The rapid spread of the coronavirus since it was first reported in China has dealt an unprecedented shock to the global economy.
Following are business developments Monday related to the outbreak as governments attempt to stabilize their economies, companies struggle to cope and millions of people face job losses and disruptions in supplies of goods and in services.
AIRLINES: Airlines can’t seem to cut capacity as fast as air travel is fading as businesses and vacationers pull back on plans. Industry analysts are slashing their expectations even faster, with cuts of 40% or more the norm.
Air Canada is laying off more than 5,000 flight attendants as the country’s largest airline cuts routes amid plunging demand. The Montreal carrier is laying off about 3,600 employees, plus 1,549 flight attendants at its low-cost subsidiary Rouge, according to Wesley Lesosky, head of the Air Canada component of the Canadian Union of Public Employees. The layoffs will take…
Source news reuters.com, click here to read the full news.