Business

American Airlines backs calls to extend billions in federal aid through March

A member of a ground crew walks past American Airlines planes parked at the gate during the coronavirus disease (COVID-19) outbreak at Ronald Reagan National Airport in Washington, April 5, 2020. Joshua Roberts | ReutersAmerican Airlines' top executives on Wednesday backed efforts to extend billions in federal aid to protect aviation jobs through March as the pandemic's impact on travel threatens tens of thousands of positions. Some $32 billion in federal aid was set aside to protect jobs in the U.S. airline industry, and it prohibited employers from cutting positions through Sept. 30 under the CARES Act relief package that lawmakers passed in March. But with that deadline looming and a surge in U.S. coronavirus cases hurting a nascent recovery in travel demand, some lawmakers and la...

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Business

American Airlines warns 25,000 employees about potential job cuts as coronavirus continues to sap demand

An airline employee walks past empty American Airlines check-in terminals at Ronald Reagan Washington National Airport in Arlington, Virginia, on May 12, 2020. ANDREW CABALLERO-REYNOLDSAmerican Airlines on Wednesday warned about 25,000 front-line employees — roughly 29% of its U.S. mainline workforce — that they could be furloughed this fall, the latest carrier to prepare staff for job cuts as surges in coronavirus cases dash hopes for a quick rebound in travel demand. The airline also urged employees to take new extended leaves that can last up to two years or early retirement packages to get as many people off payroll as possible before having to involuntarily cut their jobs.  American's revenue in June was down more than 80% than a year ago, CEO Doug Parker and President Robert Is...

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Business

J.C. Penney gets more time from lenders in push for survival

An empty parking lot is seen outside a closed JC Penney Co. store in Mt. Juliet, Tennessee, on Thursday, April 16, 2020. Luke Sharrett | Bloomberg | Getty ImagesJ.C. Penney has a little bit more breathing room.  The retailer on Tuesday confirmed in a court filing it had struck a deal with its lenders to push back a key deadline originally imposed on it as part of its bankruptcy financing. According to the terms of its debtor-in-possession financing agreement, it had to submit a business plan to its lenders by July 8 and get two-thirds of them on board by July 15. If it missed those deadlines, it would have had to begin the process of selling off its assets.  Now, after confidentially submitting its business plans on time, J.C. Penney has until July 31 to review them with its lenders...

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Business

Walmart will require customers to wear masks at its stores

Joel Porro and Lizz Hernandez wear gloves and protective masks as they put bags in the trunk of their car after shopping at Walmart Supercenter as the coronavirus pandemic continues on Sunday, March 5, 2020 in Miami. David Santiago | Miami Herald | Tribune News Service via Getty ImagesWalmart and Sam's Club customers will soon be required to put on a mask or face covering before shopping in stores.  The big-box retailer announced the new policy Wednesday and said it will take effect July 20. It said the majority of its approximately 5,000 stores and clubs  — about 65% — are in areas where there's already some kind of government requirement for face coverings. With the new policy, Walmart joins a growing list of retailers that require masks inside of stores. Best Buy started requiring...

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Business

Goldman Sachs shares jump as earnings blow past the Street on the best trading results in years

Goldman Sachs (GS) earnings Q2 2020 blow past StreetSEARCH QUOTES x+1'); } catch (e) { return false; } return true; } function addScript(src) { var s = document.createElement('script'); s.setAttribute('src', src); document.head.appendChild(s); } if (!isES6Supported()) { addScript('https://static-redesign.cnbcfm.com/dist/polyfill-8d6b7d0e3d0bf79db911.js'); } ]]> Source link ...

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Nissan unveils Ariya crossover as first new all-electric vehicle under turnaround plan

Nissan Motor unveiled a new all-electric crossover called Ariya early Wednesday as part of a four-year business turnaround plan to achieve sustainable growth, financial stability and profitability for the embattled Japanese automaker. The vehicle is one of 12 new or redesigned models Nissan has promised to release through 2021 under its "Nissan Next" plan. It is the first all-electric vehicle to debut since the strategy was announced in May. "Ariya is Nissan's next chapter in physical form," Nissan Chief Operating Officer Ashwani Gupta said during a virtual roundtable. "It is a catalyst of change in our product thinking." The restructuring, which goes through early-2024, includes cutting billions in fixed costs, axing several vehicle nameplates and closing or realigning production pl...

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Business

Ghislaine Maxwell pleads not guilty in Jeffrey Epstein sex crimes case

Ghislaine Maxwell pleads not guilty in Jeffrey Epstein sex crimes caseSEARCH QUOTES x+1'); } catch (e) { return false; } return true; } function addScript(src) { var s = document.createElement('script'); s.setAttribute('src', src); document.head.appendChild(s); } if (!isES6Supported()) { addScript('https://static-redesign.cnbcfm.com/dist/polyfill-8d6b7d0e3d0bf79db911.js'); } ]]> Source link ...

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