Global Statistics

All countries
31,509,047
Confirmed
Updated on September 22, 2020 10:48 am
All countries
22,916,694
Recovered
Updated on September 22, 2020 10:48 am
All countries
969,863
Deaths
Updated on September 22, 2020 10:48 am

COVID-19 Global Statistics

All countries
31,509,047
Confirmed
Updated on September 22, 2020 10:48 am
All countries
22,916,694
Recovered
Updated on September 22, 2020 10:48 am
All countries
969,863
Deaths
Updated on September 22, 2020 10:48 am

Support Corruption-Free

Supporting Corruption-Free isn’t a transaction for an online service. Our Community is for people like you who care about a common good: ensuring that balanced, independent coverage of Nigeria and the world continues to be available to millions across the world, for free.

Rolls-Royce Posts $7 billion Loss in H1 2020 Amid Pandemic

Group Wants NNPC to Champion Contract Transparency in Extractive Industry

The Contract Transparency Network (CONTRANET) a civil society network, has urged the Nigerian National Petroleum Corporation (NNPC) to champion the implementation of...

United States Imposes More Visa Restrictions on Nigerians Responsible for Undermining the Democratic Process

The United States of America has imposed more Visa restrictions on individuals responsible for undermining the democratic process in Nigeria.

Ijede Police And Roadside Extortion – Sanni Kay Yusuf

In Ijede, road block by men of the Nigeria police is an ugly phenomenon to worry about. Journeying there from to Ikorodu...

Beşiktaş Coach Sergen Yalçın Tests Positive for COVID-19 Ahead of Süper Lig Opener

The coach of Istanbul football powerhouse Beşlktaş has tested positive for the coronavirus, a club official said Saturday, a day after the...

French Journalist Condemned Over anti-Muslim 9/11 Remark

AFrench journalist has been slammed for making an unprovoked anti-Muslim 9/11 remark on Twitter. French broadcaster BFM TV shared...


British aerospace giant Rolls-Royce on Thursday logged a vast net loss for the first half of 2020 as the coronavirus outbreak grounded aircraft worldwide and sparked a crisis in air transport.

Rolls, which operates in the air, defense and energy sectors, posted a net loss of 5.4 billion pounds sterling ($7.1 billion) in the six months to June.

It also unveiled a 2 billion-pound asset disposal program as part of its ongoing overhaul.

The dire first-half performance compared with a year-earlier loss of 909 million pounds, it added in a results statement.

The company, whose products power Airbus and Boeing aircraft, has also ramped up its cash holdings to help navigate the damaging fallout from the ongoing global health emergency.

“The Covid-19 pandemic has significantly affected our 2020 performance, with an unprecedented impact on the civil aviation sector with flights grounded across the world,” Chief Executive Warren East said in the earnings release.

“We have responded rapidly to increase our liquidity, with 6.1 billion pounds at the end of H1 and a further 2 billion-pound term loan agreed in H2, to help weather the continued uncertainty around the timing and shape of the recovery in the civil aviation sector.

“We have made significant progress with our restructuring, which includes the largest reorganization of our civil aerospace business in our history.”

Rolls-Royce has been hit hard by the pandemic grounding passenger planes worldwide and causing airlines to cuts thousands of jobs and slash costs.

Rolls is also doing the same, announcing in May that it was shedding 9,000 jobs, or 17% of its global workforce.

On Thursday it added that it expected to raise more cash from asset disposals to help it weather the downturn.

“While our actions have helped to secure the group’s immediate future, we recognize the material uncertainties resulting from COVID-19 and the need to rebuild our balance sheet for the longer term. We have identified a number of potential disposals that are expected to generate proceeds of more than 2 billion pounds.

“Furthermore, in light of ongoing uncertainty in the civil aviation sector, we are continuing to assess additional options to strengthen our balance sheet to enable us to emerge from the pandemic well placed to capitalize on the long-term opportunities in all our markets.”

The group has spent the past two years cutting thousands of management roles following weak demand for its power systems used by the marine industry.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Hot Topics

Group Wants NNPC to Champion Contract Transparency in Extractive Industry

The Contract Transparency Network (CONTRANET) a civil society network, has urged the Nigerian National Petroleum Corporation (NNPC) to champion the implementation of...

United States Imposes More Visa Restrictions on Nigerians Responsible for Undermining the Democratic Process

The United States of America has imposed more Visa restrictions on individuals responsible for undermining the democratic process in Nigeria.

Ijede Police And Roadside Extortion – Sanni Kay Yusuf

In Ijede, road block by men of the Nigeria police is an ugly phenomenon to worry about. Journeying there from to Ikorodu...

Related Articles

Group Wants NNPC to Champion Contract Transparency in Extractive Industry

The Contract Transparency Network (CONTRANET) a civil society network, has urged the Nigerian National Petroleum Corporation (NNPC) to champion the implementation of...

United States Imposes More Visa Restrictions on Nigerians Responsible for Undermining the Democratic Process

The United States of America has imposed more Visa restrictions on individuals responsible for undermining the democratic process in Nigeria.

Ijede Police And Roadside Extortion – Sanni Kay Yusuf

In Ijede, road block by men of the Nigeria police is an ugly phenomenon to worry about. Journeying there from to Ikorodu...