Bloomberg Who needs a loss-making, inflexible oil refinery in a world where demand for petroleum has been obliterated? We’re about to find out. When consumption of transport fuels collapsed this year because of coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped prop up the industry’s ...

Bloomberg EasyJet Plc will cut thousands of jobs representing as much as 30% of the workforce to cope with a long-term hit to demand from the coronavirus crisis. Europe’s second-biggest discount carrier will begin employee consultations in coming days, it said in a statement on Thursday. The Luton, England-based firm has about 15,000 workers, suggesting 4,500 posts are at risk. ...

Bloomberg American Airlines Group Inc plans to cut 30% of its management and support staff as it tries to weather the dramatic downturn brought on by the coronavirus pandemic. The move was announced in a letter to staff from Elise Eberwein, American’s executive vice president of people and global engagement. Other cost-saving steps include requiring staff to take 50% of ...

Bloomberg Boeing Co unveiled the first and deepest of its planned job cuts, saying it would notify 6,770 employees in the US that their positions would be eliminated. The collapse in air travel sparked by the coronavirus pandemic has sapped demand for jetliners, forcing Boeing to scale back its commercial business, Chief Executive Officer Dave Calhoun said in a message ...

Bloomberg Ralph Lauren Corp has reopened a significant portion of its global store network and will accelerate its digital plans as pandemic restrictions ease around the world. Chief Executive Officer Patrice Louvet said all stores in China and Korea are back in business, and Japan and Australia are set to return this week. Two-thirds of Ralph Lauren stores have been ...

Bloomberg Scandinavia’s main carrier SAS AB warned shareholders it will need to generate more funding to see it through the crisis triggered by Covid-19. The company has halted most of its traffic and started a process to cut 5,000 jobs, it said. SAS is in “ongoing and constructive discussions” with its “largest owners on a recapitalisation plan to secure adequate ...

Bloomberg Several of Denmark’s biggest banks will see their so-called bail-in buffers come under intense pressure as the Covid-19 crisis triggers an historic economic slump. Stress tests published by the Danish central bank show that lenders may need to issue as much as 160 billion kroner ($24 billion) until 2022 to maintain a layer of capital known as MREL, which ...

Bloomberg Bank of America Corp. (BofA) Chief Executive Officer Brian Moynihan said he expects the company’s traders to do very well in the current quarter, while not up to the pace set in the first three months of the year. Combined bond- and stock-trading revenue may rise in the “high single digits” or even close to 10% from a year ...

Bloomberg Citigroup Inc. will gradually start bringing traders back to its London offices in the coming weeks as UK leaders continue to craft plans to ease social distancing restrictions. The firm will begin by restoring traders and other employees from its markets and securities services unit to its offices in London, according to people familiar with the matter, who asked ...

Bloomberg The Bank of Korea (BOK) cut rates to a record low and forecast the first economic contraction since the Asian financial crisis, but stopped short of offering clarity on what future steps it might take to shore up an economy battered by the coronavirus pandemic. Following the BOK’s unanimous decision on Thursday to cut the seven-day repurchase rate to ...