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States are cutting transportation construction projects amid pandemic budget shortfalls

October 3, 2020

Experts say it will probably take years for such activities as air travel to return to normal. Meanwhile, governments will still have to figure out how to shore up aging infrastructure, alleviate traffic congestion, support mass transit and accommodate the flying public.

The Maryland Department of Transportation has proposed slashing nearly $3 billion from its six-year capital budget. The cuts include delaying $900 million in road projects and postponing construction of a $500 million baggage-handling system and terminal connection at Baltimore-Washington International Marshall Airport. The state also plans to temporarily scrap some service for commuter buses and MARC commuter trains, which have ridership hovering at about 10 percent of normal.

“Everything has been hit across our system,” Maryland Transportation Secretary Gregory Slater said. “We have to find the least amount of impact to people, but people will see and feel some of this.”

Slater said his agency is trying to

EXCLUSIVE-Marathon Petroleum cutting at least 6% of refinery staff at nine U.S. plants

September 30, 2020

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By Erwin Seba

HOUSTON, Sept 30 (Reuters) – Marathon Petroleum Corp’s MPC.N oil-refining unit is cutting at least 6% of its staff, according to people familiar with the matter, demonstrating the depth of declining fuel demand during the pandemic.

Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel. U.S. gasoline futures are down 26% from a year ago and oil futures are trading down a third from where they began the year.

A total of 1,255 salaried and hourly employees at nine of Marathon’s 16 refineries were notified of job losses, the people said. It could not immediately be learned whether jobs at other Marathon refineries or pipeline operations also were affected.

The largest U.S. refiner by volume, Marathon on Tuesday said it was evaluating roles throughout the company but gave no details. A

Exclusive: Marathon Petroleum Cutting at Least 6% of Refinery Staff at Nine U.S. Plants | Investing News

September 30, 2020

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HOUSTON (Reuters) – Marathon Petroleum Corp’s

oil-refining unit is cutting at least 6% of its staff, according to people familiar with the matter, demonstrating the depth of declining fuel demand during the pandemic.

Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel. U.S. gasoline futures are down 26% from a year ago and oil futures are trading down a third from where they began the year.

A total of 1,255 salaried and hourly employees at nine of Marathon’s 16 refineries were notified of job losses, the people said. It could not immediately be learned whether jobs at other Marathon refineries or pipeline operations also were affected.

The largest U.S. refiner by volume, Marathon on Tuesday said it was evaluating roles throughout the company but gave no details. A spokesman on Wednesday declined further comment.

“The

Virus-Hit Shell Says Cutting Up To 9,000 Jobs By 2022

September 30, 2020

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Energy major Shell unleashed Wednesday a major restructuring to combat plunging oil prices driven by the coronavirus pandemic, warning it will also spark more asset writedowns in the third quarter.

Royal Dutch Shell said in a statement that it would axe between 7,000 and 9,000 positions by the end of 2022, of which 1,500 staff have already agreed to take voluntary redundancy this year.

The job cuts would amount to roughly 10 percent of Shell’s total global workforce of 80,000 staff across more than 70 countries.

The Anglo-Dutch giant aims to generate annual savings of between $2.0 billion and $2.5 billion (1.7-2.1 billion euros) under the plan, which also includes other measures to streamline the business in response to the fallout from the Covid-19 crisis.

Those savings will partially contribute to the $3.0-$4.0 billion efficiency drive that was announced in March and runs to 2021, it added.

Royal Dutch Shell

Credit Suisse Cutting Jobs in Middle East in Wealth Management Overhaul

September 30, 2020

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(Bloomberg) — Credit Suisse Group AG is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.

a living room: Credit Suisse Group AG Ahead Of First Virus-Era Results

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Credit Suisse Group AG Ahead Of First Virus-Era Results

The job cuts — focused on Dubai — follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.

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“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single leadership,” a bank spokeswoman said in an emailed statement. She declined to comment on the job cuts.

WeWork sells majority stake in China business, cutting costs

September 26, 2020

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WeWork is selling control of its China business, the latest sign that the company is abandoning its former rapid growth approach and looking to reduce risk.

A group led by investment firm Trustbridge Partners paid $200 million to increase its stake in WeWork China, which leases and effectively sublets office space in the country, the companies said.

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WeWork will license its name and services for a fee. Parts of the deal resemble a traditional franchise model, and WeWork is giving up operating control. But WeWork will retain a minority stake and a board seat in the China business, a person familiar with the arrangement said.

Since a failed initial public offering and former chief executive Adam Neumann’s ouster last year, the company under CEO Sandeep Mathrani has been

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