Company briefs: Lufthansa
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PHOTO: REUTERS
Lufthansa
Deutsche Lufthansa's unit Swiss could announce additional job cuts in the second quarter as the pandemic crimps air travel, its chief executive told the SonntagsBlick newspaper.
Last October, Swiss announced 1,000 job cuts through attrition over two years. The company has about 9,000 staff.
Like most of the travel industry, Swiss is expecting less business travel in the future as companies will likely use more video conferencing rather than in-person trips even after the coronavirus crisis subsides.
REUTERS
Sinopec
China Petroleum & Chemical Corp, better known as Sinopec, plans a 23.8 per cent increase in capital spending to 167.2 billion yuan (S$34.4 billion) this year, following recovery of oil prices and energy demand as the Covid-19 epidemic subsided.
It expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development and construction of liquefied natural gas terminals, up from 56.4 billion yuan last year. "China's economy is recovering and is expected to achieve relatively good growth," the company said in a statement filed to the Shanghai Stock Exchange on Sunday.
REUTERS
Renesas
Renesas Electronics Corp now believes damage from a fire at its chip-making plant in Japan was more extensive than first thought, a spokesman said yesterday.
The firm had initially said 11 machines were damaged in a fire earlier this month at the Naka plant, but the Nikkei reported yesterday that the number of inoperable machines was now believed to be around 17. Renesas has said it will take at least a month to resume production at its 300mm wafer line at the fire-hit plant, but replacing damaged machines could take several months.
REUTERS
