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Bloomberg News reported on Sunday that the Emirates Group is considering plans to cut about 30,000 jobs as the operator of the world's largest long-haul carrier seeks to reduce costs after the pandemic grounded air travel.
Emirates Group announced that it would slash the number of employees by about 30% from more than 105,000 at the end of March.
The aviation company is also considering accelerating the retirement of its biggest operator, the A380 fleet, a number of sources say.
Emirates had declined to comment on the rumors
“Any such decision will be communicated in an appropriate fashion. Like any responsible business would do, our executive team has directed all departments to conduct a thorough review of costs and to resource against business projections,” the spokesperson stated.
Emirates Group’s profit jumped by 21% based on its annual report last week. However, the company’s profit for March was more than 1.5 billion Dirhams ($408 Million) which was lower than expected. The group lost over 3.4 billion Dirhams in revenue that month.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
South Korea on Wednesday announced that it would scale back its plans to impose capital gains taxes on stock investments after numerous complaints from retail investors. However, taxes will, instead increase for top earners as part of changes ...
KYC Policy