British Airways says it could cut 12,000 jobs as global travel slumps April 28, 2020 International Airlines Group (IAG) today said a redundancy consultation at British Airways could lead to 12,000 people losing their jobs. IAG said British Airways is formally notifying its trade unions about a proposed restructuring and redundancy programme. “The proposals remain subject to consultation but it is likely that they will affect most of British Airways’ [...]
Coronavirus: European airlines continue to tap governments for aid April 28, 2020 European airlines continued to tap their respective governments for state aid in order to survive the coronavirus crisis, which has shut down air travel across the world. German state carrier Lufthansa is still in negotiations with federal authorities over a €9bn loan deal, despite overnight reports that an agreement had been reached. Shares swiftly climbed [...]
Nissan set for first loss since 2008 financial crisis April 28, 2020 Nissan is on course to post its first annual loss since the 2008 financial crisis, the Japanese auto giant warned today. Car sales have collapsed around the world as the coronavirus pandemic has drained demand, with carmakers braced for significant losses. In a statement, Nissan said it was forecasting a loss of 45bn yen (£338m), [...]
Easyjet board set for showdown with founder over Airbus contract April 27, 2020 Easyjet’s board has set the date for a showdown with founder Sir Stelios Haji-Ioannou, who has been calling for the airline to scrap a £4.5bn order with Airbus. On May 22, shareholders will vote on whether to back the board’s plan to go through with the deal, which has been modified in light of the [...]
Norwegian Air says planes set to remain grounded until April 2021 April 27, 2020 Low-cost carrier Norwegian Air does not expect to begin ramping up its number of flights until next April at the earliest, according to a proposal published ahead of a key stakeholder meeting this week. Unless the airline gets approval for its proposed rescue plan, it warned that it could run out of cash by mid-May. [...]
Airlines call on government to extend furlough scheme beyond June April 27, 2020 The UK’s airlines have written to chancellor Rishi Sunak warning him that carriers could face a “renewed cash crisis” if the coronavirus job retention scheme is not extended beyond June. In a letter, Tim Alderslade, chief executive of sector body Airlines UK, said: “There is a danger that should the CJRS be withdrawn prematurely, carriers [...]
Airbus ‘bleeding cash at an unprecedented speed’ due to coronavirus April 27, 2020 Planemaking giant Airbus has written to its 135,000 staff warning them to expect deeper job cuts, with the firm “bleeding cash at an unprecedented speed”. In a letter to employees, chief executive Guillaume Faury said that the aerospace behemoth’s survival was at stake, saying that the recent drop in production of a third was not [...]
Brazil’s Embraer blasts Boeing after $4.2bn deal scrapped April 26, 2020 Brazilian aircraft company Embraer today attacked Boeing after the US company yesterday pulled the plug on a $4.2bn (£3.4bn) deal to buy its commercial jets division. In a statement, Embraer said: “Embraer believes strongly that Boeing has wrongfully terminated the MTA [master transaction agreement], that it has manufactured false claims as a pretext to seek [...]
Virgin Atlantic says it is still in talks with UK over bailout April 26, 2020 Virgin Atlantic today said it was still in talks with the UK government about a state bailout to deal with the travel shutdown caused by the coronavirus pandemic. The airline said talks were ongoing after the Sunday Telegraph reported that discussions had been “effectively shelved” and Virgin’s owner Richard Branson was now seeking a buyer [...]
Coronavirus: First Group receives £300m from Bank of England April 24, 2020 Transport operator First Group today announced it had received £300m from the Bank of England to help deal with the financial damage of the coronavirus pandemic. First is currently running its bus services at 40 per cent of normal capacity, although passenger numbers have dropped 90 per cent, the firm said. The company’s rail franchises [...]
