlands, sometimes dubbed the “Frugal Four,” reiterated their opposition to joint debt and any direct grants and to an increased EU budget, throwing cold water on the initiative set out by German Chancellor Angela Merkel and her French counterpart Emmanuel Macron on Monday.“Our objective is to provide temporary, dedicated funding through the MFF and …read more […]

…read more […]

The United Kingdom has drawn up plans to require employers to cover 20% to 30% of furloughed employees’ wages from August to reduce the vast burden of the coronavirus crisis on government finances, The Times newspaper reported. The United Kingdom on May 12 extended its job retention scheme – the centrepiece of its attempts to cushion the coronavirus hit to the economy – by four months but told employers they would have to help to meet its huge cost from August. “The Treasury has drawn up plans that would require employers to cover between 20 and 30 per …read more […]

The company said the coronavirus pandemic had led to an “abrupt” decline in bookings. …read more […]

The more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief. Hertz’s board earlier in the day approved the company seeking Chapter 11 protection in a U.S. bankruptcy court in Delaware, according to court records. A large portion of Hertz’s revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel. …read more […]

The U.S. government late on Friday accused the Chinese government of making it impossible for U.S. airlines to resume service to China and ordered four Chinese air carriers to file flight schedules with the U.S. government. The administration of President Donald Trump stopped short of imposing restrictions on Chinese air carriers but said talks with China had failed to produce an agreement. The U.S. Transportation Department, which is trying to persuade China to allow the resumption of U.S. passenger airline service there, earlier this week briefly delayed a few Chinese charter flights for not complying with notice requirements. …read more […]

…read more […]

(Bloomberg) — Hertz Global Holdings Inc. filed for bankruptcy in Delaware after sweeping travel restrictions and the global economic collapse destroyed demand for its rental cars.The Chapter 11 filing allows the company to keep operating while it devises a plan to pay its creditors and turn around the business. The second-largest U.S car-rental company began laying off workers to preserve cash in March as emergency measures to contain the coronavirus halted business and leisure travel. Hertz disclosed on April 29 that it had missed substantial lease payments related to its rental cars. It named a new chief executive officer in …read more […]

…read more […]