[단독외신] Southwest Airlines likely to cut jobs unless bookings ‘triple’
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Southwest Airlines CEO Gary Kelly told employees on Monday it needs a dramatic jump in passenger demand or it will be forced to take new steps to reduce staffing.
Employees face a Wednesday deadline whether to participate in a voluntary incentive program to leave the airline.
“Although furloughs and layoffs remain our very last resort, we can’t rule them out as a possibility obviously in this very bad environment,” Kelly said in a message to employees. “We need a significant recovery by the end of this year — and that’s roughly triple the number of passengers from where we are today.”
Kelly added that the “recent rise in COVID cases and increasing regional restrictions on businesses and states requiring quarantine aren’t positive developments for our business, and we are concerned about the impact on already weak travel demand.”
Airlines are grappling with overstaffing as they decide whether to further limit passengers on flights.
JetBlue Airways said Monday it will extend blocking middle seats on larger airplanes and aisle seats on smaller aircraft for flights through Sept. 8 in response to COVID-19. Other airlines, like American Airlines are again booking flights to capacity.
Last week, United Airlines said it was preparing to send notices of potential furloughs to 36,000 US-based frontline employees, or about 45 percent of staff, as travel demand hit by the coronavirus pandemic struggles to recover.
Not everyone who receives a notification will be furloughed, United said. Furloughs would begin Oct. 1, when a government-imposed ban on forced job cuts by airlines that accepted billions of dollars in federal assistance expires.
Delta Air Lines, which is blocking middle seats through at least Sept. 30, told employees Thursday it plans to get “smaller as we
[단독외신] China to sanction Lockheed Martin over Taiwan arms sales
China will impose sanctions on US defense contractor Lockheed Martin over its involvement in arms sales to Taiwan, it announced Tuesday.
“China firmly opposes US arms sales to Taiwan. We will impose sanctions on the main contractor of this arms sale, Lockheed Martin,” Chinese Foreign Ministry spokesman Zhao Lijian said in a press conference without elaborating further.
Last week, the State Department approved a $620 million deal to sell the Democratic island upgraded parts for its Patriot surface-to-air missiles.
At the time, the department said in a statement, “This proposed sale serves U.S. national, economic, and security interests by supporting the recipient’s continuing efforts to modernize its armed forces and to maintain a credible defensive capability.”
China opposed this and previous sales because of their staunch rivalry with Taiwan.
The Communist nation views Taiwan as a rogue province and publicly argues it should not be afforded the rights granted to sovereign states. China also maintains that Taiwan must one day be reunited with the mainland as an inalienable part of their territory.
While the US has no official diplomatic ties with Taiwan, relations have increased in recent months, thanks especially to China facing a wave of scrutiny as a result of the coronavirus pandemic.
The US Senate unanimously approved a bill in late May calling on the State Department to develop and submit a plan to help Taiwan regain its World Health Organization status.
US rejects Beijing's claim to South China Sea, deepens Chinese anger
The legislation, co-sponsored by Sens. Jim Inhofe (R-Iowa) and Bob Menendez (D-NJ), also called on Secretary of State Mike Pompeo to report to Congress any actions taken by the US to boost Taiwan’s global relationships diplomatically.
The bill’s passage came following a considerable lobbying campaign waged by Taiwan.
Pompeo has also touted Taiwan’s response to the pandemic, calling the country a reliable partner back in May.
“We have a shared vision for the region — one that includes rule of law, transparency, prosperity, and security for all,” Pompeo said in a statement at the time.
“The recent Covid-19 pandemic provided an opportunity for the international community to see why Taiwan’s pandemic-response model is worthy of emulation.”
[단독외신] Google lifts ad ban on anonymous blogging site ZeroHedge
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ZeroHedge is back on Google’s ads platform after a several-week-long ban.
The financial site, which is known for posting most of its articles under the pseudonym Tyler Durden, a fictional character played by Brad Pitt in the movie “Fight Club,” can once again tap into the search giant’s lucrative advertising money, a Google spokesperson confirmed.
ZeroHedge was suspended in June after it was found to have violated Google’s policies related to race. Google at the time told The Post that the action came after finding racist content in the comments sections of both sites.
But by June 21, ZeroHedge had removed the offending content and implemented a content moderation system to clean up its comments board — moves that brought the site back in line with Google’s rules and allowed it to start raking in the Google ad dollars again.
“We work with publishers to keep them aware of our monetization policies, which cover user comments on sites, and offer guidance on how to address policy violations if they wish to be reinstated,” a Google spokesperson said in a statement. “We have policies like these for many reasons, including to ensure companies advertising with us have confidence their ads aren’t running against dangerous, derogatory or hateful content.”
CNBC first reported ZeroHedge’s reinstatement.
It wasn’t ZeroHedge’s first major run-in with big tech. The blog’s page was suspended by Twitter in February for publishing an article linking a Chinese scientist to the coronavirus outbreak.
Twitter reinstated the blog’s page last week after determining that the suspension was a mistake.
[단독외신] Aeolus Announces Appointment of Aditya Dutt as Partner and President
Aeolus Capital Management Ltd. (“Aeolus”) today announces that Aditya Dutt will be appointed a Partner and President of Aeolus and will be elected as a member of the Aeolus Board, following a period of gardening leave from RenaissanceRe Holdings (“RenaissanceRe”), his current employer. Mr. Dutt is currently Senior Vice President of RenaissanceRe and President of Renaissance Underwriting Managers, Ltd. In these capacities, Mr. Dutt leads RenaissanceRe’s Insurance Linked Securities and third party capital management businesses, including DaVinci Re, Top Layer Re, Upsilon Fund, Medici Fund, Vermeer Re and the Langhorne Re joint venture with the Reinsurance Group of America. Additionally, Mr. Dutt also manages RenaissanceRe’s portfolio of strategic investments. Mr. Dutt was previously RenaissanceRe’s Corporate Treasurer and Head of Investor Relations. Prior to joining RenaissanceRe, Mr. Dutt was an investment banker at Morgan Stanley and Salomon Brothers. Since early 2017, Aeolus has been owned by a partnership among the Aeolus Partners, entities controlled by Elliott Management Corporation and the Operating Principals of Wand Partners. Aeolus has excelled in this partnership structure, strengthening its franchise by delivering robust risk adjusted performance in challenging market conditions, diversifying its investor base and continuing to fulfill the coverage needs of its trading partners within the reinsurance and retrocession markets. Commenting on the appointment of Aditya Dutt as a Partner and President of Aeolus, Andrew Bernstein, Managing Partner and CEO, said, “I am delighted to welcome Aditya to the Aeolus partnership. By adding this outstanding, experienced and innovative leader, Aeolus is further strengthening its capabilities as a premier manager of reinsurance risk.” Aeolus Capital Management Ltd. manages capital on behalf of investors seeking the superior risk adjusted returns and diversification benefits available from investing in the property catastrophe reinsurance and retrocession market. Aeolus is based in Bermuda, a global reinsurance market, and manages over $4 billion of assets under management on behalf of institutional investors globally. Elliott Management Corporation manages approximately $40.2 billion of assets. Its flagship fund, Elliott Associates, L.P. was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension funds, sovereign wealth funds, endowments, foundations, fund-of-funds, and employees of the firm. Wand Partners Inc. has, since its inception in 1985, been focused primarily on private equity investments in specialty financial services, particularly insurance. Over the years, Wand has successfully sponsored and invested in fifteen platform business in the insurance industry.
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