Business

Latin America’s airline apocalypse signals a future with weak competition

Bankrupt LATAM Airlines (LTM.SN) and Avianca Holdings (AVT_p.CN) are dramatically retrenching their once grand ambitions amid the COVID-19 pandemic, reducing competition in Latin America as they mull once-unthinkable cooperation with rivals. Since May, LATAM has exited Argentina, partnered with rival Azul SA (AZUL.N) in Brazil and cut back domestic operations in Chile, while Avianca has […]

Business

From New York to Houston, flood risk for real estate hubs ramps up

The number of properties in the United States in danger of flooding this year is 70% higher than government data estimates, research released on Monday shows, with at-risk hot spots in Houston, New York, Los Angeles and Chicago. The higher risk identified could have implications for property values as well as insurance rates, municipal bonds […]

Business

Airbus close to slashing jobs as CEO confirms 40% output drop

Airbus (AIR.PA) was finalising an imminent restructuring plan involving thousands of job cuts on Monday as its chief executive confirmed plans to hold output down by 40% for two years. Europe’s largest planemaker is likely to set out its largest ever reorganisation by Wednesday, union sources said at the start of several days of talks […]

Business

Wall Street ends higher on Boeing bump, stimulus eyed

Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound, while a surge in Boeing shares helped boost the blue-chip Dow. The planemaker’s (BA.N) shares jumped more than 14% after a 737 MAX took off […]

Business

Will office buildings ever be the same? Empire State offers clues

The Empire State Building has been a symbol of America’s economic might for almost 90 years. Of late, it’s also become a symbol of its struggle with the coronavirus. The once jam-packed 102 stories of the 1,454 ft (443m) Art Deco skyscraper sit mostly empty in a city in shock from the country’s worst outbreak […]

Business

Boeing 737 MAX certification flight tests to begin on Monday

Pilots and test crew members from the U.S. Federal Aviation Administration and Boeing Co (BA.N) are slated to begin a three-day certification test campaign for the 737 MAX on Monday, people familiar with the matter said. The test is a pivotal moment in Boeing’s worst-ever corporate crisis, long since compounded by the novel coronavirus pandemic […]

Business

A cash cliff spells trouble for U.S. unemployed, and everyone else

Judith Ramirez is bracing for July. That’s when the hotel housekeeper and her electrician husband – who have both been out of work for three months – expect their combined unemployment benefits to drop by more than half, and their deferred $1,500 monthly mortgage payment on their Honolulu home to come due. It’s a cash […]