Business & Finance News
Major global airlines projected layoffs, furloughs and capacity cuts over the next few months, with Air New Zealand on Tuesday warning it expected staffing levels to be 30% lower than it is now, due to the coronavirus pandemic.
The Federal Aviation Administration is rejiggering staffing at air traffic control centers to respond to the dramatic falloff in flights and to reduce the impact of coronavirus cases.
Some of the roughly 200,000 workers at U.S. online grocery delivery company Instacart said they were striking on Monday as labor unrest grows globally over safety and wages for people working through the coronavirus crisis.
Low-cost U.S. carrier Spirit Airlines Inc said on Monday it will cancel all flights to and from New York, Connecticut and New Jersey after U.S. officials warned against travel to the area because of the COVID-19 pandemic.
Credit Suisse bank could restrain 2020 bonuses in a show of unity with victims of the coronavirus epidemic in Switzerland, Chief Executive Thomas Gottstein said on Monday.
The U.S. government has cut deals with Johnson & Johnson and Moderna Inc and said it is in talks with at least two other companies to prepare them to produce massive quantities of coronavirus vaccines even before safe and effective ones become available.
Visa Inc said on Monday its transaction volumes had been hit as the coronavirus pandemic wreaks havoc on consumer spending, leading it to forecast mid-single-digit percentage revenue growth for the second quarter.
Major U.S. retailers Macy’s Inc , Kohl’s Corp and Gap Inc said on Monday they would furlough tens of thousands of employees, as they prepare to keep stores shut for longer to curb the spread of the coronavirus outbreak.
General Motors Co told suppliers on Monday that it is postponing work on at least half a dozen future models to conserve cash during the coronavirus pandemic and could delay the planned launch in late April of its highly profitable large sport utility vehicles.
Fiat Chrysler Automobiles NV’s top executives and salaried workers around the globe will take pay cuts in an act of “shared sacrifice” brought on by the coronavirus pandemic that has shuttered the automaker’s plants in Europe and North America, according to a company memo seen by Reuters.
Air New Zealand said on Tuesday nearly a third of its employees, about 3,500, will be laid off in the coming months, as it grapples with severe global travel curbs due to the coronavirus that has forced it to cancel nearly all flights.
Department store operators Macy’s Inc and Kohl’s Corp said on Monday they would furlough thousands of employees as U.S. retailers keep their stores shut to curb the spread of the coronavirus outbreak.
U.S. stocks rallied on Monday, led in part by a climb in healthcare stocks as investors looked for shares that have become cheap and can withstand the impact to the economy from the spread of the coronavirus.
JPMorgan Chase & Co’s alternative investments unit is looking to raise up to $10 billion to boost its spending power in the face of the coronavirus pandemic, a source familiar with the matter said on Monday.
American Express Co will avoid job cuts in 2020 as the credit card issuer “rides out the storm” brought on by the coronavirus pandemic, Chief Executive Officer Steve Squeri said in a video message to employees on LinkedIn.
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