General Electric Co (GE) has confirmed that in 2020 it intends to reduce its aviation sector workforce by 25%, which equates to the loss of approximately 13,000 jobs. The cuts will include both voluntary and involuntary layoffs, the company citing the knock-on effects of the COVID-19 pandemic for the drastic action. With American passenger air
British Airways, the U.K flag. carrying airline and part of IAG, has written to its staff at its Gatwick, London hub advising them that having shut down all operations at the beginning of April this year owing to the impact of the COVID-19 , it may choose not to reopen there. The letter was sent
French finance minister Bruno Le Maire has announced that the €7 billion (US$7.7 billion) package of state and bank loans being offered to the ailing French-flag-carrying Air France will come with significant “green strings” attached to it. The principal demand is that in return for financial support, Air France sets itself a target of becoming
Having posted its worst-ever quarterly loss, British Airways (BA), part of IAG, has announced its intention to lay off over 25% of its 45,000-strong workforce. Alex Cruz, BA CEO, has written to staff making it clear that there is little point in continuing with the U.K. government furlough scheme where 80% of staff wages up
In a virtual shareholders’ meeting on Monday this week, Boeing CEO David Calhoun warned that the world’s second-largest planemaker will need to raise further cash over the next six months and will be unlikely to pay any shareholder dividends for many years to come. “That process could take three to five years… It’s going to
European aerospace giant Airbus has decided to furlough 3,200 of its staff based at its plant in Broughton, Wales, which is responsible for the manufacture of wings. These employees will be able to take advantage of the U.K.s job retention scheme whereby the government guarantees 80% of an employee’s salary while they are unable to
Boeing let the midnight deadline on April 24 pass before announcing that it was pulling out of the deal to acquire the commercial aircraft arm of Brazil’s Embraer first agreed in 2018. Boeing has cited that Embraer failed to meet a number of conditions required for the transaction to be closed. Embraer has retaliated by
In November 2019, International Airlines Group (IAG) agreed to buy Spanish-owned Air Europa for one billion euros (US$1.13 billion), subject to European regulatory approval. In March this year IAG, which also owns Spanish carriers Iberia and low-cost carrier Vueling, agreed to offload a number of routes to fellow Spanish carrier Volotea which would reinforce competition
On October of last year, the probe by European Union antitrust regulators into Boeing’s acquisition of the commercial aircraft arm of Brazilian Plane manufacturer Embraer came to a halt as it waited for the provision of additional documentation that had been requested. This so-called “stop the clock” intervention ended on April 7 this year after
Virgin Australia Holdings (Virgin Australia) has called in Vaughan Strawbridge of Deloitte to act as administrator for Australia’s second-largest airline which has accrued debts of AU$5 billion (US$3.15 billion). Having failed to operate profitably for the last seven years and the impact of the COVID-19 pandemic, failing to obtain a bailout loan of AU$1.4 billion
