Chicago-based United is among the U.S. airlines that have accepted U.S. government payroll aid that bans job or pay cuts before Sept. 30. The United memos are the first indication of just how much major airlines might downsize due to the health crisis. "We have to acknowledge that there will be serious consequences to our company if we don’t continue to take strong and decisive action, which includes making decisions that none of us ever wanted or expected to make," Kate Gebo, Executive Vice President Human Resources and Labor Relations, said in the memo to some 11,500 management and administrative employees....
Economic Impact Payments arrived for most taxpayers but millions wonder when their cash will arrive. Direct deposit and mailing of checks continues....
Not even COVID-19 can put the brakes on the Facebook (FB) juggernaut. The social media giant reported earnings last Wednesday and investors liked what they saw.So did Rosenblatt’s Mark Zgutowicz. So much so, the 5-star analyst reiterated a Buy rating on Facebook shares, while increasing the price target from $223 to $244. The figure implies upside of 19% from current levels. (To watch Zgutowicz’s track record, click here)Heading into Facebook’s quarterly statement, all eyes were on two COVID-19 driven metrics: increased user engagement, and at the opposite end, reduced ad spend. Facebook delivered on both and at the same time soothed fears regarding the uncertain current climate.Facebook experienced a sharp downturn in the second half of March as COVID-19’s impact was at its most acute and advertisers cut spending dramatically. Yet, the social media giant still delivered, with ad revenue rising by 17% year-over-year. Looking ahead to Q2, promisingly, Facebook noted...
(Bloomberg) -- Hertz Global Holdings Inc. is preparing to file for bankruptcy as soon as Monday night if the company fails to rework its debt and can’t get lenders to extend a grace period on a missed payment.The rental-car company has been talking to some of its creditors about how to ease its burden without going through bankruptcy, but negotiations have been a struggle and the company is preparing to file for Chapter 11 court protection, according to people with knowledge of the matter.Hertz could file this evening, though Tuesday would be more likely if a deal isn’t reached. The situation could still change and a filing isn’t definite, said the people, asking for anonymity to discuss the confidential talks. A representative for Hertz didn’t return an email and calls seeking comment.A Chapter 11 filing would permit Hertz to stay in business while it works out a plan to pay its...
Millions of baby boomers are discovering that getting older isn’t getting any easier, thanks in part to a retirement system that fails to deliver security for millions of Americans.“Every day, 10,000 Americans reach the age of 65,” Will Englund says Monday in The Washington Post, noting that the number will peak at 12,000 a day in 2024. “And every year, fewer and fewer of them have traditional employer-sponsored pensions to support them. The system that was supposed to provide for them is shot through with holes.”Fewer than half of Americans between the ages of 55 and 64 participate in a job-based retirement savings plan, and the pandemic-induced recession will likely push millions of older workers who do have 401(k)s to tap them for emergency funds, reducing their nest eggs. More broadly, the shift from pension plans to market-based retirement accounts has increased the risk for participants of failing to prepare properly in a...
Shares of Tesla Inc jumped more than 8% on Monday, putting Tesla's market capitalization at $141.1 billion at the close. More importantly for Musk, Tesla's stock market value reached a six-month average of $100.2 billion, according to an analysis of Refinitiv data. Hitting a six-month average of $100 billion triggers the vesting of the first of 12 tranches of options granted to the billionaire to buy Tesla stock as part of a pay package agreed in 2018....
