ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2020-04-05  |  UPDATED: 1399/01/17 - 16:21:0 FA | AR | EN
Deal with US Has Been ĎViolatedí: Taliban            Coronavirus pandemic aggravating poverty in UK: Experts            Iran rallies to produce crucial supplies as US retains sanctions despite coronavirus            Colombian coal mine blast results in multiple fatalities            Man in Russia kills 5 for "talking loudly" under his windows             Latest on coronavirus pandemic: Over 1.2 million people now infected            Saudi Arabia, UAE expand lockdowns as coronavirus cases rise            France probing Ďterrorí knife rampage in southeastern town            Coronavirus reveals, exacerbates US inequality            US attorney opposes release of inmates amid COVID-19 pandemic            Trump warns of ía lot of deathí from coronavirus, blaming media-induced public ípanicí            Trump decapitating US intelligence leadership in national crisis, says top Democrat             Number of US sailors infected with Covid-19 on aircraft carrier rises to 155: Navy            Altered Finance Ministry Opens Doors for Corruption: Watchdog             Intl Aid Requires Inclusive Govt in Afghanistan: Wells            

DATE PUBLISHED: 1398/12/27 - 16:42:5
VISIT: 268
SHARE WITH YOUR FRIENDS

US airlines seek $50 billion coronavirus aid package to avoid collapse


American Airlines aircraft are shown parked at their gates at Miami International Airport in Miami, April 24, 2019. (AP Photo/Wilfredo Lee, File)

Major US airlines have sought a government bailout of more than $50 billion as the White House is urgently drafting a financial assistance package in the wake of the steep falloff in US travel demand sparked by the coronavirus pandemic.

Airlines for America, the trade group representing American Airlines, United Airlines Inc, Delta Air Lines Inc, Southwest Airlines Co and others, said the industry needs $25 billion in grants, $25 billion in loans and significant tax relief to survive.

They also seek tax relief that could be worth tens of billions of dollars through the end of at least 2021.

The airlines also seek a package of $8 billion, equally divided in grants and loans for cargo carriers. Airports are seeking at least $10 billion in emergency government assistance, sources
told Reuters.

"We have to back the airlines - itís not their fault," US President Donald Trump said, saying he has told the airlines he will assist them but did not endorse a specific figure. "Weíre
going to be backstopping the airlines. Weíre going to be helping them very much."

The pain was felt around the globe, with European carriers making unprecedented cuts to flights, costs and staffing while stepping up calls for emergency aid. South Americaís largest carrier, LATAM Airlines Group, canceled 90% of its international flights as demand collapsed.

The US airlines warned that without action all of their members could run out of money by year-end - and even sooner if credit card companies stared withholding payments. Without
action soon, airlines could take further urgent actions to furlough thousands of workers.

"This is a today problem, not a tomorrow problem. It requires urgent action," said Nicholas Calio, president of the airline group. The airlinesí proposal would see them get funds within 15 days of approval.

US carriers have slashed flights and last week met with the White House to sound the alarm for urgent action. The National Economic Council and US. Treasury are drafting a
proposed assistance package and officials have been in early talks with lawmakers, officials told Reuters.

Separately, Amtrak and US airports are also in talks about receiving urgent government assistance. Amtrak is slashing trains and warned it could see losses of at least hundreds of
millions of dollars this year.

White House economic adviser Larry Kudlow told reporters Monday the administration is "looking at" assistance to US airlines.

The companies said the grants would compensate them for reduced liquidity - net of financing - for all of 2020 attributable to the coronavirus outbreak.

Air Line Pilots Association President Joe DePete said Monday "any economic relief package must contain strong labor protections for the airline employees who have-or will-suffer financial harm."

Two people briefed on the matter said the chief executives of all of Airlines for Americasí members signed off on the request, including United, Atlas Air, Delta, American, Hawaiian Airlines, Southwest and JetBlue Airways Corp.

United said Sunday in the first two weeks of March it had 1 million fewer passengers and is currently projecting revenue in March will be $1.5 billion lower than last March. The airlines warned about the impact of a 30-day domestic ban because that would require them to repay consumers for all tickets purchased within seven days if the service cannot be provided even for non refundable tickets.

That could boost liquidity losses by $7 billion to $10 billion make it harder to obtain credit. Kudlow added that White House officials will visit the Senate to discuss options on Monday.

"Itís not so much a bailout" for airlines, Kudlow told Fox Business Network, calling it liquidity and cash flow help.

"We donít see any of the airlines failing. But if they get into a cash crunch, weíre going to try to help them. Weíre consulting with the House and Senate to see what works. And of
course the Treasury Department and the FED have enormous powers on this," Kudlow said.

United is cutting 50% of its flights in April and May, while American said it will cut 75% of international capacity. Delta is cutting 40% of its flights in the next few months.

Airlines asked the administration to rebate the excise taxes carriers paid into the Air Trust Fund this year and to repeal all federal excise taxes on tickets, cargo and fuel through the end of at least 2021.

 

(Source: Reuters)

 

LINK: https://www.ansarpress.com/english/14763


TAGS:






*
*

*



SEE ALSO

Altered Finance Ministry Opens Doors for Corruption: Watchdog


Blame game between Saudi, Russia to cause delay to OPEC+ meeting: Report


World Bank Approves $100M in Aid for Afghanistan


Blast near joint border halts Iranís gas exports to Turkey


Wuhan, Chinaís COVID-19 ground zero, re-opens for business


EasyJet grounds entire fleet due to coronavirus pandemic


UK government promises freelancers payouts during coronavirus pandemic


IMF chief says world is in recession, containment will dictate strength of recovery


Virus triggers Ďunprecedented collapseí in EU, US economies


Four US banks worldís largest fossil fuel financiers: Study





VIEWED
MOST DISCUSSED



POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Afghan Leaders Urge Ghani to Stop New Appointments for Now

Deal with US Has Been ĎViolatedí: Taliban

Coronavirus pandemic aggravating poverty in UK: Experts

Iran rallies to produce crucial supplies as US retains sanctions despite coronavirus

Colombian coal mine blast results in multiple fatalities

Man in Russia kills 5 for "talking loudly" under his windows

Latest on coronavirus pandemic: Over 1.2 million people now infected

Saudi Arabia, UAE expand lockdowns as coronavirus cases rise

France probing Ďterrorí knife rampage in southeastern town

Coronavirus reveals, exacerbates US inequality

US attorney opposes release of inmates amid COVID-19 pandemic

Trump warns of ía lot of deathí from coronavirus, blaming media-induced public ípanicí

Trump decapitating US intelligence leadership in national crisis, says top Democrat

Number of US sailors infected with Covid-19 on aircraft carrier rises to 155: Navy

Altered Finance Ministry Opens Doors for Corruption: Watchdog

Intl Aid Requires Inclusive Govt in Afghanistan: Wells

Coronavirus Cases Rise to 337 in Afghanistan: Health Ministry

US Ďwar on coronavirusí may end up the most expensive in history: Former CIA intel officer

Taliban prisoner release faces technical issues

NDS arrests Deash^Khurasan leader

First confirmed case of COVID-19 on the occupied Malvinas Islands

India coronavirus lockdown threatens millions with extreme hardship

Politics aside, US relies on China supplies to fight virus: AFP

Keir Starmer replaces Jeremy Corbyn as Labour leader

Blame game between Saudi, Russia to cause delay to OPEC+ meeting: Report

New York in írace against timeí as Trump stresses face masks are voluntary

NATO says plans to expand mission in Iraq

Saudi rocket attack kills entire Yemeni family in Saíada

Iran to start building 6,000-ton destroyer, able to produce nuclear submarines: Defense Ministry

Turkey restricts youths, shuts borders to fight coronavirus

G77, China urge end to unilateral sanctions amid coronavirus pandemic

ĎTrump denigrating scienceí as virus wreaks mayhem in US: Analyst

UN chief renews call to warring parties to halt clashes, focus on coronavirus fight

Researchers warn COVID-19 lockdown will cause thousands of deaths in US

Congress lawmakers request investigation of Navyís firing of captain

US records 1,169 coronavirus deaths, new global daily high: Johns Hopkins

Google releases usersí location data citing coronavirus fight amid privacy concerns

Coronavirus Cases at 299 in Afghanistan

Russia Ďready to cooperate, cut oil productioní

US using wild west methods to divert German medical orders: Berlinís top security official


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š