Airlines Are Losing $230 Million a Day and Two More Numbers to Know

Airlines Are Losing $230 Million a Day and Two More Numbers to Know
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Three numbers to start your day:

Adidas Pledges to Broaden Representation Amid Protests

30% of all new positions in the U.S. at Adidas and Reebok that will be filled with black and Latino workers. The company announced the news Tuesday.

The German sportswear company also said that it would invest $20 million in black communities across the country over the next four years. It also plans to fund some university scholarships for black students.

The moves follow a presentation that a group of black employees sent executives calling for broader representation of African-American and Latino employees at the sports giant. Employees have complained that the company wasn’t doing enough for black workers despite using black sports stars and culture in marketing to generate profits.

Many companies have made public statements in support of racial equality in the wake of the deaths of George Floyd and other black Americans in incidents with police officers.

But a growing number of consumers expect companies to put their money where their mouth is. As a result, corporations that don’t back their public statements with action run the risk of losing customers.

Airlines Headed for Record $84 Billion in Losses

Airlines around the world are currently losing $230 million each day. That is according to a report from the International Air Transportation Association.

Passenger demand has started to rebound somewhat as Covid-19 stay-at-home orders begin to lift. But airlines have struggled to cut costs enough to stay profitable, and many carriers have kept more planes in operation than they need throughout the pandemic.

And costs may only go up. To keep travelers healthy, airlines have had to use additional cleaning procedures and put more distance between passengers. And new airport policies mean that planes are staying on the ground longer in between flights.

One bright spot for airlines is that they have been able to replace some of their normal business with cargo transport.

Still, the industry is expected to report over $84 billion in losses this year, a record.

Infection Rates Down as Europe Emerges from Coronavirus Lockdowns

The average daily rate of new Covid-19 infections has fallen 80% in Europe since hitting a peak in early April.

Source: Barron’s

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