SAN FRANCISCO, April 24 — Expedia yesterday appointed a new chief executive and said it would raise US$3.2 billion to ride out the devastating slump in the travel industry linked to the virus pandemic. The online travel booking service will also furlough workers, and its board and top executive...
Visitors browse at the stand of global online travel brand Expedia during the International Tourism Trade Fair in Berlin, Germany, March 9, 2016. — Reuters pic
The online travel booking service will also furlough workers, and its board and top executive will forgo cash pay for the rest of the year, Expedia Group chairman Barry Diller said in a release.“We have one mandate — to conserve cash, survive, and use this time to reconstruct a stronger enterprise to serve the future of travel,” Diller said.
Expedia will also begin furloughing employees and reducing work weeks, making sure health benefits remain in place, the company said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Expedia raising US$3.2 bil after pandemic batters travelThe online booking service will also furlough workers and top executives will take a pay cut. FMTNews Expedia
Read more »
Unilever sees pandemic changing consumer demand | Malay MailTHE HAGUE, April 23 — Anglo-Dutch consumer giant Unilever reported today a slight rise in first quarter sales and said the coronavirus has caused hygiene product sales to rocket while those of ice cream melted. The firm, which produces Magnum ice cream, Domestos household cleaner and Lipton tea...
Read more »
Pandemic throws global economy into deeper decline | Malay MailLONDON, April 23 — Global economic activity all but ground to a halt this month as government-imposed lockdowns due to the coronavirus pandemic took a particularly heavy toll on the world’s service industry, surveys showed today. The outbreak, which has infected more than 2.6 million people and...
Read more »
Netflix sees record sign-ups during pandemic lockdowns | Malay MailNEW YORK, April 23 — Netflix on Tuesday reported soaring profits as subscriptions surged by almost 16 million at the streaming television service during lockdowns to slow the spread of the coronavirus pandemic. “After record subscriber additions, Netflix is and will continue to be the media...
Read more »
Wall Street tumbles as oil crash stirs pandemic fears | Malay MailNEW YORK, April 22 — Wall Street tumbled for a second straight day yesterday as a collapse in US oil prices and glum forecasts by companies worsened fears of a deep economic downturn. All 11 S&P 500 sector indexes fell 1.6 per cent or more, with energy sliding for the seventh time in eight...
Read more »
West Ham, Palace postpone Australia tour due to Covid-19 pandemic | Malay MailLONDON, April 22 ― West Ham United and Crystal Palace have indefinitely postponed their July tour to Queensland, Australia because of the novel coronavirus outbreak, both Premier League clubs announced today. West Ham United and Palace were scheduled to meet A-League side Brisbane Roar, coached...
Read more »