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BUSINESS Saturday 6 June 2020
Nations try to get back on their feet but job cuts continue

The outbreak of the coro- says the unemployment
navirus has dealt a shock to rate rose to 13.7%, topping
the global economy with the previous high of 13.1
unprecedented speed. Fol- % in December 1982. The
lowing are developments increase in the unemploy-
Friday related to the na- ment rate came as more
tional and global response, people started looking for
the work place and the work. The increase in the
spread of the virus. number of jobs comes after
________________________ three million jobs were lost
JOB CONCERNS: over March and April, and
— Mall operator CBL & As- about 2.5 million more had
sociates warned Friday in a their hours slashed.
regulatory filing that there's MARKETS: Stocks are rush-
"substantial doubt" that it ing higher Friday after a
will be able to continue much better-than-expect-
as a going concern, citing ed report on the U.S. job
the financial impact of the market gave Wall Street's
coronavirus on its store ten- recent rally another shot of
ants. The warning comes adrenaline.q
after it skipped an inter-
est payment of $11.8 mil-
lion that was due June 1. It A Bombardier plant is seen in Montreal on Friday, June 5, 2020.
has a 30-day grace period Associated Press
before it goes into default.
CBL has 108 mall properties Bentley said it has informed other neighbor, the Czech April.
across 26 states. its 4,200 workers of a pro- Republic. Analysts have predicted
— Bombardier Aviation is gram to significantly re- CENTRAL GOVERNMENTS & that the unemployment
reducing its workforce by duce the size of the busi- BANKS: level might reach up to 10%
about 2,500 employees ness. — Louisiana's bars, spas later in the year.
due to challenges caused TRAVEL: and tattoo shops can be- — Malaysia's government
by COVID-19. The compa- — British Airways is consider- gin restarting operations has announced a 35 billion
ny said Friday that it had to ing legal action against the nearly three months after ringgit ($8.2 billion) stimu-
make the move because British government's plans they were closed because lus to bolster short-term
business jet deliveries, in- to force anyone arriving of the coronavirus. economic recovery. The
dustry-wide, are forecast into the country to quaran- The state continued to loos- package, which is in addi-
to be down approximately tine themselves for 14 days en its virus-related restric- tion to a $60 billion stimulus
30% year-over-year due to in order to stem the spread tions Friday. The changes announced earlier, centers
the pandemic. of the coronavirus. allow retailers, restaurants, on increasing employment,
Bombardier said most of Willie Walsh, the chief ex- salons and churches to wooing foreign investment
the cuts will impact its ecutive of International Air- serve more customers at and revitalizing key sec-
manufacturing operations lines Group, which runs the a time and let other shut- tors of the economy. Prime
in Canada and will occur British flag carrier, told Sky tered businesses reopen Minister Muhyiddin Yassin
throughout the year. It has News he is reviewing the sit- with limitations. said Friday it included 10
almost 60,000 total em- uation with lawyers. He said The easing of restrictions billion ringgit ($2.3 billion)
ployees. The company an- the "irrational" quarantine won't take effect in New in direct fiscal injection to
ticipates an approximately rules would "torpedo" the Orleans. Officials in the the economy in the form
$40 million charge related airline's chances of flying in state's original virus hot spot of wage subsidies, upskill-
to the job cuts. July. want more time to deter- ing programs and support-
— Luxury British carmaker — Slovakia has lifted the mine when they'll allow a ing small and medium-
Bentley plans to cut up to government's restrictions wider reopening of busi- sized enterprises. Various
1,000 jobs and has warned for traveling to neighboring nesses. tax breaks and rebates are
of the possibility of more to Austria and Hungary. — The unemployment level being given to bolster the
come as it tries to limit the Slovak Prime Minister Igor in the Czech Republic has manufacturing, property,
damage caused by the vi- Matovic says the move been moderately growing auto, palm oil, airline and
rus outbreak. becomes effective on Fri- amid the pandemic. tourism sectors.
The company, which is part day. It also enables citizens Labor Minister Jana Mala- — Statistics Canada reports
of Germany's Volkswagen of Austria and Hungary to cova says unemployment a record high unemploy-
Group, said it is looking to travel to Slovakia without reached 3.6% in May, 0.2% ment rate as the Canadian
make the initial job cuts un- any restrictions. more than the previous economy added 289,600
der a voluntary scheme but On Thursday, Slovakia re- month. A total of 266,144 jobs in May, with business-
that future job cuts may be opened for travelers its Czechs were unemployed es reopening amid easing
on a compulsory basis. common border with an- in May, 12,104 more than in public health restrictions.
The government agency

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