NEW DELHI, Oct 12 (Reuters)India’s finance minister on Monday announced steps to stimulate consumer demand including advance payment of a part of the wages of federal government employees for spending during the festival season, part of efforts to bolster the pandemic-hit economy.

The government will also allow its employees to spend travel allowances that are an income-tax-exempt part of their salaries on goods and services, Nirmala Sitharaman told a news briefing.

“This is expected to create a consumer demand of about 280 billion rupees ($3.83 billion),” she said.

Prime Minister Narendra Modi’s government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

($1 = 73.1541 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Catherine Evans)

(([email protected]; +91 11 4954 8029; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Alex Cruz wearing a suit and tie smiling and looking at the camera: Alex Cruz is stepping down as the CEO of British Airways. Geoff Caddick - WPA Pool/Getty Images


© Geoff Caddick – WPA Pool/Getty Images
Alex Cruz is stepping down as the CEO of British Airways. Geoff Caddick – WPA Pool/Getty Images

  • British Airways boss Alex Cruz is stepping down, and will be replaced by Aer Lingus CEO Sean Doyle.
  • The owner of British Airways, International Airlines Group, said the airline industry was facing its worst crisis in history.
  • Cruz told a government committee in September that the airline was burning through £20 million ($25.9 million) a day and “fighting for its survival.”
  • It plans to cut 13,000 jobs because of the coronavirus pandemic.
  • Visit Business Insider’s homepage for more stories.

The CEO of British Airways, Alex Cruz, has stepped down, the airline’s parent company International Airlines Group (IAG) said Monday.

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Cruz, who was appointed chairman and chief executive of the flag-carrying airline in 2016, will be replaced by Sean Doyle, the CEO of Aer Lingus, the Dublin-based airline also owned by IAG.

BA’s new CEO Doyle worked for British Airways for 20 years in various roles including as director of network, fleet, and alliances, before becoming Aer Lingus’ chief executive in January 2019.

IAG chief executive Luis Gallego said British Airways was “navigating the worst crisis faced in our industry.”

The airline, which employs 42,000 people, announced plans to cut up to 12,000 jobs in April. This has since been increased to 13,000. 

Gallego thanked Cruz for working “tirelessly to modernize the airline,” adding that he has “has led the airline through a particularly demanding period.” 

Cruz told a government committee on September 16 that the coronavirus pandemic “has devastated our business, our sector, and we’re still fighting for our own survival,” adding that the company was burning through £20 million ($25.9 million) per day.

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(Bloomberg) — British Airways Chief Executive Officer Alex Cruz is being replaced, just weeks after fellow Spaniard Luis Gallego took over as head of parent company IAG SA.



Alex Cruz wearing a suit and tie looking at the camera: Alex Cruz, chief executive officer of British Airways, looks on at the 20th anniversary of Oneworld airline alliance in London, UK, on Friday, Feb. 1, 2019. Airbus SE hasn’t offered low enough prices to justify additional orders chief executive officer of International Consolidated Airlines Group SA (IAG) Willie Walsh said at the alliance meeting.


© Bloomberg
Alex Cruz, chief executive officer of British Airways, looks on at the 20th anniversary of Oneworld airline alliance in London, UK, on Friday, Feb. 1, 2019. Airbus SE hasn’t offered low enough prices to justify additional orders chief executive officer of International Consolidated Airlines Group SA (IAG) Willie Walsh said at the alliance meeting.

Sean Doyle, who has been running Irish sister carrier Aer Lingus, will take over immediately as British Airways CEO, according to a statement Monday. Cruz, 54, will stay on as chairman of the U.K. airline for a transition period, before Doyle assumes that role as well.

Cruz is leaving after being passed over in January as replacement for the group’s chief, Willie Walsh, who retired as IAG head last month after 15 years in the job. The 54-year-old Cruz joined IAG when the London-based group bought out Vueling, the discount carrier he headed.

Initially seen as a likely successor to Walsh, Cruz was criticized for the extent of cost cuts and service changes during his four years at the helm. Pilots, former staff and customers suggested British Airways’ image as a premium carrier was being tarnished — even as Walsh kept up pressure for even deeper cutbacks.



Alex Cruz wearing a suit and tie looking at the camera: Alex Cruz, chief executive officer of British Airways, looks on at the 20th anniversary of Oneworld airline alliance in London, UK, on Friday, Feb. 1, 2019. Airbus SE hasn’t offered low enough prices to justify additional orders chief executive officer of International Consolidated Airlines Group SA (IAG) Willie Walsh said at the alliance meeting.


© Bloomberg
Alex Cruz, chief executive officer of British Airways, looks on at the 20th anniversary of Oneworld airline alliance in London, UK, on Friday, Feb. 1, 2019. Airbus SE hasn’t offered low enough prices to justify additional orders chief executive officer of International Consolidated Airlines Group SA (IAG) Willie Walsh said at the alliance meeting.

Union Clashes

This year, Cruz clashed with unions and politicians over plans to

As we move toward the colder months, entire industries are still suffering from one of the greatest recessions in history. As businesses deal with the decline in revenue and profits, the fall out of COVID-19 is far from over. It’s still unclear how long it will take to recover from the rapid shutdown of businesses and job loss. The Carlson Law Firm has been steadily working to inform businesses about their insurance policies and what they could likely cover.

If your business is suffering revenue or profit losses, understanding what you need to do is important to get the compensation you are owed.

Industries most affected by COVID-19
As a major travel destination with a billion-dollar sports team, San Antonio has felt the ripple effects of COVID-19.


Hotel Industry
As conferences, conventions, and leisurely travel plans have slowed, the San Antonio hotel industry has suffered significantly from COVID-19 losses. On a national scale, occupancy rates are less than 50%—well under what most hotels need to survive.

Entertainment
The sports world has adjusted to the current pandemic by holding events without fans. The NBA’s bubble is just one extreme example of how some areas of entertainment are adapting. It has, however, been much more difficult for the movie theater industry to adapt. Months of closures, direct-to-streaming options becoming more common, fewer movies showing in theaters, and less attendance, the theater industry may be more reliant on business interruption policies than others.

Healthcare Industry
Many people are avoiding hospitals and clinics to avoid contracting the coronavirus. As the coronavirus pandemic rages on, hospitals have taken major hits because elective surgeries aren’t happening. Elective surgeries account for a significant portion of hospital revenue. In addition, dental clinics and other health clinics are also taking substantial losses from the historic financial decline in healthcare

Dwane Casey’s takeaways from Detroit Pistons bubble workouts

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Detroit Pistons owner and Platinum Equity Tom Gores stepped down from the Los Angeles County Museum of Art (LACMA) Board of Trustees on Thursday night, following pressure from activists over his investment firm’s ownership of a prison telephone company.

In 2017, Platinum Equity acquired Securus — a company that operates private telephone systems in all 50 states for more than a million prisoners. Gores’ involvement in the prison telecom industry has been met with criticism by various activists, and came to a head in September.

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TAKING NOTES: How Miami Heat’s NBA Finals run gives Pistons rebuild a blueprint

Last month, two Civil Rights non-profit groups, Colors of Change and Worth Rises, penned a letter to the LACMA calling for Gores’ dismissal. The gesture spurred a second letter supporting Gores’ dismissal that was signed by more than 200 artists and art supporters, some of whom have ties to the museum.

“Today, the board of the Los Angeles County Museum of Art made it clear that there is no seat at the table for prison profiteers,” Rashad Robinson, president of Color Of Change, said in a statement. “Thanks to this coordinated campaign, Tom Gores was finally removed from LACMA’s Board of Trustees as a result of his dealings in the prison industry. As owner of Securus, Gores has exploited incarcerated people and their families — who are overwhelmingly Black and low-income — with exorbitant fees for prison phone calls. We applaud this resignation, but in order to truly see justice done, Congress must act and approve the Martha Wright