Stock Markets Are Rebounding After Monday’s Rout: Live Updates

“We expect lower demand to continue for the next several months, so rather than taking a piecemeal approach we’re cutting capacity out to mid-September,” Alan Joyce, Qantas’s chief executive, said in a statement.

Airlines around the world have been announcing similar moves in recent days as the coronavirus’s rapid spread has contributed to a steep drop-off in global flight demand.

Qantas will reduce service to Asia by 31 percent, while flights to the United States will be cut 19 percent. The airline also withdrew its earnings guidance for the fiscal year that ends in June.

To cut costs, the airline also said that it would cancel a planned share buyback, eliminate management bonuses for the fiscal year, reduce board and executive management pay by 30 percent and offer paid and unpaid leave. It also said that Mr. Joyce would not take a salary.

Reporting and research were contributed by Alexandra Stevenson, Jack Ewing, Kevin Granville, Kate Kelly, Matthew Goldstein, Brooks Barnes and Niraj Chokshi.

Article source: https://www.nytimes.com/2020/03/10/business/stock-market-today.html