‘Tsunami of job losses’: Airlines going bust & firing HUNDREDS OF THOUSANDS of employees as pandemic crushes global travel
Europe’s top airlines said they would have to ax tens of thousands of jobs in order to cut costs because of the rapidly deteriorating medium-term outlook for aviation. According to the general secretary of the British Airline Pilots’ Association, Brian Strutton, aviation workers face a “tsunami of job losses.”Ryanair, Lufthansa, British Airways, Scandinavian Airlines, and Air France-KLM could shed as many as 32,000 jobs among them. The Irish discount carrier Ryanair will cut 3,000 jobs and keep 99 percent of flights grounded through June, adding to a mounting employment toll that includes 12,000 cuts at British Airways and 5,000 at SAS AB.EasyJet announced on Thursday it will cut up to 30 percent of its workforce and reduce its fleet, with CEO Johan Lundgren saying these were “very … [READ MORE...]
Australia Moves to Force Google and Facebook to Compensate Media Outlets
She said that while Australia’s decision could lay the groundwork for other governments to “go after the tech giants,” its success would depend on the details of how the digital platforms were required to pay media outlets.“Governments around the world have actually been struggling with this issue for many, many years,” Professor Attard said. “I’m not sure this decision gets us to a final point,” she added, “but it’s something.”Others said the measures fell far short of the overhauls that might be needed to rescue Australian journalism, which has experienced significant funding cuts and raids that have threatened press freedom.“I don’t think it will be enough to challenge the many issues that exist in the media landscape in Australia,” said Alix Foster Vander Elst, a campaign director at … [READ MORE...]
For American Wine Producers, Fear, Uncertainty and Hope
Importers are already dealing with the fallout of tariffs, not only those President Trump imposed on wines from France, Spain and Germany in a trade dispute with the European Union, but also tariffs that he imposed on goods from China.As a result of the Chinese tariffs, along with the Covid-19 crisis there, refrigerated shipping containers, or reefers, have been stuck in China, without the trade business that would keep them circulating throughout the world.This has caused a severe shortage of reefers available for shipping European wines to the United States, a trade already diminished by work stoppages mandated in Europe because of the pandemic, said Catherine Miles, a vice president of The Sorting Table, an importer in Napa, Calif.While producers, distributors, restaurants and retailers … [READ MORE...]
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Fed Warns of Financial Risks as Coronavirus Downturn Persists
Among the areas the Fed flagged:Wild swings tested the financial system’s resilience.Even the market for Treasury securities — the deepest and most liquid in the world — ceased to function normally as investors became attuned to the economic risk and cashed out their holdings.“While the financial regulatory reforms adopted since 2008 have substantially increased the resilience of the financial sector, the financial system nonetheless amplified the shock, and financial sector vulnerabilities are … [Read More...]
Wall Street Recovers After a Day of Turbulent Trading
Catch up: Here’s what else is happening.The New York Stock Exchange will begin to reopen its trading floor the day after Memorial Day, the exchange’s president, Stacey Cunningham, wrote in an op-ed article in The Wall Street Journal. As part of “measured reopening plans,” floor brokers will return in small numbers and be required to wear masks. Social distancing requirements will be in place, and workers and visitors will be screened before entry.Disney Theatrical Productions said Thursday that … [Read More...]
Unemployment Claims Show More Jobs Are Vanishing: Live Updates
Catch up: Here’s what else is happening.The New York Stock Exchange will begin to reopen its trading floor the day after Memorial Day, the exchange’s president, Stacey Cunningham, wrote in an op-ed article in The Wall Street Journal. As part of “measured reopening plans,” floor brokers will return in small numbers and be required to wear masks. Social distancing requirements will be in place, and workers and visitors will be screened before entry.Disney Theatrical Productions said Thursday that … [Read More...]
What Negative Oil Prices Mean and How the Impact Could Last
Will the price of oil stay or become negative again?This had never happened before, and experts do not expect prices to stay negative for days or weeks. Demand for oil is likely to remain tepid for months because few experts believe the economy will quickly rebound to where it was before the pandemic.But the low prices will also put pressure on oil companies and countries like Saudi Arabia and Russia, huge producers, to pump less oil because they themselves will run out of room to store it. That … [Read More...]
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Small Business
For American Wine Producers, Fear, Uncertainty and Hope
Importers are already dealing with the fallout of tariffs, not only those President Trump imposed on wines from France, Spain and Germany in a trade dispute with the European Union, but also tariffs that he imposed on goods from China.As a result of the Chinese tariffs, along with the Covid-19 crisis there, refrigerated shipping containers, or reefers, have been stuck in China, without the trade … [Read More...]
For the Farmers Who Supply Restaurants, the Pandemic Has Upended Business
“My pessimistic view is that this is going to change the behaviors of everybody in terms of how they dine out and how they buy food,” he said. “People are not going to buy a $300 plate of food, and that trickles down to us.”At other times, he is optimistic and thinks he ought to plant as many tomatoes this year as he always does. “Maybe we’ve got this all wrong,” he said, “and as soon as we open … [Read More...]
Your Money
Who Owes You a Refund? Should You Even Ask?
The policy, though, still rings a bit hollow. Vrbo seems to want consumers to treat all hosts as struggling entrepreneurs. For some, the rental property may be their only source of income — and the company’s policy works reasonably well for them. But many other hosts are making extra money off the second home that they could already afford.No traveler who is struggling wants to be on the hook for … [Read More...]
Bogus Vaccines. Fake Testing Sites. Virus Frauds Are Flourishing.
Here are some questions and answers about coronavirus-related fraud:How can I protect myself from coronavirus fraud?First, understand that there are currently no F.D.A.-approved vaccines or treatments for the coronavirus, said Noah Joshua Phillips, an F.T.C. commissioner. That will, hopefully, change — but you are unlikely to hear about it first via a shady robocall. The best thing to do if you … [Read More...]