Price Crosses Moving Average
|Bid||10.55 x 3200|
|Ask||10.60 x 1000|
|Day's Range||9.85 - 10.69|
|52 Week Range||6.61 - 21.65|
|Beta (5Y Monthly)||1.38|
|PE Ratio (TTM)||11.95|
|Earnings Date||Jul 21, 2020 - Jul 27, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||12.00|
One lodging company dominated travel brands' Facebook videos globally in June. Was it Marriott? Accor? InterContinental Hotels Group? No, the brand that attracted the most video views on Facebook in June — as it did in May — was Aurora Borealis Observatory, which describes itself as "a small family driven resort located at Senja Island […]
Spirit Airlines (NYSE: SAVE) is leading the sector higher on Friday, up 9% as of noon EDT, while shares of American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and JetBlue Airways (NASDAQ: JBLU) are all up more than 5% apiece and shares of other carriers including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL) are not far behind. Airline stocks have been volatile since the pandemic began.
Jet It Founder & CEO Glenn Gonzales joins The Final Round to discuss the sudden rise in private aviation and how his company has been faring amid the coronavirus pandemic.
JetBlue will relocate its Southern California hub to LAX in an effort to expand service and stay competitive, especially amid the COVID-19 pandemic.
Senior Analyst at Aviation Data Specialist OAG John Grant joins Yahoo Finance’s Zack Guzman to discuss the outlook for airlines amid COVID-19 disruptions.
Mike Boyd, Boyd Group International President joins the On the Move panel to discuss the impact of COVID-19 on the airline industry.
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]
There's a big difference between the performance of Southwest Airlines (NYSE: LUV) and United Airlines (NASDAQ: UAL), and a lot of that has to do with varying degrees of financial strength. The first main aspect to consider when you're thinking about buying or selling an airline stock in this market is the strength of its balance sheet. From a balance sheet perspective, Southwest Airlines is the best.
(Bloomberg) -- The mood was celebratory on a humid June evening in 2011 as a red-and-white Gulfstream G450 belonging to Honeywell International Inc. took off from a New Jersey airport at sunset on a history-making flight to Paris.I was onboard the executive jet to report on the first transatlantic flight powered by biofuels. One of the Gulfstream’s engines was burning a blend of petroleum and a sustainable aviation fuel made with oil from the seeds of the inedible weed camelina.Video screens tracked the G4’s route retracing Charles Lindbergh’s pioneering 1927 flight across the Atlantic, though our journey was far plusher. At the touch of a button, pleated white shades descended over the aircraft’s large oval windows and fresh air filled the optimally pressurized and quiet wood-trimmed cabin.Technology from Honeywell’s subsidiary UOP had refined the camelina into renewable jet fuel, and as we reached cruising altitude executives settled into wide leather seats and clinked wine glasses. The trip avoided emitting 5.5 metric tons of carbon dioxide compared to a conventional flight.“We’re ready to go to commercial scale and commercial use,” said Jim Rekoske, a Honeywell vice president.Yet nine years later, biofuels account for only a tiny fraction of global jet fuel consumption—less than 0.1% in 2018 according to the International Energy Agency. In the U.S., the federal Energy Information Administration projects that the consumption of all biofuels will rise from 7.3% of total fuel consumption in 2019 to just 9% in 2040 if oil prices remain low. Even if petroleum prices skyrocket, biofuel consumption is predicted to increase to just 13.5% by 2050.Global investment in biofuel production capacity, meanwhile, plunged from $22.9 billion in 2007 to $500 million in 2019, according to BloombergNEF. That has significant implications for decarbonizing transportation, which is key to keeping global average temperature rise to 1.5C to avoid catastrophic climate impacts.“Although biofuels production has grown in recent years, the current growth is clearly insufficient to support the requirements of the energy transition,” the International Renewable Energy Agency concluded in a 2019 report.Biofuel’s dramatic fall stands in stark contrast to other renewable energy technologies. Over the past decade, solar and onshore wind prices dropped 90% and 70% per megawatt-hour, respectively, according to BloombergNEF, and they’re now the cheapest form of new energy generation for two-thirds of the world. The price of lithium-ion battery packs fell 87%, and BloombergNEF predicts electric cars will become cost competitive with gasoline vehicles by the mid-2020s.But many advanced biofuels startups have either collapsed or now use their technology to make additives for cosmetics, dietary supplements, and food.What went wrong? In short, a mismatch between government policy and the investment and time needed to ramp up complex biofuel supply chains. Venture capitalists accustomed to the relatively quick returns delivered by tech industry startups weren’t prepared to finance what could be a decade-long slog to develop new biofuels. Entrepreneurs were overly confident about their technologies’ potential while government policy did not offer the types of incentives and mandates that allowed the nascent solar and wind industries to take on fossil fuels and become self-sustaining.Above all, biofuels’ competitiveness was whipsawed by widely fluctuating crude oil prices. Now the industry faces new challenges from the Covid-19 pandemic that has devastated airlines and resulted in a petroleum glut.“Low oil prices makes it very hard for biofuels to compete,” says BloombergNEF analyst Daisy Maugouber. “That’s why policy has to support advanced biofuels.”Back when the Honeywell Gulfstream touched down at Paris-Le Bourget Airport on a bright June morning in 2011, it seemed that the green jet age had dawned. Investors were still pouring billions of dollars into biofuel startups, and at the Paris Air Show that week, airline executives told me of their plans to transition to liquid renewables to meet expected government mandates and as a hedge against then-soaring oil prices.Over the next several years, I tracked the flight path of advanced biofuels, assuming it would follow the trajectory of solar and wind and upend the old energy order. I was wrong—as were the investors and entrepreneurs who misread the market.Demand remains, though. United Airlines Holdings Inc. powers flights operating out of Los Angeles International Airport with biofuels, and JetBlue Airways Corp. announced plans to start using biofuels at San Francisco International Airport this year. Qantas Airways Ltd. had previously pledged to fuel its LAX flights with biofuels beginning in 2020. On Wednesday, Amazon.com Inc. announced a 12-month deal to buy sustainable aviation fuel for its Amazon Air fleet.And the need for biofuels hasn’t diminished. There’s currently no feasible alternative to decarbonizing two huge and growing sources of CO₂ emissions—aviation and shipping. If a Green New Deal is to spark another biofuels boom, then it’s crucial to get it right this time.In July 2012, I boarded another historic flight, this one decidedly less luxe. Strapped backwards into a Navy C-2A Greyhound and wearing an inflatable survival vest and helmet, I was on the first military transport powered by advanced biofuels to land on an aircraft carrier, in this case one refined from algae and used cooking oil.After a short, deafening flight from Honolulu, the twin-prop plane landed on the deck of the USS Nimitz. The nuclear aircraft carrier was steaming off Oahu for a demonstration of the Navy’s Great Green Fleet, the first strike force running on biofuels, though just for two days.Two destroyers, a guided missile cruiser and 71 aircraft were burning biofuels. F/A-18 fighter jets screamed across the sky while E-2C Hawkeyes patrolled the perimeter and Seahawk helicopters ferried Navy brass to the Nimitz.The military is the nation’s largest single consumer of fuel, so the Navy’s purchase of 450,000 gallons of biofuel for the exercise signaled a potentially huge defense market for liquid renewables. Unlike corn ethanol, advanced or so-called second-generation biofuels use nonfood feedstocks like camelina, algae, waste oils, and tallow and don’t require modifications of engines or pipeline infrastructure.Utilities under state renewable-energy mandates often sign decades-long agreements to buy electricity from solar and wind developers. The Navy, however, typically issues one-year fuel contracts. That left investors wary of financing biofuel refineries without some guarantee of long-term demand, says Jim Anderson, global project development director for renewables at Honeywell UOP. “That continues to be a challenge,” he says.The Navy contracts were not only short-lived but also sporadic. It would be another three-and-half years before the Navy formally launched the Great Green Fleet on January 20, 2016, with a strike force powered by a one-time purchase of 77 million gallons of biofuel. Exactly a year later, Donald Trump took the oath of office and effectively sunk the Obama administration’s Great Green Fleet, though some financial support for biofuels continued under previously signed contracts.Mandates like state renewable portfolio standards turbocharged the solar and wind markets by requiring utilities to obtain a growing percentage of electricity from green energy sources. Industry veterans say that instituting similar requirements that government agencies, airlines, and other fossil fuel customers use a certain volume of biofuels could spur long-term investment. “I think it certainly helps to drive the demand for biofuels,” says Anderson of sustainable aviation fuel mandates.A month after the 2012 Great Green Fleet demo, I visited the Green Crude Farm, 30 acres of oblong ponds growing algae under the blazing sun in a remote patch of the New Mexico desert. A San Diego startup called Sapphire Energy Inc. built the demonstration project, having secured $104.5 million in federal grants and loan guarantees and raised $244 million in venture funding.With the encouragement of the Navy, Sapphire aimed to produce 1.5 million gallons annually, which it said would be competitive as long as oil prices stayed at around $100 a barrel. Three years later, crude oil prices had dropped below $50 a barrel and Sapphire and other promising startups were faltering. By 2017, Sapphire was out of business.“A number of things happened all at once as these companies began to scale,” says Tim Zenk, a former Sapphire executive. “They spent their initial capital and didn’t have a long enough runway to survive a very difficult energy market in the absence of policy to support biofuel production.”One takeaway from biofuel executives is that the sector needs sustained investment from corporations and other institutional investors, the type of commitment Silicon Valley typically cannot provide. “The venture capital market is not really the right financial vehicle for biofuels,” says Zenk.What can governments do to revitalize the promise of biofuels?The main federal policy to spur production, the 15-year-old Renewable Fuel Standard program (RFS), has proved insufficient to make advanced biofuels competitive. The RFS mandates that gasoline and diesel producers blend a growing volume of second-generation biofuels to reduce greenhouse gas emissions. Yet annual targets have been slashed because of a lack of supply. The 2020 statutory target of 30 billion gallons had to be revised to 20 billion gallons. In other years, targets for specific classes of advanced biofuels were lowered by as much as 86%. The program expires in 2022.For solar and wind producers, feedstocks—sun and breeze—are free and inexhaustible. Feedstocks for biofuels can constitute 50% or more of production costs. “Any viable feedstock must have the potential to be available cost-effectively in very large quantities,” says Gene Gebolys, chief executive officer of biofuels refiner World Energy Inc.Most advanced biofuels today are made with scavenged feedstocks, such as used cooking oil collected from restaurants. So far, efforts to cultivate nonfood feedstocks at mass scale have failed.In late 2013, I was ushered into an unmarked one-acre greenhouse in a San Diego suburb where a startup called SGB Inc. was raising jatropha. The drought-resistant inedible bush bears walnut-sized seeds rich in oil and can be grown on marginal land. By sequencing jatropha’s genome, SGB scientists created hybrid strains that produced oil in volumes that they said could make an aviation biofuel competitive with petroleum, then selling for around $100 a barrel. When oil prices crashed, so did SGB. “We had the technology, but when energy prices contracted, the mass market lost interest in biofuels,” says Kirk Haney, a venture capitalist and former SGB CEO. “Farmers won’t grow your crop if there’s no market.”Industry analysts say that to buffer biofuels from gyrations of the oil market, liquid renewables need the type of government incentives that allowed solar and wind companies to build supply chains, production capacity, and achieve economies of scale. They cite policies such as California’s Low Carbon Fuel Standard (LCFS), which requires that petroleum refiners reduce the carbon intensity of transportation fuels at least 20% by 2030. They do that by purchasing credits generated by biofuel producers.“Policies like the LCFS in California and the U.S. RFS nationwide provide the basis for monetizing carbon reductions and, in so doing, drive innovation,” says World Energy’s Gebolys, whose company is spending $350 million to expand annual production capacity at its Los Angeles area refinery nearly seven-fold to 306 million gallons.In January, Norway began requiring jet fuel to contain at least 0.5% advanced biofuels, and Sweden is considering a similar mandate. The 191 member states of the International Civil Aviation Organization have agreed that biofuels should replace conventional jet fuel “to a significant percentage” by 2050.Despite the challenges, the search for breakthrough feedstocks continues. Exxon Mobil Corp. says it has invested hundreds of millions of dollars in advanced algae biofuel technology with the goal of producing 10,000 barrels a day by 2025. And a Los Angeles area startup, Marine BioEnergy Inc., secured a $2.1 million federal grant in 2016 to develop ways to cultivate kelp in offshore farms for harvest as biofuel.“Kelp raised in the open ocean doesn’t require land, fresh water, pesticides, or artificial nutrients,” says Cindy Wilcox, Marine BioEnergy’s president and co-founder.To test the feasibility of the concept, University of Southern California scientists constructed a “kelp elevator.” During a trial off Catalina Island last year, giant kelp was attached the triangular device and lowered to a depth of 260 feet at night to absorb cold-water nutrients, then brought back to the surface at dawn.The kelp grew three times faster and weighed four times more on average than kelp growing naturally at a control site, according to Diane Kim, associate director of special projects at USC’s Wrigley Institute for Environmental Studies.Wilcox says kelp biofuel could be competitive with oil at $60 a barrel. Whether that projection is realistic depends on overcoming technological, financial, and regulatory hurdles.“At the end of the day, the cheapest product in a commodity market wins,” says Haney. “I don’t see biofuels coming from plants or algae will be a realistic alternative without some form of government policy to drive this.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
United Airlines Holdings (UAL) warned on Wednesday that it may lay off as many as 36,000 workers, or 45% of its workforce.
The recovery in air travel is hitting a new headwind with domestic quarantine rules being imposed by states and cities, as Covid-19 cases surge in parts of the country.
Yahoo Finance’s Sibile Marcellus joins Kristin Myers to discuss how the travel industry is being impacted by the coronavirus, as the Wall Street Journal reports United Airlines is warning about a potential decline in bookings.
A big uptick in new COVID-19 cases in the U.S. is putting pressure on the nascent airline industry recovery.
Despite the recent improvement, air-travel demand remains weak year over year. Consequently, Ryanair (RYAAY) and Gol Linhas (GOL) report massive declines in their respective June traffic.
The largest U.S. air carriers have all signed letters of intent on federal loans to help them weather the novel coronavirus, with United Airlines warning employees on Tuesday that a surge in outbreaks was hitting bookings, threatening a travel rebound and jobs. United employees should expect to receive as soon as this week notices about potential furloughs effective Oct. 1, the airline said in a regulatory filing. It expects travel demand to remain depressed until a widely accepted COVID-19 treatment or vaccine is found, with no straight line to an industry recovery.
(Bloomberg) -- U.S. cases jumped the most since May 9 and Florida’s new coronavirus infections rose by a record. Texas ordered residents to wear masks as the state reported its second-most daily infections of the outbreak.The coronavirus may be mutating in a way that may make it easier to spread, said Anthony Fauci, the top U.S. infectious disease researcher. Houston reported a 4.3% jump in intensive-care patients, and may need to tap extra beds in less than two weeks.New York City plans to reopen its public schools in September. The U.S. labor market rebound accelerated in June as broader reopenings spurred hiring, though recent virus pickups put the gains in jeopardy.Key Developments:Global Tracker: Cases pass 10.7 million; Deaths top 518,000Life, liberty and face masks: a virus preys on AmericaRights of American workers could change after virusAn unfestive July 4th as states call off the celebrationsDining out means plexiglass, planters, hand-washing stationsUnderstanding the virus and its unanswered questionsCovid-19 isn’t killing cash. People are hoarding more of itThe post-pandemic hotel looks a lot like a cruise shipSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Texas Cases Rise Tops 7-Day Average (5 p.m. NY)Texas recorded its second-worst day of the pandemic with 7,915 new cases, according to state health department data on Thursday. The 4.7% growth rate surpassed the seven-day average of 4.2%. That followed Wednesday’s record tally of 8,076 new diagnoses.Virus-related hospitalizations expanded by 6.9% to 7,382, the data showed, as medical facilities in Houston and elsewhere showing increasing signs of strain. Fatalities rose by 1.8% to 2,525. Texas Issues Mask Order (4:30 p.m. NY)Texas Governor Greg Abbott ordered residents to wear face coverings amid a spike in cases in the second-most populous U.S. state.In a reversal of his months-long opposition to such a mandate, Abbott on Thursday said the order applies to all counties with 20 or more virus cases. He also barred people from gathering in groups larger than 10.The Republican governor has been under growing pressure from Democratic mayors and county leaders to crack down or at least grant them authority to mandate masks and other restrictions.U.S. Cases Rise the Most Since May 9 (4 p.m. NY)Coronavirus cases in the U.S. rose by 56,800 from a day earlier to 2.72 million, according to data collected by Johns Hopkins University and Bloomberg News. The 2.1% increase was higher than the average daily increase of 1.7% over the past week and the biggest jump since May 9. Deaths rose 0.6% to 128,439.Florida reported 169,106 cases, up 6.4% from a day earlier, compared with an average increase of 5.6% in the previous seven days.Arizona reported 3,333 new cases, an increase of 4% to 87,425. Deaths increased by 37, to a total of 1,757.California cases rose 1.7% to 240,195 while deaths rose 1.2% to 6,163, according to the state’s website.N.J. Doubles Outdoor Gathering Limit (4 p.m. NY)New Jersey Governor Phil Murphy doubled the state’s outdoor gathering limit, to 500, starting Friday morning. Outdoor religious services and political activities, such as demonstrations, have no cap. Indoors, the crowd maximum remains 25% of a space’s capacity, with 100 people at most.Murphy this week indefinitely delayed lifting a ban on indoor dining, which was to restart on Thursday, citing “knucklehead” non-distancing behavior at New Jersey outdoor establishments and spiking cases nationally. New Jersey reported 13,251 dead who tested positive for the novel coronavirus and another 1,854 fatalities with a probable but untested link.Djokovic, Wife Test Negative (3:15 p.m. NY)Novak Djokovic and his wife tested negative for the coronavirus, his media team said Thursday, 10 days after announcing they had contracted the disease, the Associated Press said.The top-ranked player tested positive after playing in an exhibition series he organized in Serbia and Croatia. No social distancing was observed at the matches in Belgrade and Zadar, Croatia. Both were in self-isolation in the Serbian capital since testing positive, the statement said.Other players to come down with the virus after participating in the matches in Belgrade and Zadar were Grigor Dimitrov, Borna Coric and Viktor Troicki.Serbia Curbs Club, Cafe Hours as Cases Jump (3 p.m. NY)Serbia reported 359 new cases on Thursday, a level last seen in mid-April, with the biggest surge in the capital Belgrade. President Aleksandar Vucic said the government will limit hours for nightclubs and cafes, ordering them to close by 11 p.m. for the next two weeks, and shutting student campuses at universities.The authorities also will impose fines for those not wearing protective masks in closed spaces, and may tighten measures further if necessary, Vucic said.Covid-19 Mutation May Enable Spread (2:10 p.nm. NY)The novel coronavirus is showing some signs of mutating in a way that may make it easier to spread, according to Anthony Fauci, the director of the National Institute for Allergy and Infectious Diseases.Research currently underway suggests a single mutation is emerging that lets the virus replicate better and create a higher viral load, measures that could make it easier to transmit, Fauci said at an online event Thursday hosted by the Journal of the American Medical Association.There is some dispute about the findings and it’s not clear whether people who become infected with a newer variation of the pathogen fare worse than those with the original strain, he said. “It just seems that the virus replicates better and may be more transmissible,” he said. “This is still at the stage of trying to confirm that.”Moderna Sets Human Trial for Vaccine (1:40 p.m. NY)Drug-maker Moderna Inc. said a 30,000-patient trial of its Covid-19 vaccine candidate will start late this month, although a Stats News article earlier Thursday said the work had been expected to begin next week. Shares fell as much as 9.4% after the report. Company spokesman Ray Jordan confirmed to Bloomberg the trial should start in or by late July, which he said is consistent with the window previously communicated. The company is “working through finalizing of sites,” he said.Stats earlier said Moderna is making changes to the trial, which delayed the start date, and investigators told the news site that changes are common.Houston May Tap Surge ICU Beds (12:40 p.m. NY)Houston posted a 4.3% increase in Covid-19 patients in intensive care, and at the current rate of expansion the city’s hospitals will have to tap a second tranche of so-called surge beds on July 14, according to the Texas Medical Center.In the first phase of surge capacity, 5.4% of the 373 beds already are occupied after the normal ICU space was overwhelmed earlier this week, the medical center said on its website on Thursday. The second phase has 504 beds available. To be sure, 62% of the city’s ICU capacity is occupied by non-virus patients.Trump: Three Vaccine Candidates ‘Really Good’ (12:10 p.m. NY)Three vaccine candidates are “looking really, really good” in trials, President Donald Trump said Thursday at a White House event showcasing small businesses. Trump said three more vaccines will begin trials “shortly,” without elaborating.The military is standing by, ready to distribute the vaccines, Trump said. A vaccine will be out “soon,” the president said.GOP Lawmaker Urges End of Task Force (12:35 p.m. NY)An influential U.S. House Republican from Arizona, which is enduring one of the worst Covid-19 spikes, urged President Donald Trump to disband the White House coronavirus task force because he said it’s hindering the economic recovery.Scientists are causing an unnecessary “panic,” Representative Andy Biggs, who represents the suburbs east of Phoenix, said in a statement. “Dr. Anthony Fauci and Dr. Deborah Birx continue to contradict many of President Trump’s stated goals and actions for returning to normalcy as we know more about the Covid-19 outbreak,” said Biggs, chairman of the House Freedom Caucus, a group of conservatives whom Trump often consults.Italy Hospitals Cases Under 1,000 (12:05 p.m. NY)Italy’s hospitalized Covid-19 patients fell to 963 on Thursday, the first time its been under 1,000 since early March, according to the Health Ministry. Hospitalizations peaked at about 29,000 in early April; patients in intensive-care units fell to 82.The country, once the outbreak’s European epicenter, registered 201 new cases, in line with the previous 7-day average of 193, and 30 deaths, down from 21 on Wednesday. Total fatalities are 34,818.Arizona Cases Climb 4% (11:50 a.m. NY)Arizona reported 3,333 new cases Thursday, an increase of 4% to 87,425. The number of deaths increased by 37, to a total of 1,757, the Department of Health Services said.The state registered a record-high 4,878 daily infections and 88 new deaths Wednesday. Vice President Mike Pence visited Arizona the same day but didn’t mention the record figures. He said he was optimistic as the number of “fatalities are declining across the country.”NYC Schools Plan September Reopening (11:15 a.m. NY)New York City plans to reopen the nation’s largest public school system in September with social-distancing guidelines and the maximum number of students at the start, Mayor Bill de Blasio said Thursday.De Blasio said he anticipates some schools will have enough space for all their students, even with new guidelines. Those schools that can’t accommodate all students will operate on a staggered schedule, which will be announced “well in advance,” he said.Everyone will be required to wear face masks and facilities will undergo a deep cleaning each day.Houston Hospitals Tested (11:05 a.m. NY)In Houston and the nine counties surrounding it, virus patients in regular hospital beds outnumber intensive-care cases by almost 3-to-1, according to data from the SouthEast Texas Regional Advisory Council. The figures underscore the pressure on medical staff to care for patients not sick enough to require the most-invasive measures.There were 691 Covid-19 patients in ICU wards Wednesday night in the region including Houston, one of the hardest-hit cities in the U.S. Sunbelt’s accelerating outbreak, according to Setrac data Thursday. That population was dwarfed by the 1,948 virus cases in regular hospital care.Covid-19 patients of all types accounted for 26% of hospitalizations in the region, up from 7.6% at the end of May. Setrac doesn’t publish data on regional ICU or hospital capacity.Nashville Reverses on Reopening (10:45 a.m. NY)Tennessee’s Davidson County, which includes Nashville, reversed course after reporting a one-day record for new cases and will close socially driven businesses such as event and entertainment venues, Mayor John Cooper said in a statement.Restaurants can remain open but must cut capacity to 50% from 75%, he said, noting the rate of new cases fell while bars and eating places were at half capacity. The city -- a popular U.S. tourist attraction -- will operate under the rules for several weeks, he said.Denmark Allows More Travelers (10:40 a.m. NY)Denmark will allow leisure travel from Australia, Canada, Japan, New Zealand, South Korea and Thailand, the Ministry of Foreign Affairs said in a statement. Citizens from the six countries can enter if they have booked at least six nights of stay, the Danish ministry said.Florida Deaths Rise Most in Month (10:30 a.m. NY)Florida reported 169,106 Covid-19 cases on Thursday, up 6.4% from a day earlier, compared with an average increase of 5.6% in the previous seven days. Deaths among Florida residents reached 3,617, an increase of 67, the most in a month, according to a statement that includes data through Wednesday. Daily hospitalizations reached a record 325. The median age of cases increased to 37 from 36 a day earlierAirlines Get U.S. Loans (10:15 a.m. NY)The U.S. Treasury agreed on loan deals with American Airlines Group Inc. and four other carriers, further bolstering liquidity as the virus all-but killed travel demand. American confirmed it will borrow $4.75 billion to weather the travel crisis caused by the pandemic. Frontier Airlines, Hawaiian Airlines, SkyWest and Spirit Airlines also reached deals to borrow from the Treasury.Mnuchin Hints at School Aid in Stimulus (10:20 a.m. NY)Treasury Secretary Steven Mnuchin said the Trump administration is in contact with schools and universities on reopening, and officials are considering help in the next round of economic stimulus to “properly equip” schools for social distancing and to make other adjustments. “In most cases, schools will be able to open safely,” Mnuchin said at the White House.As Cases Surge, South Africa Hub Adds Beds (9:26 a.m. NY)South Africa’s Gauteng province, which includes Johannesburg and Pretoria, will add more than 2,000 hospital beds this month and is considering localized lockdowns and curbs on alcohol as the number of cases surges.The country’s commercial hub has recorded about 3,000 infections a day in the past two weeks, the most nationwide, and hospitalizations and the mortality rate have increased “dramatically,” David Makhura, the province’s premier, said Thursday. Currently 144 patients require ventilators in the region, up from just four a month ago.England’s Infection Rate Has Leveled Off: ONS (9:20 a.m. NY)An average of 0.04% of the community population, the equivalent of 25,000 people, had Covid-19 between June 14 and June 27, the Office for National Statistics estimated. The figure was 0.06% in the previous two-week period and more than 0.3% when the survey started in April. Estimates are based on tests performed on a sampling of people outside of hospitals, care homes and other institutional settings.U.S. June Jobs Rise Above-Forecast 4.8 Million (8:30 a.m. NY)The rebound in the U.S. labor market accelerated in June as broader reopenings spurred more hiring, though filings for unemployment benefits remained elevated last week as coronavirus cases picked up. Payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month, according to a Labor Department report. The unemployment rate fell for a second month to 11.1%, still far above the pre-pandemic half-century low of 3.5%.Wells Fargo Hits Brakes on Student Loans (8:11 a.m. NY)Wells Fargo & Co. is pulling back from student lending as the U.S. surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.The firm, which has been reviewing businesses under new Chief Executive Officer Charlie Scharf, said student loans for the upcoming academic year will be granted only to people who submitted applications before July 1 or to customers who already have an outstanding balance on a prior student loan from the bank.England’s Schools to Reopen From September (7:48 a.m. NY)Restrictions on class sizes will be lifted to allow English schools, colleges and nurseries to fully reopen in September, at the start of the next academic year, Education Secretary Gavin Williamson said. Prime Minister Boris Johnson’s government is trying to persuade schools to return to normal, amid concerns that pupils are falling behind in their education and parents are unable to work effectively while educating their children.Botswana President Quarantines After Aide Tests Positive (7:18 a.m. NY))Botswana President Mokgweetsi Masisi started 14 days of quarantine after an “official closely serving him” tested positive for coronavirus, according to a statement emailed by the Office of the President.Airbnb Restricts Bookings for Some U.S. Guests Under 25 (7:12 a.m. NY)Airbnb Inc. will restrict guests under the age of 25 with less then three positive reviews from booking entire home listings that are close to where they live, the company said in a statement. The measure will support “safe and responsible” travel in the U.S. and follows a similar initiative in Canada that was implemented earlier this year.EU Seeks to Secure Remdesivir Doses (7:01 a.m. NY)The European Union is in negotiations with Gilead on the possibility of reserving a “sufficient number of doses” of remdesivir for the bloc’s member states, a European CommissionGerman Parliament Backs $246-Billion Debt Binge to Spur Growth (6:10 a.m. NY)Germany’s lower house of parliament approved additional borrowing that will raise new debt this year to 218 billion euros ($246 billion) to fund spending to put the economy back on track.The Bundestag also backed the government’s stimulus package designed to boost long-term competitiveness and help achieve climate targets, as the country seeks to emerge from its worst recession since World War II.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
JetBlue Airways Corp could furlough some support center staff, according to an internal memo seen by Reuters on Thursday, as air travel demand remains weak. Furloughs for in-flight crews would depend on take-up for voluntary programs, for demand has been strong, it said. Airlines have been hit hard due to the COVID-19 pandemic, with U.S. carriers including American Airlines, the largest, warning of furloughs in October, when the government payroll aid program for airlines expires.
JetBlue Airways (NASDAQ: JBLU), along with several other domestic airlines, made a commitment to maintain full employment through Sept. 30, 2020, by accepting federal aid under the Payroll Support Program portion of the CARES Act. Now the company has reached an agreement with its pilots to extend that commitment through April 2021, according to a report by CNBC. A union memo sent to pilots said the agreement, "protects all JetBlue pilots from involuntary furlough -- under any circumstances -- until May 1, 2021," the report says.
Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Ines Ferre discuss the latest Jet Blue news.
American Airlines Group Inc warns it is overstaffed by about 8,000 flight attendants and might reduce its workforce through early retirements and voluntary leaves as the carrier looks to weather a hit to business from the COVID-19 pandemic. The company will reduce its international and transcontinental crew to the minimum required by the Federal Aviation Administration, plus one flight attendant, effective from Oct. 1, 2020, Jill Surdek, American Airlines' vice-president of flight service, said in a letter to employees on Wednesday. U.S. carriers have warned that furloughs could take place in October, when the government payroll aid for the airline industry expires, but said they were hoping to avoid them.