Pac-12 announces pay cuts, layoffs as strategy shifts in the age of coronavirus
The Pac-12 is implementing a series of cost-cutting measures, including pay cuts for executives and layoffs at the Pac-12 Networks, as a result of the coronavirus-forced shutdown and the broader headwinds in the media space, the Hotline has learned.The moves include a 20% salary reduction for commissioner Larry Scott and 10% cuts for members of his senior staff in both conference and networks divisions. The cuts will remain in place for the remainder of the school year, then be revisited this summer.Scott was credited with $5.3 million in compensation in the conference’s FY18 tax returns (the ...
The Mercury News
Businesses facing huge losses from pandemic thought their insurance would cover them. Not really
SAN DIEGO — As the frantic queries for financial help came flooding in following the coronavirus shutdown orders, Holly McGlinn speedily assembled a spreadsheet to help her track the now 125 claims — and counting — for coverage of business losses sought by her insurance agency clients.“I’m filing as fast as I can,” said McGlinn, whose firm, Breakwater Strategic Insurance Solutions that she owns with her husband Ryan, represents a broad swath of local businesses — restaurants and bars, event planners, retailers, pilates studio operators and tech companies.So far, all the responses have been the...
The San Diego Union-Tribune
Boeing indefinitely extends production shutdown at Washington state plants due to coronavirus
Thirty thousand Boeing employees on Wednesday must start taking vacation or sick time, or apply for unemployment, after the region’s largest private employer decided Sunday to keep its Puget Sound plants closed indefinitely.The workers had been paid during the initial two-week work stoppage that began March 25, when Boeing closed its local factories to grapple with the spread of COVID-19, the disease caused by the novel coronavirus.The company told employees Sunday in an email it “is extending the temporary suspension of operations at all Puget Sound area and Moses Lake sites until further not...
The Seattle Times
Employees at Trump hotel in Chicago among thousands in Illinois laid off in March because of coronavirus
CHICAGO — Almost 300 employees at the Trump International Hotel & Tower were among more than 14,000 layoffs reported to the state in March, most of them related to the new coronavirus’ effect on the economy as companies cut back or closed their doors.Restaurants and hospitality businesses, along with many retailers, have been particularly hard hit since Illinois Gov. J.B. Pritzker issued a stay-at-home order March 20 to contain the virus’ spread. That order was to expire April 7 but has been extended to April 30.The 14,702 layoffs reported to the state, however, also demonstrate the wide swath...
NBA cuts salaries for Adam Silver, other top executives by 20% during coronavirus pandemic
The NBA might be in the entertainment business, but it’s still a business.With its product suspended because of the coronavirus outbreak, the NBA is doing the same thing as other businesses: making cuts.The league is reducing base salaries by 20% for “approximately 100” of its top-earning executives across the world, according to ESPN. That includes NBA Commissioner Adam Silver and deputy commissioner Mark Tatum, neither of whose salaries have been reported.“These are unprecedented times and, like other companies across all industries, we need to take short-term steps to deal with the harsh ec...
New York Daily News
Commentary: Congress should let the airlines go to bankruptcy court
Did you take a flight on United Airlines between December 2002 and February 2006? How about on Delta between September 2005 and April 2007? Or on American Airlines between November 2011 and December 2013?If so, you traveled on a bankrupt airline. These firms had all invoked Chapter 11 of the U.S. bankruptcy code and were in the process of restructuring their finances in court. Yet they continued to operate and still exist today.However, Washington seems to believe that airlines need to be saved from this process. The Senate coronavirus emergency aid bill, headed to the House for consideration ...
330,000 Florida hotel workers projected to lose jobs. Here's how some are coping
MIAMI — Codri Sangeorzan loved being a bartender at the Diplomat Hotel. She had a picture-perfect view of the ocean from the lobby bar, enjoyed meeting guests from all over the world, and had great camaraderie with her co-workers after 13 years at the hotel.A single mom with two young sons, she made $10.90 per hour, plus tips, and typically brought home between $600 to $700 per week, which covered the $1,700 she needs for her mortgage and car payment, and her other bills.Last week, Sangeorzan and the other 684 union workers at the Diplomat were laid off as the coronavirus outbreak forced hotel...
Commentary: Invest in farmers for the future
The COVID-19 pandemic has shuttered many restaurants, factories and stores, causing the U.S. economy to grind to a halt. As Congress works to deliver a massive stimulus package, let’s not forget rural America and the American farmer.This is our opportunity to bring about a rural renaissance, characterized by fair incomes, competitive markets and a new generation of farmers.In fact, the reinvigoration of small-scale American farming is one of the primary ways that we can guard against future pandemics.The new coronavirus is emphatically not a “Chinese virus,” as President Donald Trump has claim...
Tribune News Service
GM is about to stockpile $16B in cash amid uncertainty, coronavirus outbreak
DETROIT — General Motors is stockpiling as much cash as it can to guard against the uncertain fallout from the coronavirus pandemic and will consider other measures including continued payment of its dividend as it evaluates market conditions.The automaker said Tuesday it will draw $16 billion from its revolving credit facilities as a proactive measure to boost its cash reserve. That will give GM financial flexibility because of the uncertainty in global markets.GM is expected to have $15 billion to $16 billion in cash at the end of March, so this added money will serve as a supplement.“We are...
Detroit Free Press
Seattle restaurants, bars and nightclubs say coronavirus-induced shutdown adds to their pain
SEATTLE — For Seattle restaurant owner Ethan Stowell, the change from bad to worse took less than an hour.As late as Sunday afternoon, Stowell still believed he could keep all 16 of his Seattle area restaurants open even as the city dealt with the coronavirus outbreak. But on Sunday evening, shortly after Gov. Jay Inslee announced plans to restrict bars and restaurants to takeout service, Stowell knew he was operating “in a different world,” he said.By Monday morning, Stowell had pared back to just two locations that were already equipped for takeout — Ballard Pizza Company and Frelard Pizza C...
The Seattle Times