May 1, 2020

Opening Quote: Ryanair axes 3,000 jobs and lashes out at ‘state aid doping’ rivals

Ryanair said on Friday it would take at least two years for demand to return to 2019 levels as it announced 3,000 job cuts - or around 15 per cent of its workforce. The budget carrier plans to operate less than 1 per cent of its flights between April and June before making a "Meaningful" return to the skies from July - though even then it reckons passenger numbers will be no more than 50 per cent of what it had planned. Net profit slid 59 per cent to £288m. Intu, one of the biggest shopping centre owners in the UK, said it had agreed waivers on some provisions of its £600m revolving credit facility - after saying last month it was likely to breach debt covenants in July. The heavily indebted group said it had still received just 40 per cent of the rent it was due for the second three months of the year. Amazon's share price, which ended Thursday's session at a record high, fell about 5 per cent in after-hours trading.

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