Boeing's fired CEO will still walk away with more than $60 million in benefits and stock
Boeing's ex-CEO, Dennis Muilenburg, has been fired and replaced. It was announced that the company denied him severance pay as he was leaving, however he will still get a fortune from the company as he walks out the door. He will be getting around $60 million in benefits, stock, and pension.
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India’s biggest airline to layoff 10% of staff
India's biggest airline IndiGo has become the latest carrier to reveal how hard it has been hit by the collapse in demand for flights due to Covid-19. The airline said it will shed 10% of its staff amid a slump in revenues. In a letter to investors, IndiGo's chief executive Ronojoy Dutta said: "It is impossible for our company to fly through this economic storm without making some sacrifices"
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Qantas to cut 6,000 jobs due to coronavirus pandemic
Australia’s national carrier Qantas announced that the airline will cut 6,000 jobs to survive the pandemic period. The cuts equate to about a fifth of the airline's workforce before the Covid-19 crisis. In March, it furloughed more than 80% of its staff. Qantas said the collapse in global air travel had devastated revenues. Last week, the Australian government said its border would most likely remain closed into next year
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BBC
Coronavirus pandemic has created fragility in the U.S. financial sector
“The strains on households and business balance sheets from the economic and financial shocks since March will likely create fragilities that last for some time,” the Federal Reserve said in its latest semi-annual report on the financial sector. “Forceful early interventions have been effective in resolving liquidity stresses but we will be monitoring closely for solvency stresses among highly leveraged business borrowers" the central bank added
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Marketwatch
Emirates to resume passenger flights from May 21
Emirates has announced that it will resume scheduled passenger flights to a total of nine destinations from May 21. The destinations are: London Heathrow Frankfurt, Paris, Milan, Madrid, Chicago, Toronto, Sydney, and Melbourne. The airline will also offer connections in Dubai for customers travelling between the UK and Australia. These flights will be available for booking on the official website (emirates.com)
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Gulfnews