Turkish Airlines to cut employee wages per union deal, no layoffs: union official – Reuters

FILE PHOTO: Turkish Airlines Boeing 737-800 plane TC-JVV taxies to take-off in Riga International Airport, Latvia January 17, 2020. REUTERS/Ints KalninsISTANBUL (Reuters) – Turkish Airlines (THYAO.IS) will cut pilot wages by

FILE PHOTO: Turkish Airlines Boeing 737-800 plane TC-JVV taxies to take-off in Riga International Airport, Latvia January 17, 2020. REUTERS/Ints KalninsISTANBUL (Reuters) – Turkish Airlines (THYAO.IS) will cut pilot wages by
Read More From Publisher

Medvedev has no concerns about U.S. Open COVID precautions – Reuters India

NEW YORK (Reuters) – Russia’s Daniil Medvedev had no doubts about playing this year’s U.S. Open in New York despite the novel coronavirus pandemic causing several high-profile players to withdraw from both sides of the draw. FILE PHOTO: Aug 24, 2020; Flushing Meadows, New York, USA; Daniil Medvedev (RUS) hits the ball against Marcos Giron…

NEW YORK (Reuters) – Russia’s Daniil Medvedev had no doubts about playing this year’s U.S. Open in New York despite the novel coronavirus pandemic causing several high-profile players to withdraw from both sides of the draw. FILE PHOTO: Aug 24, 2020; Flushing Meadows, New York, USA; Daniil Medvedev (RUS) hits the ball against Marcos Giron (USA) during the Western & Southern Open at the USTA Billie Jean King National Tennis Center. Mandatory Credit: Robert Deutsch-USA TODAY Sports/File photoThe world number five is the third seed in the men’s draw, behind Novak Djokovic and Dominic Thiem, for the Grand Slam tournament that starts on Monday. “I don’t think I ever really doubted playing here,” the 24-year-old told reporters at Flushing Meadows on Saturday. “I
Read More From Publisher

Tennis-Medvedev has no concerns about U.S. Open COVID precautions – Reuters

NEW YORK (Reuters) – Russia’s Daniil Medvedev had no doubts about playing this year’s U.S. Open in New York despite the novel coronavirus pandemic causing several high-profile players to withdraw from both sides of the draw. FILE PHOTO: Aug 26, 2020; Flushing Meadows, New York, USA; Daniil Medvedev (RUS) walks off the court following his…

NEW YORK (Reuters) – Russia’s Daniil Medvedev had no doubts about playing this year’s U.S. Open in New York despite the novel coronavirus pandemic causing several high-profile players to withdraw from both sides of the draw. FILE PHOTO: Aug 26, 2020; Flushing Meadows, New York, USA; Daniil Medvedev (RUS) walks off the court following his match against Roberto Bautista Agut (ESP) in the Western & Southern Open at the USTA Billie Jean King National Tennis Center. Mandatory Credit: Robert Deutsch-USA TODAY SportsThe world number five is the third seed in the men’s draw, behind Novak Djokovic and Dominic Thiem, for the Grand Slam tournament that starts on Monday. “I don’t think I ever really doubted playing here,” the 24-year-old told reporters at Flushing Meadows o
Read More From Publisher

Economic Preview: New wave of layoffs points to fresh hurdles for U.S. economic recovery heading into the fall

Economic Preview Published: Aug. 29, 2020 at 8:00 a.m. ET U.S. economy could lose further momentum without more federal aid A few people check in at the American Airlines counter in Fort Lauderdale. American plans to lay off or furlough up to 19,000 workers. Airline carriers have been crushed by a huge drop in flying…

Economic Preview

Published: Aug. 29, 2020 at 8:00 a.m. ET

U.S. economy could lose further momentum without more federal aid

A few people check in at the American Airlines counter in Fort Lauderdale. American plans to lay off or furlough up to 19,000 workers. Airline carriers have been crushed by a huge drop in flying during the pandemic.

Getty Images

A flurry of fresh layoffs and furloughs in the U.S. is posing a new hurdle for a fragile economic recovery whose momentum appears to have flagged.
A handful of large airline carriers and hotel chains such as American Airlines
AAL,
+2.33%
and MGM Resorts
MGM,
+4.60%
said this week they would lay off or furlough more than 40,000 employees as they confront a massive loss of customers due to the coronavirus pandemic. Many colleges and schools also plan to reduce staff and more bad news is probably on the way.
Read:Consumer spending slows in July as economic recovery loses some momentum
The new fissures in the economy suggest the easy growth in May and June after the states allowed businesses to reopen is giving way to a more protracted recovery whose progress is likely to be more uneven.

“The layoffs add to concerns the market has about the sustainability of the pace of the recovery,” said senior economist Sam Bullard of Wells Fargo.
Economic growth slowed in Jul
Read More From Publisher

MGM Resorts and Coca-Cola latest US firms announcing layoffs – Aljazeera.com

MGM Resorts is laying off 18,000 people as an unchecked coronavirus pandemic leaves economic scars across a broad swath of industries in the United States, particularly those that rely on healthy crowds of people. The layoffs at MGM, which amount to about a quarter of its US staff of about 70,000, caps a wave of…

MGM Resorts is laying off 18,000 people as an unchecked coronavirus pandemic leaves economic scars across a broad swath of industries in the United States, particularly those that rely on healthy crowds of people.
The layoffs at MGM, which amount to about a quarter of its US staff of about 70,000, caps a wave of job cuts and buyouts this week across a broad array of industries.
Economists warn that sizable layoffs will continue and any recovery is likely to falter as long as the virus rages and Congress does not come up with additional financial aid for the unemployed, as well as desperate state and local governments.
“We think recovery in the job market will be slow,” Nancy Vanden Houten, lead economist at Oxford Economics, said. “Ultimately, the recovery in the economy and the job market will depend on a medical solution to the coronavirus. In the near term, we think the lack of further federal support poses serious downside risks to the outlook.”
MGM furloughed 62,000 of its 70,000 employees when casinos in Nevada were forced to close on March 17. Many of them opened again in early June, but mandated capacity controls are in place.
MGM, with properties in Mississippi, Massachusetts, Michigan, New York and overseas in Macao, has brought back workers, but with 50 percent c
Read More From Publisher

MGM Resorts to lay off 18,000 workers, impacting a fourth of its pre-pandemic staff

LAS VEGAS – Thousands of MGM Resorts workers will be out of work on Monday, according to a letter CEO Bill Hornbuckle sent to employees.”For the protection of workers, federal law requires companies to provide a date of separation for furloughed employees who are not recalled within six months,” the Friday letters read. “Regrettably, August…

LAS VEGAS – Thousands of MGM Resorts workers will be out of work on Monday, according to a letter CEO Bill Hornbuckle sent to employees.”For the protection of workers, federal law requires companies to provide a date of separation for furloughed employees who are not recalled within six months,” the Friday letters read. “Regrettably, August 31, marks the date of separation for thousands of MGM Resorts employees whom we have not yet been able to bring back.”The layoffs come five months after the COVID-19 pandemic shuttered the Las Vegas Strip and resorts across the U.S., bringing the tourism economy to a halt and putting a majority of the hospitality workforce out of jobs.The MGM layoffs will impact 18,000 – one fourth of the 68,000 workers the casino company employed before the pandemic.“I understand the impact this will have on these employees and
Read More From Publisher

‘Double lockdown’: COVID-19 adds to blockaded Gaza’s despair – Reuters Africa

GAZA (Reuters) – On a deserted beachfront in a newly locked-down Gaza, fishermen look impotently at the Mediterranean waters they can no longer access under two separate bans – one by Israel and the other by Hamas police imposing COVID-19 restrictions. A view shows tied up fishing boats during a lockdown following the recent outbreak…

GAZA (Reuters) – On a deserted beachfront in a newly locked-down Gaza, fishermen look impotently at the Mediterranean waters they can no longer access under two separate bans – one by Israel and the other by Hamas police imposing COVID-19 restrictions. A view shows tied up fishing boats during a lockdown following the recent outbreak of the coronavirus disease (COVID-19) in the general population, at the seaport of Gaza City August 28, 2020. REUTERS/Mohammed SalemIn a narrow coastal enclave that is home to 2 million Palestinians, the 40 km coastline in normal times provides an important food source, and employment for 4,000 fishermen. But old politics and new pandemic combined to leave the territory’s fish markets virtually empty on Friday, when they would usually be packed on the busiest day of the week with Palestinians buying fresh sea bream and sardines. The enforced fishing layoff began on Aug. 16 when Israel tightened its
Read More From Publisher

HSBC chases mass-affluent growth with a digital upgrade amid plans to layoff 15% of its global workforce

With a digital account opening upgrade, HSBC keeps domestic growth hitched to its mass-affluent target market.And HSBC needs a more robust US digital strategy to attract those customers and support flailing international units.Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about…

With a digital account opening upgrade, HSBC keeps domestic growth hitched to its mass-affluent target market.And HSBC needs a more robust US digital strategy to attract those customers and support flailing international units.Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about subscribing here.HSBC US wants to leverage upgraded identity verification and onboarding technology — central to its new digital account opening functionality — to grow its mass-affluent consumer checking account product, reports Bank Innovation. The UK-based bank has struggled globally: It has plans to offload business units, cut $4.5 billion in costs, and lay off 15% of its global workforce.

HSBC US wants to leverage upgraded identity verification and onboarding technology.

Business Insider Intelligence

For the US to prove a bright spot, first the bank must successfully refocus its inconsistent retail strategy there. HSBC said it will turn toward a prosperous, internationally inclined target customer base. A critical part of that strategy is to attract millennials within that segment by building up its digital services. New digital account opening plays into HSBC’s plan to find a profitable niche within the US market. HSBC’s reputation has been
Read More From Publisher

Banks eye layoffs as short-term crisis ends, long-term costs emerge – Reuters

NEW YORK (Reuters) – At the height of the coronavirus pandemic last spring, the heads of U.S. banks including Morgan Stanley (MS.N), Bank of America Corp (BAC.N) and others pledged not to cut any jobs in 2020 because it was the wrong thing to do. FILE PHOTO: A homeless man sleeps in a closed Chase…

NEW YORK (Reuters) – At the height of the coronavirus pandemic last spring, the heads of U.S. banks including Morgan Stanley (MS.N), Bank of America Corp (BAC.N) and others pledged not to cut any jobs in 2020 because it was the wrong thing to do. FILE PHOTO: A homeless man sleeps in a closed Chase bank branch on a nearly deserted Wall Street in the financial district in lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar/File PhotoHowever, as executives prepare for an extended recession and loan losses that come with it, layoffs are back on the table, said consultants, industry insiders and compensation analysts. Compared with April projections, bank economists and executives expect the U.S. economy to take longer to recover, with high unemployment into 2021 and interest rates staying near zero for the foreseeable future. On top of that, working from home has shown some managers that they need fewer employees to do the same amount of work. “No question, layoffs (will) come across the board for all the banks,” said Barry Schwartz, chief investment officer at Toronto-based Baskin Wealth Management, which invests in JPMorgan Chase and other large Canadian banks. Banks have to cut costs because of expected credit issues, as well as low interest rates and regulatory pressure to trim dividends, he said. Bank staff could shrink by an average of 5-10%, mainly at mid- and lower levels in technology, human resources and finance departments, according to Alan Johnson, head of the compensation consultancy Johnson Associates,
Read More From Publisher

Banks eye layoffs as short-term crisis ends, long-term costs emerge – Reuters

NEW YORK (Reuters) – At the height of the coronavirus pandemic last spring, the heads of U.S. banks including Morgan Stanley, Bank of America Corp and others pledged not to cut any jobs in 2020 because it was the wrong thing to do. FILE PHOTO: A homeless man sleeps in a closed Chase bank branch…

NEW YORK (Reuters) – At the height of the coronavirus pandemic last spring, the heads of U.S. banks including Morgan Stanley, Bank of America Corp and others pledged not to cut any jobs in 2020 because it was the wrong thing to do. FILE PHOTO: A homeless man sleeps in a closed Chase bank branch on a nearly deserted Wall Street in the financial district in lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar/File PhotoHowever, as executives prepare for an extended recession and loan losses that come with it, layoffs are back on the table, said consultants, industry insiders and compensation analysts. Compared with April projections, bank economists and executives expect the U.S. economy to take longer to recover, with high unemployment into 2021 and interest rates staying near zero for the foreseeable future. On top of that, working from home has shown some managers that they need fewer employees to do the same amount of work. “No question, layoffs (will) come across the board for all the banks,” said Barry Schwartz, chief investment officer at Toronto-based Baskin Wealth Management, which invests in JPMorgan Chase and other large Canadian banks. Banks have to cut costs because of expected credit issues, as well as low interest rates and regulatory pressure to trim dividends, he said. Bank staff could shrink by an average of 5-10%, mainly at mid- and lower levels in technology, human resources and finance departments, according to Alan Johnson, head of the compensation consultancy Johnson Associ
Read More From Publisher