Governments to bail out coronavirus-hit airlines on verge of bankruptcy
Following emergency bailout programs from the governments of Sweden and Denmark to support national airlines with 300 million USD in loan guarantees, Australia and Taiwan have joined the growing list of world governments who are taking measures to bail out airlines on the verge of bankruptcy due to the coronavirus pandemic, with Australia refunding and waiving charges to domestic airlines and Taiwan approving subsidies and loans for its airlines.
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Australia expects the biggest budget deficit since World War II
Coronavirus pandemic has ended the three-decade growth of Australia as its budget deficit is expected to deepen significantly. The government said its budget deficit is forecast to deepen significantly to 85.8 billion Australian dollars ($61.27 billion) in the financial year that ended on June 30 and further widen to 184.5 billion ($131.78 billion) in the new fiscal year, biggest since the World War II
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Delta Airlines posts worst loss since 2008
Delta Air Lines posted its worst loss since 2008, and it warned that bookings are declining as Covid-19 cases rise, forcing the airline to trim its schedule again. The company had planned to add 1,000 flights a day to its August schedule as Delta reported a modest pickup in bookings. The airline said it lost $2.8 billion, excluding special items. Including those items, Delta's net loss came to $5.7 billion
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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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Another apparel brand files for bankruptcy after coronavirus crisis
The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers. Brooks Brothers, pioneer of the polo and uniform of the polished prepster, filed for bankruptcy on Wednesday, as it continues to search for a buyer. The biggest issue for the retailer was rent, and the pandemic torpedoed a sale process that began in 2019.
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