airbus predict a full recovery will ta ke airbus predict a full recovery will take up to five years. the government have said they are supporting up to 10 millionjobs through the furlough scheme that has already cost £25 billion. and as alok sharma, the business secretary, said to you earlier, louise, there is only so much the government can do. nina, thank you very much. let's talk to our political reporter nick eardley. nick, as well as these job losses in the aviation industry, there's also been more bad news from the company that owns upper crust sandwich shops, they've said 5,000 jobs are under threat because people aren't travelling. the government is under real pressure to respond. absolutely. good morning, dan. i think there is lots of pressure on the government from people in westminster think more that what they could do to protectjobs when they could do to protectjobs when they furlough scheme ends, but particularly in those areas where things are not getting back to normal particularly quickly. and the most obvious one is aviation. it is what nina was talking about there

the flight of the new a 350 was a success but stuff are worried airbus has announced plans to cut 15000 jobs from its worldwide workforce. and finally with all this economic doom and gloom you might be forgiven for just wanting to get away from at all no surprise then that the value of the so-called space economy has risen to an astronomical 400 $30000000000.00 in the past 10 years spending on rocket satellites and other services has risen by more than 70 percent over 80 countries now have space programs. the sky's the limit i'm not following have time for thanks for watching. good luck. koreans who have enough how. they are forced their governments sink into the sewer corruption. oligarchy grants themselves privileges while gone for saddam to service the mass of the citizens. now there are daily demonstrations and the demands for a government of. some goods from europe. next on t.w. . to the point sean opinions clear positions international perspectives coming. out of the united states and china drifting towards come more cumbersome much at stake what can be done to ensure that the wor

airbus. abigail doolittle has more. abigail: it looks like there is the possibility one trade war maybe cooling down, but when we look at the shares of airbus would not know it because that stock is still down. airbus saying they have taken the final step to end a long-standing trade dispute with the wto, which is the justification for u.s. tariffs. this de-escalation from airbus is what they're calling the final step to end the situation with the u.s. and with the wto. what they are doing, they have agreed with france and spain to amend repayable launches on one of their planes. removedim this is what justification for u.s. tariffs. theou recall last october, u.s. did slap 7.5 billion dollars of tariffs on european goods come anything from alcohol to airplanes to luxury goods, hurting airbus. they receive 17% of the revenue from north america. the wto stood by the u.s. since they found out about unfair subsidies airbus and boeing had been receiving going back to 2004. another pressure on airbus. earlier this year the u

it's important to know in this sector and in airbus as recently as march, we we re airbus as recently as march, we were still recruiting and looking for skills hard to find. three months later, three months later, you're cutting almost 15,000 jobs. borisjohnson has spelt out his hopes that innovation will play its part in an economic recovery from the coronavirus in creating new jobs, and that innovation included the potential of a zero—emissions commercial aircraft. he also mentioned hydrogen technology for heavy transport and industry. but as environment analyst roger harrabin reports, creating a hydrogen economy will present enormous challenges. is this the future of heavy transport? a lorry... a boat... a bus... even a plane? all of these are powered by hydrogen. and what about this beast being put through its paces in the staffordshire hills? this too is running on hydrogen. the gas in the tank is mixed with oxygen in the fuel cell which makes electricity to drive the machine. the only exhaust is harmless, nonpolluting steam. this digger could be powered like an electric car, u

ok we're going on to our next story known that's about airbus an airbus has posted a quarterly loss of 1900000000 euros the playmakers as a coronavirus pandemic as presented the industry with the greatest crisis ever sold half as many planes during the 1st 6 months of this years it did during the same period in 2019 airbus is planning to cut more than 10 percent of its workforce worldwide in response. to residents of the tiny town of levine you need to lose it's a familiar event and the 3 unity is on the way. whenever one of the aircraft is assembled in the nearby factories part of the fusion h has to squeeze through the tons narrow streets this time it's for plane to 17th to last the giant airbus a 380 has been discontinued after just 15 years in production i think that people would have loved to have the sec raf you know being produce for a longer period of time anyway again i think everybody is very proud about the x. raft and what it means to help us the know how the skills that we developed along those is very important then to pave the way for the future i know they show. up to $

from airbus in the history of 15,000 jobs, close to 10% of the global work force. boeing recently and where they have already reduced the output at 30% some fixed cost that had to be addressed with the future. these job cuts have been announced. 5,000 in germany, 5,000 in france, 1,700 in the uk, 900 in spain and the rest around the rest of the world. this is the gravest crisis known in history now where are the cuts to be made by next summer which is quite swift for a plan of that scale. we heard from the french junior transport saying he was hoping a lot of those wouldn't be redundancies his comments came through saying the french government would keep an eye closely and hope that most would not be compulsory and came on the back of some union saying it would be an all mighty fight. and they said it would hold at 2,000 out of the 5,000 could be saved. so maybe a save from investors about how much cuts could come through and be made in the near future also the furl owe scheme that had been accepted. so some workers will stay on that for longer. also retirement and

this is important because airbus has always been. careful to maintain eight -- an equilibrium of balance. havelso germany where they made their single aisle planes, and the company has always guarded this valance -- this balance very carefully. where then the u.k. company makes wings for all its aircraft much smaller, only 1700 by comparison. and a couple of more sort of darted around. the global 11% of workforce, primarily in the area of civil aviation. francine: why exactly now, and how has the government reacted to it? benedikt: the ceo is basically decade.at a lost half that is his prognosis. you are looking into 2023, 2025 may be, until the market recovers. normally what happens is within a decade air traffic doubles. what we are seeing here is in the next five years we will not see any recovery at all. a couple of-- months ago at the beginning of the pandemic, they already pumped in and a lot of money, extra resources to be financially prepared for this, that this is sort of the next phase. now they have to adapt the workforce

the flight of the new a 350 was a success but stuff are worried airbus has announced plans to cut 15000 jobs from its worldwide workforce. and finally with all this economic doom and gloom you might be forgiven for just wanting to get away from at all no surprise then that the value of the so-called space economy has risen to an astronomical 400 and $30000000000.00 in the past 10 years spending on rocket satellites and other services has risen by more than 70 percent over 80 countries now have space programs. the sky's the limit i'm not following up time for thanks for watching. people. going to africa sometimes to. join them as they set out to save the environment learn from one another and work together for a. cause to overturning it for good. next on d w. please . carefully. don't simply choose to be. discovered. subscribe to documentary on you tube. from nigeria that's what money would. send to. and successful beyond belief. this is the way we do it. would start aug 7th d w. when people hear the word bad they usually think of money but today we want to talk about a different kind of

the flight of the new a 350 was a success but stuff are worried airbus has announced plans to cut 15000 jobs from its worldwide workforce. and finally with all this economic doom and gloom you might be forgiven for just wanting to get away from at all no surprise then that the value of the so-called space economy has risen to an astronomical 400 and $30000000000.00 in the past 10 years spending on rocket satellites and other services has risen by more than 70 percent over 80 countries now have space programs. the sky's the limit i'm not following up time for thanks for watching. how will i pay my ranch more money for. ever more people are facing this reality around the world to cope with 19 pandemic is shattering millions of lines. in germany the government is reducing the load but how are things in places where people are struggling. next on d w. to the point showing a clear position on the international perspectives of. the united states and china drifting towards call of moral compass so much at stake what can be done to ensure that the world's 2 most powerful nations don't reach a p

airbus against the biggest restructuring in its history. it will cut 15,000 jobs with the majority impacting the main bases of germany and france. 6:00 a.m. a -- manus: in london, 7:00 a.m. in paris, and 9:00 a.m. in dubai. it is the three f's for friday, the fed, the fact she warning, and i thought i would throw in fedex because it is a nice triptych. i want to focus on the fed. spirit toimbue a new the yield curve control narrative? open interest in the bond market is the equivalent of $36 billion. the bond boys and girls are locked and loaded for yield curve control conundrum. good morning. nejra: good morning. we are certainly seeing signs as you point to have that yield curve control trade alive and well in the bond markets. if we look at equities, i mean, best quarter for u.s. equities since 1998, manus, and it is interesting because if we look ahead and think about where we go next, you can see the profit forecasts taking higher and some saying that will provide additional support for stocks from here. in 1998, it was a little bit of

guillaume faury, ceo, airbus. coming up, our conversation with the chief executive of renault, that is in around 10 minutes. this is bloomberg. ♪ nejra: this is "bloomberg surveillance." i am nejra cehic. .arnings onslaught coming up coming up, our conversation with the deputy ceo of renault. we will talk carmakers next. this is bloomberg. ♪ save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. learn how to draw with a minions expert... how to build an indoor obstacle course! plus... whatever she's doing. and

. >>> a strike against job cuts is due to take place at the headquarters of airbus this morning. members of management are meeting union representatives. let's go out to charlotte reed 15,000 job cuts are slated there's been a push back by unions they've cited concerns around subcontractors and a message that sends across europe >> reporter: right, karen. 15,000 jobs have been announced by airbus with job cuts. 1/3 of those in france alone and half of those jobs in france would be at headquarters where are the strikes are being held this morning the union warned it would be an almighty fight to save those jobs it is the gravest crisis that the industry was going through, that it had to make tough decisions. the job cuts had been part of it the unions -- when the job cuts were announced, we heard from the french government at the time they put a support package for the aerospace industry, 15 billion euros have been put there, including 7 billion for air france they also have, of course, a stake, 11% stake when the job cuts went out in airbus, they said they were excessive. i quote

the airbus ‘s chief executive warns the path to recovery would be slow and agile. we need to act now by adapting our workforce to reflect the new situation in the international aircraft sector and protect the longer term future of the company. jobs in the aviation sector are highly paid and highly skilled. it's estimated two or three jobs will be lost in supply chain for every single job that goes at our bus. you've been working very hard with our bus and many other companies in the aerospace sector to try and avoid this happening but u nfortu nately, avoid this happening but unfortunately, because of indecision by government to intervene, it's resulted in today's announcement. the government says it will do its best to minimise the impact. we accept that we cannot save everyjob, even though 9 million people have been furloughed through a scheme which is cost £20 million and counting. everyone realises you can't count on that forever. and there is even more grim news in the aviation sector from the airline easyjet. they warned they may have to close basis at stans

but we have come to the conclusion we must act now to protect the future. >> reporter: airbus doesn't expect air traffic to recover until at least 2023 and possibly not until the end of 2025. so very grim outlook for the industry. it's provided strong reactions from unions and french government. the french government pledged $17 billion to support the air industry. the french finance ministry has told cnn these job cuts are excessive and says the company must minimize forced departures. in a statement, airbus said it would focus as much as it can on voluntary departures on retirement schemes and long term partial employment programs. this comes as a shock to thousands of workers at airbus across europe. >>> the european union will re-open its borders to a list of countries today but the u.s. is not one of them. diplomats spent days wrangling over who could be let in based on criteria like infection rates and social distancing measures. several countries made the cut like china where the virus originated. rising case numbers and deaths as a result of coronavirus has not helped the u.s.

airbus had to ensure its own survival. look into the sky. i mean, the tourism industry, our bloodline are airlines, those are our customers and, you know, if they catch a cold, we are obviously in the same situation, so this is unprecedented and we want to be there for the recovery, so we have to cut our cloth according to our means. and it's tough, but we've got to do it, it's the right thing to do. with fewer people getting on planes and trains, those stalwarts of airports and stations, upper crust and cafe ritazza, cut 5,000 posts. keir starmer. today, in parliament, the leader of the opposition confronted the prime minister with a grim roll call that, hours later, is already out of date. airbus announced 1,700 job losses. easyjet, 1,300 job losses. tm lewin and harveys, 800 job losses. that's just yesterday. the prime minister defended the government response, pointing to a job retention scheme unprecedented in its scope and cost, but conceded some very tough times lay ahead. we've supported huge sectors of the uk econ

coronavirus — 5,000 jobs are under threat at sandwich chain upper crust and 1,700 jobs are to go at airbus uk. pressure on the government to give councils data more quickly to deal with virus spikes — after criticism it took too long in leicester. information is being made available to local authorities. there is a dashboard and information on test and trace is made available to local authorities right now. police in hong kong use tear gas and a water cannon — and arrest 30 democracy protestors, under china's new national security law. the us buys up nearly all stocks for the next three months of the drug remdesivir — one of the only ones shown to work against covid. the victims comissioner for london calls forjuries on rape trials to be given clearer directions about rape myths and consent — to try to increase the 3% conviction rate for rape. and now because of the lies about me he's just out and he is free, even with all the evidence. that's frightening. and if you've given evidence in the trial of an alleged rapist, what was your epxrience like? do let me know — you can email,

airbus announced 1,700 job losses. there has been a seismic shock to the global economy and now the shock waves hitting the uk shores. this flood of new announcements means it clear the government to hold back the tide. the government has already spent tens of billions on keeping dying businesses alive. the chancellor's focus will now shift from trying to sustain jobs that may no longer exist to trying to create brand—new ones. simon jack, bbc news. now on bbc news, philippa thomas hears from people around the world about their extraordinary experiences during the pandemic and how covid—19 has changed their lives. welcome to coronavirus: your stories, a programme about how covid—19 is affecting the lives of people around the world. i'm philippa thomas, and this week we're looking at the lasting impact on medics on the frontline — the tiredness, even the trauma, created by dealing with relentless crisis. later we'll hear from a spanish lung doctor who got covid—19, got sick, and carried on treating her patient

in terms of movers, airbus is not one of them. it is almost completely unchanged even as it announces of allgest restructuring time, getting rid of 15,000. r is a mover. .p is up 2% up next, build, build in the u.k. as boris johnson seeks to look past the coronavirus. ♪ ♪ anna: welcome back to "bloomberg markets: european open." 30 minutes into a trading day that is more positive now. the cac down 0.1%. we see the ftse and the dax slightly positive. let's have a look at the sectors and where they are. we have an even split between the sectors. to the upside, oil, gas, basic resources. oil and gas stocks up 1.3%. brent and nymex prices are both up by more than 2.5%. we see that read across into energy equities. to the downside is a fairly defensive basket of telecoms, food and beverage, and utilities. let's get a bloomberg first word news update. the u.s. is it going in the wrong direction when it comes to the coronavirus. that is the warning of infectious disease expert fauci. he says daily case counts could more than doubled

it is not just airbus. boeing has ended production of my all-time favorite passenger aircraft, the almighty 747. >> yes, it is the end of an era. we reported that the end of that plane was in the cards and boeing confirmed as much. surprise, you might remember that airbus ended production of its a380 superjumbo. the era of superjumbo is coming to a close. heard from boeing and airbus is that the next category down, the wide-body aircraft, the large overseas planes, that is also a category in trouble. its 77is cutting dreamliner production. airbus saying they would also pervak slightly on the a350 plane, which is sort of the equivalent. theng again is delaying production of its triple seven. that is a category that is in trouble because overseas travel has all but dried up. when and if travel does return, it will be on the short routes and that is the 320 category or the 7374 boeing. annmarie: i want to ask about bw. they cut the dividend. they are trying to preserve cash. they said they are still going to m

airbus had to ensure its own survival. look into the sky. i mean, the tourism industry — our bloodline are airlines. those are our customers. and, you know, if they catch a cold, we are obviously in the same situation. with fewer people getting on planes and trains, those stalwarts of airports and stations, upper crust and cafe ritazza, cut 5,000 posts. airbus announced 1,700 job losses. easyjet, 1,300 job losses. tm lewin and harveys, 800 job losses. that's just yesterday. the prime minister defended the government response, pointing to a job retention scheme unprecedented in its scope and cost, but conceded some very tough times lay ahead. the government spent tens of billions of pounds trying to delay this inevitability, but, with this flood of new announcements, it's clear they are struggling to hold back the tide. the government has already spent tens of billions on keeping dying businesses alive. the chancellor's focus will now shift from trying to sustain jobs that may no longer exist to trying to create brand—n

does have plans to cut 15000 jobs mostly in europe and they could start as soon as this next month airbus reports its commercial aircraft business activities have plummeted by close to 40 percent as the pandemic has shut borders brought mass tourism to a screeching halt and as we've seen it's brought airlines to their knees so while boeing is still continuing to suffer the only positive here is as you mentioned their biggest rival airbus is somewhat going down with them and sara sticking with airlines amid this pandemic you also have russia's aeroflot now requiring any and all passengers to be tested for coded 72 hours before departure this now being the standard as their flock plans to resume its flights starting this saturday well fare and this has many questioning whether or not actually can aeroflot can that do this are we going to see more do this if they're allowed we're going to see but you know the federal air transportation agency says that they sure do have the right to do this air flight also noted that it's only the p.c.r. method of the code test that will be allowed no other

boeing is still continuing to suffer the only positive here is as you mentioned their biggest rival airbus is somewhat going down with them and sara sticking with airlines amid this pandemic you also have russia's aeroflot now requiring any and all passengers to be tested for coded 72 hours before departure this now being the standard as their flock plans to resume its flights starting this saturday well fare and this has many questioning whether or not actually can aeroflot can that do this are we going to see more do this if they're allowed we're going to see but you know the federal air transportation agency says that they sure do have the right to do this air flight also noted that it's only the p.c.r. method of the code test that will be allowed no other tests including the antibody tests won't fly pun intended and that p.c.r. test that's the one that goes all the way up your nose that's not fun you know we're going to keep our eyes on that because if the united states are doing the same u.s. airlines are across the globe then flying will. much more restrictive exactly in that case we

meanwhile, as the prime minister was speaking, airbus announced 1,700 job losses, easyjet, 1,300 job losses, tm lewin and harveys, 800 job losses. that's just yesterday. and there was nothing in the prime minister's speech for the 3.2 million people in hospitality or the 2.9 million in retail. next week's financial statement could be the last chance to save millions ofjobs. will the prime minister start now by extending the furlough scheme for those parts of the economy that are still most are risk? borisjohnson said the package he'd announced was worth £600 billion of investment, but the best thing would be to get people back to work and get the virus under control. the best thing, actually, that the opposition could do is stop equivocating and do one thing one week and one thing another week, and decide they emphatically support ending lockdown, they emphatically support kids being back in school, rather than being bossed around by the unions. mr speaker, we are the builders, they're the blockers. we're the doers, they're the ditherers. we're going to get on with it and take this

does have plans to cut 15000 jobs mostly in europe and they could start as soon as this next month airbus reports its commercial aircraft business activities have plummeted by close to 40 percent as the pandemic has shut borders brought mass tourism to a screeching halt and as we've seen it's brought airlines to their knees so while boeing is still continuing to suffer the only positive here is as you mentioned their biggest rival airbus is somewhat going down with them and sara sticking with airlines amid this pandemic you also have russia's aeroflot now requiring any and all passengers to be tested for coded 72 hours before departure this now being the standard as their flock plans to resume its flights starting this saturday well fare and this has many questioning whether or not actually can aeroflot can that do this are we going to see more do this if they're allowed we're going to see but you know the federal air transportation agency says that they sure do have the right to do this air flight also noted that it's only the p.c.r. method of the code test that will be allowed no other.

airbus employees and home board protested the playmakers plan $5000.00 job cuts in germany installing empty chairs and photos of threatened employees in front of their factory. disruptions to the aviation industry has hit airbus especially hard it's responding with a total of $15000.00 job cuts across the company there are also protests in france . british finance minister rishi soon oxen here promoting the hospitality sector has unveiled a 33000000000 euro stimulus plan which is meant to offset an unexpected spike in unemployment due to depends emic i think who's a bonus scheme aimed at getting firms to retain workers as well as tax cuts for hard pressed firms inter ism and hospitality. to unlink harvest and now coronavirus affected export markets are eating into pakistan's mango industry farmers in punjab and zen provinces say that a long winter and changing rain patterns have slashed production by half this year mango exports are 40 percent down to pulling in a record 80000000 dollars last year. well pandemic is of course shed light on the lives of workers whose stories rarely get

the flashlight of the new a 350 was a success but stuff are worried airbus has an engine plans to cut 15000 jobs from its worldwide workforce. finally european oil companies shell and toto managed to make small profits in the 2nd quarter this by the massive collapse in fuel demand caused by the pandemic the company's trading units offset big losses elsewhere trading units to make money during periods of market fluctuation by buying cheap oil and selling it back at a higher price however the companies made massive write downs of their assets in the 2nd quarter shell slashed the value of his assets by a huge $16800000000.00. and also from a in the business team here in berlin if you want more from his check out our website. joining us. combating the corona pandemic. where does research stand. what are scientists learning. background information and news. hour corona. 19 special next on d w. hijacking the news. where i go from the news this being hijacked journalism itself has become a scripted reality show it's not just good 1st is evil us forces them why and why. in countries like russ

airbus cut jobs pretty hard. i spoke to the company''s ceo. balance how to put the business in a position where it can recover. it difficult balancing act. a lot of industrial companies are going through it now. >> a great point in terms of all of the pipelines. economic data in the u.s. is painting a picture of jobless claims rising, second-quarter downturn,s sharpest and now, hsbc global chief economist. with the pair the data stalled stimulus talks in the u.s. if you had a third quarter or fourth quarter gdp production years ago, what is it now? >> certainly, better revisions selecting the contraction in the q2 figures, but also less than the second half of the year. as you point out, that will be influenced by what happens from the next round of fiscal stimulus, assuming we get one in weeks, which is what is it -- what everyone is expecting. your model in terms of numbers for the u.s. economy? how crucial is it? >> it is crucial. what was interesting was the confirmation we got today. it was not so much about the usd gdp, but what it told

airbus has its own problems. you can read into it into the extent that boeing is projecting a down market for several years but i don't know that that is new to anybody. boeing's pain is so unique given the hit that they have taken on the max and other models. what was the max versus the general macroenvironment versus exclusion? >> they are executing to the extent that they can but there are so many -- only so many cuts you can make. that is why we are talking about this cash flow whole being as deep as it is. a charge related to customer compensation. even though they don't want the planes, they have the right to be reimbursed. -- adds to the headache. sutherland., brooke we are going to be hearing from the ge chairman and ceo in the next hour. european markets are about to close on the day. we are watching carefully to see how the banks close. it has been a tough day for the european banking space. they are all coming under pressure. details follow. this is bloomberg. ♪ guy: let's take a look at where we sit

and airbus had to ensure its own survival. look into the sky, the tourism industry, the tourism industry, our bloodline, our airlines, those are customers. if they catch a cold, we are in the same situation. this is unprecedented. we want to be there for the recovery. so we have to cut our cloth according to our means and it is tough but we have to do it. it is the right thing to do. today in parliament, the leader of the opposition confronted the prime minister with a grim roll call that hours later is already out of date. airbus, 1700 job losses, easyjet, 1300 job losses, tm lewin and harvest, 800. that is just yesterday. the prime minister defended the government response to the job retention scheme and presented in his scope and cost but conceded some very tough times lay ahead. we have supported huge sectors of the uk economy at a concept of a and i would not give a figure for the number ofjob losses that may or may not take place. but the risk is very serious. a month from today, employers will have to start paying an in

meanwhile, as the prime minister was speaking, airbus announced 1,700 job losses, easyjet, 1,300 job losses, tm lewin and harveys, 800 job losses. that's just yesterday. and there was nothing in the prime minister's speech for the 3.2 million people in hospitality or the 2.9 million in retail. next week's financial statement could be the last chance to save millions ofjobs. will the prime minister start now by extending the furlough scheme for those parts of the economy that are still most at risk? borisjohnson said the package he'd announced was worth £600 billion of investment, but the best thing would be to get people back to work and get the virus under control. the best thing, actually, that the opposition could do is stop equivocating and doing one thing one week and one thing another week and decide that they emphatically support ending the lockdown, they emphatically support kids being back in school rather than being bossed around by the unions. mr speaker, we are the builders, they're the blockers. we're the doers, they're the ditherers. we're going to get on with it and t

the fresh flight of the new a 350 was a success but stuff from worried airbus has announced plans to cut 15000 jobs from its worldwide workforce. and now to some news from out of this world nasa has just launched a new mission to moscow search for signs of life an atlas 5 rocket blasted off from cape canaveral florida just moments ago on orders perseverance new rover that will take rock samples and help scientists study the martian surface like never before with the most complex were bought 6 system nasa has ever developed. excitement is growing mission control let's bring in mitchell t. he is a program scientist with the mass 2020 exploration program at nasa headquarters in washington and joins us now from their midst they have been rovers on mars before what is the big difference of the spot. the very big difference is that we've finally designed instruments to really look in detail at the rock record to see on the level of microorganisms which is what we think life might be the kind of life that might have existed on mars so we'll be finally be able to see things in the detail tha

airbus say it could be five years before passenger numbers return to pre—covid levels and unions have accused the government of allowing industrial vandalism by failing to step in. we know there will be a bounce back. what will it look like, filo three? these are high—paid, high skill jobs. there is a future here. the government says it has supported more than 9 million workers through the job retention scheme, already costing more than £25 billion. from today, employers can begin inviting furloughed workers back part—time while the government tops up their pay. but from august, things will get tougher. a tapered return to taking on their own wage bills. how many businesses will be able to cope then? there are many more covid casualties to come. nina warhurst, bbc news. 0ur assistant political editor, norman smith, is in westminster. these figures again are just devastating, norman. they are, and i think there is a widespread a cce pta nce think there is a widespread acceptance at westminster that widespread job losses loom. the prime minister publicly conceding that there was, i

airbus have launched an extensive restructuring. the airplane maker plans to cut becauseobs, downsizing demand for jets and planes during the coronavirus pandemic. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ >> we will have to reorient our trade with hong kong to the extent that hong kong no longer enjoys the it on ami that -- enjoysthat special the autonomy that justified that in the first place. enforcing aina sweeping security law that has the city, the state of hong kong on edge. your equity market. equity futures down 18 points on the s&p 500, .6%. outside the equity market, a look at the bond market. the 10 year. on your yield, .68%. elsewhere, a snapshot in g10. the yen outperforms. the dollar coming in. i am jonathan ferro on this wednesday morning with a focus, a big focus, on washington, d.c. we could do a one-hour hour brief right now with our chief washington correspondent. there is muc

airbus have to ensure its own survival. look into the sky. the tourism industry, our bloodline are airlines, those are our customers. if they catch a cold, we are obviously in the same situation. so this is unprecedented and we want to be there for the recovery, so we have to cut our cloth according to our means, and it is tough but we have got to do it. it is the right thing to do. today in parliament the leader of the opposition confronted the prime minister with a grim roll call that hours later is already out of date. airbus announced 1700 job losses, tm lewin 800 job losses, easyj et, easyjet, 1300 job losses. that's just yesterday... the prime minister pointed to a job retention scheme unprecedented in its scope and cost, but conceded some tough times lay ahead. we have supported huge sectors of the uk economy at a cost of £120 billion, and i'm not going to give a figure for the number ofjob losses that may or may not take place but the risk is very serious as he rightly says. a month from today, employers will have

airbus out with better news this morning. the company is trying to manage its cash flow position very, very carefully, and it is talking about a pickup in deliveries in the second half of the year, which will help that cash flow. -- the fed is absolutely front and center. the federal reserve bank used all of its tools to support the recovery from that economic downturn. jerome powell. speaking about the road ahead in that virtual news conference. tom: absolutely, it has been a huge exchange. >> we are told to do what we can and as long as it takes to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy. the path of the economy is going to depend to a very high extent on the course of the virus, on the measures that we take to keep it in check. the data are pointing to a slowing in the pace of the recovery. but i want to stress, it is too early to say both how large that is and how sustained it will be. the rising joblessness has been especially severe for lower wage workers, for w

and airbus begins the biggest restructuring in its history. it will cut 15,000 jobs with the majority impacting the main bases in germany and france. good morning, everyone. good afternoon if you are based out of asia. this is "bloomberg surveillance. i'm francine lacqua, here in london. in hong kong -- new york, rather. we are going to hong kong in a second, and my mind is there. at least two arrests after this new security law. i am seeing the markets. story,is is a movable and as you know, as we begin the second half of 2020, there is an overlay of other stories. the pandemic story, at least in the united states, is truly front and center. i would also note the stunning close to equity markets yesterday. call it window dressing on june 30, 2020, but we begin this july strong in the markets. francine: we certainly do. if you look at what the markets are looking at, and a lot of the focus is on the number of infections, treasuries slipping, and i am looking at a couple of technical glitches in europe affecting trading. we will have a full mar

the airbus issue has been -- issue. the airbus issue has been adjudicated. there might be an opportunity to use those to trade issues to settle themselves, or their mate those two trade i issues to settle themselves. >> -- >> you never want to have disputes, but let's not forget we have $1.3 trillion worth of tray that takes place every year between the united statates and europe. it is incredibly important. we havave 15 million jobs splitn both sides. they are dependent upon this trade. and italy, when you look at the amount of issues and the size of the trtrsactions involved in the disputute, it is dwarfed by the 1.3 trillion dollars of business we do o together. >>>> moving onto another issue, u.s. troops stationed in europe specifically germany where there is a great number base, there was an issue to pull out troops from germany. can you t tell us what the strategy is about the relocation? >> this is not pulling out, it is redistribution. we are constantly looking at how to best optimize the defensive europe -- defense of europe. we have an ironclad gua

pain expected for airbus in today's trading session. nejra: rio tinto also likely to be in focus after closing its new zealand operations. why the closure? dani: it is really an issue. the integrity of the aluminum industry is having to deal with a supply glut. suppliers pumping out the commodities. at the same time, demand is not there. basically the only place a lot of these operators are turning a profit is china. they have announced they will close it. that means about 1000 jobs are likely to get the acts as well. well. as rio tinto resuming operations in iceland and australia. more closures for the aluminum plants are likely to come. nejra? nejra: thank you so much. esty dwek from the investment managers is still with us. you don't see a big selloff. any dips could be seen by investors as a buying opportunity. you also talk about disappointment risk. how much disappointment risk is there with the earnings season coming up if you take into account the fact that investors look through the uncertainty last earnings season? [no audio]

pathshows what a tough airbus has to follow for the rest of the year. demand is not there. their orders are about half the amount that they saw last year. matt: what about rolls-royce? this is the engine making engineering company, not the car brand. dani: much like any company that touches the travel industry, rolls-royce has had a difficult time, but rare good news coming out this morning saying their performance in the second half, they expect it to improve. ,hey have a lot of cash flow but their yearly cash outflow will be 4 billion pounds. they are saying liquidity improve, going up to 8 billion pounds. that includes the term loan they just secured. 2 billion pounds, they have not yet drawn down on that. rio tinto in the middle of dealing with the aluminum supply glut that the industry is dealing with because there is not a lot of demand. rio tinto alumina plant in new zealand, they announced they will close it. that means about a thousand jobs getting the axe with this closure. they are considering closing at plant in australia. the industry is in a lot of plane -- in

as you talk to boeing and airbus , does it change the emphasis between the one and the other? larry: not really. what i've been so thrilled to be a part of these last months is what has been a multi-decade leadership on the part of ge aviation in the industry broadly defined. we want to continue to lead this industry. how do we do that? of whatgy is the fore we've been able to do with our customers, and we service our engines often over decades in close proximity with our carrier customers. that is a great set up to be so close day in and day out with our customers. the business will change. we will see less aftermarket activity. airbus, we will be talking about a different trajectory over the near-term than they were nine months ago. that is all right. we remain confident we will see to commercial aviation activity levels, passenger miles and the like. that will be good for everybody and we will be a part of that. david: is there any way for you to get some sense of what that time horizon is like for aviation? at this point there are semi uncertainties about travel and the di

airbus, easyjet, picking up the neck businesses across the world but not small businesses. what is your take on those small businesses and the independent traders, and how they are going to weather the storm? the fact is a lot of them haven't. a lot of them have closed down shops already over the last few months and the government has put a particular package of support in place for small businesses, bounce back loans and there is the furlough scheme but what you're asking businesses to do 110w what you're asking businesses to do now is make decisions about whether they think they will be viable in a couple of months because that is all the cash reserves they have is we do not know what you like it will look like. if you're going to be doing some sort of social distancing for the next year until there is a vaccine, a large number of numbers of businesses simply will not be viable and you cannotjust put large sectors of the economy on ice for that period of time. the challenge for both businesses and the government is working out which businesses will not be able to survive

as you talk to boeing, airbus, does it change the emphasis between the one and the other? >> not really. what i've really been so thrilled to be part of is what has been a multi-decade leadership on the part of aviation in the industry broadly. we want to continue to lead this industry. how do we do that? technology. do, we've been able to service our engines often over decades and in close proximity with our customers. that is a great set up. to be so close with our customers. lesse going to see aftermarket activity. airbus, we will be talking about a different trajectory over the near-term. that is all right. we remain confident that we will see a return in time to commercial aviation activity levels. chairman and ceo there. coming up, kodak moments. more than 79,000 robinhood traders. we will discuss with our own joe weisenthal. this company has seen more than a 2000% increase. this is bloomberg. ♪ romaine: welcome back. joe weisenthal joining us now in austin, texas. all the talk today is about kodak. at some point, i think it became a crypto company. now apparently

the cost book and they of course canceled all of those or if you late orders to lease of course hit airbus. significantly and the question now is just how long does it take until. these orders may be reacting to it will they not be needed anymore or will they need it but in 2345 years from now that's the big question how much does my assumption is that industry so how much of the drop and how much of this is not driven by passenger numbers because really you need passengers to travel all the lines and you need ally in capacity to fly around the world so will will companies like us really be looking now at the next 2 to 3 months as to how many passengers globally have decided to take that important step and to start traveling again and only then will they understand perhaps how many aircraft may be needed by lines globally. i think this is one issue that they may look at but i assume that based on the newest data also i up the publishes be no doubt. to go back to a normal level of transport like we had in 2019 but it probably taken pleased until 202324 maybe even 25 as we don't know how lon

the tally marks a worsening of the crisis for airbus. it had previously managed to avoid losing business by agreeing to deferred deliveries. the power vacuum at commerce a littleet to last longer. the supervisory board is extending its search for a new chairman and chief executive following a shareholder revolt. it prolongs uncertainty for the lender as some investors call for a broad overhaul of the company. and that's your bloomberg business flash. anna: thanks very much. siemens shareholders will vote on spinning off siemens energy today. the company plans to cede majority ownership of the unit in late september to create a newly independent turbine and oilfield equipment maker. we spoke to the ceo earlier. >> the reason that we do the we believe our inpany is very relevant unprecedented times and speed of change. massive value creation. a similar method we do now with splitting our company into the industrial software automation company, including infrastructure as well as siemens energy. we talked about siemens energy to the market.