Tag: downturn

Collins Aerospace announces 235 job cuts amid Covid-19 downturn

Image copyright Google A County Down aerospace company has announced it is cutting 235 jobs, almost a quarter of its workforce. Collins Aerospace is an aircraft seat manufacturing plant in Kilkeel that employs over 948 people. In a statement, the company said the planned redundancies were due to Covid-19’s “impact on demand for aerospace production”. SDLP South Down MLA Sinead… Read more →

Coronavirus: NI faces ‘deep and prolonged economic downturn’

Image caption Last week, Bombardier Aerospace announced it is cutting 600 jobs at its Northern Ireland operations. Northern Ireland faces rising unemployment, sharply reduced foreign investment and Brexit complications, the economy minister has warned. The sobering assessment is contained in an economic recovery plan published by Diane Dodds. The plan is intended to tackle the challenges of the next 18… Read more →

Coronavirus: China to launch new airline despite travel downturn

Image copyright Getty Images China’s second-biggest airline is to launch a new carrier despite a severe global downturn in passengers caused by the coronavirus pandemic. China Eastern has joined forces with a range of partners including China’s biggest online travel agency Trip.com. The new airline will be focused on the island destination of Hainan, home to eight million and a… Read more →

Coronavirus: UK economy ‘set for deepest downturn in memory’

Image copyright Getty Images The UK’s economy is on track for its deepest downturn “in living memory”, according to a closely watched survey, as businesses suffer from the lockdown. The survey from IHS Markit/CIPS found the UK’s dominant services sector contracted at a record pace last month. Around 79% of services, such as cafes and hairdressers, reported a fall in… Read more →