Experts say it will probably take years for such activities as air travel to return to normal. Meanwhile, governments will still have to figure out how to shore up aging infrastructure, alleviate traffic congestion, support mass transit and accommodate the flying public.

The Maryland Department of Transportation has proposed slashing nearly $3 billion from its six-year capital budget. The cuts include delaying $900 million in road projects and postponing construction of a $500 million baggage-handling system and terminal connection at Baltimore-Washington International Marshall Airport. The state also plans to temporarily scrap some service for commuter buses and MARC commuter trains, which have ridership hovering at about 10 percent of normal.

“Everything has been hit across our system,” Maryland Transportation Secretary Gregory Slater said. “We have to find the least amount of impact to people, but people will see and feel some of this.”

Slater said his agency is trying to avoid layoffs by scaling back in other areas. For example, roads that typically would get a new layer of asphalt might instead just have potholes patched. Road crews will mow less often.

“I think people are already starting to see grass getting a little bit longer or less litter cleanup,” Slater said.

Nationwide, 18 states and 25 localities have recently canceled or delayed transportation projects valued at $10.9 billion, according to the American Road & Transportation Builders Association (ARTBA).

With most governors having declared construction to be essential during the pandemic, many states took advantage of unusually light traffic during stay-at-home orders to step up paving and other work. But much of the work that continued in the spring and early summer fell under contracts signed in the one or two years before the pandemic.

Alison Black, ARTBA’s chief economist, said she was struck by a decline in new contracts

By Erwin Seba

HOUSTON, Sept 30 (Reuters)Marathon Petroleum Corp’s MPC.N oil-refining unit is cutting at least 6% of its staff, according to people familiar with the matter, demonstrating the depth of declining fuel demand during the pandemic.

Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel. U.S. gasoline futures are down 26% from a year ago and oil futures are trading down a third from where they began the year.

A total of 1,255 salaried and hourly employees at nine of Marathon’s 16 refineries were notified of job losses, the people said. It could not immediately be learned whether jobs at other Marathon refineries or pipeline operations also were affected.

The largest U.S. refiner by volume, Marathon on Tuesday said it was evaluating roles throughout the company but gave no details. A spokesman on Wednesday declined further comment.

“The pandemic has resulted in near-record lows on diesel margins, the go-to product for refineries as we enter into the winter heating season,” said Andrew Lipow, president of consultancy Lipow Oil Associates.

“The glut in refining capacity has forced these downstream companies into layoffs,” he said.

Marathon is cutting back operations not tied to its retail gasoline business, the people familiar with the matter said. The company’s Speedway retail unit, is being sold to 7-Eleven Inc., an arm of Japan’s Seven & i Holdings Co Ltd 3382.T.

There have been 405 salaried employees at seven Marathon refineries dismissed so far this week and another 1,250 hourly and salaried employees will lose their jobs in Gallup, New Mexico and Martinez, California. The latter refineries, which Marathon announced it would shut down in August,are set to close Thursday.

Marathon is cutting 100 jobs

HOUSTON (Reuters) – Marathon Petroleum Corp’s

oil-refining unit is cutting at least 6% of its staff, according to people familiar with the matter, demonstrating the depth of declining fuel demand during the pandemic.

Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel. U.S. gasoline futures are down 26% from a year ago and oil futures are trading down a third from where they began the year.

A total of 1,255 salaried and hourly employees at nine of Marathon’s 16 refineries were notified of job losses, the people said. It could not immediately be learned whether jobs at other Marathon refineries or pipeline operations also were affected.

The largest U.S. refiner by volume, Marathon on Tuesday said it was evaluating roles throughout the company but gave no details. A spokesman on Wednesday declined further comment.

“The pandemic has resulted in near-record lows on diesel margins, the go-to product for refineries as we enter into the winter heating season,” said Andrew Lipow, president of consultancy Lipow Oil Associates.

“The glut in refining capacity has forced these downstream companies into layoffs,” he said.

Marathon is cutting back operations not tied to its retail gasoline business, the people familiar with the matter said. The company’s Speedway retail unit, is being sold to 7-Eleven Inc., an arm of Japan’s Seven & i Holdings Co Ltd <3382.T>.

There have been 405 salaried employees at seven Marathon refineries dismissed so far this week and another 1,250 hourly and salaried employees will lose their jobs in Gallup, New Mexico and Martinez, California. The latter refineries, which Marathon announced it would shut down in August, are set to close Thursday.

Marathon is cutting 100 jobs at its Robinson, Illinois, refinery, 60 in Los Angeles,

Energy major Shell unleashed Wednesday a major restructuring to combat plunging oil prices driven by the coronavirus pandemic, warning it will also spark more asset writedowns in the third quarter.

Royal Dutch Shell said in a statement that it would axe between 7,000 and 9,000 positions by the end of 2022, of which 1,500 staff have already agreed to take voluntary redundancy this year.

The job cuts would amount to roughly 10 percent of Shell’s total global workforce of 80,000 staff across more than 70 countries.

The Anglo-Dutch giant aims to generate annual savings of between $2.0 billion and $2.5 billion (1.7-2.1 billion euros) under the plan, which also includes other measures to streamline the business in response to the fallout from the Covid-19 crisis.

Those savings will partially contribute to the $3.0-$4.0 billion efficiency drive that was announced in March and runs to 2021, it added.

Royal Dutch Shell says it will axe between 7,000 and 9,000 positions by the end of 2022, of which 1,500 staff have already agreed to take voluntary redundancy this year Royal Dutch Shell says it will axe between 7,000 and 9,000 positions by the end of 2022, of which 1,500 staff have already agreed to take voluntary redundancy this year Photo: AFP / BEN STANSALL

 

Shell had already flagged in July that job cuts were in the pipeline after posting a colossal $18.1-billion second-quarter net loss as coronavirus savaged the world oil market.

It warned on Wednesday that it would suffer more post-tax impairment charges of between $1.0-$1.5 billion in third quarter earnings, which will be published at the end of October.

“This is an extremely tough process. It is very painful to know that you will end up saying goodbye to quite a few good people,” said Chief Executive Ben van Beurden in an interview on the company website.

“But we are doing this because we have to, because it is the right thing to do for the future of the company.

(Bloomberg) — Credit Suisse Group AG is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.



a living room: Credit Suisse Group AG Ahead Of First Virus-Era Results


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Credit Suisse Group AG Ahead Of First Virus-Era Results

The job cuts — focused on Dubai — follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.

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“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single leadership,” a bank spokeswoman said in an emailed statement. She declined to comment on the job cuts.

Chief Executive Officer Thomas Gottstein announced his first major revamp of the Swiss lender at the end of July, simplifying the bank’s structure. Credit Suisse is merging its advisory and its trading business into a single division led by global markets head Brian Chin, while plans to cut as many as 500 jobs in Switzerland were also disclosed last month.

Credit Suisse Reviews Risk Structures to Boost Bank Oversight

Philipp Wehle’s international wealth management unit has been marked out as a growth area with the aim to boost revenue from the ultra-wealthy while also bringing investment banking for mid-sized clients in the EMEA region under his control. He’s also laid out his own divisional revamp, reducing the number of regional reports to undo a structure created by predecessor Iqbal Khan.

Credit Suisse discovered fraud at its Middle-East and Africa private banking business earlier this year, Bloomberg reported last month. The