Photo by Fabrizio Gandolfo/SOPA Images/LightRocket via Getty Images
Norwegian Air is canceling 85 percent of its flights and temporarily laying off 90 percent of its workforce, leaving 7,300 hundred employees without jobs amid a pandemic threatening lives and global markets.
Norwegian’s CEO Jacob Schram said in a press release that “what our industry is now facing is unprecedented and critical as we are approaching a scenario where most of our airplanes will be temporarily grounded.”
The airline said its main priority is to keep this week’s scheduled flights on the books to return customers to “home destinations” and said it will work with authorities to arrange flights to get stranded passengers out of locations, if that becomes necessary.
Employees will be affected across the board — pilots, cabin crew, maintenance and administrative staff are all part of the temporary layoff.
Norwegian joins airlines around the world making significant changes to staffing, flight schedules and business operations. Delta Airlines will cut its flight capacity by 40 percent, joining United Airlines, which yesterday said it would cut flights by 50 percent. Southwest said it is “seriously considering” cuts to domestic travel and Virgin Atlantic asked staff to take eight weeks of unpaid leave. UK Airlines have also called for a bailout to survive the crisis.
Ron Hammond, Sr. Director of Government Relations at the Blockchain Association, breaks down Trump’s plan to strengthen U.S. leadership in financial technology.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
The social video platform's future remains in doubt, as players scramble to profit from the chaos. Plus: Big oil gets bigger, DOGE downsizes, and tariffs!
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Chris Ruder, Spikeball Founder and CEO, explains how he and his friends put roundnet on the global map, plus, how Spikeball helps people "find their circle."
J.W. Roth, CEO of Venu Holding Corporation, discusses the company's IPO and plans to redefine live music entertainment with their fan founded, fan-owned model.