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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Coronavirus: Airlines need up to $285 billion to survive pandemic, industry body saysGENEVA (BLOOMBERG) - The global airline industry needs government aid and bailout measures totalling between US$150 billion and US$200 billion (S$213 billion to S$285 billion) if it's to survive the coronavirus crisis, according to the International Air Transport Association (Iata).. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

'Worse than 9/11': Coronavirus threatens global airline industryFears of massive bankruptcies and calls for emergency bailouts swept global airlines Tuesday as a top US official warned the coronavirus crisis threatens the industry even more than the September 11 attacks, which saw US airspace shut down entirely. In the United States, airlines sought $50 billion
Source: YahooSG - 🏆 3. / 71 Read more »