US stocks fall on US-China tensions and Buffett airline sell-off
Wall Street tumbled on Monday in early morning trading in New York on worries of growing US-China tensions over the coronavirus crisis and the state of the airline industry after billionaire investor Warren Buffett's Berkshire Hathaway said it offloaded its entire stake in the top four US carriers.
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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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CNN
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
World’s second-oldest airline files for bankruptcy
Colombian airline Avianca, which was founded in 1919 is the world’s second-oldest airline. The Colombian airline filed for Chapter 11 bankruptcy in the US Southern District of New York on Sunday, blaming its collapse on the "unforeseeable impact of the Covid-19 pandemic," according to a company statement. Coronavirus pandemic has caused carriers to rip up their flight schedules, ground planes and put staff on unpaid leave
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CNN
Delta CEO: Business will take 'two to three years' to recover from coronavirus
Delta Air Lines CEO Ed Bastian told employees Wednesday that it could take two to three years for the airline's business to recover from the impact of the coronavirus pandemic. The airline is carrying about 5% of its normal passenger loads, Bastian told CNBC in an interview, as demand for air travel has nearly disappeared because of the virus and measures to stop it from spreading such as stay-at-home orders.
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