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A spokesman for Prime Minister Boris Johnson stated on Wednesday that the UK government would be ready to support Rolls-Royce’s (RR.L) employees after the British multinational engineering company announced that it would slash at least 9,000 jobs from its global workforce of 52,000.
Rolls-Royce said that it plans to reorganize the company to cope with lower demand from its major customers Boeing (NYSE:BA) and Airbus (EPA:AIR). Some measures were made right after the aviation industry was severely affected amid the virus outbreak. The British government said that it would work with Rolls-Royce and other companies to look for options in supporting the sector.
“Clearly we will have to go to work with the employer to look at the options. All of us will be looking not just at Rolls Royce but at the whole sector and the implications of this for the supply chains as well, let’s not forget them, to make sure we are doing everything we can in terms of plans and action to support what is a very high skilled part of our economy,” the British Justice Secretary Robert Buckland stated in an interview.
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
On Monday, Deutsche Bundesbank’s President Jens Weidmann said in a newspaper interview that Germany would toughen its auditing and accounting regulations to prevent another scam like the Wirecard scandal. Wirecard AG (WDI), a financial ...
European shares fell earlier on Monday, weighed down by travel stocks after the U.K. placed a quarantine on travelers from Spain as the number of COVID-19 cases continue to surge. The pan-European STOXX index lost 0.5% at 0718 GMT. Meanwhile, ...
The reimplementation of virus-related lockdowns in some states dragged the U.S. economic outlook in the past month, according to economists in a Reuters poll who also warned that the monitored rebound in employment may reverse by the end of ...
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