British Airways is set to cut up to 12,000 jobs from its 42,000-strong workforce due to a collapse in business because of the coronavirus pandemic. The airline's parent company, IAG, said it needed to impose a "restructuring and redundancy program" until the demand for air travel returns to 2019 levels. About 4,500 pilots and 16,000 cabin crew work for BA, which has already put almost 23,000 staff on furlough. IAG revealed the impact of the virus outbreak on group revenues.
BP plunged to a loss for the first three months of the year amid rising debt and plummeting global oil prices but will still pay its shareholders a rising dividend.
Google has reported its weakest revenue growth in nearly five years in the first quarter as the pandemic-driven recession began to shrivel its advertising sales.
With Bank of England reducing the interest rates to a historic low level, the spotlight is back on diverse investment opportunities.
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