Norwegian Air says it’s suspending over 4,000 flights and temporarily laying off up to half its workers after its stock plunged 22% on Thursday
London Airline stocks tumbled Thursday after President Donald Trump imposed a 30-day ban on travel from most of Europe, increasing the risk that carriers battling fallout from the coronavirus outbreak could run out of cash in the coming weeks, prompting mass layoffs and government bailouts.
The reckoning was immediate for at least one airline. Norwegian Air, a heavily indebted budget carrier, said that it was suspending over 4,000 flights and temporarily laying off up to half its workers after its stock plunged 22% on Thursday."The new restrictions imposed further pressure on an already difficult situation," CEO Jacob Schram said in a statement.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Schitt's Creek' documentary special to air after series finaleWhat began as one hilarious half-hour comedy about a wealthy sitcom family adapting to small-town motel squalor quickly became one of the most heartwarming tales…
Read more »
Air freight rates skyrocket amid passenger flight cuts, Chinese factory restartsAir freight rates are skyrocketing after the grounding of many passenger flights...
Read more »
Stock sell-off triggers another market-wide trading haltThe rout came after President Trump imposed a travel ban on most of Europe.
Read more »
Stock sell-off triggers another marketwide trading haltCoronavirus-induced stock sell-offs triggered another market-wide trading halt today for the second time this week and only the third time in history
Read more »
American, Delta and United cap Europe-US fares as Trump travel ban sparks demand surgeTrump's European travel ban because of the coronavirus sparked a surge in demand for U.S.-bound flights.
Read more »
EU leaders condemn Trump's travel ban amid coronavirus outbreakTrump announced Wednesday travel restrictions on 26 countries in Europe.
Read more »