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“Demand to Remain Suppressed” till Vaccine/Treatment Widely Available: United Airlines. May Not Happen till Late 2021 “or Even Later”: Health Care Leaders
“Demand to Remain Suppressed” till Vaccine/Treatment Widely Available: United Airlines. May Not Happen till Late 2021 “or Even Later”: Health Care Leaders
Flattened-out fish-hook-shaped recovery of demand?
Passenger revenues collapsed by 94% to just $681 million, United Airlines disclosed in its Q2 earnings report today. Other operating revenues plunged by 37% to $392 million, but cargo was hot, rising 36% to $402 million “by serving strategic international cargo-only missions and optimizing aircraft capacity with low passenger demand.” All combined, revenues collapsed by 87%.
This has now become the serenade by airlines to investors. United follows Delta in it: Revenues have totally collapsed, and we’re in an existential crisis, and we’re cutting costs and capacity like maniacs, and we need to shed tens of thousands of employees, to reduce our cash burn, but we’ve raised many billions of dollars from you all (thank you) and from taxpayers, and we will duly burn this cash during this crisis.
United burned $40 million a day in Q2. It expects to reduce this cash burn to $25 million a day in Q3 – about $2.3 billion in the quarter – and reduce it further in Q4.
United said today it has slashed operating costs by 54%” compared to Q2 last year; this includes expenses for fuel, which were down 90%, aircraft maintenance down 74%, landing fees down 35%, and its largest line item, salaries down 29%.
Those are huge cuts. Earlier in July, in a dreary assessment of the airline industry and traffic, including a renewed decline in ticket sales starting in late June, United announced 36,000 “involuntary furloughs” on or after October 1 if it can’t entice those employees to leave voluntarily beforehand.
Despite the cost cuts, United lost $2 billion in the quarter.
And it said that it expects its system capacity in Q3 to still be down by 65% compared to Q3 last year. And it will cancel flights and adjust capacity “until it sees signs of a recovery in demand.”
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How to Prepare for a Cyber Attack
How to Prepare for a Cyber Attack
There is a lot of debate on whether Wednesday’s computer issues that shut down the New York Stock Exchange, the Wall Street Journal, and United Airlines were just a very strange coincidence (very strange) or a deliberate cyber attack
This isn’t the first possible cyber attack on the United States this year. Heck, it’s not even the first one this summer. On June 5, Reuters reported a breach occurred that comprimised the personal information of millions of federal employees, both current and former. This breach was traced back to a “foreign entity or government.”
Regardless of the origin of the so-called computer”glitches” that shut down Wall Street and a major airline, the events of Wednesday gave us just a tiny glimpse at how serious a cyber attack could be.
What exactly is a cyber attack?
A cyber attack is more than just shutting down the computer systems of a specified entity. It is defined as “deliberate exploitation of computer systems, technology-dependent enterprises and networks. Cyberattacks use malicious code to alter computer code, logic or data, resulting in disruptive consequences that can compromise data and lead to cybercrimes, such as information and identity theft.”
Technopedia lists the following consequences of a cyber attack:
- Identity theft, fraud, extortion
- Malware, pharming, phishing, spamming, spoofing, spyware, Trojans and viruses
- Stolen hardware, such as laptops or mobile devices
- Denial-of-service and distributed denial-of-service attacks
- Breach of access
- Password sniffing
- System infiltration
- Website defacement
- Private and public Web browser exploits
- Instant messaging abuse
- Intellectual property (IP) theft or unauthorized access
Cyber attacks happen far more frequently than you might think. Check out this real-time map for a look at the almost constant seige.
…click on the above link to read the rest of the article…
What In The World Just Happened To The New York Stock Exchange?
What In The World Just Happened To The New York Stock Exchange?
Do you believe that the New York Stock Exchange shut down because of a “technical glitch” on Wednesday? At 11:32 AM on Wednesday morning, trading on the New York Stock Exchange was halted due to “internal technical issues”, and it did not resume until 3:10 PM. Officials insist that there is no evidence that a cyberattack caused the technical problems even though hactivists had hinted that something may happen the night before. Adding to the suspicion is the fact that United Airlines and the Wall Street Journal also experienced very serious “technical glitches” on Wednesday. Others found it very curious that trading on the NYSE was halted just after Chinese stocks had absolutely plummeted the night before. In fact, Hong Kong’s Hang Seng Index experienced the largest one day decline that we have witnessed since November 2008. So is there more going on here than meets the eye?
Overall, the Dow was down 261 points on Wednesday, and the Dow and the S&P 500 both closed below their 200 day moving averages. Iron ore had its biggest daily price drop ever, and the price of oil continued to decline. But it was the stunning shut down of the New York Stock Exchange that made headlines all over the world…
The New York Stock Exchange, United Airlines and the Wall Street Journal have all fallen victim to a series of massive technical glitches within hours of each other.
NYSE halted all trading for ‘technical reasons’ at 11:32am and only reopened at 3:10pm – but says the problem is an internal one and not the result of a cyberattack.
It comes as tens of thousands of United Airlines passengers were stranded at U.S. airports on Wednesday morning after all of the carrier’s flights were grounded nationwide due to a computer system glitch.
The Wall Street Journal was also left unable to publish after its systems came under attack and has been forced to switch to an alternative site design.
…click on the above link to read the rest of the article…
