Philippine casino operator Okada Manila lays off over 1,000 staff

MANILA — Philippine integrated resort and casino Okada Manila will retrench more than 1,000 employees next month, citing severe losses triggered by the ongoing coronavirus lockdown.

Okada, along with other casinos in the country, has been closed since mid-March as part of efforts to prevent the spread of the virus known as COVID-19.

“Not having any revenue since the lockdown has been financially draining and caused severe losses to the company, and if this is not addressed, its losses will pile up,” company President Takashi Oya said in a letter to staff on Tuesday.

The Philippines is weighing whether to

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can ‘dividend hero’ trusts maintain their records as Covid lays waste to income?

Will 2020 be the year that the so-called “dividend hero” trusts finally fall to earth?

These are the quoted funds that have increased their dividends annually for at least the past 20 years. Some have managed to raise the payment every year for more than half a century.

We can be sure that the board of any trust that has not failed to raise its divi for many decades will move heaven and earth to avoid a cut now. Equally, the pressure on income funds is huge: hundreds of listed companies have cut or suspended their own dividend.

Even Shell,

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British Airways lays off up to 12,000 staff

British Airways is set to make up to 12,000 workers redundant, owner IAG said on Tuesday.

The company revealed the shock move in its first quarter results, released after the stock market closed in an unscheduled announcement.

IAG slumped to an operating result before exceptional items of €535m (£459m) compared to a profit of €135m for the first three months of last year. Revenue declined by 13pc to €4.6bn. 

“In light of the impact of Covid-19 on current operations and the expectation that the recovery of passenger demand to 2019 levels will take several years, British Airways is formally notifying

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