YMCA cuts affecting Camp Menogyn and Camp Widjiwagan cause controversy
MINNEAPOLIS — Hundreds of donors and volunteers who support camping at YMCA of the North are voicing angst and anger over a COVID-19-related financial decision to fire top managers at half of the Y’s eight camps.Glen Gunderson, chief executive president of the nonprofit association, has successfully allayed some fears that the YMCA could be losing interest in camping. But his strong reassurances haven’t ended the controversy. At least one prominent camp is publicly revolting and trying to undo the change.“I’m concerned about the future of YMCA camping and in particular the future of YMCA wilde...
Star Tribune (Minneapolis)
Airport operator Fraport to slash jobs as virus wrecks traffic
Frankfurt am Main (AFP) - Frankfurt Airport operator Fraport said Tuesday that it plans to shed nearly one-fifth of its workforce, after air traffic plummeted in the second quarter due to the coronavirus pandemic.The German company plans to cut 3,000 to 4,000 jobs out of around 22,000 across Fraport’s Group companies.Passenger traffic at Frankfurt Airport, Germany's busiest, fell 94.4 percent year-on-year in the three months to the end of June. At Fraport's Group airports worldwide, which also include Delhi's Indira Gandhi Airport and Saint Petersburg's Pulkovo Airport, "passenger traffic came...
Air Peace cuts pay by 40%, sacks pilots
Air Peace on Monday sacked over 70 pilots cutting across its fleet types as the negative impact of COVID-19 pandemic continues to take a huge toll on its operations like other mega carriers in Europe, America, Middle East, Asia, Australia and other parts of Africa.The airline said the decision became painful, but rightful in the face of the devastating effects of the COVID-19 pandemic on its operations and financial health.It said the job cuts for pilots among it over 3000 workers became imperative because it could not afford to toe the path of being unable to continue to fulfill its financial...
Dutch airline KLM says to shed up to 5,000 jobs due to virus
The Hague (AFP) - Dutch airline KLM said Friday it would shed up to 5,000 jobs due to a "crisis of unprecedented magnitude" caused by the coronavirus pandemic.The carrier, part of the Air France KLM group, said the cuts through the end of 2021 were necessary as it had made huge losses despite a 3.4-billion-euro ($4.0-billion) Dutch government bailout.The cuts would involve around 1,500 compulsory layoffs from KLM's current workforce of 33,000, the airline said.There would also be 2,000 voluntary redundancies announced earlier this year, while further cuts would be made through non-renewal of 1...
CEO pay cuts total USD 180 million; but still a fraction of total pay
A new report fromCGLytics, released today, called “The Pandemic and Executive Pay” covering the Russell 3000.Q2 2020 hedge fund letters, conferences and moreIn it, the report coversIn 2020, 634 companies listed on the Russell 3000 (114 of which are listed on the S&P 500 index) issue some type of pay adjustments to Executives, and to their Board of Directors, equating to approximately USD 180 millionAlmost half (49%) reduced their CEO’s base salary by more than 50%, and more than a quarter cut their CEOs’ base salary by 100%. The median strength of base salary cuts for CEOs is 40%.Only 20% of c...
Daimler plans even deeper cuts of up to 20,000 jobs
German carmaker Daimler plans to cut up to 20,000 jobs in the coming years, company sources told dpa on Friday.According to the Handelsblatt business daily, the downsizing of the workforce is to save the Mercedes auto giant 2 billion euros (2.3 billion dollars).Daimler's board had initially spoken of 1.4 billion euros in savings.A spokesman for the company's works council said that thorny negotiations with Daimler were ongoing.He noted that it was important for clarity to be achieved soon so that workers know what is in store for them.Management sources said on Friday they would not comment on...
FSU cuts athletic department budget 20% due to coronavirus pandemic
Florida State announced a 20% athletics department budget cut that includes job eliminations, pay cuts and other cost-cutting measures due to the coronavirus pandemic.“I am personally heartbroken over the impact this pandemic has had on our employees, and I am disappointed that I must give you this discouraging news today,” FSU athletics director David Coburn wrote in a letter sent to all athletics department employees Friday afternoon. “However, I am sure you have seen that other athletic departments around the country are also making reductions.”Coburn cites declines in football season ticke...
Minneapolis Fed finds small businesses take deepest cuts to sales from pandemic shutdowns
The pandemic has dealt a particularly large blow to smaller businesses, to women and minority-owned businesses, and to sectors such as entertainment, lodging and retail.Those are some of the findings of a May survey of nearly 1,100 businesses across Minnesota and in neighboring states conducted by the Federal Reserve Bank of Minneapolis.“The main takeaway is that COVID effects have been very wide and very deep and negative, but there’s also variation across those groups,” Ron Wirtz, regional outreach director, said during a webinar Tuesday on the impact of the pandemic on the economy.He noted ...
Star Tribune (Minneapolis)
The great crisis before us
When a crisis happens and cuts deep into our lives, our greatest strengths and weaknesses are exposed.The virus came like death itself—silent, imperceptible, inevitable. There were those of us who escaped, there are those of us who are still with it, fighting for life, and there were those of us who brought it with them forever.Those of us who remain have a duty not only to remember, but also to understand what the virus means for humanity—in terms of the way we live, and the way in which we organize ourselves in a world where borders are constantly bending. It is an illusion to think that the...
Philippines Daily Inquirer
3-month N.J. spending plan with ‘painful cuts’ clears first hurdle
New Jersey’s stopgap budget cleared its first hurdle Thursday, as lawmakers lamented “painful cuts” and an abbreviated public airing of the Democrats’ plan to fund state government in July, August and September.The Assembly Budget Committee approved the bill 8-4 Thursday afternoon. The Senate’s budget committee is scheduled to take up the bill Friday, and it could head to the full Senate and Assembly as early as Monday.State officials have until July 1 to enact the temporary spending plan, an unusual step that became necessary after Gov. Phil Murphy and the Legislature extended the current fis...