COMPANY NEWS IN BRIEF
Cineworld to close US,UK screens
Cineworld, the world's second-biggest cinema operator said it was considering temporarily closing all its screens in the United States and Britain after studios pulled major releases such as the latest James Bond film.
The Regal cinema owner, which began reopening in July after Covid-19 lockdown restrictions started to ease, employs 37 482 people across 787 venues in the US, Britain and central Europe, with 546 sites in America.
“We can confirm we are considering the temporary closure of our UK and US cinemas, but a final decision has not yet been reached. Once a decision has been made, we will update all staff and customers as soon as we can,” the company said.
Earlier, a person familiar with the situation had gone further, saying Cineworld would close all its US, UK and Ireland screens this week.
The release of the new James Bond movie, “No Time To Die” was postponed crushing hopes for a 2020 industry rebound as rising rates of the coronavirus prompt new Britain’s Sunday Times said the London-listed company. – Nampa/Reuters
Airbus outlook worse than expected
The outlook for the aviation industry has deteriorated again due to rising coronavirus infections and renewed travel restrictions, Airbus chief operating officer Michael Schoellhorn was quoted as saying on Saturday.
With air travel at a fraction of normal levels due to restrictions and travellers’ fears related to the pandemic, airlines have slowed deliveries of new aircraft. Airbus has said it needs to shed 15 000 posts worldwide.
In an interview with the Handelsblatt business daily, Schoellhorn said the situation in early autumn was worse than the company had expected in the summer, adding that the planned 15 000 job cuts would be the minimum.
As some Airbus factories were already underutilized before the pandemic, labour unions now fear that the management could decide to shut down entire locations. At least for Germany, Schoellhorn ruled out such a move.
Airbus chief executive Guillaume Faury said last month the plane maker would do its best to cut costs without resorting to compulsory redundancies, but it could not guarantee they won’t happen. – Nampa/Reuters
SMIC undertakes 'preliminary exchanges'
Chinese chipmaker Semiconductor Manufacturing International Corporation has undertaken “preliminary exchanges” with the US Bureau of Industry and Security regarding export restrictions, the company said on Sunday in a filing.
“The Company is conducting assessments on the relevant impact of such export restrictions on the company’s production and operation activities,” the filing to the Hong Kong Stock Exchange said.
SMIC also said it has been operating in compliance with the relevant laws and regulations of all jurisdictions where it performs its businesses.
In September, Reuters reported that the Bureau of Industry and Security under the Department of Commerce had issued letters informing certain companies they must henceforth obtain a licence before continuing to supply goods and services to SMIC.
The letter stated that exports to SMIC “may pose an unacceptable risk of diversion to a military end use” to China.
Earlier this year, SMIC raised US$6.6 billion in a listing in China’s tech-centric STAR Market, aiming to use the cash to kickstart manufacturing into more advanced technology. – Nampa/Reuters
Chevron Nigeria plans to cut 25% of staff
The Nigerian unit of oil major Chevron plans to cut its local workforce by 25% to reduce costs, it said on Saturday, due to weak demand for oil in the wake of the coronavirus pandemic.
The company, which operates a joint venture with Nigeria’s state-owned NNPC, said it needed to make the adjustments to remain competitive in light of the prevailing business climate.
It added in a statement there were no plans to move jobs abroad and it was engaging with its workforce on the plan. Employees will retain their jobs until the reorganisation is completed.
Prices of oil, Nigeria's main export, fell sharply early this year and in April global benchmark Brent LCOc1 hit a 21-year low below US$16 as the coronavirus outbreak hit demand, though oil markets have recovered since then.
The International Energy Agency (IEA) trimmed its 2020 oil demand forecast in September, citing caution about the pace of economic recovery from the pandemic. -Nampa/Reuters
Lufthansa plans 1 000 job cuts
Lufthansa unit Swiss International Air Lines plans to cut roughly 1 000 jobs over the next two years through voluntary measures rather than layoffs, its outgoing chief executive Thomas Kluehr said.
The Swiss government has granted the airline more than 1 billion euros (US$1.17 billion) in loan guarantees to help it cope with the collapse in air travel due to the pandemic. Like many of its peers it decided to shrink its staff and fleet.
“We are initially relying on three socially acceptable measures: a hiring freeze, part-time models with salary reductions, and early retirement,” Kluehr told newspaper Schweiz am Wochenende, adding that based on staff fluctuations in recent years it should be possible to cut 1 000 jobs without layoffs.
Swiss and Edelweiss Air, a much smaller sister airline, have 10 475 employees, according to the Lufthansa Group's second-quarter financial report here. Swiss has roughly 9 500 staff, Schweiz am Wochenende said.
Kluehr, whose successor has yet to be announced, said the airline industry’s current crisis should last three to five years. In terms of job cuts much would depend on how quickly the market recovers, he added. – Nampa/Reuters
Cineworld, the world's second-biggest cinema operator said it was considering temporarily closing all its screens in the United States and Britain after studios pulled major releases such as the latest James Bond film.
The Regal cinema owner, which began reopening in July after Covid-19 lockdown restrictions started to ease, employs 37 482 people across 787 venues in the US, Britain and central Europe, with 546 sites in America.
“We can confirm we are considering the temporary closure of our UK and US cinemas, but a final decision has not yet been reached. Once a decision has been made, we will update all staff and customers as soon as we can,” the company said.
Earlier, a person familiar with the situation had gone further, saying Cineworld would close all its US, UK and Ireland screens this week.
The release of the new James Bond movie, “No Time To Die” was postponed crushing hopes for a 2020 industry rebound as rising rates of the coronavirus prompt new Britain’s Sunday Times said the London-listed company. – Nampa/Reuters
Airbus outlook worse than expected
The outlook for the aviation industry has deteriorated again due to rising coronavirus infections and renewed travel restrictions, Airbus chief operating officer Michael Schoellhorn was quoted as saying on Saturday.
With air travel at a fraction of normal levels due to restrictions and travellers’ fears related to the pandemic, airlines have slowed deliveries of new aircraft. Airbus has said it needs to shed 15 000 posts worldwide.
In an interview with the Handelsblatt business daily, Schoellhorn said the situation in early autumn was worse than the company had expected in the summer, adding that the planned 15 000 job cuts would be the minimum.
As some Airbus factories were already underutilized before the pandemic, labour unions now fear that the management could decide to shut down entire locations. At least for Germany, Schoellhorn ruled out such a move.
Airbus chief executive Guillaume Faury said last month the plane maker would do its best to cut costs without resorting to compulsory redundancies, but it could not guarantee they won’t happen. – Nampa/Reuters
SMIC undertakes 'preliminary exchanges'
Chinese chipmaker Semiconductor Manufacturing International Corporation has undertaken “preliminary exchanges” with the US Bureau of Industry and Security regarding export restrictions, the company said on Sunday in a filing.
“The Company is conducting assessments on the relevant impact of such export restrictions on the company’s production and operation activities,” the filing to the Hong Kong Stock Exchange said.
SMIC also said it has been operating in compliance with the relevant laws and regulations of all jurisdictions where it performs its businesses.
In September, Reuters reported that the Bureau of Industry and Security under the Department of Commerce had issued letters informing certain companies they must henceforth obtain a licence before continuing to supply goods and services to SMIC.
The letter stated that exports to SMIC “may pose an unacceptable risk of diversion to a military end use” to China.
Earlier this year, SMIC raised US$6.6 billion in a listing in China’s tech-centric STAR Market, aiming to use the cash to kickstart manufacturing into more advanced technology. – Nampa/Reuters
Chevron Nigeria plans to cut 25% of staff
The Nigerian unit of oil major Chevron plans to cut its local workforce by 25% to reduce costs, it said on Saturday, due to weak demand for oil in the wake of the coronavirus pandemic.
The company, which operates a joint venture with Nigeria’s state-owned NNPC, said it needed to make the adjustments to remain competitive in light of the prevailing business climate.
It added in a statement there were no plans to move jobs abroad and it was engaging with its workforce on the plan. Employees will retain their jobs until the reorganisation is completed.
Prices of oil, Nigeria's main export, fell sharply early this year and in April global benchmark Brent LCOc1 hit a 21-year low below US$16 as the coronavirus outbreak hit demand, though oil markets have recovered since then.
The International Energy Agency (IEA) trimmed its 2020 oil demand forecast in September, citing caution about the pace of economic recovery from the pandemic. -Nampa/Reuters
Lufthansa plans 1 000 job cuts
Lufthansa unit Swiss International Air Lines plans to cut roughly 1 000 jobs over the next two years through voluntary measures rather than layoffs, its outgoing chief executive Thomas Kluehr said.
The Swiss government has granted the airline more than 1 billion euros (US$1.17 billion) in loan guarantees to help it cope with the collapse in air travel due to the pandemic. Like many of its peers it decided to shrink its staff and fleet.
“We are initially relying on three socially acceptable measures: a hiring freeze, part-time models with salary reductions, and early retirement,” Kluehr told newspaper Schweiz am Wochenende, adding that based on staff fluctuations in recent years it should be possible to cut 1 000 jobs without layoffs.
Swiss and Edelweiss Air, a much smaller sister airline, have 10 475 employees, according to the Lufthansa Group's second-quarter financial report here. Swiss has roughly 9 500 staff, Schweiz am Wochenende said.
Kluehr, whose successor has yet to be announced, said the airline industry’s current crisis should last three to five years. In terms of job cuts much would depend on how quickly the market recovers, he added. – Nampa/Reuters
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