Major airlines and hotels over the past couple of weeks posted quarterly earnings that can best be described as catastrophic
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The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to national and global response, the work place and the spread of the virus.
TRAVEL & LODGING: Hotels, rental cars, cruises, flights, anything associated with getting away from it all, is on hold. Quarterly numbers from airlines and the rest of the travel industry this week and last were abysmal. Job cuts have begun.
— Hyatt will begin laying off about 1,300 people next month. The hotel chain has slashed costs through pay cuts for executives as well as work and pay reductions for workers, but it has not been enough to staunch the bleeding.
Source news reuters.com, click here to read the full news.