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Need partial reopening of units, offices in red zones: Exporters to Govt

on Wednesday again asked the government to let industry reopen even in the high-risk red zones, stating that losses are rising rapidly.

In a meeting with Commerce and Industry Minister Piyush Goyal, major export promotion councils (EPCs) have pushed for the industrial units and office facilities across urban areas which are mostly in the coronavirus-hit red zone. This includes Mumbai, Pune, Hyderabad, Ahmedabad, Bhopal, Indore, Kanpur, Agra, and Varanasi, among others.

“While factories in rural districts where the is less prevalent can now open, it is not possible to keep business running, since the red zones often have the most important units or corporate offices. These are where records, documents, server systems and distribution points are based. It is impossible for an organization to operate with it’s key parts missing,” said.a senior functionary of an EPC.

“We have now asked the government to allow partial relaxation of lockdown with whatever conditions they can — reduced staff, fixed working hours, more sanitation norms. Industry needs to fully open soon,” another source said.

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Boeing to cut staff, boost liquidity with recovery not coming anytime soon

Co said on Wednesday it would cut its workforce by about 10 per cent, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the pandemic that drove the planemaker to a net loss for the second straight quarter.

Chicago-based burned through $4.7 billion in cash in the first quarter but said it was confident of getting sufficient liquidity to fund its operations, sending its shares up 5 per cent to $137.57.

Reuters reported on Tuesday that is working with investment banks on a potential bond deal worth at least $10 billion. Last month it drew down its entire $13.8 billion credit line and is also weighing seeking government aid.

Analysts said the cash burn was not as bad as feared and that the company might be able to avoid raising capital from the US Treasury, although Seth Seifman of J.P. Morgan said the path forward for Boeing still remains “quite challenging.”

Planemakers, airlines and suppliers have been left reeling by the pandemic, which has crippled passenger travel, catapulted major economies into recession and

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