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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Global financial crisis of 2008–2009

The global financial crisis of 2008–2009 began in July 2007 when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10, 2008. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered a period of high volatility, and a considerable number of banks, mortgage lenders and insurance companies failed in the following weeks.

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