General Electric is slashing its aviation workforce in the U.S. by about 10%.
CEO Larry Culp disclosed the move in an email to staff Monday.
About half of the 52,000 people globally in that unit work in the United States, where they make jet engines for Boeing and Airbus.
The move comes as the shattered airline industry seeks tens of billions of dollars in state bail-outs to deal with the coronavirus crisis that has grounded nearly all fleets and placed thousands of workers on unpaid leave.
The cost reductions will produce savings of up to $1 billion this year for GE.
Culp himself says he'll forgo his salary for the remainder of the year.
GE shares fell in early trading Monday amid a broad market sell-off.
The Cleveland Indians followed the lead of the NFL's Washington Redskins as the Major League Baseball club said it too will consider changing a team name that has been in place for 105 years. Fred Katayama reports.
The European Commission said Friday it had given conditional approval for the use of antiviral drug remdesivir in severe COVID-19 patients. As Fred Katayama reports, that makes it the region's first authorized therapy to treat the virus.
Labour Leader Sir Keir Starmer has criticised the investment announcements made in a speech by Prime Minister Boris Johnson yesterday, which he claimed amount to "investment equivalent to less than a hundred pounds per person" and called on Mr Johnson to extend the furlough scheme. The criticism comes as several companies announced significant jobs cuts yesterday, including Airbus and EasyJet. Report by Connerv. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Aerospace giant Airbus is planning to cut 1,700 jobs in the UK as a result of the coronavirus crisis, the company announced.The news is a huge blow to its site at Broughton in north Wales, where wings are manufactured, and its other factory at Filton in Bristol.The company is cutting 15,000 jobs across its global operations.A company statement said: “Airbus has announced plans to adapt its global workforce and resize its commercial aircraft activity in response to the Covid-19 crisis.
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Boeing Co and suppliers set the final number of parts it would need for the 747 jumbo jet program at least a year ago, signaling the end for a plane that democratized global air travel in the 1970s. Francis Maguire reports.