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| Version 1 | Version 2 |
|---|---|
| Coronavirus: Korean Air fighting for 'survival' | Coronavirus: Korean Air fighting for 'survival' |
| (about 4 hours later) | |
| Korean Air has warned the coronavirus outbreak could threaten its survival in a memo sent to employees. | Korean Air has warned the coronavirus outbreak could threaten its survival in a memo sent to employees. |
| South Korea has been hit hard from travel restrictions aimed at curbing the spread of the virus. | South Korea has been hit hard from travel restrictions aimed at curbing the spread of the virus. |
| Its national carrier has cut more than 80% of its international capacity while encouraging employees to take voluntary leave. | Its national carrier has cut more than 80% of its international capacity while encouraging employees to take voluntary leave. |
| In the memo, Woo Kee-hong, Korean Air's president said the airline couldn't predict how long the crisis would last. | In the memo, Woo Kee-hong, Korean Air's president said the airline couldn't predict how long the crisis would last. |
| "But if the situation continues for a longer period, we may reach the threshold where we cannot guarantee the company's survival," he said in the memo, which was seen by Reuters. | "But if the situation continues for a longer period, we may reach the threshold where we cannot guarantee the company's survival," he said in the memo, which was seen by Reuters. |
| A spokesman for Korean Air told the BBC the purpose of the internal memo was "to encourage employees and ask for understanding to overcome the crisis together". | A spokesman for Korean Air told the BBC the purpose of the internal memo was "to encourage employees and ask for understanding to overcome the crisis together". |
| "We have gone through numerous difficulties for the past 51 years, and I'm confident that we will overcome this crisis together," he said. | "We have gone through numerous difficulties for the past 51 years, and I'm confident that we will overcome this crisis together," he said. |
| 'Temporary layoffs' | |
| The airline industry has been struggling with a sharp downturn in passengers numbers with travel restrictions in place and an unwillingness to fly during the virus outbreak. | The airline industry has been struggling with a sharp downturn in passengers numbers with travel restrictions in place and an unwillingness to fly during the virus outbreak. |
| Norwegian Air has said it will cut about 3,000 flights in the next three months, about 15% of its capacity. | |
| The company will also temporarily lay off "a significant share of its workforce", it said in a statement. | |
| "We have initiated formal consultations with our unions regarding temporary layoffs for flying crew members as well as employees on the ground and in the offices," said chief executive Jacob Schram. | |
| The International Air Transport Association, a trade body, estimates the virus could reduce passenger revenue globally this year by between $63bn and $113bn. | The International Air Transport Association, a trade body, estimates the virus could reduce passenger revenue globally this year by between $63bn and $113bn. |
| Carriers across the world have been introducing hiring freezes and asking staff to take unpaid leave along with grounding planes. | Carriers across the world have been introducing hiring freezes and asking staff to take unpaid leave along with grounding planes. |
| On Tuesday, Australia's Qantas said it was cutting more flights, with routes to Asia and the US hit the hardest. | |
| The company said it would reduce international flights by nearly 25% as it sees demand fall from passengers worried about the coronavirus. | The company said it would reduce international flights by nearly 25% as it sees demand fall from passengers worried about the coronavirus. |
| Qantas and its budget airline Jetstar will reduce operations for the next six months. | Qantas and its budget airline Jetstar will reduce operations for the next six months. |
| It will ground eight of its 10 double-decker Airbus A380s and replace them with smaller planes while reducing the frequency of flights. | It will ground eight of its 10 double-decker Airbus A380s and replace them with smaller planes while reducing the frequency of flights. |
| "We expect lower demand to continue for the next several months, so rather than taking a piecemeal approach we're cutting capacity out to mid-September," Qantas chief executive Alan Joyce said. | "We expect lower demand to continue for the next several months, so rather than taking a piecemeal approach we're cutting capacity out to mid-September," Qantas chief executive Alan Joyce said. |
| Mr Joyce said he will forgo some of his A$24m (£12m) salary while other Qantas executives will take a 30% pay cut during the downturn. | Mr Joyce said he will forgo some of his A$24m (£12m) salary while other Qantas executives will take a 30% pay cut during the downturn. |
| UK-based Flybe was the first casualty of the coronavirus, going into administration last week. Analysts warn others could follow. | UK-based Flybe was the first casualty of the coronavirus, going into administration last week. Analysts warn others could follow. |