Slipping world shares…Qantas cuts…CA emissions vote

BANGKOK (AP) — World shares slipped today as investors focused on surging new coronavirus cases in the U.S. that are dimming hopes for a relatively quick economic turnaround from the pandemic downturn. In early trading, Germany’s DAX lost 0.9%, while the CAC 40 in Paris tumbled 1.5% and London’s FTSE gave up 1.2%. In Asia, Tokyo’s Nikkei 225 slipped 1.2% and the Kospi in Seoul lost 2.3%. Dow and S&P futures have slipped.

BERLIN (AP) — Germany’s Lufthansa is seeking shareholders’ support at an extraordinary general meeting for a 9 billion-euro ($10.2 billion) rescue package that would see a government stabilization fund take a 20% stake. The company, which also owns airlines including Austrian Airlines and Swiss, appeared on course to get the deal approved after major shareholder Heinz-Hermann Thiele told a newspaper today that he would vote for it. Thiele had previously raised questions over his approval, prompting the company last week to warn that the package could be in danger and to plead with all shareholders to exercise their voting rights.

WELLINGTON, New Zealand (AP) — Australia’s largest airline plans to cut at least 6,000 jobs and keep 15,000 more workers on extended furloughs as it tries to survive the coronavirus pandemic. Qantas has announced a plan to reduce costs by billions of dollars and raise fresh capital. It will ground 100 planes for a year or more and immediately retire its six remaining Boeing 747 planes. Chief Executive Alan Joyce says the airline has to become smaller as it braces for several years of much lower revenues.

LONDON (AP) — The British postal service Royal Mail will be slashing 2,000 management jobs as part of an overhaul of its operations in the wake of the coronavirus pandemic. The group says that senior executive and non-operational roles will be hardest hit in a plan to save 330 million pounds ($410 million) over the next two years. Royal Mail is the latest in a long line of British companies to announce hefty job losses recently.

SACRAMENTO, Calif. — California regulators are scheduled to approve new rules that would force automakers to sell more electric work trucks and delivery vans in the state. It’s a first-of-its-kind rule aimed at helping the nation’s most populous state clean up its worst-in-the-nation air quality. The rules would require a certain percentage of work truck sales each year to be zero emission vehicles. Board chair Mary Nichols says it will be transformational for the state. The Truck and Engine Manufacturers Association opposes the rule, arguing the change will not work without requiring companies to buy more electric trucks.