Airline industry turmoil deepens as coronavirus pain spreads

Airline industry turmoil deepened on Thursday as Qantas Airways Ltd told most of its 30,000 employees to take leave and India prepared a rescue package of up to US$1.6 billion to aid carriers battered by coronavirus, government sources said.

Shares in U.S. airlines fell sharply on Wednesday after Washington proposed a rescue package of US$50 billion in loans, but no grants as the industry had requested, to help address the financial impact from the deepening coronavirus crisis. Senior Qantas executives and the board will take a 100per cent pay cut until at least the end of the financial year ending June 30, up from 30per cent earlier, joining the chairman and CEO in taking no pay, the airline said.

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