business

Southwest says it could take more than 5 years for business travel to get back to normal, as the airline reports its first loss since 2011 because of the coronavirus

southwest airlines
southwest airlines

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Southwest Airlines CEO Gary Kelly said on Tuesday that business travel could take more than five years to return to 2019 levels, as the airline reported its first quarterly loss since 2011 amid an “unprecedented” and “breathtaking” crisis for the global airline industry.

The airline reported a net loss of $94 million in the first quarter of 2020 with total revenue of $4.23 billion, down 18% over the year before. Those losses all came in March, as bookings plummeted and cancellations skyrocketed, Kelly said in the airline’s earnings call with analysts.

Southwest predicts “no material improvement in air travel trends” this spring, according to a filing with the Securities and Exchanges Commission, saying it expects revenue to fall as much as 95% in May. It added that it is “unable to reasonably estimate trends beyond May 2020.”

The airline raised $6.8 billion in

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NY’s 12-Step Plan For Regional Business Reopenings

SYRACUSE, NY — Gov. Andrew Cuomo on Tuesday unveiled new, data-driven “circuit-breaker” thresholds that must be met for regions to reopen businesses as new coronavirus infections continue to slow.

Speaking from Upstate University Hospital in Syracuse on Tuesday, Cuomo said rates of COVID-19 hospitalizations, intubations and intensive care treatments continued to trend downward. The number of people who died from the disease fell to 335 overnight, bringing the death toll to 17,638 in the state.

“The number is reducing, but not at a tremendous rate,” Cuomo said. The number of new daily hospitalizations remained relatively flat at 900.

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After days of talk about restarting the economy in certain areas, Cuomo unveiled a 12-point regional template that must be met for certain businesses to resume after May 15.

  1. Meet federal Centers for Disease Control and Prevention guidelines

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Business owners, Republican leaders ask Newsom to relax order

Rural Northern California officials on Tuesday petitioned Gov. Gavin Newsom to accept their request to begin reopening their economies, despite a continued coronavirus stay-at-home order.

During a press conference at the Capitol, Assemblyman James Gallagher, R-Yuba City, said it was time for Newsom’s administration to ease restrictions for jurisdictions that have largely escaped the worst of COVID-19.

“The impacts had on people, they’re not just economic,” Gallagher said. “Those economic impacts become social impacts. We’ve seen rises in the cases of child abuse and mental health. Isolation at home breeds many of these types of issues.”

Newsom has largely denounced pleas for soft reopenings during his daily press conferences, arguing that Californians are still at great risk of contracting COVID-19.

The governor said Tuesday that retail businesses, manufacturers and certain offices will be in the first wave of workplaces that can reopen, which Newsom said he believes is “weeks, not

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Business Group Offers $1M In Funding For Coronavirus Recovery

FREDERICKSBURG, VA — A Virginia business group is seeking project ideas for economic recovery from the coronavirus in the Fredericksburg area. The Virginia Growth and Opportunity Board (GO Virginia) has up to $1 million in coronavirus funding to be used for recovery efforts within its Region 6, which includes the Fredericksburg area, the Northern Neck and the Middle Peninsula.

At its April 17 meeting, GO Virginia’s state board approved funding for proposals that can show they would have a positive impact on the local economy. GO Virginia is a statewide business-led economic development initiative.

“Our economy is in need of immediate action in its recovery efforts. GO Virginia Region 6 is excited to hear ideas from within the region on ways in which these funds can be utilized to lead recovery efforts,” William Beale, GO Virginia Region 6 chair, said Wednesday in a statement. “We as a region have updated

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