The job cuts ramp up the pressure on Mnuchin and House Speaker Nancy Pelosi as they haggle over an economic relief plan, with Democrats calling for $2.2 trillion and the White House pushing for about $1.6 trillion. White House Chief of Staff Mark Meadows said late Wednesday that the most recent proposal includes $20 billion for airlines as the industry contends with an unprecedented collapse in travel demand caused by the coronavirus
“I am extremely sorry we have reached this outcome,” American Airlines
Chief Executive Officer Doug Parker said in a letter to employees as he announced the layoffs. “It is not what you all deserve.” American climbed 1.9 per cent to $12.52 ahead of regular trading in New York, while United advanced 1.8 per cent to $35.38.
AirAsia to close down its Japan ops due to virus
AirAsia Group is closing down its operations in Japan as it grapples with virus-related restrictions on global travel, Nikkei reported, citing an unidentified person close to the low-cost airline. The Malaysian group’s directors met Monday and decided to wind up the Japanese venture, Nikkei said.