Bloomberg American Airlines Group Inc will notify 25,000 employees, or 29% of its US workforce, that they’re at risk of losing their jobs later this year as the carrier adjusts to a collapse in travel. The cuts are needed because the coronavirus pandemic is still battering demand for flights, the company told employees. The reductions would take effect after restrictions …

Bloomberg Air Canada tried again to persuade the government of Justin Trudeau to ease restrictions on travel, pointing to policy shifts in other nations where the Covid-19 pandemic has shown signs of improvement. In a letter to Canadian Transport Minister Marc Garneau and other cabinet members, the airline’s chief medical officer suggested loosening quarantine requirements through “a science-based approach” to …

Bloomberg UK Prime Minister Boris Johnson backed off from intervening in British Airways (BA) plans to cut pay and modify contracts for remaining staff after dismissing thousands of others. “British Airways and a number of other companies are in severe difficulties at the moment,” Johnson told lawmakers in Parliament. “We cannot simply with a magic wand ensure that every single …

Bloomberg Burberry Group Plc said it will cut 500 jobs globally to cut costs after lockdowns caused sales to plunge by almost half in the past quarter. The British fashion house said comparable retail sales fell 45% in the quarter and predicted that the pandemic will continue to hurt performance in the current period. Covid-19 prompted luxury boutiques to shut …

Bloomberg Delta Air Lines Inc will take a charge of as much as $3.3 billion to cover the costs of early retirement and voluntary separation plans for employees, as the carrier scales back operations amid a plunge in travel. The charge will be recorded in the third quarter and most workers will leave on August 1, the Atlanta-based carrier said …

Bloomberg Stocks fell with US equity futures on Thursday as investors parsed economic data from China that showed the path of economic recovery from the pandemic remains bumpy. The Stoxx Europe 600 Index tracked Asian shares lower after Chinese retail sales in June missed estimates and continued to contract, even as the economy returned to growth in the second quarter. …

Bloomberg Japanese investors sold a record amount of foreign stocks last week, offloading a net $34 billion of overseas equity. The figure is almost six times greater than in any previous week. It wasn’t immediately clear what factors were behind the record selling, with fingers pointed at factors including funds locking in profits as US stocks recovered their losses suffered …

Bloomberg After a torrid rally that saw shares more than double since early May, Tesla Inc. is taking a pause, even as the broader market rises on the hopes for a coronavirus vaccine. Tesla shares dropped as much as 3.9% to $1,457 in New York, as the S&P 500 Index rose as much as 1.3%. The electric vehicle maker is …

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies will restore some oil supplies next month, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, said Saudi Arabia’s Energy Minister. After almost three months of historic output curbs to offset the worst effects of the global pandemic, the 23-nation coalition led by Riyadh …

Dubai / WAM DP World has lauded a decision by the US House of Representatives to pass legislation requesting a regulatory framework for the safe deployment of hyperloop systems. The Non-Traditional and Emerging Transportation Technology (NETT) Council in the United States is expected to issue guidance within the next six months to help set out a clear regulatory framework for …