Why Uber is cutting more than 3000 Jobs? | Market Update

  • May 19, 2020 BST
  • Team Kalkine

Ireland-based Ryanair has received £600m (about $730 million) from the United Kingdom’s Covid Corporate Financing Facility (CCFF). This move comes as the low-cost carrier’s CEO has been critical of state aid to airlines. The $730 million loan is supporting Ryanair’s cash balance. In a May 18th update, Ryanair indicated that it had a current cash balance of €4.1bn ($4.475bn) on top of posting a full-year profit.

Neutralising antibodies have been found in the first eight people who took part in safety trials for a US experiment on coronavirus antibodies. The experimental mRNA-1273 vaccine works by injecting a small sample of COVID-19's genetic code into patients. The amount is enough to encourage a response from the immune system and the trials are expected to be rolled out more widely in the summer.

Uber is cutting a further 3,000 jobs - the second wave of major lay-offs at the company in just two weeks. It adds to the 3,700 cuts it announced earlier this month, with the total amounting to nearly a quarter of its workforce. The job losses come after lockdowns across the world due to the coronavirus pandemic slashed demand for its ride-hailing app, with the number of trips dropping by 80% in April. Uber will be closing or merging 45 offices across the world and almost all of its departments will be hit by lay-offs.

#uberbusiness #joblosstrauma


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