TVA, Jacobs make "Dirty Dozen" list
The National Council for Occupational Safety and Health listed Jacobs Engineering and the Tennessee Valley Authority to its annual "Dirty Dozen" report for failing to protect American workers.
The union-backed report, which is released during Workers" Memorial Week to those who have been injured or died on the job, identifies that the council claims are business failures to protect workers from on-the-job injuries or fatalities.
TVA hired Jacobs to help clean up the Kingston coal ash spill. Workers have sued Jacobs, and claim TVA should have done more to ensure the contractor protected workers, because they allege the contractor failed to warn workers of the dangers or working with coal ash and didn't provide adequate protective clothing and masks.
A jury in U.S. District Court in Knoxville in November 2018 sided with laborers against Jacobs, but attempts to mediate a settlement for those who claim Jacobs was negligent has not been successful so far.
Airbnb expects to lose half of its revenues
Airbnb is laying off 25% of its workforce as it confronts a steep decline in global travel due to the new coronavirus.
In a letter to employees, CEO Brian Chesky said the company is letting 1,900 of its 7,500 workers go and cutting businesses that don't directly support home-sharing, like its investments in hotels and movie production.
"We are collectively living through the most harrowing crisis of our lifetime," Chesky wrote. He said Airbnb expects its revenue to drop by more than half this year.
Chrysler losses total $1.8 billion
Fiat Chrysler Automobiles on Tuesday reported a first-quarter net loss of 1.7 billion euros ($1.84 billion) due to a steep decline in car sales triggered by the coronavirus pandemic, and said the impact on the second-quarter would be even more severe.
The Italian-American carmaker has withdrawn full-year earnings forecasts due to the volatility of the economic crisis provoked the virus, which includes stalled production and shuttered dealerships. But it said that an internal stress-test indicates it could survive a 50% reduction in volumes by slashing costs and cash burn.
CEO Mike Manley told analysts that despite the crisis, the terms of a full merger deal with French carmaker PSA Peugeot had not been changed, and that the aim remains to complete it by the end of 2020 or early 2021.
The first-quarter loss compared with earnings of 619 million euros during the same period of 2019. Revenues sank 16% to 20.5 billion euros as global shipments slumped 21% to 818,000 with production suspended in all regions and global demand collapsing. Manley said the company expects a net loss and "significant" negative cash flows" in the second quarter.