Airlines and Automakers Consider How to Reopen
Catch up: Here’s what else is happening.
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Boeing plans to start offering some workers voluntary buyouts on Monday, according to an email sent to employees this week. The email did not say how many workers would be eligible or how many Boeing hoped would take up the offer. Those approved would leave the company in early June with a week of pay for every year worked, up to 26 weeks.
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Delta Air Lines announced plans on Wednesday to raise $3 billion, half of it in a private offering and half in the form of a loan. The announcement came hours after the airline reported its first quarterly loss in five years and said it planned to increase its access to cash on hand to $10 billion from $6 billion by the end of June.
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Alcoa said Wednesday that it would stop production at its Intalco smelter in Ferndale, Wash., and lay off employees because of declining demand for its products. The aluminum maker had already cut production at that plant and others, and it said that about 30 percent of its global smelting capacity was now idle.
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Kraft Heinz will continue to offer manufacturing employees a $100 bonus for the next two weeks, a company spokesman said on Wednesday. After two employees at a food production plant in Holland, Mich., tested positive for the coronavirus, Kraft Heinz closed the facility on Sunday for a deep cleaning and reopened it on Monday.
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Rupert Murdoch’s Fox Corporation, the owner of Fox News and the Fox television network, announced pay cuts to its executive ranks that will affect 700 employees. Mr. Murdoch and his son, Lachlan, the company’s chief executive, will forgo their salaries through September, even though most of their compensation comes from stock awards and bonuses. Executives who report to Mr. Murdoch will see a 50 percent reduction in pay for the same period, and those working at the level of vice president will have their salaries reduced by 15 percent from May through July.
Reporting was contributed by David McCabe, Ben Dooley, Su-Hyun Lee, Eduardo Porter, Jack Ewing, Jeanna Smialek, Isabella Kwai, Stacy Cowley, Noam Scheiber, Sapna Maheshwari, David Yaffe-Bellany, Niraj Chokshi, Rick Gladstone, Keith Bradsher, Edmund Lee, Clifford Krauss, Vindu Goel, Kate Conger, Neal E. Boudette, Jack Ewing, Mohammed Hadi, Alan Rappeport, Carlos Tejada, Mike Ives, Katie Robertson and Kevin Granville.
Article source: https://www.nytimes.com/2020/04/22/business/stock-market-tracker-live-coronavirus.html