Categories: Business

American Airlines warns, 25000 employees can be hired

Photo: GOOGLE

American Airlines warns 25,000 workers they could lose jobs

Dallas. American Airlines has informed about 25,000 employees that their jobs could be terminated in October due to a drastic reduction in demand for air travel due to the Corona virus epidemic. Top executives of American Airlines said Wednesday that layoffs could be reduced if sufficient numbers of workers take a holiday with partial payments for up to two years.

Airline CEO Doug Parker and Chairman Robert Isom said in a notice to employees that they hoped to avoid layoffs, as the outbreak of the epidemic is expected to increase demand for air travel by October 1.

Recession due to epidemic will put pressure on companies of Asia-Pacific

Credit rating agency Moody's Investors Service said on Thursday that the global recession caused by the Corona virus epidemic will continue to pressurize non-financial companies in the Asia-Pacific region. It said the negative credit trend will continue over the rest of 2020.

It said, however, that fiscal and monetary stimulus programs in both advanced and emerging markets have helped stabilize financial markets and provided temporary relief to companies. It said the companies' operational performance and financing capacity are in the grip of financial market shocks, especially if a second wave of transition leads to fresh lockdowns.

Clara Lau, Moody's Group's credit officer and senior vice president, said that we anticipate that it will take longer to recover from the recession. However, a gradual withdrawal in the second half of the year should be supported by easing of lockdown restrictions. Meanwhile, Moody's described the government's infusion of Rs 12,450 crore in three government insurance companies as credit-positive.

This post was published on July 16, 2020 2:44 pm

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