Emirates Airline: No announcement made on coronavirus pandemic job cuts

An Emirates Airline Airbus A380-800 plane takes off from Dubai International Airport last year. (Reuters/File)
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Updated 17 May 2020

Emirates Airline: No announcement made on coronavirus pandemic job cuts

  • Dubai-based carrier conducting review of 'costs and resourcing'

DUBAI: Emirates Airline said on Sunday that no announcement had been made on job cuts after a report said the group planned to make 30,000 people redundant.

An Emirates spokeswoman told Reuters that no public announcement has been made yet by the company regarding “redundancies at the airline,” but that the company is conducting a review of “costs and resourcing against business projections.”

“Any such decision will be communicated in an appropriate fashion. Like any responsible business would do, our executive team has directed all departments to conduct a thorough review of costs and resourcing against business projections,” the spokeswoman said.

The company was responding to a Bloomberg report quoting unnamed sources that said Emirates was planning to cut its work force by about 30 percent, or 30,000 people.

Airlines around the world have been severely hit by the coronavirus pandemic.

Emirates stopped regular passenger flights in March, but last week announce it would resume scheduled passenger flights to nine cities from May 21.

It will also offer connections from its hub in Dubai for travelers moving between the UK and Australia.

Emirates said earlier this month it would raise debt to help it through the pandemic.

The airline, one of the world’s biggest long-haul flight operators, reported a 21 percent rise in profit for its financial year that ended on March 31, but said the pandemic had hit its fourth quarter performance.

*With Reuters


Pandemic to keep Asia’s growth at lowest since 1967, warns World Bank

Updated 29 September 2020

Pandemic to keep Asia’s growth at lowest since 1967, warns World Bank

  • The bank said the region this year is projected to grow by only 0.9%, the lowest rate since 1967
  • The rest of the East Asia and Pacific region was projected to see a 3.5% contraction

TOKYO: The coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific as well as China, while up to 38 million people are set to be pushed back into poverty, the World Bank said in an economic update on Monday.
The bank said the region this year is projected to grow by only 0.9%, the lowest rate since 1967.
Growth in China was expected to come in at 2% this year, boosted by government spending, strong exports and a low rate of new coronavirus infections since March, but held back by slow domestic consumption.
The rest of the East Asia and Pacific region was projected to see a 3.5% contraction, the World Bank said.
The pandemic and efforts to contain its spread led to a “significant curtailment” of economic activity, the report said.
“These domestic difficulties were compounded by the pandemic-induced global recession, which hit EAP (East Asia and Pacific) economies that rely on trade and tourism hard,” it said.
Countries in the region may need to pursue fiscal reform to mobilize revenue in response to the economic and financial impact from the pandemic, while social protection programs can help support workers’ integration back into the economy, the Washington, DC-based bank said.
“Countries with well-functioning social protection programs, and good implementation infrastructure, pre-COVID, have been able to scale up more quickly during the pandemic,” it said.
The economic shock of the pandemic was also expected to lead to a jump in poverty, defined as income of $5.50 a day, the bank said, adding that based on past experience and the latest gross domestic product forecasts, poverty could expand by 33 million to 38 million people to see its first rise in 20 years.
The bank said that 33 million people who would have in the absence of the pandemic escaped poverty would remain in it this year.
“The region is confronted with an unprecedented set of challenges,” said Victoria Kwakwa, vice president for East Asia and the Pacific at the World Bank.
“But there are smart policy options available that can soften these tradeoffs — such as investing in testing and tracing capacity and durably expanding social protection to cover the poor and the informal sector.”