Coronavirus: British Airways expecting to cut a quarter of pilots

British Airways has told pilots that it expects to reduce headcount by more than a quarter in the first details obtained since it announced swingeing job cuts as a result of the coronavirus crisis. In a letter to pilots seen by Sky News, the airline says it plans to reduce headcount by 955 for what it calls “volume adjustment”, with […]

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Airbus in talks with French state over possible aid: CEO

PARIS (Reuters) – European planemaker Airbus (AIR.PA) is in talks with the French state regarding possible aid for the company, one of many in the transport sector to have been hit hard by the coronavirus crisis, said Airbus Chief Executive Guillaume Faury on Thursday. “In crises of such importance, and crises which are as global as this, one needs states […]

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Shares jump on coronavirus treatment hopes, oil soars

NEW YORK (Reuters) – World stock markets rose sharply on Wednesday following encouraging news for an experimental COVID-19 treatment and some positive earnings reports, while beaten-up oil prices soared. MSCI’s gauge of stocks across the globe gained 2.35%. Major U.S. averages ended up well over 2%, while the pan-European STOXX 600 index rose 1.75%. A top U.S. health official said […]

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Fed leaves rates near zero, sees virus-related risks lingering

WASHINGTON (Reuters) – The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to use its “full range of tools” to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only slam growth in the near term but pose “considerable risks” in the medium term as well. “We are doing all we […]

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Juul plans to cut a third of its workforce- WSJ

(Reuters) – Juul Labs Inc is planning to cut around a third of its staff as the e-cigarette maker faces a relentless series of regulatory headaches and falling market share, the Wall Street Journal reported on Wednesday. The cuts, which translate into between 800 and 950 people, are part of a broader restructuring plan and are not related to the […]

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Minority businesses worry they are locked out of payroll lending program

(Reuters) – As the government issues a second round of aid for small business owners, some U.S. senators, community banking groups and minority-owned banks said they are worried businesses owned by people of color may miss out on receiving much-needed loans. The Small Business Administration (SBA) reopened its Paycheck Protection Program (PPP) on Monday for up to $310 billion in […]

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Boeing to cut staff by 10% amid coronavirus pandemic

WASHINGTON (Reuters) – Boeing Co (BA.N) CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic. “We have begun taking action to lower our number of employees by roughly 10% through a combination of voluntary layoffs, […]

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AstraZeneca beats first-quarter profit estimates, retains 2020 forecast

(Reuters) – AstraZeneca (AZN.L) beat analysts’ estimates for first-quarter profit and reiterated its 2020 outlook on Wednesday, as demand for the drugmaker’s newer medicines held up and its supply chain proved resilient to the coronavirus-induced disruptions. Newer treatments, including those for diabetes, heart conditions and cancer, have helped put the company’s business on track for its third consecutive year of […]

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Daimler sees profits at Mercedes-Benz Cars rising in 2020

FRANKFURT (Reuters) – Daimler (DAIGn.DE) said it expected the operating profit of its Mercedes-Benz Cars & Vans division to be above the prior-year level, even as the corona pandemic forced the Stuttgart-based car and trucks maker to abandon its outlook earlier this month. First-quarter earnings before interest and taxes (EBIT) was 617 million euros ($669.45 million), down from 2.8 billion […]

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