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United Airlines CEO in the letter to employees:”we expect demand to remain suppressed for months, possibly into next year”

United Airlines (NASDAQ:UAL) a major American airline headquartered in Chicago, is taking the measures to cut the spending caused by the coronavirus lockdown. In the Letter to employees from March 27, 2020 United CEO Oscar Munoz together with President ,J. Scott Kirby talks about state of the economy, compares the situation with 9/11,promises not to […]

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Industries National

American Airlines CEO to employees:”We’ve never experienced anything quite like this, but demand will return”

American Airlines Group CEO Doug Parker and Robert Isom (president of American Airlines Group and American Airlines) updated their employees and team members on coronvirus response in the letter dated March 26. They covered current state, stimulus package (bailout bill) and Besides this letter Doug Parker sent a separate video message to all employees. First […]

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Industries National

Alaska’s cruise line industry could lose $1.5 billion due to coronavirus

According to WSJ and Washington Post the major cruise ship lines are not int the $2T federal stimulus package headed for a vote tomorrow in the U.S. House. Like all epidemics, the same goes for coronavirus. One day it will fade away. But the impact it leaves on the cruise lines will take a very […]

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Entrepreneurs Industries Markets National

You paid taxes and Delta Air Lines DIDN’T. Now they are getting taxpayers’ money.

The Republican-led Senate approved the massive bailout bill – which would be the biggest fiscal stimulus measure ever passed by Congress – by 96 votes to zero late on Wednesday, overcoming partisan negotiations and encouraging Democratic-majority House to vote for it. With one in three Americans called to stay home, schools and businesses closed across […]

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Eurozone Industries Investments Markets National

Warren Buffett takes another blow as Heinz Ketchup sales are going down due to stay-at-home orders

Back in February Warren Buffett complained that his Berkshire Hathaway Inc overpaid for merger that created Kraft Heinz Co . With Airlines being his biggest fall this March, looks like Kraft Heinz stocks (KHC) are going down as well. At least if we are going to trust the latest report price target from Berenberg. German […]

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Americas Asia Entrepreneurs Eurozone Industries National

Delta Air Lines, United and AA are getting a bailout but they are not giving refunds for cancelled flights

The United States Congress has agreed to the approval of the most powerful economic rescue plan in the U.S. history, an arsenal of nearly two trillion dollars to help relieve the economic impact of Coronavirus.The agreement between the White House and Republicans, on the one hand; and the Democratic opposition, on the other hand, arrived […]

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Industries Markets National

American Airlines to employees: Expect layoffs and 20% pay cuts, and that’s if AA gets bailout

Flight cancellations are skyrocketing, the biggest U.S. airlines are internally thinking about a voluntary shutdown of all passenger flights across the U.S. and on the remaining flights that are still operating, it’s not uncommon to have only a handful of passengers. In this economy (if we can call it economy) some airlines are burning $50M […]

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Industries National

Internal Memo:Compass Airlines that operates for Delta and American is going out of business in 15 days

Compass Airlines, a A Twin Cities-based air carrier that flies for both Delta Air Lines and American Airlines, has announced that it will close its doors starting April 7. Since Compass Airlines is going out of business this means that 12,000 employees will lose their job and finding a new job in the same industry […]

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Industries Investments Markets National

NexTier Oilfield Solutions to cut its capital spending 50%, due to difficult market conditions

HOUSTON, March 23, 2020 / — NexTier Oilfield Solutions Inc. (NEX) today announced several immediate strategic actions being taken in response to current market conditions to prioritize financial strength and cash flow, including a significant reduction in its 2020 capital expenditures program and additional streamlining of its cost structure. NexTier is taking actions to significantly […]

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Americas Industries Markets National

Royal Caribbean not waiting for a bailout, secures $2.2B loan from J.P. Morgan, BofA,BNP and Goldman Sachs

MIAMI, March 23, 2020 /PRNewswire/ — Royal Caribbean Cruises Ltd (NYSE: RCL) today announced that it has entered into a $2.2 billion 364-day secured term loan facility, further enhancing the company’s liquidity position. The facility can be extended at the company’s option for an additional 364 days. The company has borrowed the full amount available […]