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01.10.2020 / 12:23

Covid-19 impact: Rolls-Royce raising $6.5 bn to survive cash crunch

London: Rolls-Royce plans to raise a total of 5 billion pounds ($6.5 billion), including 2 billion pounds from shareholders, to rebuild its balance sheet as the coronavirus travel crisis wreaks havoc on the British engine maker's cashflow.Airlines pay Rolls based on how many hours its engines fly in larger jets and worries over the slump in long-haul travel have knocked 80% off the value of its shares this year.Rolls, whose engines power the Boeing 787 and Airbus 350, said in May it would cut 9,000 jobs as a result of the pandemic and its finances have been under intense scrutiny."The capital raise announced today improves our resilience to navigate the current uncertain operating environment," Chief Executive Warren East said on

Britain covid-19 Government travelers Coronavirus

Rolls-Royce posts $7 billion loss as Covid-19 crisis batters air travel

coronavirus crisis batters air travel.The loss from the grounding of global plane fleets was swollen by a charge for closing dollar hedges that won’t be required as sales shrink, Rolls-Royce said Thursday, together with a writedown of the value of its main jet-engine arm.The company said it wants to raise at lease 2 billion pounds from disposals within 18 months, identifying the ITP Aero unit as the asset most likely to be offloaded.Rolls is also closing sites and cutting jobs as it grapples with a slump that’s expected to depress demand for the wide-body aircraft it powers for years to come.

India covid-19 crisis travelers Coronavirus

Rolls-Royce to axe 9,000 jobs after coronavirus business blow

Rolls-Royce plans to cut 9,000 jobs.

Scotland crisis Coronavirus

Rolls Royce to axe 9,000 jobs due to impact of coronavirus crisis

Aerospace giant Rolls-Royce said it plans to cut at least 9,000 jobs after demand was hit by the coronavirus pandemic.

pandemic crisis Coronavirus

COVID-19

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
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