Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

French govt announces aid of USD 16.9 billion for aviation industry

AP
Updated: June 9th, 2020, 16:26 IST
in Business
0
Air France

(Image courtesy: Pixabay)

Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

Paris: France’s government is pumping 15 billion euros ($16.9 billion) in rescue money into the pandemic-battered aerospace industry, in hopes of saving its hundreds of thousands of jobs and keeping plane maker Airbus and national airline Air France globally competitive.

In exchange for aid, companies will be required to invest more and faster in electric, hydrogen or other lower-emission aircraft, as France aims to make its aviation industry the ‘cleanest in the world’.

Also Read

Hiring

2.16 lakh seasonal jobs expected in festive hiring 2025: Report

1 day ago
Sanjay Malhotra named new RBI Governor as Shaktikanta Das’ term ends

RBI to ‘wait and watch’ before further rate cuts: Governor Malhotra

1 day ago

The deal was negotiated with unions, who said they would stay vigilant about job guarantees. Some environmental activists expressed skepticism about green ambitions for such a high-emission industry.

“We will do everything to support this French industry that is so critical for our sovereignty, our jobs and our economy,” Finance Minister Bruno Le Maire said, unveiling the plan alongside the ministers of transport, defence and environment – a sign of how important the aeronautic sector is in France.

As travel restrictions grounded most flights to keep the virus contained, the fallout cascaded across the industry, from airlines to airports to engine makers, maintenance contracts and spare parts suppliers.

Airlines around the world have filed for bankruptcy or sought bailouts to survive the near-shutdown in their activity, and officials predict the industry will take years to recover.

The French aid money includes direct government investment, subsidies, loans and loan guarantees. It also includes a special fund jointly financed by the government, Airbus and other big manufacturers to support small suppliers.

It includes 7 billion euros in loans and loan guarantees that the government had already promised to Air France, whose planes were almost entirely grounded by the virus.

And like a similar multibillion-euro plan to save the French car industry announced last month, the aviation bailout requires more investment in clean energy – and puts pressure on manufacturers to avoid layoffs.

It will aim at modernizing the production chain and preserving European aviation know-how, Le Maire said.

“We must save our aeronautical industry. We must avoid any decline in the coming months with regard to the American giant Boeing and the Chinese giant Comac,” he said. “We won’t let the world aeronautical market be shared between China and the United States.

France and Europe will retain their position.” The government will help Air France buy Airbus planes, and pledged to order 600 million euros worth of refueling tankers, drones and helicopters from Airbus’ defence arm. In addition to dominating the global passenger aircraft market alongside Boeing, Airbus is also a major supplier of military aircraft to European governments.

The rescue plan includes investment in developing the successor to Airbus’ widely used mid-range A320, a new hybrid or hydrogen regional plane, and a new light helicopter.

The government is also working with unions on a long-term, short-work scheme that would allow the industry to preserve jobs as it slowly ramps production back up.

As a result of the virus lockdown, Airbus said it is cutting production by 35% to 40%, and Boeing announced that it would cut 10% of its 161,000-person work force through attrition, early-out offers and layoffs.

“The recovery will be long,” Le Maire warned. The government predicted it will be 2023 before the industry reaches pre-crisis levels.

Among bailouts elsewhere, major U.S. airlines reached agreements with the Treasury Department for billions of dollars in grants and loans, Lufthansa won a $10 billion German government rescue and Cathay Pacific announced Tuesday it’s seeking $5 billion from the Hong Kong government to survive.

AP

Tags: aidaviationCoronaviruscovid19EconomyFrance
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Lopali Pattnaik

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019
#MyPaperBagChallenge

Tapaswini Mallick

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Archana Parida

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Matrumangal Jena

December 12, 2019

Archives

Editorial

Use & Abuse

Courtesy: Tech Crunch
July 16, 2025

Freedom of speech and expression is the soul of democracy and to rob an individual of that fundamental right is...

Read more

Trump Targets BRICS

July 15, 2025

US President Donald Trump is opening new theatres of his global tariff war. This appears to be a strategy he...

Read more

ECI & Aadhaar

Election Commission of India
July 14, 2025

Many of the acts of omission and commission by the Election Commission of India (ECI) in the recent past have...

Read more

Socialist Democrat

Aakar Patel
July 13, 2025

One of the most remarkable democratic developments of recent times came from New York City this month. A 33-year-old man...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST