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General Electric’s (GE.N) aviation unit revealed plans on Monday to slash its workforce by 25% or roughly 13,000 jobs this 2020. It includes voluntary and forced layoffs due to delayed reduction plans for aircraft amid the virus outbreak.
“The cuts will be a mix of voluntary departures and layoffs and come after an initial wave of 2,600 job cuts in March," GE said in a statement.
The manufacturing giant Boeing Co (BA.N) announced last week that it would cut 16,000 jobs, about 10% of its workforce, as it has delayed aircraft manufacturing. General Electric’s aviation unit makes engines for Boeing Co.
The GE’s supplier SpiritAero (SPR) announced on Friday that it would cut another 1,450 jobs in its headquarters in Wichita, Kansas.
GE shares fell at 4% at $6.23 in U.S. midday trading after the announcement of 13,000 job cuts.
While the aviation industry has suffered due to the pandemic, the company has said its business remains strong.
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 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest ...
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 ...
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