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George Floyds uncle pushes to strip Confederate flag from police logo in Gettysburg, S.D. 10 scenic getaways across the US that are within a 1- to 4-hour drive from major cities — and the best hotel to book for each Airbus Expected to Fire Thousands, Matching Boeing Job Cuts

European aerospace giant Airbus is expected to announce as early as Tuesday a restructuring plan forced on the company by the staggering loss of business related to the COVID-19 pandemic.

Reuters has reported that between 14,000 and 20,000 job cuts are possible to the company's current 135,000-strong workforce.

If the expectations are borne out, the cuts would be in the same ballpark as the 16,000 jobs Boeing Co. (NYSE: BA) expects to shave from its 160,000-strong global workforce this year.

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The coronavirus outbreak effectively has shut down international air travel and had reduced domestic travel by around 90% before lockdown rules relaxed somewhat social distancing regulations. About 70% of domestic airline capacity remains idle, however.

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Airbus promised earlier this year that it would announce its restructuring plans by the end of July, but that date may now be out the window. The company took no new orders in May and delivered just 24 new planes to customers who have already parked thousands of planes. Boeing delivered just four new airplanes last month and cancellations topped new orders.

Both Boeing and Airbus had begun implementing plans to increase production when COVID-19 struck. While no new targets have yet been set, earlier goals of more than 50 planes a month from both companies have been completely erased.

The job cuts at Airbus are based on a reduction of 40% in new production for the next two years. Production may take as long as five years to recover to pre-pandemic levels.

An Airbus official also said the company is slowing down its entry into the lucrative services business due to the downturn in air travel. Parked planes don't need a lot of maintenance and repair. Airbus had originally planned to boost its services revenue to $10 billion by 2030.

Any proposed restructuring is likely to include early retirement bonuses for long-time Airbus employees. An official of France's General Confederation of Labor (CGT) said the union would oppose outright redundancies, the term unions in Europe use to describe losing a job because there is no work available.

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United Airlines to furlough thousands more: WSJ

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United Airlines Holdings Inc. (ual) warned its workers it could furlough 36,000 of them and likely move to layoffs in August, The Wall Street Journal reported Wednesday. United as of December had about 96,000 employees, but thousands since have lost their jobs temporarily or otherwise as air travel continues to be hobbled by measures designed to curb the spread of the coronavirus. In a filing Tuesday, United said its management held a town hall-style meeting with employees and told them capacity for June was down about 88% year-over-year, and July capacity is expected to be down about 75%. August capacity was seen down around 65%, including schedule cuts announced last week due to less demand for destinations going through rises in COVID-19 cases, on new quarantine requirements, or other restrictions on travel, the company said. United "does not expect the recovery from COVID-19 to follow a linear path, as illustrated by recent booking and demand trends, and that consolidated capacity through the end of 2020 is expected to be generally consistent with August 2020," it said. Shares of United fell more than 2% in midday trading Wednesday and are down 64% this year, compared with losses around 3% and 9% for the S&P 500 index (spx) and the Dow Jones Industrial Average (djia)

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