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Singapore Airlines Ltd. will focus on recovering from the coronavirus outbreak and doesn’t plan to cut jobs at the moment, the Sunday Times reported, citing the carrier’s Chief Executive Officer Goh Choon Phong.
Still, the airline will have to review possible job cuts, Goh was quoted as saying in the report, without providing more details. Singapore Airlines has offered its staff voluntary unpaid leave and some have taken temporary posts outside the company after it slashed most of its flights due to the coronavirus outbreak.
Singapore Airlines and its SilkAir unit have restored some flights this month but are only operating at 6% of capacity as the global spread of the virus wiped out travel demand. Carriers around the world are seeking funds, cutting jobs and deferring jet deliveries, while some have collapsed altogether.
The carrier is raising about S$8.8 billion ($6.3 billion) through share and convertible bond sales.
It has also cut salaries of its management team by as much as 30% from April 1 and is in negotiations with aircraft manufacturers to adjust deliveries and payment schedules.
The company reported its worst quarterly loss ever in the first three months of this year.
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Don’t just refer to foreign currency deposits, says the regulator. The Monetary Authority of Singapore (MAS) has said that media reports suggesting that there were large flows of deposits from Hong Kong to Singapore is “incorrect.” “Whilst foreign currency deposits in Singapore have grown substantially since the beginning of this year, the order of magnitude is much less than cited in some media reports.
This is said to broaden ART’s reach to international investors. Ascott Residence Trust (ART) will be included in the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index) from 22 June, according to an announcement. This follows ART’s combination with Ascendas Hospitality Trust last year, which boosted the company’s scale and enabled its inclusion into the FTSE EPRA Nareit Global Developed Index. The inclusion is said to…
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