"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2020-03-17T16:35:39Z"
data-video-section="politics"
data-canonical-url="https://www.cnn.com/videos/politics/2020/03/17/steve-mnuchin-coronavirus-airline-industry-9-11-vpx.cnn"
data-branding-key=""
data-video-slug="Steve Mnuchin coronavirus airline industry 9/11 vpx"
data-first-publish-slug="Steve Mnuchin coronavirus airline industry 9/11 vpx"
data-video-tags="air transportation,airlines,aviation and aerospace industry,business and industry sectors,business figures,business, economy and trade,coronavirus,diseases and disorders,epidemics and outbreaks,health and medical,infectious diseases,life forms,microscopic life,public health,september 11,steven mnuchin,transportation and warehousing,viruses"
data-details="">
Video Ad Feedback
Mnuchin: Coronavirus 'worse than 9/11' for airlines
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2020-03-17T16:35:39Z"
data-video-section="politics"
data-canonical-url="https://www.cnn.com/videos/politics/2020/03/17/steve-mnuchin-coronavirus-airline-industry-9-11-vpx.cnn"
data-branding-key=""
data-video-slug="Steve Mnuchin coronavirus airline industry 9/11 vpx"
data-first-publish-slug="Steve Mnuchin coronavirus airline industry 9/11 vpx"
data-video-tags="air transportation,airlines,aviation and aerospace industry,business and industry sectors,business figures,business, economy and trade,coronavirus,diseases and disorders,epidemics and outbreaks,health and medical,infectious diseases,life forms,microscopic life,public health,september 11,steven mnuchin,transportation and warehousing,viruses"
data-details="">
Video Ad Feedback
Mnuchin: Coronavirus 'worse than 9/11' for airlines
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-04-19T15:23:32Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/04/19/mask-mandate-removal-airlines-muntean-sot-vpx.cnnbusiness"
data-branding-key=""
data-video-slug="mask mandate removal airlines muntean sot vpx"
data-first-publish-slug="mask mandate removal airlines muntean sot vpx"
data-video-tags="aircraft,aviation and aerospace industry,business and industry sectors,business, economy and trade,centers for disease control and prevention,coronavirus,coronavirus pandemic,diseases and disorders,epidemics and outbreaks,government organizations - us,health and medical,infectious diseases,life forms,microscopic life,public health,public transportation,respiratory diseases,transportation and warehousing,us department of health and human services,us federal departments and agencies,viruses,air transportation,airlines,decisions and rulings,law and legal system,trial and procedure"
data-details="">
Video Ad Feedback
See airline passengers throw away masks as mandate is revoked
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-04-10T18:05:00Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/04/10/white-house-miffed-by-press-corps-covid-coverage.cnn"
data-branding-key=""
data-video-slug="White House miffed by press corps' Covid coverage?"
data-first-publish-slug="White House miffed by press corps' Covid coverage?"
data-video-tags="brian stelter,business and industry sectors,business, economy and trade,companies,coronavirus,coronavirus pandemic,diseases and disorders,epidemics and outbreaks,government and public administration,government bodies and offices,health and medical,infectious diseases,journalism and news media,life forms,media industry,microscopic life,misc people,politics,public health,respiratory diseases,the atlantic,us federal government,viruses,white house"
data-details="">
Video Ad Feedback
White House miffed by press corps' Covid coverage?
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-21T20:54:03Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/21/fox-neil-cavuto-covid-vaccine.cnn"
data-branding-key=""
data-video-slug="Fox Neil Cavuto covid vaccine"
data-first-publish-slug="Fox Neil Cavuto covid vaccine"
data-video-tags="business and industry sectors,business, economy and trade,communicable disease control,companies,coronavirus,diseases and disorders,electronics,fox corporation,health and medical,health care,health care facilities,hospitals,infectious diseases,intensive care units,levels of care (health),life forms,medical and health care electronics,medical treatments and procedures,microscopic life,public health,respiratory diseases,technology,vaccination and immunization,viruses"
data-details="">
Video Ad Feedback
Fox anchor says the Covid-19 vaccine saved his life
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-07T12:04:45Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/04/watch-covid-pandemic-house-hgtv-video-orig.cnn-business"
data-branding-key="innovate"
data-video-slug="watch covid pandemic house hgtv video orig"
data-first-publish-slug="watch covid pandemic house hgtv video orig"
data-video-tags="diseases and disorders,health and medical,infectious diseases,companies,epidemics and outbreaks,hgtv,public health"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-04T23:15:07Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/04/jobs-report-inflation-economy-brian-deese-national-economic-council-director.cnnbusiness"
data-branding-key=""
data-video-slug="jobs report inflation economy brian deese national economic council director"
data-first-publish-slug="jobs report inflation economy brian deese national economic council director"
data-video-tags="business, economy and trade,economic indicators,economy and economic indicators,employment growth,employment trends,government and public administration,government bodies and offices,labor and employment,labor sector performance,politics,us federal government,white house,government organizations - us,us congress"
data-details="">
Video Ad Feedback
National Economic Council director on how to 'normalize' the economy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-21T12:26:04Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/21/hong-kong-cathay-pacific-zero-covid-lu-stout-pkg-intl-hnk-vpx.cnn"
data-branding-key=""
data-video-slug="Hong Kong cathay pacific zero Covid lu stout pkg intl hnk vpx"
data-first-publish-slug="Hong Kong cathay pacific zero Covid lu stout pkg intl hnk vpx"
data-video-tags="air transportation,aircraft pilots,airline employees,airlines,arrests,asia,business and industry sectors,business, economy and trade,cathay pacific,china,communicable disease control,companies,continents and regions,coronavirus,coronavirus pandemic,crime, law enforcement and corrections,criminal law,diseases and disorders,east asia,epidemics and outbreaks,europe,health and medical,hong kong,hotels and motels,infectious diseases,isolation and quarantine,kristie lu stout,labor and employment,law and legal system,law enforcement,life forms,lodging,microscopic life,misc people,northern europe,public health,respiratory diseases,transportation and warehousing,travel and tourism,united kingdom,viruses,workers and professionals"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-14T09:17:09Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/14/hong-kong-zero-covid-supply-chain-lu-stout-pkg-intl-hnk-vpx.cnn"
data-branding-key=""
data-video-slug="Hong Kong zero covid supply chain lu stout pkg intl hnk vpx"
data-first-publish-slug="Hong Kong zero covid supply chain lu stout pkg intl hnk vpx"
data-video-tags="asia,border control,china,communicable disease control,continents and regions,coronavirus,coronavirus pandemic,diseases and disorders,east asia,epidemics and outbreaks,health and medical,hong kong,infectious diseases,international relations,international relations and national security,kristie lu stout,life forms,microscopic life,misc people,national security,public health,respiratory diseases,territorial and national borders,viruses"
data-details="">
Video Ad Feedback
Pandemic empties one of the world's busiest airports
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-11T12:49:06Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/11/colorado-governor-polis-coronavirus-business-newday-vpx.cnn"
data-branding-key=""
data-video-slug="colorado governor polis coronavirus business newday vpx"
data-first-publish-slug="colorado governor polis coronavirus business newday vpx"
data-video-tags="colorado,continents and regions,north america,southwestern united states,the americas,united states,diseases and disorders,ed lavandera,epidemics and outbreaks,health and medical,infectious diseases,jared polis,misc people,political figures - us,public health"
data-details="">
Video Ad Feedback
Colorado Gov. Polis pushes 'get back to normal' strategy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-04T20:46:31Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/04/nyc-mayor-business-open-shutdown-eric-adams.cnnbusiness"
data-branding-key=""
data-video-slug="nyc mayor business open shutdown eric adams"
data-first-publish-slug="nyc mayor business open shutdown eric adams"
data-video-tags="continents and regions,environment and natural resources,eric adams,landforms and ecosystems,new york (state),new york city,north america,northeastern united states,political figures - us,the americas,united states"
data-details="">
Delta Air Lines expects revenue over the next three months to be down 90%, with no end of the industry’s troubles in sight.
“Even as Delta is burning more than $60 million in cash every day, we know we still haven’t seen the bottom,” said CEO Ed Bastian warned employees that Friday. He said April’s schedule will be down “at least 80% smaller than originally planned, with 115,000 flights canceled.”
As an example of the drop in traffic he said that on March 28, Delta carried only 38,000 customers, versus its normal late-March Saturday of traffic of 600,000.
“I wish I could predict this would end soon, but the reality is we simply don’t know how long it will take before the virus is contained and customers are ready to fly again,” he said.
Airline fan Buffett dumping shares
In a separate filing Berkshire Hathaway
(BRKA), disclosed that it sold 18% of its stake in Delta
(DAL) earlier this week, dumping nearly 13 million shares for $314 million.
Berkshire also disclosed it had sold 2.3 million shares of Southwest Airlines
(LUV) for $74 million. That only represented 4% of Berkshire’s Southwest holdings though.
Berkshire and its chairman Warren Buffett have been major investors in a number of airlines in recent years. It previously held 11% of Delta’s shares, and 10.3% of Southwest before the recent sales, along with 10% of American
(AAL) and 9% of United
(UAL).
Berkshire is among the three largest shareholders of all four airlines. Buffett typically does not sell shares simply due to a decline in price or difficult economic times.
Other airlines also see tough times ahead
Delta wasn’t the only airline issuing a grim outlook for business Friday evening. United and JetBlue did as well.
United said that its average revenue in March was $100 million a day less than a year ago. It also cut April capacity by 80%, and said that it still only expected to fill a small portion of the seats it flies - a percentage between the low teens and single digits. United filled 84% of its seats with paying customers throughout 2019. An airline typically needs to sell at least two-thirds of the available seats on a flight in order for it to be profitable.
United said because of the low traffic it expects to make even deeper cuts in the May schedule and it will continue to cut the schedule until it sees signs of a recovery in demand. But it’s not expecting any significant rebound soon. It said revenue for the last three months of this year is still expected to be down 30% from the final quarter of 2019.
JetBlue said that it expects to fly only 7,000 customers a day in April and possibly in May, compared to the normal 120,000 it would handle. It said it was taking in just $1 million a day in bookings and ancillary fees, down from $22 million during April last year. And it is issuing $11 million per day of travel bank credits for canceled bookings.
Airlines file for help
Bastian confirmed that Delta filed Friday for its share of $25 billion in federal grants for the airline industry approved by Congress last week. Most other airlines confirmed that they, too, filed or planned to file for such support. Airlines that did not file by Friday stood the risk that there would not be money available to them when they did.
There’s another $25 billion in loan support available as part of the package. American Airlines CEO Doug Parker told his employees a week ago that American stood to get $12 billion of the $50 billion of help available because of it is the world’s largest airline.
United, Southwest, JetBlue
(JBLU) and Hawaiian airlines disclosed their requests for help in statements or company filings with the Securities and Exchange Commission. Sun County, Spirit Airlines
(SAVE), Alaska
(ALK) and Allegiant Airlines told CNN on that they had filed.
The small regional airlines that operate as feeders for the major carriers also all filed for help, according to Faye Malarkey Black, the CEO of the Regional Airline Association. That does not include the two regional airlines that already announced plans to go out of business.