Emirates and Qatar airways laying off nearly 40,000 employees
Two of the leading international airlines, Emirates and Qatar airways are planning to layoff around 40,000 employees. Emirates Airlines, whose hub Dubai served the most international travelers of any airport in 2019, is reportedly preparing to lay off 30,000 employees, Bloomberg said. Qatar Airways, in rival Doha, is meanwhile prepping to let go approximately 9,000 members of its workforce
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Emirates to cut 10-20% of the workforce
Tim Clark, The President of Dubai's flagship carrier Emirates airline says that the airline plans to cut 10-20% of its workforce and that it was burning up to $1 million cash an hour at the worst of the COVID-led global restrictions that saw a sudden and exhaustive freeze in air travel across almost all regions of the world. Clark made these comments in an interview with CNN's Richard Quest
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KhaleejTimes
Qatar making an effort to save the Turkish economy
Turkish central bank announced on Wednesday that it has tripled its currency swap agreement with Qatar, securing much-needed funding as the country facing a widening fiscal deficit and potential full-year recession. The move amended the original limit of $5 billion on the two countries’ initial swap agreement in 2018, raising it to $15 billion. The Turkish lira dropped to the lowest level on record against USD earlier this month
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CNBC
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
US risking another COVID-19 wave, Mark Zandi warns
Mark Zandi of Moody's Analytics is getting increasingly worried and said that the states are taking a large gamble by reopening businesses too quickly. "If we get a second wave, it will be a depression," the firm's chief economist told CNBC's "Trading Nation" on Friday. It's a necessary condition for the economy to fully recover," Zandi said.
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