Business

Airlines headed for $84 bln net loss in 2020: IATA

International airlines are in line to make a combined net loss of more than $84 billion this year in the wake of the coronavirus crisis which has decimated air travel, the International Air Transport Association said Tuesday.

Business

German car sales plunge in April as virus hits key industry

Some 61 percent fewer new cars were registered on German roads in April 2020 than a year ago, official data showed Wednesday, as Europe's automobile powerhouse matched its neighbours' plunging sales for the industry.

Business

Virgin Atlantic cuts over 3,000 jobs on virus impact

Virgin Atlantic will cut over 3,000 jobs —around a third of staff—as the coronavirus pandemic grounds planes worldwide, the British carrier part-owned by tycoon Richard Branson announced Tuesday.

Business

Trump says airline rescue plan coming soon

US President Donald Trump said Thursday his administration would present a plan this weekend to save the flagging airline industry, which is facing vastly reduced business as a result of the coronavirus pandemic.

Business

Virus-stricken airlines face bailout or bust

Airlines worldwide face an unprecedented existential threat as the coronavirus shuts down global travel, leaving governments with controversial and costly decisions about which carriers to bail out.

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Financial crisis

The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults.

Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus, however, and financial crises are still a regular occurrence around the world.

This text uses material from Wikipedia, licensed under CC BY-SA