COMPANY NEWS IN BRIEF
Netflix appoints Bozoma Saint John
Netflix Inc appointed Bozoma Saint John as the streaming giant's chief marketing officer, starting in August, adding a high-profile Black executive to senior management.
Saint John, who has been vocal about inequality in corporate America, joins from entertainment and talent agency Endeavor where she was the head of marketing since 2018.
She also previously worked at Apple Inc and Uber Technologies Inc. The appointment comes at a time as US companies are looking to diversify their workplace.
The death of an unarmed Black man, George Floyd, at the hands of police has triggered protests in the United States against racism and police brutality, while also reigniting the debate of diversity in America's corporate boardrooms.
Netflix, earlier in the day, said it will allocate 2%, or about US$100 million, of its cash holdings to financial institutions and organizations that directly support African-American communities in the United States. – Nampa/Reuters
Airbus to cut 15 000 jobs
Airbus is cutting 15 000 jobs within a year, including 900 already earmarked in Germany, saying its future is at stake after the coronavirus outbreak paralysed air travel.
Airbus is moving swiftly to counter damage caused by a 40% slump in its 55-billion-euro (US$61.8 billion) jet business following the pandemic, balancing belt-tightening against aid offered by European governments and future priorities.
But it faces tough talks with governments as well as unions, which immediately pledged to fight compulsory redundancies. A 2008 restructuring triggered rare strikes and protests.
Europe's biggest aerospace group said it would cut 5 000 posts in France, 5 100 in Germany, 900 in Spain, 1 700 in the UK, and 1 300 elsewhere by mid-2021, for a core total of 14 000. The broader tally includes another 900 job cuts planned before the crisis at its Premium AEROTEC unit in Germany.
There was immediate political pushback in France, where the government of President Emmanuel Macron this month announced a 15-billion-euro support package for aviation. – Nampa/Reuters
Ryanair expects to fly 4.5 million passengers
Ryanair expects to fly more than 4.5 million passengers in July as it returns to a more regular schedule with 40% of its usual capacity for the peak summer month, it said on Wednesday.
While that would be a drop of almost 70% from July last year, it would be a huge increase from April and May when Europe's biggest budget airline flew just 110 000 passengers.
The Irish carrier has operated a skeleton service since the Covid-19 pandemic shut down most European air travel in the middle of March and plans to restore almost 90% of its routes from July 1, albeit with fewer flights. Passenger numbers for June are due to be released in the coming days.
Ryanair is trying to entice passengers back into the sky with lower fares and said a sale introduced on Wednesday represented the lowest fares ever offered by Ryanair during the peak summer months.
"These 1 000 daily flights mark an important turning point for Ryanair and for the tourism industry of Europe," Ryanair Group chief executive Michael O'Leary said in a statement. "We expect in July to carry more than 4.5 million customers."
Budget rival EasyJet resumed flying in mid-June but has said it expects its capacity to be about 30% of usual levels for the busy July-to-September season. – Nampa/Reuters
SSP to cut up to 5 000 jobs
British travel food group SSP will cut up to 5 000 jobs due to the impact of the Covid-19 pandemic on international travel, Sky News reported.
The job cuts will be spread across its British operations, and could impact 55% of the 9 000-strong workforce employed by the Upper Crust owner during the peak summer period, Sky News said.
The company is expected to announce the job cuts on Wednesday, according to the report. SSP, which operates food and beverage outlets in airports worldwide, reported a first-half loss earlier in the month due to coronavirus-led store closures.
SSP did not immediately respond to a request for comment outside regular business hours. – Nampa/Reuters
Shell to cut asset values
Royal Dutch Shell plans to slash the value of its oil and gas assets by up to US$22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, the Anglo-Dutch energy company said on Tuesday.
The write down announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic, adding to the company's already bleak longer-term outlook for fossil fuel demand.
Shell's move follows similar steps by other major energy companies such as BP, which plans to cut the value of its assets by up to US$17.5 billion following the hit to fuel sales from global travel restrictions to prevent the virus spreading.
Shell, which has a market value of US$126.5 billion, said in an update ahead of second-quarter results due on July 30 that it would take an aggregate post-tax charge of US$15 billion to US$22 billion because of the write downs.
The charges relate to large liquefied natural gas (LNG)operations in Australia, including the Prelude floating LNG facility, the world's biggest, as well as oil and gas production assets in Brazil and US shale basins. – Nampa/Reuters
Netflix Inc appointed Bozoma Saint John as the streaming giant's chief marketing officer, starting in August, adding a high-profile Black executive to senior management.
Saint John, who has been vocal about inequality in corporate America, joins from entertainment and talent agency Endeavor where she was the head of marketing since 2018.
She also previously worked at Apple Inc and Uber Technologies Inc. The appointment comes at a time as US companies are looking to diversify their workplace.
The death of an unarmed Black man, George Floyd, at the hands of police has triggered protests in the United States against racism and police brutality, while also reigniting the debate of diversity in America's corporate boardrooms.
Netflix, earlier in the day, said it will allocate 2%, or about US$100 million, of its cash holdings to financial institutions and organizations that directly support African-American communities in the United States. – Nampa/Reuters
Airbus to cut 15 000 jobs
Airbus is cutting 15 000 jobs within a year, including 900 already earmarked in Germany, saying its future is at stake after the coronavirus outbreak paralysed air travel.
Airbus is moving swiftly to counter damage caused by a 40% slump in its 55-billion-euro (US$61.8 billion) jet business following the pandemic, balancing belt-tightening against aid offered by European governments and future priorities.
But it faces tough talks with governments as well as unions, which immediately pledged to fight compulsory redundancies. A 2008 restructuring triggered rare strikes and protests.
Europe's biggest aerospace group said it would cut 5 000 posts in France, 5 100 in Germany, 900 in Spain, 1 700 in the UK, and 1 300 elsewhere by mid-2021, for a core total of 14 000. The broader tally includes another 900 job cuts planned before the crisis at its Premium AEROTEC unit in Germany.
There was immediate political pushback in France, where the government of President Emmanuel Macron this month announced a 15-billion-euro support package for aviation. – Nampa/Reuters
Ryanair expects to fly 4.5 million passengers
Ryanair expects to fly more than 4.5 million passengers in July as it returns to a more regular schedule with 40% of its usual capacity for the peak summer month, it said on Wednesday.
While that would be a drop of almost 70% from July last year, it would be a huge increase from April and May when Europe's biggest budget airline flew just 110 000 passengers.
The Irish carrier has operated a skeleton service since the Covid-19 pandemic shut down most European air travel in the middle of March and plans to restore almost 90% of its routes from July 1, albeit with fewer flights. Passenger numbers for June are due to be released in the coming days.
Ryanair is trying to entice passengers back into the sky with lower fares and said a sale introduced on Wednesday represented the lowest fares ever offered by Ryanair during the peak summer months.
"These 1 000 daily flights mark an important turning point for Ryanair and for the tourism industry of Europe," Ryanair Group chief executive Michael O'Leary said in a statement. "We expect in July to carry more than 4.5 million customers."
Budget rival EasyJet resumed flying in mid-June but has said it expects its capacity to be about 30% of usual levels for the busy July-to-September season. – Nampa/Reuters
SSP to cut up to 5 000 jobs
British travel food group SSP will cut up to 5 000 jobs due to the impact of the Covid-19 pandemic on international travel, Sky News reported.
The job cuts will be spread across its British operations, and could impact 55% of the 9 000-strong workforce employed by the Upper Crust owner during the peak summer period, Sky News said.
The company is expected to announce the job cuts on Wednesday, according to the report. SSP, which operates food and beverage outlets in airports worldwide, reported a first-half loss earlier in the month due to coronavirus-led store closures.
SSP did not immediately respond to a request for comment outside regular business hours. – Nampa/Reuters
Shell to cut asset values
Royal Dutch Shell plans to slash the value of its oil and gas assets by up to US$22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, the Anglo-Dutch energy company said on Tuesday.
The write down announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic, adding to the company's already bleak longer-term outlook for fossil fuel demand.
Shell's move follows similar steps by other major energy companies such as BP, which plans to cut the value of its assets by up to US$17.5 billion following the hit to fuel sales from global travel restrictions to prevent the virus spreading.
Shell, which has a market value of US$126.5 billion, said in an update ahead of second-quarter results due on July 30 that it would take an aggregate post-tax charge of US$15 billion to US$22 billion because of the write downs.
The charges relate to large liquefied natural gas (LNG)operations in Australia, including the Prelude floating LNG facility, the world's biggest, as well as oil and gas production assets in Brazil and US shale basins. – Nampa/Reuters
Comments
Namibian Sun
No comments have been left on this article