Why Chinese shareholder Virgin Australia threatens to fire 2000 workers?

  • Apr 23, 2020 AEST
  • Team Kalkine

A company owned by a Chinese shareholder of Virgin Australia has threatened to fire 2000 workers if the federal government does not bail them out. Virgin Australia went into voluntary administration on Tuesday with $5.3billion in debts, and the government so far refusing to offer a bailout. Chinese conglomerate HNA is the owner of airport ground services provider Swissport, which on Tuesday released a list of Virgin staff most at risk of being hit by the losses.

About 130,000 Queenslanders have lost their jobs or had their hours drastically cut through forced business closures, treasury officials estimate. Most of those people work in shops, restaurants, theatres, bars, cafes, live music venues, and galleries.

All Radio Rentals stores will be closed and 300 jobs made redundant as the electronics leasing firm migrates online amid the coronavirus-fuelled retail downturn. ASX-listed parent company Thorn Group on Thursday said it had made the "hard decision" to permanently close 62 Radio Rentals stores and selected warehouses as COVID-19 continues to melt consumer sentiment.

 


Disclaimer
The video has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above video is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. Kalkine does not in any way endorse or recommend individuals, products or services that may be discussed on this site.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK