Royal Mail plans to cut 2,000 management jobs, as it struggles to deal with the effects of the pandemic. The mail service was already facing challenges before the pandemic. The company said the coronavirus outbreak had accelerated the trends of more parcels and fewer letters being sent. Royal Mail said it had not adapted quickly enough to that change in the market.
EasyJet has launched a £450m rights issue to shore up its cash reserves in the face of the Covid-19 crisis. The airline made a pre-tax loss of £353m, compared with £272m in the same period in 2018-19, but said £160m of the deficit was down to hedging against fluctuations in fuel prices, which backfired as fleets were grounded in the spring. EasyJet has already raised £1.7bn in additional funding during the crisis and expects to have a cash balance of more than £3bn after the placing – enough to survive a nine-month grounding, according to its latest estimates of cash burn.
Jet2 and Eurostar have announced that they will be cancelling some summer flights and trains in 2020 and 2021 due to the coronavirus pandemic. Eurostar is cutting direct services to three French cities due to lack of demand and difficulties implementing protection measures on long journeys. Separately, pilots union Balpa has said that airline Jet2 is to make 102 pilots redundant. The airline will be reducing its flying programme for 2020 and 2021.
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