Business & Finance
More difficulties piled up for the aviation industry around the world in the wake of the Sept. 11 terrorist attacks, as:
Swissair Group appealed to the Bern government for at least $1.2 billion in emergency funding to avoid bankruptcy. Despite thousands of layoffs and other cutbacks, published reports said major banks have been unwilling to come to the carrier's aid. Swissair is due to make a $200 million payment today to Sabena, the Belgian carrier in which it holds a 49.5 percent stake.
Embraer, the Brazilian aircraft builder, faced a strike by unionized employees today if it did not reverse a decision to cut 1,800 jobs. The company is the world's fourth-largest producer of commercial jets.
Praxair Inc. said it will lay off 900 employees. The Danbury, Conn., company makes high-performance coatings for aircraft engines and parts and provides repair services.
Hawaiian Airlines said it will cut 430 jobs, 35 of its 158 daily inter-island flights, and 22 of its 120 weekly trans-Pacific flights.
Mandalay Resort Group became the latest Las Vegas casino/hotel operator to announce job cuts, saying it will lay off 4,500 workers. Its top 100 executives also agreed to reduce their salaries by a combined $5 million. Mandalay operates five casinos.
Atmel Corp., a leading supplier of integrated circuits to Motorola, Lucent Technologies, Siemens, and Nokia, said it will cut 2,500 jobs, or 26 percent of its workforce, and take a one-time charge of up to $500 million in the third quarter. The company is based in San Jose, Calif.